Maria Adams, Credit Cards Moderator
@m_adams
Yes, My Chase Plan does affect your available credit. When you enroll in a Chase Plan, the balance of the plan is subtracted from your overall credit limit. This means that the amount of credit available for other purchases will decrease by the amount of the Chase Plan balance.
For instance, if your credit limit is $1,000 and you decide to pay a $200 purchase through May Chase Plan, your available credit will temporarily decrease to $800. However, as you make monthly payments on your Chase Plan, your available credit will gradually increase as the balance of the plan decreases.
Things to Know About My Chase Plan
My Chase Plan is a feature that allows you to pay off eligible purchases of $100 or more through monthly installments, all without any interest. Instead, there's a fixed monthly fee involved.
While My Chase Plan may seem like a money-saving option due to its relatively low fixed monthly fee, it's wise to run the numbers to see if it’s the best option for you. That’s because, unlike interest, which decreases as your balance drops, the amount of My Chase Plan fee remains consistent regardless of your balance.
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People also ask
How does the Chase "Pay Over Time" program work?
The Chase “Pay Over Time” program (formerly “My Chase Plan”) allows you to pay off eligible purchases made with your Chase credit card in fixed monthly installments. You can choose to set up this payment plan either after making an eligible purchase from any merchant or when checking out on Amazon.com.
This program provides a way to manage larger purchases and spread payments over time, without accruing your usual interest—only a fixed monthly fee or...
read full answer by Sydney Garth, Credit Cards ModeratorHow much is the My Chase Plan fee?
The My Chase Plan fee is 1.72% of each eligible purchase selected to create a plan. The exact dollar amount of the fee is determined each time a new plan is created, based on factors such as the purchase amount and the repayment term, and the fee is charged monthly. The monthly installments will stay the same throughout your repayment period.
It's important to note that My Chase Plan works only for eligible purchases...
read full answer by Chip Lupo, Credit Card WriterCan I opt out of My Chase Plan?
No, unfortunately you cannot opt out of a My Chase Plan. Once the plan is created, you will not be able to change or cancel it. However, it is possible to pay your plan off early, without incurring any penalties or future fees for that plan, by paying your statement balance in full.
If you miss a payment for your plan, the amount due will be added to the next month’s statement. You might...
read full answer by John Miller, Credit Cards ModeratorDid we answer your question?
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