Can anyone explain what this My Chase Plan Fee is all about?

I was just about to apply for a Chase Visa No Annual Fee Marriott Bonvoy cobranded card, when I noticed that fee. Per the disclosure:

"Monthly fee of 1.72% of the amount of each eligible purchase transaction or amount selected to create a My Chase Plan. The My Chase plan fee will be determined at the time each My Chase Plan is created and will remain the same until the My Chase Plan is paid in full."

Does this mean that if I my hotel bill is $3,000, that I would get assessed a fee by Chase of $51.60?