Key takeaways
- Chase offers a credit card feature that allows eligible Chase cardmembers to break up purchases into budget friendly payments and pay over time.
- You can break up purchases you’ve already made into equal monthly payments with no interest, just a fixed monthly fee.
- Soon, Pay Over Time will be available at checkout when using your eligible Chase credit card to shop on Amazon.com.
Perhaps you’ve been eyeing an important purchase, but hesitant that it may put a strain on your credit card bill. Imagine the ability to spread the cost of that purchase into smaller, more manageable portions. This is where Chase Pay Over Time could be helpful.
In this article, we’ll go through how this feature works, the benefits to you as a Chase credit cardmember, and finally we’ll explain how you make the payments.
What is Chase Pay Over Time?
Chase Pay Over Time is a feature that allows eligible Chase cardmembers to create a customized repayment plan for qualifying credit card purchases. This allows people to break up the cost of a purchase over a set period of time, making it more manageable for their budget.
How does Chase Pay Over Time work?
There are two ways to use Chase Pay Over Time. We’ll break them down below:
1. After purchase (formerly known as My Chase Plan):
- Sign in to your account on chase.com or the Chase Mobile® app.
- Select “Pay Over Time” next to an eligible purchase of $100 or more and choose a plan duration that works for you. Plan durations range from 3 - 24 months, and are based on the purchase amount, your creditworthiness and your account history. You’ll typically see one to three plan duration options to choose from.
- Pay for your purchase over time with no interest — just a fixed monthly fee.
Once you’ve selected your eligible purchases and plan terms, Chase will calculate fixed monthly payments for the duration of the plan, including the fixed monthly fee. The Pay Over Time fee will be determined at the time each plan is created and will remain the same until the balance is paid in full. The fee is based on the amount of each purchase transaction selected to create the plan, the number of billing periods you choose to pay the balance in full and creditworthiness.
2. Coming soon! At checkout at Amazon.com:
- Add your eligible Chase credit card to your Amazon.com wallet.
- When your cart totals $50 or more, select your Chase credit card with “Financing offers available” during checkout.
- Choose your plan duration and pay for your purchase over time with the same or a lower APR than your standard purchase APR.
What are the benefits of a pay over time option?
Chase Pay Over Time offers several advantages for Chase cardmembers. This includes:
- Flexibility: Having the ability to pay for purchases over time gives you more control over your budget and may ease the financial impact of larger expenses.
- Predictable payments: With fixed monthly payments, you may be able to budget more effectively, knowing exactly how much you’ll need to allocate for your Pay Over Time payments each month.
- Convenient to manage: Access and manage your Pay Over Time plans directly through your online Chase account or app, making it convenient to monitor your repayment progress.
- Earn rewards. You can have up to 10 active plans on a single credit card account and you'll still earn rewards as you do today on purchases.
How are payments made?
After purchase
There's no need to make any separate payments for your active Pay Over Time plans. We'll automatically add the monthly plan payment to your minimum payment due each billing cycle. Pay at least your minimum payment when it's due each billing cycle, and you'll pay off your plan balance on time.
Once you set up a plan, you'll see a payment amount option called "interest saving balance." When you choose this option, you won't pay off your entire plan balance earlier than intended, and you'll still avoid interest on new purchases.
At checkout
The Chase Pay Over Time plan amount will be added to your credit card's minimum payment due each month. Pay at least your minimum payment when it’s due, and you’ll pay off your plan balance on time.
If you already have your automatic payments set at “statement balance” at the time you choose your Chase Pay Over Time plan at checkout on Amazon.com, your automatic payment option will be updated to “interest saving balance” once your payment plan request is confirmed.
How to sign up for Chase Pay Over Time
After purchase
Chase Pay Over Time is available on most of our consumer credit cards. Small business cards are not eligible at this time.
At checkout
Chase Pay Over Time at checkout is rolling out in phases and is currently only available on Amazon.com for select Chase cardholders. When available, you’ll see the “Financing offers available” option during checkout on Amazon.com. Small business cards, Amazon cards and Chase Mastercards are not eligible.
Keep in mind: Even though you may have an eligible card, access to Chase Pay Over Time is not guaranteed. Your ability to create a Chase Pay Over Time plan is based on a variety of factors, such as your creditworthiness, credit limit and account behavior, and may change from time to time.
In summary
Chase Pay Over Time lets Chase customers break up eligible credit card purchases into budget friendly payments. You have two ways to pay over time:
- After purchase: Pay off a purchase of $100 more over time in fixed, equal monthly payments. There’s no interest for this purchase once it’s placed in a plan, just a fixed monthly fee.
- At checkout: In the future, eligible Chase credit cardmembers with eligible Chase credit cards in their Amazon wallet may have the option to create a payment plan at checkout for carts totaling $50 or more on Amazon.com.
For more information, visit chase.com/ChasePayOverTime.
