The Chase Freedom Flex℠ and Chase Slate Edge℠ both offer low introductory APRs, consumer insurances like purchase protection and extended warranty and have no annual fee. On the surface, choosing between these two options may look like a tradeoff between earning rewards and saving money on interest. But when you dig into the details, one of these cards clearly has the edge when it comes to offering a slate of benefits and flexible rewards.
Which card is right for you? Today we cover the high points of each card to help you decide.
Chase Freedom Flex Is Best for:
Earning Rewards
The Chase Freedom Flex’s headline cash back offering is 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores and 1% on all other eligible purchases. Historically, categories have included merchants like gas stations, grocery stores, Amazon.com, PayPal, Walmart and wholesale clubs. Maximizing the category cash back each year can net you $300 in cash back rewards.
Finally, the Chase Freedom Flex offers 1% cash back on general purchases which, while not market-leading, is much better than the Chase Slate Edge, which does not earn rewards.
Cash Back Rewards that Can Be Flexible Points
While the Chase Freedom Flex is marketed as a cash back card, it actually earns flexible points as Ultimate Rewards. When you redeem Ultimate Rewards for cash back, you redeem them at 1 cent each, but the Ultimate Rewards program opens up several compelling opportunities for maximizing the value of your point redemptions.
When you pair the Chase Freedom Flex with one of Chase’s premium credit cards, such as the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, the cash back earned by the Chase Freedom Flex can be redeemed through Chase’s Pay Yourself Back feature at 1.25 to 1.5 cents per point or for transfers to airline and hotel partners, for the potential of redeeming rewards for outsized value.
Welcome Offer
The Chase Freedom Flex offers new cardmembers a welcome bonus: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening and earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year. This is higher than the welcome bonus offered by the Chase Slate Edge.
The Chase Slate Edge offers a welcome bonus: Receive a $100 bonus on your statement when you spend $500 in your first six months from account opening.
Travel and Insurance Protections
Both the Freedom Flex and the Slate Edge offer an above-average suite of consumer and travel insurance protections for no-annual-fee credit cards. Both cards come with purchase protection that covers new purchases against damage or theft and extended warranty protection that extended manufacturer’s warranties by up to an additional year. If you’re on the road, both cards provide secondary auto rental collision damage waiver insurance.
Chase Freedom Flex pulls ahead by offering additional travel and insurance protections. The Freedom Flex offers cardmembers trip cancellation and interruption insurance, which can cover prepaid, nonrefundable passenger fares if your trip is canceled or cut short by sickness, severe weather or other covered situations. Additionally, the Chase Freedom will cover your cell phone against theft or damage when you pay your monthly cell phone bill with your card.
Low Introductory APR
Although the Chase Slate Edge is clearly targeted toward cardmembers who carry a balance, the Chase Freedom Flex currently carries a better introductory APR: This card offers 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%. There is no introductory period on balance transfers.
If you are looking to transfer a balance to save on interest or defer payments of a large purchase over a longer period of time, the Chase Freedom Flex might be a good option for you. If you need to carry a balance longer than the introductory APR period, consider a credit card with a low interest rate.
Chase Slate Edge Is Best for:
Low Ongoing APR
Both the Chase Slate Edge and the Freedom Flex offer comparable ongoing APRs, but the Slate Edge has the edge over the long term. When you spend at least $1,000 on your Slate Edge during an anniversary year, Chase will review your account and offer up to a 2% reduction in your APR on purchases and balance transfers. This rate reduction is offered once every card anniversary year.
This rate reduction benefit isn’t unlimited; your rate will only be reduced until it reaches 9.74% plus the prime rate. Still, the rate is competitive with some of the best low APR credit cards if you carry a balance.
Automatic Credit Line Increases
If you are working on building your credit, strengthening your credit score or increasing your spending power, the automatic credit line increase offered by the Chase Slate Edge may be an interesting feature for you. Chase promises that they will consider you for an automatic credit line increase after six months of making on-time payments and spending at least $500 on the card.
Of course, if you have a history of on-time payments, you can ask any credit card issuer for a credit line increase. Often, this takes a quick phone call to customer service and can frequently be done without generating a hard inquiry on your credit report. If you want to get started, check out the Forbes guide on how to get a credit card limit increase.
Consider Neither Chase Freedom Flex nor Chase Slate Edge for:
A Robust Travel Card for Frequent Travelers
While the Chase Freedom Flex and Chase Slate Edge offer some travel benefits, such as secondary auto rental collision damage waiver, these cards really aren’t meant to provide a comprehensive suite of travel benefits. If you are a road warrior looking for a card to be your best traveling companion, there are many other, better travel credit card options available.
For a credit card with travel insurance such as lost luggage insurance, trip delay protection or primary rental car insurance, check out the best credit cards with travel insurance benefits.
An Everyday Cash Back Card
Sometimes, simplicity rules the day. If the myriad of bonus categories of the Chase Freedom Flex feels like too much to track or if you are just looking for an everyday cash back card to augment your portfolio of rewards credit cards, there are several other options to consider.
If you want to stick with Chase, consider the Chase Freedom Unlimited®, which earns 1.5% cash back on all purchases in addition to a few bonus categories that don’t rotate. If you are interested in cash back, check out the Citi® Double Cash Card*, which offers 2% cash back on all purchases (1% when you make a purchase and 1% when you pay your bill). In addition to earning generous cash back, both of these cards can be paired with a premium credit card to convert their cash back rewards into transferable points for a chance at high value redemptions and point transfers.
Bottom Line
Generally, the winner between these two cards is clear: The Chase Freedom Flex offers rewards, more consumer insurance protections and a better 0% introductory APR offer and will be the better choice for most people. If you are looking for a card that offers a low ongoing rate, the Chase Slate Edge might be worth a look, but if you frequently carry balances on your credit cards, consider some of the other low APR cards that offer lower interest rates immediately.
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October 26, 2021 at 08:00PM
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Credit Card Showdown: Chase Freedom Flex Vs. Chase Slate Edge - Forbes
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