Chase launched Slate with Blueprint, a new credit card that provides carriers with some flexibility on how balances are repaid.
Blueprint consists of four distinct features:
- Full PaySM - Enables customers to decide which expenses they want to pay in full every month - items like groceries, gasoline, prescriptions - set those purchases aside and avoid paying interest by paying them in full each month.
- SplitSM - Provides customers a way to better manage larger purchases like home improvement projects or a new appliance. They can select the number of payments or monthly payment amount that works for them. Chase does the math and makes it clear on each statement so they can stay on track to meet their goals.
- Finish ItSM - Gives customers the flexibility to create a plan to pay down their current balance faster, allowing them to choose a goal date for pay-off. Chase does the math, calculating the monthly payments, sets up the plan and charts customers' progress toward achieving their goal on each monthly statement and online.
- Track ItSM - Provides customers a snapshot of all of their Chase card purchases. Customers can track their spending online by category whenever they want, not once a year like some card companies offer. Spending snapshots are available online daily allowing customers to track their progress toward achieving goals in real time.
Gordon Smith, the CEO of Chase Credit Cards had this to say: "Consumers want more control, simplicity and predictability when it comes to their finances. With Blueprint, customers can design their own plan to pay off balances sooner, save money by avoiding interest charges, and then easily track progress toward achieving their financial goals."
The card itself seems to work by integrating a credit card with balance and credit management tools. The biggest difference seems to be that consumers now have some flexiblity in choosing and managing their monthly payments. Chase figures that if someone decides on a longer repayment period, that just increases the interest they'll earn on the loan. If they choose a shorter period, that's fine with them also.
The card is launching with a 0%, 12-month APR intro fee. This intro rate is only available to consumers who have excellent credit. Most of the 20 million consumers who Chase feel are eligible to receive the card will most likely receive a higher intro rate.