How does the "My Chase Plan" program work? This question is about Chase Credit Cards

How does the "My Chase Plan" program work?

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This question is about Chase Credit Cards

Sydney Garth, Credit Cards Moderator

@sydneygarth • 06/01/22 This answer was first published on 02/11/21 and it was last updated on 06/01/22.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The “My Chase Plan” program allows you to pay off eligible purchases of $100 or more, made with your Chase credit card, in fixed monthly installments, without interest. The monthly fee is based on various factors including the purchase amount and the length of time you have to pay off the purchase.

How the “My Chase Plan” Program Works

Use your Chase credit card to make a purchase.
Sign in to the My Chase Plan dashboard or the Chase Mobile app.
Pull up your transaction history.
Choose an eligible transaction of $100 or more.
Choose the payment plan that works best for you.
Make equal monthly payments – with no interest, just a fixed monthly fee.

Keep in mind that eligible purchases cannot be older than 90 days or disputed, and fraudulent purchases don’t qualify. Purchases that are part of another special financing plan don’t qualify, either. Plans can range from 3 to 18 months, and you can have up to 10 active or pending plans on your account at one time.

“My Chase Plan” Pros and Cons:

Pros	Cons
Easy to sign up for	Smaller charges
Available on most Chase credit cards	Might encourage over-spending
No interest charged on your plan	The fixed monthly fee can become more expensive than interest as the balance on your plan get lower
Still earn rewards for purchases you choose to pay off with My Chase Plan	Once you create a plan, you can’t change or cancel it

“My Chase Plan” sounds like it could save you money because the fixed monthly fee is rather low. But before you decide to use this program, it would be nice to run the numbers to see if it’s the best option for you. Please note that the fee stays the same even as your balance drops, unlike interest which would decrease with the balance over time.

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How much is the "My Chase Plan" fee?

The “My Chase Plan” fee will vary each time a new plan is created. The exact sum is based on factors like the amount of the purchase and the number of billing periods you create the plan with.

Your fee will remain the same until you pay off your balance in full.… read full answer

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