Key takeaways
- The Chase Slate Edge℠ and Chase Freedom Limitless® are two widespread Chase bank cards geared towards shoppers with good or wonderful credit score.
- The Chase Freedom Limitless presents money again rewards and a shorter introductory APR supply, whereas the Chase Slate Edge skips rewards in favor of an extended intro APR supply.
- The proper card for you depends upon your objectives and what you favor having probably the most — extra time to pay down debt with zero curiosity or money again rewards.
The Chase Slate Edge℠* and Chase Freedom Limitless® have some overlapping options, but every card was designed to assist shoppers attain a distinct objective. The place the Chase Slate Edge is geared towards individuals who must consolidate and pay down debt, the Chase Freedom Limitless works for individuals who wish to earn rewards whereas having fun with an introductory APR for a shorter time.
However which card is finest for you? In the end, that depends upon what you’re making an attempt to perform while you join. Beneath we evaluate these two Chase bank cards based mostly on their options and rewards that can assist you discover the proper match.
Predominant particulars
| Chase Slate Edge | Chase Freedom Limitless | |
|---|---|---|
| Annual price | $0 | $0 |
| Signal-up bonus | None | Earn an additional 1.5% on the whole lot you purchase (on as much as $20,000 spent within the first 12 months) — value as much as $300 money again. That’s 6.5% on journey bought via Chase Journey, 4.5% on eating and drugstores and three% on all different purchases. |
| Rewards fee | None |
|
| Introductory APR supply | 0% intro APR for the primary 18 months from account opening on purchases and steadiness transfers (after that, a 20.49% – 29.24% variable APR applies) | 0% intro APR for the primary 15 months from account opening on purchases and steadiness transfers (after that, a 20.49% – 29.24% variable APR applies) |
| Stability switch price | Intro steadiness switch price of three% ($5 minimal) for the primary 60 days from account opening (then 5% with a $5 minimal) | Intro steadiness switch price of three% ($5 minimal) for the primary 60 days from account opening (then 5% with a $5 minimal) |
Chase Slate Edge vs. Chase Freedom Limitless highlights
To select the proper card from the Chase Slate Edge or the Chase Freedom Limitless, it helps to know the way they stack up in a very powerful classes. Right here’s a rundown of how these bank cards evaluate when it comes to their rewards charges, intro APR presents and costs.
Welcome bonus winner
Why it gained
As a result of the Chase Freedom Limitless is the one one among these playing cards that gives rewards for spending, its welcome bonus is the clear winner on this class. This bonus is straightforward to earn as a result of there’s no minimal spending threshold to hit — you merely earn an additional 1.5 % on the whole lot you purchase on as much as $20,000 spent within the first 12 months (value as much as $300 money again).
Additionally, do not forget that the welcome bonus on this card is obtainable along with money again earned for every buy you make. That turns into 6.5 % on journey bought via Chase TravelSM, 4.5 % on eating and drugstores and three % on all different purchases.
Then again, the Chase Slate Edge comes with a attainable credit score line enhance after making on-time funds and spending at the least $500 on throughout the first 6 months. Chase promotes this as a “welcome supply,” however it doesn’t present as a lot worth as conventional welcome presents do.
Rewards fee winner
Why it gained
The Chase Freedom Limitless comes with a very beneficiant rewards fee that may work nicely for shoppers who desire a bank card for on a regular basis spending and payments. This card presents:
- 5 % money again on Lyft rides (via March 31, 2025) and on journey booked via Chase TravelSM
- 3 % again on eating and drugstore purchases
- 1.5 % money again on the whole lot else
In contrast, the Chase Slate Edge doesn’t supply any rewards in any respect.
Why it gained
The intro APR supply class is the place the Chase Slate Edge actually shines since this card offers you 18 months with 0 % intro APR on purchases and steadiness transfers, adopted by a variable APR of 20.49 % to 29.24 %. This supply is three months longer than the supply on the Chase Freedom Limitless, which solely offers you 0 % intro APR on purchases and steadiness transfers for 15 months, adopted by the identical variable APR vary of 20.49 % to 29.24 %.
Each playing cards even have the identical intro steadiness switch price of three % with a $5 minimal for the primary 60 days from account opening, after which it rises to five with a $5 minimal.
How a lot of a distinction can this make? In case you have appreciable debt at excessive rates of interest to consolidate, having a further 90 days with zero curiosity might simply prevent lots of of {dollars} in curiosity funds or extra.
Having 18 months with zero curiosity as a substitute of 15 might additionally enable you to take pleasure in extra reasonably priced month-to-month funds as you’re employed towards changing into debt-free. If you could repay $5,000 in bank card debt, for instance, paying it off in 15 months with a 3 % steadiness switch price would require a $344 month-to-month fee, whereas paying for 18 months with a 3 % steadiness switch price would allow you to pay simply $287 per thirty days.
Why they gained
In the event you’re selecting a card based mostly on charges alone, it’s best to know that each of those playing cards have the identical price construction. There are not any annual charges to fret about with both one, although each of those playing cards cost a 3 % international transaction price when you use them for purchases overseas.
