This Week in Credit Card News: July 16–22
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New Chase Slate Edge Credit Card, with low rates for consolidating credit card debt; New Bank of America Unlimited Cash Rewards Credit Cards; Citi adds limited-time American Airlines point transfer option.
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New Chase Slate Edge Credit Card: Rebuild Credit With 0% Intro APRs and Bonus
- Chase has released a new version of the old Chase Slate Credit Card, with some interesting features: Chase Slate Edge℠ (Review).
- The Chase Slate Edge is designed to help consolidate credit card debt or pay off expensive purchases. Notable benefits include a credit limit increase and interest rate reductions for paying on time, along with an introductory bonus (rare for a card without spending rewards).
- Key features of the Chase Slate Edge:
- $100 statement credit for spending $500 in the first 6 months of account opening
- Raise your credit limit: Spend $500 and pay on time in the first six months, and you’ll be automatically considered for a credit limit increase.
- Lower interest rate by 2% each year: Spend $1,000 and pay on time in an account anniversary year, and you’ll be automatically considered for a 2% APR reduction (down to a certain rate).
- Purchase APR: 0% for 12 months, then 14.99%–23.74% Variable
- Balance Transfer APR: 0% for 12 months, then 14.99%–23.74% Variable
- Balance Transfer fee: 3%, $5 minimum
- Annual fee: $0
- See Chase credit cards.
New Bank of America Flat-Rate Rewards Cards: Unlimited Cash Rewards
- Bank of America has launched three new credit cards, all with the same spending rewards: 1.5% cash back for every purchase.
- There’s a basic cash back card, a student card, and a secured card:
- These cards go up against other flat-rate cards like the Citi® Double Cash Card – 18 month BT offer (Review) and Wells Fargo Active Cash Card (Review). Bank of America’s cards can’t quite compete in the base rewards, but the basic Unlimited Cash Rewards card comes with access to BofA’s Preferred Rewards program, which can provide a 25%–75% cash back boost. That’d bump up your rate to 1.875%–2.625%, which is pretty good at the high end; but that requires a lot of money in BofA/Merrill accounts.
- A similar card for small business owners will be launched in October: Business Advantage Unlimited Cash Rewards Credit Card.
- See Bank of America credit cards.
- See other cash back credit cards.
- Source: BusinessWire
Citi Adds American Airlines as Transfer Partner for ThankYou Points Until 11/13/21
- Eligible Citi credit cards can transfer ThankYou points to American Airlines Advantage miles. The transfer rate depends on the card:
- This AA transfer opportunity is only good through November 13, 2021.
- Other Citi airline transfer partners include JetBlue, Avianca LifeMiles, Emirates Skywards, and Etihad Guest.
- If you have an eligible Citi cash back card along with one of the cards above, you can transfer rewards from the cash back card to the point card and then make use of point transfers. Eligible cards include the Citi® Double Cash Card – 18 month BT offer (Review) and Citi Custom Cash℠ Card (Review).
- See Citi credit cards.
Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high-quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.
The information related to Citi Prestige® Card and Citi ThankYou® Preferred Card have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.
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