What Is My Chase Plan?

Learn more about this financing option for Chase customers

A woman signs up for My Chase Plan

d3sign / Getty Images

The My Chase Plan lets you pay off Chase credit card purchases of at least $100 in fixed monthly installments with no interest. Learn how it works and what to consider before setting up a My Chase Plan.

Key Takeaways

  • A My Chase Plan lets you pay for eligible Chase credit card purchases over $100 in monthly installments. Plans have a fixed monthly fee and no interest.
  • Repayment terms on a My Chase Plan can range from three to 18 months.
  • Installment payments are included in your minimum monthly credit card payment, so you don’t have to keep up with another bill.
  • While signing up for a My Chase Plan is easy to do, using it consistently to pay for big purchases could get expensive as fees accumulate.

What Is My Chase Plan?

A My Chase Plan is an installment plan for eligible purchases on Chase credit cards. The plans don’t charge interest, but there is a monthly fee. You can have up to 10 plans active or pending at one time. Repayment terms range from three to 18 months, and Chase will offer you between one and three repayment terms.

How Does My Chase Plan Work?

Setting up a My Chase Plan is straightforward. Log into your online or mobile account. Transactions with the blue “Pay with My Chase Plan” link are eligible.

Chase will let you choose from up to three payment options. The terms of available plans will vary depending on factors like your creditworthiness and account history.

Purchases you put into a My Chase Plan still qualify for rewards, so you don’t have to worry about sacrificing miles, points, or cash back if you choose a plan.

How Would a My Chase Plan Work in Practice? 

Say you decide to invest in an ergonomic chair for your office that costs $500. Once the purchase hits your account, you would click on the transaction in your account history to see which My Chase Plan options are available. If you decide to take a six-month My Chase Plan, you’d pay around $83.33 per month plus a monthly fee until the transaction balance is cleared.

How Are Card Payments Applied When You Use My Chase Plan?

Chase automatically adds your monthly installment payment to your minimum credit card payment. If you decide to make more than the minimum payment, there’s an “interest saving balance” option that allocates additional funds to new purchases and not toward your installment plan, so you can avoid interest charges.

If you make at least the minimum credit card payment every month, you’ll pay off your My Chase Plan within the repayment term you selected.

How Do You Apply for My Chase Plan?

Chase cardholders don’t have to go through another application process for a My Chase Plan. If card purchases are eligible for a plan, the option to sign up will appear in your account.

My Chase Plan Pros and Cons

Like with any other financial product, there are pros and cons to using a My Chase Plan.

    • Easy to sign up for
    • Transparent costs
    • Stress-free repayment

    • Must be a Chase cardholder
    • Repayment options may be limited 
    • Might encourage overspending

Pros Explained

  • Easy to sign up for: Setting up a My Chase Plan is as easy as clicking eligible transactions in your account dashboard and choosing a plan.
  • Transparent costs: You can review the fees and calculate the total cost of the repayment plan before signing up.
  • Stress-free repayment: Your minimum credit card payment includes your installment payment, so you don’t have to worry about keeping track of a separate payment.

Cons Explained 

  • Must be a Chase cardholder: Unlike buy now-pay-later (BNPL) plans that anyone can apply for, this feature is specifically available to Chase customers.
  • Limited repayment options: You may only receive one payment term.
  • Might encourage overspending: The option to pay later could motivate you to spend more than you normally would, and fees could add up.

Alternatives to My Chase Plan

Besides signing up for a My Chase Plan, there are several other options you could consider if you want to make a purchase now and pay it off later. Here are some alternatives:

Personal Loans

Similar to the My Chase Plan, a personal loan offers a fixed monthly payment over a fixed repayment term, but you may have greater flexibility to choose the term length. Another key difference between a My Chase Plan and a personal loan is that you’ll likely have to pay interest on a loan. Depending on the rate you qualify for, the My Chase Plan could be more affordable.

Balance Transfers

Instead of setting up a My Chase Plan for transactions, you could consider transferring your unpaid balance to a new card that’s offering 0% APR on balance transfers. Many 0% APR promotions last for 12 to 15 months, giving you a year or more to pay off debt before interest jumps to the standard rate. Watch out for the balance transfer fees, though—card issuers typically charge you 3%-5% to transfer a balance.


Klarna is a BNPL lender that lets you finance a purchase with four payments and no fees. If you want to pay off a purchase in more than a few months, there’s also the option to finance purchases over six to 36 months. Unlike My Chase Plan, Klarna may perform a credit check for payment plans.


Affirm is another BNPL option that you might see available at checkout when you shop at online retailers. Affirm doesn’t charge fees, but you may have to pay interest depending on the repayment term, your purchase total, and where you shop. To approve you for a plan, Affirm will do a credit check that may affect your score.

The Bottom Line

A My Chase Plan may be a convenient way to manage the repayment of transactions on your card. If you’re used to making minimum payments, it could give you a more structured payoff plan. However, relying on My Chase Plans to make purchases could inspire you to spend more than usual, which is something to keep in mind.

Article Sources

  1. Chase. "My Chase Plan." Accessed May 20, 2021.

  2. Klarna. "Terms and Conditions." Accessed May 20, 2021.

  3. Klarna. "What Is Klarna?" Accessed May 20, 2021.