As acknowledged above, each playing cards even have the identical steadiness switch price construction, which is 3 % with a $5 minimal for balances transferred within the first 60 days and 5 % with a $5 minimal after that time.
Which card earns probably the most?
Because the Chase Slate Edge doesn’t supply money again for spending, the Chase Freedom Limitless would earn extra in rewards by default. In the event you’re prepared to surrender the extra three months of the introductory APR interval that you’d get with the Chase Slate Edge, then you definately’d have the ability to earn rewards with the Chase Freedom Limitless.
Chase Slate Edge vs. Chase Freedom Limitless Spending Instance
Relying in your state of affairs and the way you propose to make use of your card, these rewards might or will not be value it. Take into account this instance:
Let’s say you presently spend the next:
- $1,000 per thirty days on gasoline, groceries and miscellaneous purchases
- $500 per thirty days on eating out (together with takeout and supply)
On this situation, you’ll earn $30 in rewards per thirty days — $15 in rewards on gasoline, groceries and different spending on the card’s 1.5 % fee, and $15 in rewards on eating out on the 3 % fee. This provides as much as $360 in rewards per 12 months. As a result of the welcome bonus offers you an additional 1.5 % on all purchases, you’d additionally earn an additional $270 on the $18,000 you spend within the 12 months, bringing your complete to $630.
Preserving in thoughts that the Chase Slate Edge doesn’t earn rewards, is incomes $630 throughout the first 12 months sufficient to get you to surrender a further three months with an introductory APR? Solely you’ll be able to determine, however it’s value noting that it’s significantly harder to pay down debt while you’re additionally utilizing a bank card for spending. If what you really want to do is get out of debt, and also you wish to keep away from the temptation to spend extra to earn rewards, chances are you’ll be higher off selecting the Chase Slate Edge.
Why must you get the Chase Slate Edge?
In the event you’re contemplating the Chase Slate Edge, you’ll wish to know in regards to the card’s further advantages and the advisable credit score rating you’ll have to be authorised.
Extra advantages
Together with being a wonderful steadiness switch card, the Chase Slate Edge additionally helps you get a decrease rate of interest by 2 % every year while you pay your invoice on time and spend at the least $1,000 on purchases by every card anniversary. This fee drop can occur yearly you’re eligible till your rate of interest reaches the prime fee plus 9.74 %.
Different advantages embody buy safety towards injury or theft, prolonged warranties, secondary auto rental protection and roadside dispatch. Accomplice advantages embody three complimentary months of DoorDash DashPass membership (enrollment required by December 31, 2024), though you’ll must enroll after which cancel the subscription earlier than the three months are as much as keep away from being routinely billed for every service.
Redemption choices
As a result of the Chase Slate Edge doesn’t supply any rewards, it doesn’t have any redemption choices to match.
Beneficial credit score rating
This card is for people with good to wonderful credit score, which incorporates FICO scores of 670 and better.
Why must you get the Chase Freedom Limitless?
The Chase Freedom Limitless is commonly thought of one of many high money again playing cards in the marketplace, however the card’s intro APR supply makes it an excellent choice for paying down debt and enormous purchases, too.
Extra advantages
The Chase Freedom Limitless comes with a number of shopper protections inbuilt, together with buy safety towards injury or theft, prolonged warranties, journey cancellation and interruption insurance coverage (value as much as $1,500 per particular person and $6,000 per lined journey), secondary auto rental protection and journey and emergency help companies.
You can even enroll to obtain three months of DoorDash DashPass membership while you enroll previous to December 31, 2024. As with the Chase Slate Edge, you will need to cancel the subscription inside three months to keep away from computerized billing after the promotional supply ends.
Redemption choices
This card presents money again that may be redeemed for assertion credit, present playing cards, merchandise, experiences, journey via the Chase Final Rewards portal and extra.
Even higher, you’ll be able to mix this card with different Chase playing cards to get much more worth out of your rewards. For instance, you should use the Chase Sapphire Reserve® to earn 10X factors on lodge stays booked via Chase Journey whereas nonetheless incomes 1.5 % money again on different purchases utilizing your Freedom Limitless card. You possibly can then pool your whole rewards in your Sapphire Reserve account, the place they’re value 1.5 cents per level (as a substitute of the usual 1 cent per level).
Beneficial credit score rating
This card is for people with good to wonderful credit score, which incorporates FICO scores of 670 or greater.
The underside line
Studying our Chase Freedom Limitless evaluation and Chase Slate Edge evaluation can assist you discover out extra about each of those playing cards and the way they will profit you. Additionally, you will wish to assume lengthy and exhausting about whether or not you desire a longer timeline with zero curiosity on purchases and steadiness transfers or when you choose to earn money again for every greenback you spend.
That mentioned, the actual fact bank card rates of interest are so excessive proper now might imply you’re higher off forgoing rewards and dealing on debt compensation as a substitute. You possibly can at all times choose up a brand new rewards bank card afterward while you develop into debt-free, and your debt will solely proceed to linger till you’re capable of do one thing about it.
*Details about the Chase Slate Edge℠ has been collected independently by Bankrate. The cardboard particulars haven’t been reviewed or authorised by the issuer.
