{"id":9014,"date":"2022-07-09T14:00:42","date_gmt":"2022-07-09T17:00:42","guid":{"rendered":"https:\/\/eragoncred.com\/?p=9014"},"modified":"2022-07-08T16:39:46","modified_gmt":"2022-07-08T19:39:46","slug":"my-chase-plan-and-my-chase-loan-check-how-do-they-work","status":"publish","type":"post","link":"https:\/\/eragoncred.com\/ro\/my-chase-plan-and-my-chase-loan-check-how-do-they-work\/","title":{"rendered":"Planul meu de urm\u0103rire \u0219i \u00eemprumutul meu de urm\u0103rire verific\u0103 cum func\u021bioneaz\u0103?"},"content":{"rendered":"<figure id=\"attachment_9015\" aria-describedby=\"caption-attachment-9015\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-9015 size-full\" title=\"Planul meu de urm\u0103rire \u0219i \u00eemprumutul meu de urm\u0103rire verific\u0103 cum func\u021bioneaz\u0103?\" src=\"https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1.webp\" alt=\"Planul meu de urm\u0103rire \u0219i \u00eemprumutul meu de urm\u0103rire verific\u0103 cum func\u021bioneaz\u0103?\" width=\"1200\" height=\"720\" srcset=\"https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1.webp 1200w, https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1-523x314.webp 523w, https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1-1047x628.webp 1047w, https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1-768x461.webp 768w, https:\/\/eragoncred.com\/wp-content\/uploads\/2022\/07\/aaaaababab_4_-1-150x90.webp 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-9015\" class=\"wp-caption-text\">Planul meu de urm\u0103rire \u0219i \u00eemprumutul meu de urm\u0103rire verific\u0103 cum func\u021bioneaz\u0103?<\/figcaption><\/figure>\n<p>Chase offers credit card holders creative payment and loan options: My Chase Plan and My Chase Loan. My Chase Plan is a version of Buy Now, Pay Later, while My Chase Loan allows cardholders to borrow against their available credit limit. Here&#8217;s what you should know before using these programs.<\/p>\n<h2>How my chase plan works<\/h2>\n<p>My Chase Plan is a BNPL plan exclusively for Chase cardholders. &#8220;BNPL has become so successful that traditional players are starting to think about how to deal with it,&#8221; said Mike Sullivan, a personal financial advisor at Take Charge America, a nonprofit credit counseling and debt management agency. &#8220;Some of them are trying to compete by offering the same program.&#8221;<\/p>\n<p>It works like this. After purchasing $100, log into your Chase app or online account and select the &#8220;Pay with my Chase plan&#8221; option. Depending on your purchases and your credit rating, you&#8217;ll get one, two or three plans to choose from. Program durations can range from 3 to 18 months.<\/p>\n<p>Once your plan starts, you&#8217;ll pay a fixed amount over a set number of months, which is simply added to your card&#8217;s minimum payment due. While there is no interest, a flat monthly fee is added to the payment amount based on the amount of each purchase, the number of billing cycles, and other factors, so spreading the payment incurs costs.<\/p>\n<h2>Pros and Cons of My Chase Program<\/h2>\n<h3>Pro<\/h3>\n<ul>\n<li>Very comfortable. No application or credit check is required, as eligible purchases will automatically indicate if the My Chase Plan option is available. &#8220;Why open another account when you can take out your card and say, &#8216;I want to pay in three, 10, or 18 instalments?'&#8221; Sullivan said.<\/li>\n<li>It is more general than other BNPL schemes. Major BNPL services, such as PayPal&#8217;s Afterpay, Klarna, Zip and Pay, divide purchases into four payments in the 4 most common cases. My Chase plan offers more flexibility and a longer duration.<\/li>\n<li>It provides structure. If you prefer a long-term rolling balance or only pay the minimum amount on your card, My Chase Plan&#8217;s fixed payment amount ensures that you pay off your purchases within a set time period. Even with the extra fees, it could end up costing less than maintaining a balance for months or years.<\/li>\n<li>You will be rewarded. Because you use your Chase card for your first purchase, you&#8217;ll earn points or cash back.