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.

There doesn't appear to be any reason why it shouldn't work.

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?

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

Ah IC. Thanks. It's akin to BNPL then. Cool.

DP: No offers for 0 fees since the promo last year.

Happened to click into it today and found 0% available.

Good catch. I see that my CFU is now 0 fee and 0%, but my CSR still has fees. No large CFU purchases lately, unfortunately.

I've gotten offers on and off since summer 2022. Finally got another in October for $0 fee on any plan made before Dec. 31st on both my CSP and CFU. Used the CFU offer since I had an expense to make.

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.

I do wonder though if that heavier usage due to the plan could be a trigger for a decent auto CLI. If not automatic, then soft pull via request.

I'm going to find out soon. Worse case, I move my Chase CL around.

+$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.

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.

I lost ~20 points and then recovered 10 this month, when I increased my CL and paid off another Plan.

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.

Am I the only one missing out?

No guarantee of 0 fee. I've gotten it a few times, taken it, and my credit score has suffered for it.

Ok, sounds good.

My score is 824, so I don't care about it dropping (not one of those credit score watchers who track every minute variation) :)

I see 0% offered again on my Sapphire Reserve.

I also see plans offered on an Ink card that add up to about 4.5% APR, which is not terrible.

On other personal cards the rates add up to 6% APR or higher.

Aren’t these “chase plan” always 0% INTEREST, but they are fee based per how many periods one selections and each period? I usually get 1-2 OER chase card per year on 2-4K purchases, which is fun to just play with since I can get ~ 5-20% on that cash money invested during that period. Also, I’ve done this now ~ 2+ years and it never has any impact on credit ratings - at least not at the top levels.

I've used My Chase Plan twice I think, and both times it was zero interest and zero fees. I just looked at what it would be for the new water heater we just had installed and it also says zero interest and zero fees. I'm not sure how/why they decide.

A few weeks ago I had a Chase Pay Over Time offer emailed to me for zero fee and zero interest for a large cruise purchase. I wanted to take advantage of the offer but when I went online it was not available (likely since the balance due on the account was less than the line item for the cruise due to the yearly travel credits on the CSR). Decided to try a last ditch effort to get it to show up by making a $200 gift card purchase at a restaurant this last weekend to get the total balance due on the card to be more than the cruise amount. Thought this had not worked but then a day after the gift card purchase posted the offer went live and I was able to take advantage of it even though the statement had already closed. Amount due on the card to avoid interest went from over $2500 to $40 with the first installment on the large purchase not due until next month's statement closes. Was able to spread the cost of the cruise over 24 months with no interest and no fees.

Sharing in case this is a useful data point for others in the same situation where the offer won't show up as active due to credits already applied to the account.