Chase is jumping into the consumer-popular ‘buy now, pay later’ market, giving credit card customers the option to pay off a purchase over a period of time with no interest, just a fixed monthly fee, according to a report in Finextra.
My Chase Plan, which will be available to Chase cardholders for purchases over $100, enables cardholders to select a recent transaction and choose a repayment timeframe and personal monthly payment amount that can run from three to 18 months.
Activated via the bank’s online presence or mobile app, My Chase Plan also offers a calculator that will approximate what a particular ‘plan’ might cost before the purchase is made.
“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options” Anthony Cirri, general manager, lending and pricing, Chase Card Services said in the report. “With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike.”