Chase unveils My Chase Plan, offers ‘buy now, pay later’ feature to cardmembers

By Pavithra R

Chase, the U.S. consumer and commercial banking business of JPMorgan Chase & Co., has officially announced the launch of My Chase Plan, a digital ‘buy now, pay later’ feature available on eligible Chase consumer credit cards. 

My Chase Plan offers cardmembers the option to pay off a purchase over a period of time with no interest, except a fixed monthly fee. Cardmembers will have the flexibility to choose an eligible, recent purchase from the “Recent Transactions” and choose a repayment timeframe and monthly payment amount.

A recent survey conducted by Chase revealed that about 52% of respondents said shopping and staying on budget for gifts is their biggest holiday challenge. My Chase Plan will serve as a valuable tool to help break up holiday purchases over time, giving customers greater control over their finances by offering predictable monthly payments. Its key features include:

• Flexibility: Providing customers with a new payment option on Chase cards for purchases $100 and over;
• Control: Allowing cardmembers to have more control of their finances, with predictable budget friendly monthly payment options;
• Transparency: Upon starting a My Chase Plan, customers are presented with the monthly payment amount, plan fee, and payment duration options ranging from 3 to 18 months;
• Ease of Use: Offering a seamless experience through Chase.com or the Chase Mobile app with no separate account or payment to manage.

My Chase Plan also offers consumers with a calculator that will approximate what a particular ‘Plan’ might cost before the purchase is made.

“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options. We are thrilled to offer My Chase Plan as a tool to help cardmembers make the most of their money and pay for their purchases over time. With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike,” said Anthony Cirri, General Manager- Lending and Pricing, Chase Card Services.

Chase is a leading global financial services firm with assets of $3.2 T and operations worldwide. It serves nearly half of America’s households with a broad range of financial services, including personal banking, auto financing, credit cards, mortgages, investment advice, small business loans, and payment processing.