Chase Credit Cards: Review of Freedom, Slate & Sapphire

Posted by admin | Posted in Finance News | Posted on 06-01-2010

Many of us use our credit cards to buy airline tickets, rent vehicles, earn rewards, and as a convenient way to pay our bills. Chase is one of the more popular card companies around: they have several cards to fit the needs of consumers, which I’d like to take a look at more closely.

Chase Freedom Credit Card

If you enjoy credit card rewards, then this card can benefit you quite a bit. To start off, you’ll earn 1% cash back on every purchase you make, wherever you use the card. That means your tanks of gas, groceries, and the morning coffee can earn you cash back. Although there are some exclusions on what items you can earn cash back from — such as cash advances, balance transfers, and travelers checks — you’ll be able to earn rewards for purchases online and at the bricks and mortar stores you already visit.

Bonus. In addition, you can get $50 back after your first purchase, which includes purchases, balance transfers, and checks used to draw on the account; but note that cash advances don’t qualify.

Rewards. It’s also possible to earn 3% cash back on certain rotating categories if you’re eligible. And if you shop through Chase’s Ultimate Rewards Mall, you might find yourself earning as much as 10% to 20% cash back, depending on the merchants.

Rates & Fees. Better still is the lack of an annual fee. The introductory APR is 0% for 12 billing cycles (or one year) if you qualify for Elite or Premium Pricing. You may be eligible if you have a strong credit history. After the introductory period, the APR for Elite Pricing readjusts to 13.24% variable, and for Premium it’s 18.24% variable. If you qualify for Standard Pricing, the introductory APR is 0% for six months, then it’s 23.24% variable.

Security. If you find unauthorized purchases on your account, there’s Zero Liability. So if a thief lifts your card and helps themselves to a shopping spree, you won’t be the one paying for it. Just be aware that ATM transactions and PIN transactions that aren’t processed by MasterCard aren’t covered by the Zero Liability policy.

You can apply for a Chase Freedom Credit Card through this link.

For a more detailed review, check out this coverage of Chase Freedom Credit Card.

Chase Slate with BluePrint

Although Slate lacks the rewards of other cards, you might appreciate what it can offer: to start with, it has no annual fee just like all the other Chase cards, and you can benefit from the Zero Liability policy for purchases you didn’t authorize. You’ll pay only 0% APR for 12 months (or 12 billing cycles) if you are an Elite or Premium card member (e.g. one who has good credit). After this introductory rate period, the APR increases to 13.24% variable for Elite, and 17.24% for Premium Pricing. If you’re eligible for Standard Pricing, your APR will be 22.24% from the time you open the account.

There’s also the unique Chase Blueprint feature that’s available on several of the Chase credit cards. Blueprint lets you manage your financial categories and how your payment’s applied. You can opt to:

Pay off certain spending categories in full each month (Full Pay feature).
Create a custom payment plan for large purchases on your Chase card (the Split feature).
Create a custom payment plan to pay down your entire credit card balance (the Finish It feature). This feature is designed to help you pay down your balance more quickly.
Track your spending goals and review your spending history (the Track It feature). This feature allows you to see how your purchases are categorized.

Another useful benefit of the card: email and text alerts. Receiving those alerts can help you manage your account wherever you go.

You can apply for a Chase Slate Credit Card through this link.

Chase Sapphire with Ultimate Rewards

Chase Sapphire is another credit card that promises rewards. As a bonus, you can earn 10,000 points on your first purchase. And the points add up because you earn 1 point for each $1 in eligible transactions. If you use your Sapphire card at Chase’s Ultimate Rewards Mall, you can earn up to 10 bonus points from participating merchants and services. Use the Travel Booking Tool and you might end up with double points for the airfare you book.

The point rewards you receive from Chase Sapphire may be redeemed for cash back, gift cards, travel, shopping, dining, entertainment and more. Travel benefits include trip cancellation insurance, travel and emergency services, and travel accident insurance. Whereas protection and security benefits include identity protection, Zero Liability, extended warranty protection, and other services.

This card also comes with a few other features such as no preset spending limit, a choice of your payment due date and the aforementioned Blueprint. You can easily ask for additional cards. As for interest rates, the APR is 12.24% variable for purchases while it’s 19.24% variable for cash advances.

You can apply for a Chase Sapphire Credit Card through this link.

I think that Chase has a good list of cards here. But before you sign up for any credit card, take a moment to consider how it will fit into your financial plan. Too many people are enamored by 0% APR credit card offers without taking a good look at the underlying terms and conditions. But not keeping an eye on when those rates jump can become troublesome later on. So ask yourself the questions: can you afford the payments and the APR (even if adjustments are applied)? Are there annual fees involved and what is the interest rate change after an introductory period? Are you going to pay the credit card bill off each month, or will you need to carry a balance? If you pay your monthly balance in full, you should definitely get a credit card that rewards you for using it.

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