Most credit cards don’t automatically lower your interest rate when your credit score improves. But now Chase has launched a new card that can do just that. The new Chase Slate Edge lowers your interest rate every year if you pay on time and spend at least $1,000.

Key terms

  • Welcome Bonus: $100 in points after spending $500 in the first 6 months
  • Reward: none
  • Annual fee: none
  • APR: 14.99% to 23.74% variable APR. When you pay on time and spend $1,000 or more, take a 2% reduction per year. (Minimum APR is Prime plus 9.74 points, currently 12.99%)
  • Promotional Financing Offer: 12-month financing on new purchases and transfers at 0% APR.

How this card works

While not a rewards card, Slate Edge offers new applicants a $100 credit line after spending $500 within six months of account opening. New accounts also receive 12 months of interest-free advertising funding for new purchases and balance transfers.

After the first year, your balance will be at standard interest rates, currently ranging from 14.99% to 23.74% APR. What’s unique about this card is that if you pay on time and get a new fee of at least $1,000, your interest rate can be reduced by 2 percent per year. However, the rate will never be lower than the policy rate plus 9.74 percentage points (the current variable annual rate of 12.99% is based on the policy rate of 3.25% as of August 4, 2021).


You’ll also get an automatic check for a higher credit limit if you pay on time and spend $500 in the first 6 months of account opening. This card offers some valuable benefits, including collision damage waiver, purchase protection, and extended warranty coverage. There is no annual fee for this card.


This card breaks new ground by directly rewarding you for paying your bills on time. By automatically giving you lower interest rates and higher credit limits, this card grows with you as your credit improves, so you don’t need to apply for a new card to get the interest rate you deserve.


What’s also unusual about this card is that it offers a $100 new account bonus, even though it’s not a rewards card. Other nice features include 0% APR for 12 months on new purchases and balance transfers, as well as a travel insurance and purchase protection policy. Of course, it’s always nice to have no annual fee.


This card has a 3% international transaction fee for purchases outside the US, so it’s a poor choice for international travel.


PenFed Gold Visa Card. The PenFed Gold Visa Card offers new account holders a $100 credit limit after spending $1,500 within 90 days of account opening. It also offers 0% APR balance transfers for 12 months and a low APR of only 7.49%. There is no annual fee for this card.


Discover cash back. This card offers new applicants 0% APR on new purchases and balance transfers for 14 months and a standard APR of 11.99% to 22.99% APR. The Discover it Cash Back card offers spending rewards, but not many benefits. There is no annual fee for this card.

Bank of America®. This Bank of America card offers 18 months of 0% APR on new purchases and balance transfers. It also offers standard interest rates of 12.99% to 22.99%, depending on your credit rating. There is no annual fee for this card.


Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.