My Chase Plan
Aug 7, 2023 | 5:12 pm
#17
Join Date: Jun 2019
Location: NYC/DC
Programs: AA, Bonvoy, Delta, Amtrak, JB
Posts: 1,855
CHASE: My Chase Plan Fee - Fixed Finance Charge...
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?
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?
Aug 7, 2023 | 5:32 pm
#18
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA, IHG & Marriott Platinum; DL & HH Gold
Posts: 51,883
My Plan is an optional feature. It is a different way of carrying a balance and paying finance charges. Read here: https://www.chase.com/personal/credi...ychaseplan-hub
Aug 7, 2023 | 6:05 pm
#19
Join Date: Jun 2019
Location: NYC/DC
Programs: AA, Bonvoy, Delta, Amtrak, JB
Posts: 1,855
My Plan is an optional feature. It is a different way of carrying a balance and paying finance charges. Read here: https://www.chase.com/personal/credi...ychaseplan-hub
Nov 19, 2023 | 12:10 pm
#22
Original Poster
Join Date: Aug 2012
Location: SEA
Programs: Atmos Gold, Bonvoy Gold
Posts: 1,990
Dec 10, 2023 | 11:23 pm
#24
Original Poster
Join Date: Aug 2012
Location: SEA
Programs: Atmos Gold, Bonvoy Gold
Posts: 1,990
Yes, would have been wiser to absorb the original charge as part of a SUB, but the timing didn't work out.
Dec 11, 2023 | 7:56 pm
#25
Join Date: Oct 2022
Location: ORD
Posts: 202
Just entered into 24 equal payments with no fees on December's original $5K charge with my CFU. Credit score took a bit hit with the original purchase, and I'll see if shuffling CLs across my Chase cards will help out. I have a few DPs this year that suggest MyPlan also drags down scores.
Yes, would have been wiser to absorb the original charge as part of a SUB, but the timing didn't work out.
Yes, would have been wiser to absorb the original charge as part of a SUB, but the timing didn't work out.
Dec 14, 2023 | 12:16 am
#26
Original Poster
Join Date: Aug 2012
Location: SEA
Programs: Atmos Gold, Bonvoy Gold
Posts: 1,990
Dec 28, 2023 | 2:59 pm
#27
Original Poster
Join Date: Aug 2012
Location: SEA
Programs: Atmos Gold, Bonvoy Gold
Posts: 1,990
+$10K to the CFU's credit line with a single phone call + multi-day review. More importantly, it appears from Chase Credit Journey that My Chase Plan is considered, from a credit perspective, the same as having a credit card balance. Fine with me--there's no loan applications in my future and I'm happen to get the equivalent of a $5K no interest loan--but it seems like a great deal is a bit worse than I first thought.
Jan 5, 2024 | 11:08 am
#28
Join Date: Feb 2000
Location: Menlo Park, CA, USA
Programs: UA 1MM 0P, AA, DL, *wood, Lifetime FPC Plat., IHG, HHD
Posts: 7,176
It’s funny, I have 4-5 chase cards, and they continue t offer a no fee CP on a large ticket item, across cards. For no fee spread out of ~ 5K in charge I’ll take it. Doesn’t seem to have ever affected rolling credit or credit rating.
Jan 10, 2024 | 9:28 pm
#29
Original Poster
Join Date: Aug 2012
Location: SEA
Programs: Atmos Gold, Bonvoy Gold
Posts: 1,990
I lost ~20 points and then recovered 10 this month, when I increased my CL and paid off another Plan.
Jun 25, 2024 | 5:57 pm
#30
Join Date: Dec 2002
Location: SFO
Posts: 4,198
Why am I not seeing the no fee option?
It always shows "This amount includes a monthly fee of <some amount> with no interest.
fwiw, I have no active payment plans for any of my Chase cards nor have I used a payment plan in over 2 years. Credit score is 824.
It always shows "This amount includes a monthly fee of <some amount> with no interest.
fwiw, I have no active payment plans for any of my Chase cards nor have I used a payment plan in over 2 years. Credit score is 824.
Last edited by malgudi; Jun 30, 2024 at 2:01 pm