Most credit card holders lose, in the long run, to credit card companies. What do I mean by that? There will come a time when most of us overspend and we will NOT pay off all of our charges for a particular billing cycle. Our family obsessively makes sure that our monthly payments are exactly the amount we spent in previous billing period. In this fashion interest rates will NEVER eat into your Cash Rewards payout!
Its crucial that the reader understand this. Always pay off every dollar you spent in previous period and you will never be charged a penny of interest. Credit card companies understand the overspending tendencies of their customers all too well. They fully know that you will pick up a flat screen TV, make a down payment on a car, incur expensive home repair costs and all of the above will accumulate interest when you are unable to pay off all your purchases in the most recent billing cycle.
Also the interest rate you get is dependent on your credit score at the time you applied for the card OR any late payments that may have jacked it up.
How did me and my Wife win against Chase Slate Visa card? We did a balance transfer of $7000 not having to pay any interest for 18 month! We paid it off at exactly the 18 month anniversary of the transfer which did have a transfer fee of 3% or $210. This is still much less that than the APR that would have accrued for 18 months on $7000.
We did not use the card at all after that which makes us deadbeats in the eyes of Chase Slate since they are not making doodly squat off of us. Put more simply: They are losing and we are WINNING.
This is why you see this “out of the blue” 0% APR for an entire year from a credit card we already have! We surely do not plan on availing of their promotion which is designed to favor them over the long haul.
I would like to know if anybody has ever had their card cancelled for non-use or inactivity. I am guessing that will be their next action towards us on card that has a $9000 credit limit AND $9000 available credit.
Finally, note that their promotional slogan is Reach for your Chase Slate card and save which actually means if you reach for your card enough you will make us richer. Sorry Miss Julia Ashworth, senior vice president of customer communications(deceptions), you will have to find a sucker somewhere else. Don’t worry, they are all over the place.