Chase offers creative payment and borrowing options for credit card holders: Chase Pay Over Time — originally called My Chase Plan — and My Chase Loan. Chase Pay Over Time is a version of buy now, pay later, or BNPL, while My Chase Loan allows cardholders to borrow against their available credit limits. Here’s what you should know about these programs before you decide to use one.
How Chase Pay Over Time Works
Chase Pay Over Time is a BNPL plan specific to Chase cardholders. “BNPL became successful enough that the traditional players started thinking of how to respond,” says Mike Sullivan, a personal finance consultant at Take Charge America, a national nonprofit credit counseling and debt management agency. “Some of them are trying to compete by offering the same kinds of plans.”
Here’s how it works. After you make a purchase of $100 or more, log in to your Chase app or online account and select a participating credit card. Then select “Pay Over Time” next to an eligible purchase of $100 or more. Depending on the purchase amount, your creditworthiness and your account history, you’ll be given one, two or three plans from which to choose. Plan lengths can range from three to 24 months.
Once your plan begins, you’ll pay a fixed amount for the designated number of months, which is simply added to your card’s minimum payment due. Though there is no interest, there is a fixed monthly fee of up to 1.72% of the purchase, based on the number of billing periods and other factors. This is added onto the payment amount each month, so splitting your payments comes with a cost.
[Read: 0% Introductory APR Credit Cards]
Pros and Cons of Chase Pay Over Time
[Read: Best Personal Loans.]
How My Chase Loan Works
My Chase Loan allows you to borrow from your available credit, but in a much more consumer-friendly way than a cash advance. For starters, there are no fees, and you’ll actually have a lower APR on the amount you borrow. My Chase Loan only uses up a portion of your credit limit, so you still have the ability to use the card for purchases if needed.
To set up your My Chase Loan online or in your app, select your credit card and choose your loan amount (there’s a $500 minimum, and the maximum can vary based on your monthly spending, creditworthiness and other factors). Next, decide how long you want the loan term to be (six, 12 or 24 months).
Once you choose, the funds are deposited into your bank account within two business days. Your fixed monthly payment schedule will begin the next billing cycle.
“The idea that you can simply click a button and have that money put into a reasonable fixed-rate APR loan can be attractive for emergencies,” says Sullivan. However, he cautions against using the loan for impulse purchases.
Pros and Cons of My Chase Loan
[Read: Best Debt Consolidation Loans.]
Chase Pay Over Time and My Chase Loan Alternatives
While Chase Pay Over Time and My Chase Loan offer two convenient options, it’s always a good idea to explore other lending products to decide which is best for you. Here are some others to consider:
— A 0% APR offer. “I always recommend to people that whenever they can, if it’s going to be a major purchase that they know they want to pay off in a few months, to look for a pure 0% interest offer,” says Stivers. This might be a credit card with an introductory 0% APR period or a deferred interest offer. The key is to make sure you fully pay your balance before the promotional period ends.
— A BNPL service. If there are other BNPL providers available at the point of sale, that’s an option to consider, as these usually do not have fees or interest. However, you’ll typically be required to complete the full payoff in a shorter period of time.
— A personal loan. “From my experience, all credit card loans are going to be a higher interest rate than if you qualify for a loan at your local credit union or bank,” says Stivers. If you have a strong credit profile to qualify for favorable terms and time permits, it might be a better move for you to shop around and find a low-interest personal loan.
— A home equity loan. Borrowing against your home equity usually has lower rates than other types of loans, because the loan is secured by your home. However, you do risk losing your home if you aren’t able to pay the loan back. Qualifications are also more stringent, and it’s a longer application process.
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How Do My Chase Plan and My Chase Loan Work? originally appeared on usnews.com
Update 11/14/25: This story was previously published at an earlier date and has been updated with new information.
