Chase Pay Over Time and My Chase Loan: What They Are and How They Work

The financing offers allow you to either split a purchase into multiple payments or borrow against your credit limit.
Sara Rathner
By Sara Rathner 
Updated
Edited by Erin Hurd

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Ideally, you pay your credit card balance in full each month to avoid interest charges — but unexpected expenses happen. Chase’s two "flexible financing offers," which launched in 2019, give cardholders additional choices when they have a balance to repay.

These offers may not be available on all Chase cards at all times, and they do come with fees or interest, so it's worth reading the fine print and comparing them to alternatives.

🤓Nerdy Tip

My Chase Plan will become part of Chase Pay Over Time starting in 2024. For eligible accounts, there are no changes to the functionality of this feature or active plans.

Chase Pay Over Time

What it is

The Chase Pay Over Time suite of installment plans includes My Chase Plan, which in some ways is similar to American Express' Pay It Plan It® feature and elements of a Citi Flex Plan. Chase Pay Over Time allows you to repay a purchase of $100 or more in equal monthly payments for a set monthly fee of up to 1.72% of the purchase amount, or the amount you choose to pay over time. The monthly fee is based on factors including the purchase amount and the length of time you have to pay off the purchase. Plans can range from three to 24 months, and you can have up to 10 active or pending plans on your account at one time.

Pros

  • Available on most of Chase’s consumer credit cards.

  • No interest charged on your plan.

  • If your card offers, separately, a 0% APR promotion for new purchases and that promotion is still active, you won’t be charged the monthly fee for a Chase Pay Over Time plan.

  • You’ll still earn rewards for purchases you choose to pay back under Chase Pay Over Time.

  • Before making a large purchase, you can see an estimate of the plans you may be eligible for.

  • No penalty if you pay off a Chase Pay Over Time early.

Cons

  • Smaller charges of less than $100, or charges of $100 or more that were made more than 90 days ago, are not eligible.

  • Fixed monthly fee can become more expensive than interest as the balance on your plan gets lower over time.

  • Once you create a plan, you can’t change or cancel it.

  • If you return an item that you set up a plan for, you’ll have to call Chase to have a credit applied to your plan balance.

How to activate Chase Pay Over Time

  • You can create a Chase Pay Over Time plan by logging into your account and selecting an eligible purchase. You can also create a plan at checkout with select merchants.

  • To estimate your plan options before making a large purchase, select the card from your list of accounts to access that card’s dashboard. In the app, scroll down to Credit Options & Tools. Online, select More… and then Credit Options & Tools. From there, you’ll be able to create a plan, track your existing plans or calculate a potential plan.

My Chase Loan

What it is

My Chase Loan is not a cash advance, even though you’re borrowing against your card’s credit limit. It’s more like a personal loan, in that you pay the money back over a set period of time, and you’re charged a fixed interest rate. The approval process is much simpler, though — there’s no application or credit check needed. Once approved, you receive a deposit directly into your bank account. Payback time frames range from six to 24 months.

The lowest amount you can borrow with My Chase Loan is $500, and the maximum amount depends on factors like your monthly spending and creditworthiness. Your loan won’t take up your entire credit limit, however. You’ll still be able to use your card for purchases.

Pros

  • No need for an application or credit check.

  • Receive your loan in one to two business days.

  • The APR for My Chase Loan is typically lower than the standard APR your card charges for unpaid balances.

  • You can continue to use your credit card to make charges.

  • No penalties for paying off your loan early.

  • Monthly loan payment is worked into your monthly credit card bill, so there’s no separate bill.

Cons

  • My Chase Loan transactions do not earn rewards.

  • Depending on what you qualify for, interest rates may still be high. Other loan options may be more attractive.

How to activate My Chase Loan

  • Online or on the Chase app, select the card from your list of accounts to access that card’s dashboard. In the app, scroll down to Credit Options & Tools. Online, select More… and then Credit Options & Tools.

  • From there, you’ll be able to see the maximum amount you can borrow, a range of possible APRs and several specific loan options.

  • Once you select a loan, you can choose which bank account to move the money to.

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Alternatives for paying down a credit card balance

Other financing options may allow you to pay down debt at a lower cost:

  • Balance transfer credit cards offer an introductory 0% APR period, often a year or more. Look out for the balance transfer fee, which is typically 3% to 5% of the balance.

  • You may qualify for a personal loan with a significantly lower interest rate. You can obtain a personal loan from a bank, credit union or online lender.

Chase Cards from our Partners
Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
5.0
NerdWallet Rating
Rewards rate

1.5%-5%

Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Cashback

Intro offer

Up to $300

Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!

Chase Freedom Flex

on Chase's website

Chase Freedom Flex℠
5.0
NerdWallet Rating
Rewards rate

1%-5%

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Earn 5% on Chase travel purchased through Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.

Cashback

Intro offer

$200

Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

See more Chase cards

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