However, cardholders online have reported that if you need to finance a purchase, using a My Chase Plan can save you money compared with incurring interest charges at your regular purchase APR. MY CHASE PLAN Make equal monthly payments on purchases of $100 or more 1 with no interest, just a fixed monthly fee. Member FDIC. Online or on the Chase app, select the card from your list of accounts to access that cards dashboard. We also reference original research from other reputable publishers where appropriate. My Chase Plan is designed to provide point-of-sale financing, allowing Chase cardholders to choose past purchases of $500 or more, and finance them over longer terms. If you pay off a plan early, you won't incur any future fees for that plan. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Note, however, that many other banks have their own eligibility . My Chase Planlets you pay off a purchase over time in fixed, equal monthly payments. We recommend having a FICO score of at. For example, let's take the $689.85 purchase above and use the 12-month plan. My Chase Plan is in some ways similar to American Express' Pay It Plan It feature and elements of a Citi Flex Plan. If you don't make your minimum payment by your due date, you may also receive a credit card late fee. If youre used to making minimum payments, it could give you a more structured payoff plan. One benefit of My Chase Plan is that you'll continue to earn rewards on your purchases. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. If you decide to make more than the minimum payment, theres an interest saving balance option that allocates additional funds to new purchases and not toward your installment plan, so you can avoid interest charges. On the surface, My Chase Plan sounds like it could save you money because the fixed monthly fee is rather low. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. If you make at least the minimum credit card payment every month, youll pay off your My Chase Plan within the repayment term you selected. Haven't seen a whole lot on this other than a few articles indicating Chase would be rolling it out. Whether you choose to work with a financial advisorand develop a financial strategy or invest online, J.P. Morgan offers insights, expertise and tools to help you reach your goals.
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