Chase Sapphire My Chase Plan

[Jalapeñomel]

I’m guessing this is probably something across all Chase cards…anyway…

A couple days ago, we took our daycare purchase and did a My Chase Plan just to see how it works (we paid it off today). It seems like there should be a catch, because no fees and no interest for a set number of months?

This could be helpful in the future should we need to buy appliances or whatnot and pay it over a couple months instead of all at once.

Anyone have experience with using it, negative positive?

[cereal K]

I haven't done it with Chase, but Amex has something similar called Plan-It. When they first rolled it out, there were no fees or interest. I used it a couple of times when making larger purchases (flights, camp payments, etc). It was great. Now, they have a small fee to start a new plan, but still no interest. I just haven't needed/wanted to use it, but with the right purchase, it could be worth it, even with a fee.

Personally, I would probably use any 0% financing offers that came with a large purchase, but would use this feature when there were no financing deals.

[wildrice]

Interesting - I thought there was interest or some kind of fee added, but maybe not if you pay it off quickly? We are looking at redoing our kitchen and I hadn't thought of this as an option but you are making me curious. I have multiple Chase cards so I think our limit might cover what we need...

[Vally]

Ditto pp this sounds like the rollout Amex did for Plan It. At first there were no fees at all, but now there are fees. Although the way it works with Amex is if you make a purchase they give 3 options, with fixed monthly fees but if you choose a 9 month “plan” with a $X monthly fee, and then pay it off in two months you only pay the fee the two months. Curious to see how Chase compares.

[Jalapeñomel]

May 7, 2024 11:19:12 GMT -5 wildrice said:

Interesting - I thought there was interest or some kind of fee added, but maybe not if you pay it off quickly? We are looking at redoing our kitchen and I hadn't thought of this as an option but you are making me curious. I have multiple Chase cards so I think our limit might cover what we need...

No fees or interest. When making the plan, we had to option of up to 24 months. Maybe that changes with more money? Not sure

The one caveat I see is that you can’t cancel it once it’s started, so if you have to return something, you have to make sure you take that money and pay off the plan (not sure why you wouldn’t though).

[rupertpenny]

I used it for a large legal bill with no fees, no interest. However, when I tried to use it again there were fees which didn’t make it worth it for me.

Basically, I think they lure you in with a one-time freebie.