What is My Chase Plan and How Does it Work? What is My Chase Plan and How Does it Work?

What is My Chase Plan and How Does it Work?

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My Chase Plan is a fixed payments option with Chase that can allow you to pay off larger credit card purchases over time. Today, we'll take a look at what this plan is, how it works, and the positives and negatives. Then, you can make the right decision on whether or not to use it on your credit cards.

Understanding My Chase Plan

My Chase Plan: Make fixed monthly payments on purchases over $100

My Chase Plan allows you to make fixed monthly payments on purchases over $100. This should apply to all of your personal credit cards, but you cannot use it on small business accounts.

My Chase Plan Key Terms

  • Available on purchases of $100 or more.
  • This feature allows you to pay off purchases in fixed amounts over time.
  • There is no interest charged, but you will pay a monthly fee. You will see this fee when setting up the payment plan.
  • Eligibility is subject to creditworthiness.
  • Cash-like transactions, fees, and purchases made via promotions are not eligible.
  • Payment plans can range from 3-18 months, depending on your creditworthiness, purchase amount, and your account history with Chase.
  • When setting up a plan on an eligible purchase, you will see 1-3 payment plan options for the purchase, depending on various factors.
  • Your payment amount is calculated in the “minimum payment due” for your card that month. If you pay at least this amount, your My Chase Plan payment is covered.
  • Purchases earn rewards and points like normal.
  • There are no late fees on your credit card account if you pay the “minimum payment” due, which will cover both the My Chase Plan requirements and the minimum due on your other purchases.

How to Set Up a My Chase Plan

  1. Go to the My Chase information hub and log in.
  2. Choose the credit card with the purchase for which you want to set up a payment plan.
  3. Select the My Chase Plan option next to eligible purchases (purchases of $100 or more.)
  4. Choose a plan from the options, and you will pay exactly this amount each month for the agreed time.
  5. Track payment progress and history until payments are complete.

Example Options

I chose a purchase of $327.00 to see what options Chase would give me. It presented three payment options (the maximum number of options).

My Chase Plan: Payment Plan Example

Notice that the original purchase amount is $327. Each plan tells you how much you will pay per month at a flat rate. If you click on an option, it also shows what you will pay in total fees. This sums to the total amount you will pay in the end.

Here's how much I would pay via My Chase Plan with this $327 purchase:

  • 6 payments = $341.82 total ($14.82 extra)
  • 9 payments = $348.60 total ($21.60 extra)
  • 12 payments = $355.56 total ($28.56 extra)

While Chase consistently mentions that there is no interest, remember that there is a monthly fee. You will wind up paying more in the long run if you use My Chase Plan instead of paying your bill in full each month.

Calculating a Plan in Advance

It's possible to calculate a plan in advance if you're considering a large purchase. From the My Chase information hub, click on the third option (far right.)

My Chase Plan: Calculating a Plan in Advance

I estimated a $1,000 purchase to see what options Chase would give me. I received three prospective payment plans.

My Chase Plan: Prospective payment plans.

Under each of the three options, the monthly payment amount and final total are shown clearly. I would spend between $45.18 and $87.12 extra in the end, depending on how many months I take to pay off this $1,000 purchase. In contrast, I would definitely pay more than this in interest if I didn't use My Chase Plan.

Should You Use My Chase Plan?

Now that we understand how it works, let's look at the positives and negatives.


  • No late fees
  • No interest
  • Still earn rewards like normal
  • Know in advance what you'll pay each month
  • Know how long it will take to pay off the purchase


  • Monthly fee to use the service
  • Pay more in the long run
  • Could affect your credit score due to high balances posting each month / taking a long time to pay down the balance

While one list is obviously longer than the other, certain factors can be more important. As always, you should attempt to pay all (or as much as possible) of your credit card bill each month. This saves you money in the long run and helps your credit score. But what if you can't?

Sometimes, life happens. Maybe you need an expensive repair on your car, your child has unexpected medical bills, or you lost your job. Using My Chase Plan could allow you to avoid some of the late payment fees and high interest rates that come with paying only the minimum payment on your credit card that month.

Should you use this? If you won't be able to pay the bill in full this month, then it's a handy feature. However, don't let the marketing of this program persuade you to spend more than you normally would.

For more information, read our Beginner's Guide to Building Healthy Credit.

Bottom Line

My Chase Plan is a feature that allows you to make fixed monthly payments on your credit card for purchases over $100.

It's available on all personal credit cards and subject to factors like your Chase history and your creditworthiness. You can avoid high interest costs but will pay monthly fees for using the service. You're likely to pay less in fees than what you would pay in interest if you don't set up a payment plan.

Is it worth it? Ultimately, each person will individually have to compare the positives and negatives and decide for themselves.

5 / 5 - (5 votes)
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