Payments and Cards
My Chase Plan® Provides Cardmembers Payment Flexibility This Holiday Season
Just in time for holiday shopping, My Chase Plan offers a new way to pay over time – with no interest, just a fixed monthly fee
WILMINGTON, DEL., November 16, 2020 – Today, Chase officially announced My Chase Plan®, a digital ‘buy now, pay later’ feature available on eligible Chase consumer credit cards. My Chase Plan allows cardmembers the option to pay off a purchase over a period of time with no interest, just a fixed monthly fee. Cardmembers will have the flexibility to select a recent, eligible transaction and choose a repayment timeframe and monthly payment amount that works for them.
According to a recent consumer survey from Chase, 52% of respondents say shopping and staying on budget for gifts is their biggest holiday challenge this season. My Chase Plan can serve as valuable tool to help break up your holiday purchases over time.
My Chase Plan gives customers control over their finances by offering predictable monthly payments, with no interest, just a fixed monthly fee. Cardmembers will still earn rewards as they do today for card purchases. Key features include:
- Flexibility: Providing customers with a new payment option on Chase cards they already have in their wallet for purchases $100 and over;
- Control: Allowing cardmembers to have more control of their finances, with predictable budget-friendly monthly payment options;
- Transparency: Upon starting a My Chase Plan, customers are presented with the monthly payment amount, Plan fee, and payment duration options ranging from 3 to 18 months;
- Ease of Use: Offering a seamless experience through Chase.com or the Chase Mobile app with no separate account or payment to manage.
“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options,” said Anthony Cirri, General Manager- Lending and Pricing, Chase Card Services. “We are thrilled to offer My Chase Plan as a tool to help cardmembers make the most of their money and pay for their purchases over time. With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike.”
My Chase Plan allows eligible cardmembers to choose a payment plan for purchases of $100 or more with durations up to 18 months with no interest or prepayment penalty, just a fixed monthly fee. My Chase Plan also offers a calculator that will approximate what a particular ‘Plan’ might cost before the purchase is made. Cardmembers will continue to earn rewards as they do today.
The control and ease that My Chase Plan provides consumers is especially relevant as we enter the holiday shopping season. Chase’s recent survey of more than 1,000 U.S.-based adults found that:
- Over 30% of consumers have been saving money specifically for purchasing gifts
- 40% of consumers say they are taking a different approach to gift giving this year
- 55% of consumers to focus on quality, not quantity, of gifts
Whether consumers are shopping for holiday gifts, unexpected purchases, holiday travel, and everything in between – My Chase Plan offers more flexibility, control, and peace of mind over their payment obligations.
To start using My Chase Plan, select an eligible, recent purchase from the “Recent Transactions” within your card account on Chase.com or in the Chase Mobile App. Eligible purchases of $100 or more will have a “Pay with My Chase Plan” option next to the transaction amount. Cardmembers can also visit the My Chase Plan dashboard on Chase.com or in the Chase Mobile App to see a list of eligible purchases, calculate plan options on a future purchase, or see details on their existing Plans.
For more information and to see eligible Chase credit cards, visit www.Chase.com/MyChasePlan.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.2 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,900 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
Tom Doelp, Chase Card Services, Thomas.e.Doelp@chase.com