Contents
The Offer
No direct link to offer, sent out via e-mail.
- Chase is offering some cardholders a bonus for using pay over time. The purchase needs to be $1,000 or above and the bonus offered depends on the card. Some offers seen below:
- 14,500 IHG points
- 6,500 Chase UR points
Our Verdict
The fee is 1.72% per month until the full balance is paid off. On a $1,000 purchase that is $17.2 per month. I don’t have the full offer details so not sure how long the loan needs to be open for but might be worth doing for some. It is interesting that Chase is starting to offer bonuses for using these products though.
Got a DP for y’all. Ended up enrolling into this plan on my CFF. Requirement was $1000 spend to get 6000 points. Bought 2 $500 Visa cards at Safeway back in Feb. Fee came out to a little over $17. Paid it all off come next statement and they refunded my fee for the Chase plan. 6000 points were recently added to my account. All in all worth it since I ended up getting 6000 points for no additional fees.
Targeted on my personal Hyatt card, 7000pts for $1000+ purchase. If I make a purchase of exactly $1000, and still have to pay a minimum one month fee at 1.72%, that still buying Hyatt points at less than 1/4cent/pt. I get value from Hyatt so that seems quite reasonable.
Used my Hyatt card for bank funding for $1000. Started a payment plan through the email link, selected shortest duration at 3 months with $9/mo fee, waited one day for the plan to go from pending to active, then paid off the $1000 card balance in full. No fees charged and 7k Hyatt points posted ~6 weeks (1 full statement) later.
6K points offered on freedom and freedom unlimited.
Some observations from my experiences with my chase plan-
Seems to be offered on accounts I had not done any my chase plan in the past.
There was an offer for no fees for doing your first my chase plan last year (expired 12/31).
There is no interest with the my chase plan. There is a monthly fee for whatever set term you choose, This essentially works like interest in far as costing you. (if you choose a 6 month plan and the fee is X dollars, it would be equal to X amount of interest when yo do the math).
You are offered three possible lengths of repayment depending on the amount of the plan. (can be up to 2 years depending on the amount).
The longer length of repayments general had a higher monthly fee per month.
The fees are variable and not necessarily the same for a given amount from plan to plan.(another words maybe you get a 1.99 fee/6months for one offer and 2.99 fee/6months on another offer, both for the same amount of plan).
There is no accurate way to check what the fee will be without doing a charge and then seeing what the offer will be. (that said the highest total fees offered have always been lower then my standard APR by a good amount)
You can pay off the plan within a 1 month or sooner time period of enrolling and you are only responsible for 1 month of fees.
I have no data points on how these plans are handled with existing balances as I only did these in the past with cards that had no existing balance. (can you pay them off separately, how do they get paid off if they can be, does your normal interest charges get paid first, etc)
This could be worth the time for some people.
6% percent less the 1 month worth of fee, less whatever it costs you to do the 1K in charge/liquidation as a worse case.
The best play would be to do gift cards at supermarket (with current 5% freedom category) that could be used for organic spend. That would put you in 6% + 5% – 1 month of fee and any gift card costs.
Chase will let you do $1000 of GC manufactured spending?
“We may temporarily prohibit you from earning points or using points you’ve already earned…if we suspect that you’ve misused the program in any way, for example by manufacturing spend for the purpose of generating rewards….”
People define “manufacturing” spend differently. Buying a couple of gift cards probably doesn’t meet Chase’s threshold. Making a habit of it probably does.
Only 4K UR offered on my Sapphire Reserve. $21 in fees over 3 months was the cheapest option. Hard pass!
6000 points on my Freedom card. Have to do it by March 31st, 2023.
6k UR for a $1k purchase on a card with a $700 limit lol.
If you don’t have available credit line from another Chase card to transfer over, you may be able to overpay the balance to make a purchase larger than CL.
Nope. Chase doesn’t let you use overpayments as a boost to your credit limit.
$60 doesn’t seem worth it.
Can I just fund a bank account with $1000+, sign up for the plan, and just pay it off in full a month later?
former is much better .. signup and immediately payoff and pocket 6000 UR if it allows!!
paying one month later will incur at least $17 (if you use it for exactly $1000 USD charge and 1.72% fee) .. essentially buying UR points at 3.5 cents per point similar to something like 500 VGC CF grocery freedom at 6.95 fee (2500UR)
Didn’t you mean 3.5 points per cent?
I wonder if you would get the bonus if you signed up and then instantly paid it off (or even just paid the monthly fee for a month). Could be worth it then.
Your first Pay Over Time is always free. Used mine on a $20K purchase over 18 months. Keep that in mind and save it for a good one! And yes, your credit score will take a severe dive if utilization goes over 30%.
Mine states a fee: “With My Chase Plan, you can break up eligible purchases2 into budget-friendly payments with no interest — just a fixed monthly fee.”
Recently did a chase my plan for a ~$1200 purchase. The offer was 12 equal monthly payments, 0% interest, no fees. No bonus points were offered. This was on a personal freedom card.