There’s been a shakeup in the balance transfer space. The Chase Slate Edge Credit Card is now the Slate Credit Card from Chase. Along with this name change, the Slate has increased its 0% intro annual percentage rate period from 18 to 21 months. Which means the Wells Fargo Reflect® Card has some real competition now.
While the the U.S. Bank Shield™ Visa® Card offers a 0% intro APR on purchases and balance transfers for 24 billing cycles, it’s a limited-time offer with an ongoing APR of 16.99% to 27.99% variable. Meanwhile, the Wells Fargo Reflect® Card had been one of the only balance transfer credit cards on the market to have a 0% intro APR for 21 months from account opening on both purchases and balance transfers (17.49%, 23.99%, or 28.24% variable APR after the introductory period). Until now.
So let’s get ready to rumble!
[Read: Best Balance Transfer Cards]
Round 1: APRs
As the first bell dings, let’s take a look at how the APRs compare:
| Slate Credit Card from Chase | Wells Fargo Reflect® Card | |
| 0% Intro APR Period (Purchases) | 21 months | 21 months |
| 0% Intro APR Period (Balance Transfers) | 21 months | 21 months |
| Variable APR After Intro Period | 18.24% to 28.24% | 17.49%, 23.99%, or 28.24% variable APR |
| Cash Advance APR | 28.49% | 29.49% |
| Penalty APR | Up to 29.99% | None |
It looks like each card has an advantage in different areas. The Chase Slate Edge has a lower cash advance APR, but the Wells Fargo Reflect doesn’t have a penalty APR.
Both cards have similar ranges for the variable APRs after the introductory period. However, depending on your creditworthiness, gambling with the Reflect card could be enticing.
So it looks like Round 1 ends in a tie.
[Read: Best Credit Cards.]
Round 2: Fees
It’s the second bell and time to look at the most common fees associated with both cards.
| Slate Credit Card from Chase | Wells Fargo Reflect® Card | |
| Annual Fee | $0 | $0 |
| Balance Transfer Fee | Either $5 or 5% of the amount of each transfer, whichever is greater | 5% for each balance transfer, with a minimum of $5 |
| Cash Advance Fee | Either $10 or 5% of the amount of each transaction, whichever is greater | Either $10 or 5% of the amount of each advance, whichever is greater |
| Foreign Transaction Fee | 3% of each transaction in U.S. dollars | 3% |
| Late Payment Fee | Up to $40 | Up to $40 |
| Return Payment Fee | Up to $40 | None |
When it comes to fees, the Wells Fargo Reflect just ekes out a victory with no return payment fee. So Round 2 goes to the Reflect Card.
Round 3: Benefits and Perks
It’s time for the third and final round, and it’s anyone’s match.
Now, when it comes to balance transfer credit cards, there aren’t usually a ton of extra benefits to enjoy. This is because the primary use for these cards is debt management, not earning rewards or the perks associated with them.
Keeping that in mind, let’s see what each has to offer.
Slate Credit Card from Chase
— Purchase protection. Receive purchase protection on eligible new items, covering up to $500 per item for damage or theft within up to 120 days of purchase.
— Zero liability protection. Never be held responsible for unauthorized charges made with your card or account information.
— Pay Over Time. Cardholders have access to Chase’s Pay Over Time, which is a buy now, pay later feature available to certain Chase customers.
— Credit line increase. Be considered for a credit line increase after six months of responsible card use (or even sooner).
— 24/7 fraud monitoring. Receive alerts about unusual activity by text, email or phone.
Wells Fargo Reflect® Card
— Cellphone protection. Receive up to $600 against damage or theft (a $25 deductible is required) when you pay your bill with the Wells Fargo Reflect each month.
— Roadside dispatch. Request a tow 24/7 with no membership required.
— My Wells Fargo Deals. Enjoy extra opportunities to earn rewards or receive discounts from select merchants.
— Zero liability protection. Don’t be held responsible for unauthorized transactions made with your card
Basing the winner on the number of benefits alone, the Chase Slate wins Round 3. While cellphone protection and roadside assistance are certainly valuable, Chase simply offers more perks when pitted against Wells Fargo.
And the Winner Is …
Each credit card has value, but the tiebreaker will depend on your financial goals and how you plan to use the balance transfer card.
For example, do you plan to keep a balance? If so, you’ll need a lower ongoing APR, so your winner could be the Wells Fargo Reflect® Card. But if you plan to use your balance transfer card for a large purchase and would like to break up the charge into manageable monthly payments with a BNPL plan, then your winner is the Slate Credit Card from Chase.
There’s no clear winner here because it will depend on how you use the card. But at the end of the fight, you can’t go wrong with either.
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Battle of the Balance Transfer: Chase Slate vs. Wells Fargo Reflect originally appeared on usnews.com