<\/li>\n<\/ul>\n<h3>Contra<\/h3>\n<ul>\n<li>It&#8217;s not free. Even if you&#8217;re not charged an APR at the time of your purchase, it&#8217;s important not to overlook the additional monthly fee, Sullivan said.<\/li>\n<li>It may affect your credit score. If you use My Chase Plan, it may affect your credit utilization &#8211; the percentage of available credit you use. This is important because credit utilization is one of the most important factors in calculating a credit score. The higher your utilization, the more your score will be affected.<\/li>\n<li>It increases your monthly debt obligations. You should carefully consider increasing your monthly billing obligations, especially during times of inflation, Sullivan said. He said you should ask yourself, &#8220;If I take on debts now and things go on like this, will I be able to pay those debts?&#8221;<\/li>\n<\/ul>\n<h2>This is how my Chase loan works<\/h2>\n<p>My Chase Loan allows you to borrow from available credit, but in a more consumer-friendly way than cash advance. There are no fees to start with, and you actually have a lower (rather than higher) APR on the amount you borrow. My Chase Loan only uses a portion of your credit limit, so you can continue to use the card to make purchases when you need to.<\/p>\n<p>To set up your My Chase loan online or in your app, choose your loan amount (minimum is $500, maximum depends on your credit rating and account history). Next, decide how long you want the loan to last (12, 18 or 24 months). Once you make a decision, the money will be transferred to your bank account within two business days. Your fixed monthly payment plan begins with the next billing cycle.<\/p>\n<p>&#8220;The idea that you can just click a button and put that money into a loan at a fixed rate at a reasonable annual rate may be attractive for emergencies,&#8221; Sullivan said. However, he cautioned against taking loans on impulse Buy.<\/p>\n<h2>Pros and Cons of My Chase Loan<\/h2>\n<h3>Pro<\/h3>\n<ul>\n<li>Get cash quickly in an emergency. &#8220;If you have someone who needs to install a new air conditioning unit in their home, this could be a great alternative to a traditional credit card,&#8221; said Brian Stivers, an investment advisor representative and founder of Stivers Financial Services.<\/li>\n<li>There is no application or credit check. &#8220;If you&#8217;re a good client, you&#8217;re likely to get good terms,&#8221; \u200b\u200bSullivan said, since you&#8217;re already an approved borrower. It happens immediately.<\/li>\n<li>An APR that is less than the normal purchase price of your card. While borrowing cash from a bank is generally considered a bad idea due to the high APR and fees, My Chase Loan has a lower APR than the card and no fees.<\/li>\n<\/ul>\n<h3>Contra<\/h3>\n<ul>\n<li>You may get better prices elsewhere. While the APR is lower than the card&#8217;s normal rate, that doesn&#8217;t mean you can&#8217;t get a better deal. &#8220;There are a lot of sources of installment loans and personal loans now, and it&#8217;s only 6% or 7%,&#8221; Sullivan said. &#8220;The question is, what is the APR on a Chase loan? You still have to take that into account.&#8221;<\/li>\n<li>It may tempt you to spend more than you can afford. &#8220;Make sure you need what you&#8217;re borrowing, not just because it&#8217;s easy to get,&#8221; Stevers said. He added that there is a big difference between a home repair loan and a beach vacation.<\/li>\n<li>There is no reward. Loans with My Chase do not return points or cash like purchases with a regular credit card.<\/li>\n<\/ul>\n<h2>My chase alternative<\/h2>\n<p>While My Chase Plan and My Chase Loan offer two convenient options, it&#8217;s best to explore other loan products to decide which is best for you. Here are some other factors to consider:<\/p>\n<p>Offer with 0% APR. \u201cI always advise people, whenever possible, to look for pure 0% interest deals if they know they want to pay off a large purchase in a few months,\u201d says Stivers. This can be an introductory period of 0 % APR on credit cards or deferred interest products. The key is to make sure you pay your balance in full before the promotional period ends.