My Chase Plan
 

Chase's no interest pay-over-time plan caught my eye, especially for large purchases. It seems too good to be true, so I'm curious if activating it will have negative implications on credit ratings, points, etc.

https://www.chase.com/personal/credi...ychaseplan-hub

Do you have an offer which waives the fee?

American Express has a similar program called Plan It.

As a test, I clicked on the "Pay Over Time" link next to a few charges on two of my cards (CSR, IHG) and the options provided all showed the monthly payment over 3,6, or 12 months and the note underneath said that the amounts included no interest and a $0 monthly fee. It seems like Chase might be reducing the fee to $0 right now [for some cardholders] to entice people to use the plan. I've never used the plan on any of my cards.

You’re in an “introductory oeriod” where they’re trying to get you hoooked…..I used that plan pretty heavily for a maybe 6 months - no fees, no interest was a good deal. At some point they started charging fees for new plans, and I stopped using it.

I got a no fee, no interest offer for my first Plan yesterday.


https://cimg7.ibsrv.net/gimg/www.fly...ae6221ca7.jpeg


Fine print:

The My Chase Plan Fee will be $0 for the first My Chase Plan you create between 06/23/2022 and 08/31/2022, for the duration of the plan. For all other plans: 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 balance is paid in full. The My Chase Plan Fee is based on the amount of each purchase transaction selected to create the plan, the number of billing periods you choose to pay the balance in full, and other factors.

DPs:
CFU: I was able to Chase Plan a $4k purchase over 18 months with no interest or fees. I assume points credit as the pay off proceeds.
CSR: Fees associated with all purchases; not interested
Mileage Plus Select: Email offer this week for 1 purchase with no Chase Plan fees or interest, if started by 31 August. Would be especially lucrative for a United flight.

I just clicked on it for a $4k purchase to see what it offered and it offered the same no-fee, 0 APR so I picked the six month option. One thing I'm a little confused on is how much to pay the card every month. Usually I just pay the full statement balance but if the amount in the Plan is included in the balance I suppose I'll have to figure out how much to leave over.

I've struggled with this as well - I've used the plan for a few purchases and have usually ended up paying it off early. Better than the alternative, but also not maximizing the benefit..

There is nothing for you to figure out. Your statement will include an “Interest Saving Balance”, which is the amount to pay in order to avoid any charges or interest.

Correct. This option automatically appears following one's selection of the payoff term.

Yes, thanks - I noticed it now lists "interest saving balance" as a line item in the account summary.

Got a no-fee offer on my United Mileage Plus Select, so applied it to a $2.5k bill.

Since starting my first My Chase Plan, my credit score has inexplicably gone down ~15 points and stayed there. I wonder if the payment option is being reported as a loan and is having negative effects.

Be Aware of this pitfall of the My Chase Plan
 

A slight problem - which can develop into a BIG problem - is if you periodically pay off any new Purchases during the Month - to keep your balance down... Which I routinely DO. So I don't have a huge surprise when my statement comes out. Chase recently offered me "My Chase Plan" with NO monthly fee. I ended up taking 'advantage' of that - and made a large $10,850 dollar purchase. When the first statement came out - I was surprised to find a very recent vet bill (which I had already 'paid off' on the Statement. The Vet bill posted just a couple of days before Statement closing. Called Chase; didn't get a good answer. Thought it was because it posted just around the Statement closing date. Now, my next statement - and I have an over $5K 'to avoid interest' billing... Turns out - any payments you make between statements - are applied to the 'My Chase Plan' balance (if you have no purchases being charged interest). This is because that is the 'only' balance that presently exists - because that was on your last statement. Your purchases have not yet posted onto a Statement - so any payments made to cover those purchases - do NOT go to the purchases - they go to the "My Chase Plan". I am extremely fortunate that I have the funds to pay the current statement - but if you have a "My Chase Plan" and you routinely pay OFF your balance - do NOT make extra payments between statements thinking they will 'cover' recent purchases. They will NOT - and you will still OWE for all of those purchases at your next statement - just your "My Chase Plan" balance will have been reduced more - but you will of course still also owe that Monthly fee...

Anyone know if this works for an IRS tax payment?

This problem also rears its ugly head if a merchant credits your account. I had a hotel make an erroneous charge to my account, and reverse it. Sure enough the Chase computer applied the refund to the 0% My Chase Plan, and not to the charge. After SMs and phone calls, the Chase CSRs have still not fixed the problem, but have actually made it worse.

If they won't make it right, eventually I'll go to the CFPB.