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Its legit and they tend to occasionally offer $0 fee plans. In that case, its no risk as long as you pay. But otherwise, they claim to not charge interest and instead charge a "fee," yet the fee is really just interest by another name. In practice, the "fee" ends up being something like 9 or 10%, maybe more. You just have to do your own math.
You can pay over 3,6,9 months if a purchase is over $100 looks it. Also seems that not every purchase over $100 is eligible for $0.00 in fees. Maybe it’s if it’s a lot over $100 then there are fees and close to $100 there are no fees or it’s just random? But I have purchases well over $100 with no fee at the bottom.
I have seen several posts where people are under the assumption that a “My Chase Plan” or paying by installments is free or or “interest free.”. Sure they say it’a 0% interest but they charge a fee on each installment that is equivalent to about 10% APY interest. The only time it would be sensible to do this is if you have no way of ...
Edit: I wanted to run the numbers to see how bad this is. If you charged $1,000 on a credit card at 30% interest and paid it off over 1 year of equal payments you would pay $169.85 in interest. If you used chase pay overtime instead you would pay $206.40 in interest. So chase pay as you go is way worse than a credit card.
Question about Chase 'Pay Over Time' plan. I recently made a large purchase ($8k) and have the option for a no-fee, no-interest Pay Over Time plan through Chase. I know generally the catch is the monthly fee in lieu of interest, however I believe they are offering the no-fee incentive since this would be my first plan created.
I’ve used Chase Pay Over Time before so it’s not my first time. But my $540 is showing $0 fee. So I took advantage of it lol. Anything lower than $500 was showing a monthly fee. Lol my Amazon purchase of $740 has a monthly fee range of $7.32 - 8.25 and my $140 restaurant transaction $1.55-1.61.
The way the reps explained it to me (or at least my understanding and how I got screwed) is that they “lump” the monthly “pay over time” payment into your overall “interest saving balance”… so supposedly you just pay your “interest saving balance” and not the full balance… so for instance (and bear with me) if you have $1000 total of misc expenditures as your balance on ...
Chase Pay Over Time divides the purchase amount by the number of months of the offer. So Chase is going to give them a statement with an "Interest Saving Balance" of ~$550. As long as they don't actually miss a payment, they will fully pay it off within the appropriate timeframe, thus not charging them any interest.
With most credit cards, you can pay over time :) Even better if you have a zero percent interest time frame to do so! The only "ding" to your credit form this transaction would come from the amount being over 29% of the card's limit. If your statement cuts and the balance is over 29%, there CAN be a small hit to your credit but it will improve ...
There’s a monthly fee that you have to pay throughout the duration of your loan. What no? It doesn't include any fee. For example, have a $411.18 charge on my Bonvoy and the Pay Over Time is a monthly fee of $2.03 for 3 payments ($139.09/month) or $2.27 for 9 payments ($47.96/month)