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Guide to My Chase Plan and My Chase Loan

Financing options attached to your Chase credit card


Chase offers two alternatives to borrowing from your credit cards: My Chase Plan and My Chase Loan. These tools allow you to extend payment on specific purchases, while saving money on interest.

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About half of all American credit card users will carry a balance on their credit cards at some point each year. This means they will incur interest charges every month when they fail to pay their balance in full. However, Chase offers two financing alternatives for more structured borrowing from your Chase credit cards: My Chase Plan and My Chase Loan. These products allow you to extend payment on specific purchases while saving money on interest.

What is My Chase Plan?

My Chase Plan is a program that allows Chase cardholders to select purchases to split up into equal monthly payments. Interest isn’t charged, but there’s an additional monthly plan fee that’s disclosed in advance.

How does it work?

My Chase Plan gives Chase cardholders the option of paying select charges over time, separating them from your other card charges. So, while you’re able to carry a balance on some charges, you can still avoid interest by paying off other additional charges in full.

How do I get started?

When you log in to your Chase account online or on your mobile app, you have the option of paying for charges above $100 through My Chase Plan. Once selected, you’ll have the choice to pay for your purchase in equal payments spread over three, six or 12 months. Also listed with the My Chase Plan option will be the monthly fee.

Who is My Chase Plan good for?

My Chase Plan is an excellent program for those who need to extend payment for some purchases but want to minimize their financing charges. My Chase Plan allows cardholders to segment off larger purchases to be paid off in monthly allotments. Then, as long as you continue to pay the rest of your credit card balance in full each billing cycle, you can preserve your grace period and not have to pay interest on all of your purchases.

For example, you pay for an expensive car repair with your Chase card that you know you won’t be able to pay off when the billing statement arrives. You can choose the My Chase Plan to set up a payment plan for the car repair expense. As long as you pay off all your other charges (like your groceries and gas) each billing cycle, you won’t accrue interest on those charges, even while you still pay off that big car repair.

My Chase Plan also makes sense for those who seek to have the most predictable payment option. When you choose an option for My Chase Plan, you know exactly how much you’ll pay every month in principal and in financing charges. In contrast, interest charges are based on the account’s average daily balance and are a little less predictable. And since nearly all credit cards now offer variable interest rates based on the prime rate, your interest rates can rise with little notice. On the other hand, My Chase Plan offers fixed financing charges that are known at the time you set it up, and they won’t change.

Yet My Chase Plan isn’t for everyone. For example, those with a 0% APR promotional finance rate can carry a balance without any interest or financing charges, making My Chase Plan a more expensive option. Those who just have numerous charges under $100 won’t be able to use My Chase Plan either. Also, anyone who may be able to pay off their balance quickly may wish to incur standard interest charges rather than be committed to a plan that includes financing charges. And when you think you can pay off your balance in less than three months, you might save money by not using My Chase Plan.

See related: Best options for 0% APR credit cards

What is My Chase Loan?

My Chase Loan is a service that allows Chase cardholders to borrow money from their existing card’s available credit. Cardholders pay their loan back over a set period of time.

How does it work?

Existing Chase credit card users can receive an installment loan of at least $500 without submitting an application or having their credit checked. Cardholders can select a timetable of repayment that is between six and 24 months. Borrowers are charged a fixed annual percentage rate (APR) that is lower than the card’s standard purchase APR.

How do I get started?

When you log in to your account at or on the Chase mobile app, you have the option of choosing My Chase Loan. From there, you choose a loan amount of at least $500 from an existing credit card account. You then select a duration of the loan for 12, 18 or 24 months. The longer the duration of the loan, the higher the fixed interest rate will be. The loan is instantly approved, and the funds can be directly deposited into your Chase account in as few as one to two business days.

During the life of the loan, you can continue to use your credit card as usual, and there’s no penalty for paying off your loan early. However, these transactions will not earn any reward points, miles or cash back.

Who is My Chase Loan good for?

This loan works well for existing Chase customers who don’t want to go through the hassle of applying for a personal loan or having their credit checked. This is also a great product for those who need a loan quickly, as you can receive your funds within one or two business days. The interest rates will be lower than the standard interest rate of your credit card, so it can make sense to finance a large purchase with My Chase Loan rather than charge it to your credit card.

However, simply charging a purchase to a credit card isn’t always possible, especially when you’re using the funds to pay an individual or are paying off another loan. My Chase Loan is also less ideal for those who have access to a secured loan with a lower interest rate, such as a home-equity line of credit. And if you have a credit card with a 0% APR promotional financing offer, that will always cost you less than a loan.

Which Chase cards offer these financing options?

My Chase Plan and My Chase Loan are options available on the vast majority of personal credit cards offered by Chase. However, these loan options aren’t offered on Chase’s small-business cards.

Thankfully, Chase offers a wide variety of consumer credit cards including those for cash back, airline miles, hotel points and points in its Ultimate Rewards program. Below are some excellent choices.

Cash back cards

The Chase Freedom Flex℠ offers new accounts a $200 bonus after spending $500 on new purchases within three months of account opening. You earn 5% cash back on up to $1,500 spent each quarter on purchases from featured retailers and in bonus spending categories. Plus, earn 5% back on Chase travel purchased through Ultimate Rewards. You also earn 3% on dining, including takeout, and drugstores, and 1% on all other purchases. There’s no annual fee for this card.

The Chase Freedom Unlimited credit card offers 5% cash back on travel purchased through Chase and 3% on dining and drugstores. It slightly outshines the Flex in the “all other purchases” category with a 1.5% earning rate. There’s no annual fee for this card.

Travel credit cards

The Chase Sapphire Preferred Card offers 60,000 Ultimate Rewards points as a bonus to new applicants who spend $4,000 within three months of account opening. You earn 5x points on travel through Chase, 3x points on dining, 2x points on other travel, plus 1X points on all other purchases. The card comes with a $95 annual fee.

The World of Hyatt Credit Card is a hotel credit card that offers new applicants 30,000 bonus points for spending $3,000 in the first three months and up to 30,000 more bonus points, with 2 points per dollar spent on purchases that typically earn 1 point, up to $15,000 in the first six months. Additionally, cardholders earn 2 points per dollar on restaurants, directly purchased airfare from airlines, local transit, commuting, and gym and fitness club memberships, plus 1X points on other purchases. Cardholders enjoy numerous perks and benefits with the World of Hyatt program. There’s a $95 annual fee for this card.

See related: Best Chase credit cards

Other options for paying off large expenses

Beyond My Chase Plan and My Chase Loan, you can explore several other options for financing large purchases. For example, many cards come with 0% APR financing for new purchases, balance transfers or both. The Chase Slate Edge℠ currently offers 18 months interest-free promotional financing on new purchases and balance transfers (then 15.24% to 23.99% variable), while the Chase Freedom Flex℠ and Chase Freedom Unlimited offer 15 months 0% intro APR on purchases, after which the regular APR applies (15.24% to 23.99% variable for both cards).

If you aren’t only loyal to Chase cards, American Express also offers personal loans of between $3,500 and $40,000 to eligible cardmembers. These loans have no origination fees and no prepayment penalty. They offer fixed interest rates, and there’s no impact on your credit score when you apply.

Final thoughts

My Chase Plan and My Chase Loan are both innovative alternatives to taking out personal loans or carrying a balance with accruing interest on your credit card. By understanding the strengths and weaknesses of these two tools, you can decide if either is suited to your needs.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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