[Expired][Targeted] Chase: 5k Bonus Points For Using My Chase Plan

Deal has ended, view more Chase deals by clicking here. 

The Offer

<name>, get 5,000 Marriott Bonvoy™ points with My Chase Plan®

  • Chase is offering some cardholders 5,000 bonus points when they start a My Chase Plan by April 30, 2021

The Fine Print

  • You will qualify for and receive 5,000 bonus points if you create a My Chase Plan between 03/30/2021 and 04/30/2021. Please allow 6 to 8 weeks after the last day of the promotional period for bonus points to post to your account. To be eligible for this offer, your account must be open and not in default at the time of fulfillment. Only one bonus per eligible account. Credit card product changes during the promotional period will forfeit this bonus offer. This promotional offer is non-transferable and applies only to the account ending in the last 4 digits referenced in this offer. The value of this offer or program may result in miscellaneous income received from Chase and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the offer/program. You are responsible for any tax liability related to participating in the offer/program. Please consult your personal tax advisor if you have any questions about how this could affect your taxes.
  • An eligible purchase transaction for My Chase Plan is a purchase of at least $100, but may not include certain transactions, such as (a) cash-like transactions, (b) any fees owed to us, including Annual Membership Fees, and (c) purchases made under a separate promotion or special finance program. Eligible purchases will be identified within your transaction history on chase.com or the Chase Mobile App.

Our Verdict

My Chase Plan is Chase’s card financing option. You basically pay a fixed rate over time and during this time you’ll pay a rate of 1.72% per month until the full balance is paid off.

Hat tip to shilph

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GengisKhan
GengisKhan

All I got was an offer to wave the fee:

, we’re waiving the My Chase Plan® fee for you.

Brian G
Brian G

I read the fine print again on this offer. It seems that you can make a purchase of slightly greater than $100 and then set up this plan. I believe the trigger to get the bonus points is just setting up the plan. Assuming you pay off the purchase immediately then there would not be any interest or fees. The timing of this might be to set it up 72 hours before your monthly statement closes.

Anyway, here is the language from Chase’s website.

Can I change or cancel a request to set up a My Chase PlanSM?

You won’t be able to change or cancel a My Chase PlanSM once you create it.

You can pay your plan off early with no penalty. Once a My Chase PlanSM appears on your statement, you can pay it off early without any penalties by paying your full statement balance. If you want to pay it off before then, you can pay your current balance. If you pay off a plan early, you won’t incur any future fees for that plan.

Vy
Vy

Someone’s got to make money off of revolving debt.

The logical next step would be to offer a promotion that gives 5000 points after using a balance transfer.

Jack
Jack

They took a page out of Amex’s playbook. They offered an incentive to try Plan It,

Brian G
Brian G

Does anyone know if you can create a plan, make one payment, then pay the entire amount off before any interest charges begin? Would that scenario still trigger the 5,000 bonus points? I didn’t see that in the fine print of the offer advising of a “pre-payment in full” penalthy so I would assume you could do this.

Wendy
Wendy

I just read all the info and it seems you can pay it off and save the fee, however I don’t know about the bonus being retracted. I calculated the cost for a $100 over 3 months and the total fee is .87
For under $1 I’m not going to risk losing the 5K points.

P
P

1.72% per month? And the points earned from this offer might be taxable? Might as well just buy the points.