Chase revealed that it will be offering its credit card customers the option to make smaller payments to finish paying off a purchase over an extended period of time. The bank confirmed that it won’t be charging any interest on these types of transactions, but there will be a fixed monthly fee for the service.
Chase noted that the offer to make smaller installments is only available for purchases valued at more than $100. Referred to as the “My Chase Plan,” the flexible payment option will allow Chase Bank cardholders to choose a recent transaction and then select a particular repayment time period. Customers will be able to choose a personal monthly payment amount that may run from anywhere between 3 to 18 months, the announcement noted.
The new payment option may be activated through Chase Bank’s online platform or through its mobile app, My Chase Plan will also provide a calculator that will be able to estimate what a particular payment plan may cost (over time) before the customer decides to make a purchase.
Anthony Cirri, GM for lending and pricing, Chase Card Services, stated:
“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options. With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike.”
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