<\/p>\n<p>BNPL service. If there are other BNPL suppliers at the point of sale, you should consider doing so as they generally do not charge any fees or interest. However, you will usually have to withdraw the full amount within a shorter period of time.<\/p>\n<p>Personal loan. &#8220;In my experience, all credit card loans have higher interest rates than you would qualify for a loan from your local credit union or bank,&#8221; Stevers said. If you have good credit standing and qualify for favorable terms and time approval, it&#8217;s best to shop around for a low-interest personal loan.<\/p>\n<p>Housing Loans. The interest rate for a loan against your home is usually lower than for other types of loans because the loan is secured by your home. However, if you can&#8217;t repay your loan, you risk losing your home. The qualifications are also stricter and the application process is longer.<\/p>\n<h2>Afl\u0103 mai multe:<\/h2>\n<ul>\n<li>\n<blockquote><p><strong><a href=\"https:\/\/eragoncred.com\/ro\/recenzie-card-american-express-century-black\/\">Revizuirea cardului American Express Centurion Black<\/a><\/strong><\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p><strong><a href=\"https:\/\/eragoncred.com\/ro\/x1-card-de-credit-verificati-cum-sa-aplicati\/\" target=\"_blank\" rel=\"noopener\">Card de credit X1 \u2013 Verifica\u021bi cum s\u0103 aplica\u021bi.<\/a><\/strong><\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p><strong><a href=\"https:\/\/eragoncred.com\/ro\/card-de-credit-destiny-cum-sa-comand-online\/\" target=\"_blank\" rel=\"noopener\">Card de credit Destiny \u2013 Cum s\u0103 comanzi online.<\/a><\/strong><\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p><strong><a href=\"https:\/\/eragoncred.com\/ro\/delta-skymiles-reserve-american-express-card-recenzie-vezi-mai-multe\/\" target=\"_blank\" rel=\"noopener\">Revizuirea cardului Delta Skymiles\u00ae Reserve American Express \u2013 Vezi mai multe.<\/a><\/strong><\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p><strong><a href=\"https:\/\/eragoncred.com\/ro\/american-express-se-concentreaza-pe-experienta-clientilor-cu-un-nou-cont-curent-si-o-aplicatie-reproiectata\/\" target=\"_blank\" rel=\"noopener\">AmEx se concentreaz\u0103 pe experien\u021ba clien\u021bilor cu un nou cont curent \u0219i o aplica\u021bie reproiectat\u0103<\/a><\/strong><\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p><a href=\"https:\/\/themoneybest.com\/discover-it-rewards-card-rewards-see-how-it-works\/\" target=\"_blank\" rel=\"noopener\"><strong>Discover it\u00ae Rewards cardul de recompense, vezi cum func\u021bioneaz\u0103<\/strong><\/a><\/p><\/blockquote>\n<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Chase offers credit card holders creative payment and loan options: My Chase Plan and My Chase Loan. My Chase Plan is a version of Buy Now, Pay Later, while My Chase Loan allows cardholders to borrow against their available credit limit. Here&#8217;s what you should know before using these programs. How my chase plan works [&hellip;]<\/p>","protected":false},"author":5,"featured_media":9015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[494],"tags":[1692,1803,885,3274,497],"class_list":{"0":"post-9014","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-credit-card","8":"tag-best-buy-credit-card","9":"tag-capital-one-credit-card","10":"tag-chase","11":"tag-chase-credit-card","12":"tag-credit-card"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/posts\/9014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/comments?post=9014"}],"version-history":[{"count":0,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/posts\/9014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/media\/9015"}],"wp:attachment":[{"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/media?parent=9014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/categories?post=9014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eragoncred.com\/ro\/wp-json\/wp\/v2\/tags?post=9014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}