With this plan, the fixed monthly fee would cost you a total of $37.20. These offers may not be available on all Chase cards at all times, and they do come with fees or interest, so it's worth, Card issuers are offering cheaper ways to access your credit line, American Express' Pay It Plan It feature. Setting up a My Chase Plan is straightforward. 1.72% may seem like a low amount, but we're talking about a monthly fee instead of an annual one, and (JPMCB). zowye84PR 5 mo. offer an introductory 0% APR period, often a year or more. The content Though there is no interest, a flat fee based on the amount of each purchase transaction, the number of billing periods and other factors is added onto the payment amount each month, so splitting your payments comes with a cost. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. During periods of economic uncertainty, Chase may also reduce credit limits across the board to reduce the possibility of mass overspending on their accounts. Make purchases with your debit card, and bank from almost anywhere by phone, tablet or computer and more than 15,000 ATMs and more than 4,700 branches. A My Chase Plan lets you pay for eligible Chase credit card purchases over $100 in monthly installments. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Its never too early to begin saving. These offers may not be available on all Chase cards at all times, and they do come with fees or interest, so it's worth reading the fine print and comparing them to alternatives. Get more from a personalized relationship with a dedicated banker to help you manage your everyday banking needs and a J.P. Morgan Private Client Advisor who will help develop a personalized investment strategy to meet your evolving needs. Something went wrong. Besides signing up for a My Chase Plan, there are several other options you could consider if you want to make a purchase now and pay it off later. For starters, there are no fees, and you'll actually have a lower (not higher) APR on the amount you borrow. My Chase Plan operates similarly to Amex's Plan It feature. Best 0% APR Credit Cards. The loan will require approval, and youll then be charged interest on the amount borrowed. Our partners cannot pay us to guarantee favorable reviews of their products or services. To find out if you may be eligible for a HELOC, use our HELOC calculatorand other resourcesfor a HELOC. Say you decide to invest in an ergonomic chair for your office that costs $500. Does My Chase Plan Affect Credit Score? The plans dont charge interest, but there is a monthly fee. View our list of partners. If you return a purchase thats in a My Chase Planand receive a merchant credit for that purchase, youll need to call the number on your statement or on the back of your card to have the credit applied to your plan balance. Whether you want to pay less interest or earn more rewards, the right card's out there. The language above gives them the right to make these offers available at certain times, but also to withdraw them at others. That said, if you can afford to pay off your balance in full every month, it's best to avoid any payment plan that would cost you extra money, whether in interest or fees. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Chase Auto is here to help you get the right car. How Are Card Payments Applied When You Use My Chase Plan? How Do My Chase Plan and My Chase Loan Work? | Credit Cards | U.S. News Theres no interest for this purchase once its placed in a plan, just a fixed monthly fee. Scan this QR code to download the app now. However, if youre facing the prospect of carrying a balance for three or more months and incurring interest charges at your credit cards regular APR, a My Chase Plan payment plan is worth consideringparticularly if your cards regular APR is high, such as 20% or more.