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Contents
The Offer
- Chase is offering no plan fees on it’s Chase Pay Over Time product. Valid on your first use by June 30, 2024
Our Verdict
Chase Pay Over Time splits a purchase basically into an installment loan that you pay equal installments over a 12 month period. Normally there is a 1.79% monthly fee that absolutely kills the usefulness, but with this fee being waived there is a potential for a good deal. Basically you’re getting an interest free loan, keep in mind you can only do this once before the fee kicks in so ideally you’d want the purchase to be as large as possible. Obviously don’t do this if you wouldn’t be making the purchase anyway but given interest rates are currently high this can be an amazing deal, remember Chase does allow you to reallocate credit limits as well.
After you sign up pay over time or extended payment, can you do upgrade/downgrade of your cards? or you have to close your payment plan before you can do it?
How does the 1.79% fee kill the usefulness? Couldn’t I buy $8k worth of gift cards, liquidate and then put the capital into a HYSA likely earning a minimum of 5%? Then I’m essentially earning interest Chase’s money. Is this not viable because of the tax implications and the fee eating into your return? Or maybe increasing credit usage isn’t palatable for most people worried about card approvals? I’m really curious as my initial thought was to use this deal for this purpose.
1.79% per month buddy
I have ihg, hyatt, preferred, flex and biz ink, sw
P2 has hyatt, sw, flex, unlimited, preferred and ink cash
I didn’t have a $0 fee plan advertised to me in my offers, email, or via the banner mentioned in the article. But what I did find is that when you click in card by card, and pretend like you are setting up a plan, some cards had $0 fee and others had a fee. So you just have to check. If you don’t have $100+ charge on the card, you won’t know.
I have now implemented a 24 month $0 fee plan on some giving and home repairs on a rental. 1 on my hyatt, 1 on my preferred, 1 on P2 freedom flex.
This can be very good to front load charitable giving if you are trying to itemize.
Never done before and got the first time offer with zero fees for a large charge on CSP. If I have an outstanding plan when it comes time to do the CSP switcheroo (48 months since sign-up bonus), how does the plan affect this?
How does this work if you normally pay balance in full? Would the statement tell you what the minimum statement balance is required to pay off the other charges that aren’t pay over time?
When you change the plan, it prompts you to change your autopay setting to interest savings payment only
I have two personal and two business cards with Chase. I’m not getting the offer on any of the cards. I’d hoped to use it for estimated tax payments.
Although now that I checked for the offer on all my cards they’re sending me emails saying I’m approved for a business loan but it’s of course not fee free.
How do you check this? I don’t even know where to find it
Note some of our cards have $0 fee and some don’t, we’ve never used pay over time. It isn’t listed/advertised for either of us. My hyatt card has it when I click start a plan, her freedom flex has it. Planning for a large purchase, so called chase to ask – they didn’t know what would happen, so probably going to gamble on it and hope for the best
If I return the item the plan is 4 does that cancel the plan?
Usually the amount the plan is for is the statement Balance and not the item necessarily. If you return; the plan will just be for the remaining balance you have and if you don’t, it’ll just close itself out.
Putting my tesla down payment on this bad boy.