Thanks for tuning in! Want more Chase content? Check out the JP Morgan Reserve card next - kzitem.info/news/bejne/14J7npZ-i2ufko4
@Real.Estate.Report
3 жыл бұрын
Very cool option... This can allow you to make purchases with your Chase plan for things that you otherwise would be tempted to open a new card for.
@RJFinancial
3 жыл бұрын
I like the option and it was a surprisingly fair deal
@dietrickholliday4188
Жыл бұрын
Thanks, sir! I have 3 Chase credit cards. I wouldn't have thought of checking all 3 for different rates. You saved me $11.88. But, money is money! 😅
@lwilder1858
7 ай бұрын
Thanks! I wasn't sure how that worked, I'm now going to give it a try.
@TheWealthPrince
3 жыл бұрын
Now this is a very viable option, and in these kind of times people could definitely catch on to it. Not something I will be looking towards if I'm honest but it definitely seems a good idea. Thanks for sharing man 😊
@RJFinancial
3 жыл бұрын
I was surprised at how reasonable the fees were myself.
@akmclemore
3 жыл бұрын
Love this! I haven't used this feature even those I had the option to for quite a while. I may give it a try when I start to make bigger purchases for my channel!
@RJFinancial
3 жыл бұрын
It's not a bad option all things considered, Can't wait to see what you have planned
@TimLeakOfficial
3 жыл бұрын
This seems really useful for those who don’t pay their statement balance in full each month.
@RJFinancial
3 жыл бұрын
i was surprised at how reasonable the rates were, especially at the lower loan amounts.
@Cal3000
Жыл бұрын
Depending oh how much you pay per month on your credit card vs this, I found out there comes a crossover point where the plan becomes more expensive than just paying regular credit card debt. So it is something that needs to be used wisely.
@juanvalverde9142
Ай бұрын
very through I like it, just to complement the info with a chart at the end would be awesome! thank you.
@Genericmember
8 ай бұрын
Thinking of starting my own channel next year. Looking at a few creators first videos to not set the bar too high for myself the first few times. (Not saying this isn’t a good video RJ) lol. I see you commenting still on this one. That’s great man your channel is one that inspires me!
@RJFinancial
8 ай бұрын
This is my first video ever - kzitem.info/news/bejne/tqSsmGunpKqUf4Y I set the super old ones to unlisted when I cleaned up the home page. Go have a laugh and if you need anything when you get started, you know where to find me.
@CallOfDutyAdvancedWarfare
2 жыл бұрын
My APR is 25% . i might have to consider this
@amymarkel6488
2 жыл бұрын
Just got a notification for 0% interest, and 0.00 in fees. Thinking about going for it!
@RJFinancial
2 жыл бұрын
I'm a fan of free loans. I'd set a reminder for the month before the intro 0% APR ends and you should be good to go.
@amymarkel6488
2 жыл бұрын
@@RJFinancial thank you! Great suggestions! Looks like it’s on plans made until 1/15/2022 for the duration of the plan!
@WaysToWealth
3 жыл бұрын
+500 subs!! Yessir 👌 Picture in Picture, I see you!!
@RJFinancial
3 жыл бұрын
Haha, slowly but surely... half way there!
@SAULvsTHEWORLD
3 жыл бұрын
Good information, saw the feature wasn’t sure what it was
@RJFinancial
3 жыл бұрын
My pleasure, glad it was helpful
@Jc22ny
3 жыл бұрын
Very nicely explained ! Thanks for sharing
@RJFinancial
3 жыл бұрын
My pleasure, glad it was helpful
@WisdomWealth77
3 жыл бұрын
If you don’t pay their statement balance in full each month this will be useful for you. With all the struggles going on in people's financial lives this is perfect.
@RJFinancial
3 жыл бұрын
Not a terrible options, especially for the lower dollar amounts.
@anthony.tai.
3 жыл бұрын
The person who disliked this video wants to collect debt fam
@RJFinancial
3 жыл бұрын
Lol, there's one guy out there who always dislikes... still counts as a view tho. Thanks for stopping by
@DowsStockTalk
3 жыл бұрын
My Chase Plan that is pretty cool. I did not know they had things out there like that
@RJFinancial
3 жыл бұрын
Looks like an interesting option. I think they are trying to make up for the lack of interest money with they earn with more education out there.
@nutritional_yeet
Жыл бұрын
i feel like the APR on my chase freedom unlimited card is so high, the fixed monthly fee ends up HIGHER than what it would be if i just did a payment plan with interest rates for certain purchases. i could see it being really helpful though when those options aren’t available or the interest rates for a repayment plan are too high
@Myclassicalrecording
Жыл бұрын
You should’ve compared the costs over a longer term loan since the borrowing costs is fixed and the interest payment is not
@dardagostino7141
Жыл бұрын
Great information! Thanks so much.
@Gtojp1
6 ай бұрын
After the monthly installments they still were charging me around 65$ a month of interest and fees
@unorthodoxsavings9552
3 жыл бұрын
I think this was released perfectly due to the financial struggles going on, they make money and people pay less. I’m not sure if you mentioned this but would missing a payment affect your score as much as normal missed payment would ?
@RJFinancial
3 жыл бұрын
I think missing a payment on this plan would have the same effect. I don't believe missed payments are differentiated between what type of payment you missed.
@meowler90
3 жыл бұрын
what if you have a payment plan but have additional purchases. can you still pay your normal statement balance on those additional purchases in full to avoid paying interest? or would it be wise to not use the card if your currently paying a plan off
@RJFinancial
3 жыл бұрын
You can still pay off the regular card balance that isn't enrolled in a Chase plan like normal. Both charges and the Chase plan total will count against your available credit limit but they function as two separate things.
@RyanDinz
3 жыл бұрын
nice job, gonna look into this!
@RJFinancial
3 жыл бұрын
Thank you sir!
@michaelzera9361
2 жыл бұрын
No where on the entire internet does it answer the question - "Do you have to pay the entire "monthly fees" over the initial timeframe you chose even if you pay it off early?"
@RJFinancial
2 жыл бұрын
That is a good question and I don't have the answer. Apologies. I think with the fee being fixed the total balance would reflect the charge + the monthly fees making it so that you have to pay them all even if paying early but that's a guess.
@michaelzera9361
2 жыл бұрын
@@RJFinancial Thank you for the quick response. Very informative video!
@dolcevita8461
2 жыл бұрын
I did one a while back and they do make u pay the whole fee even if u pay it off early
@Aldark22405
2 жыл бұрын
RJ, I was just looking up videos on Chase's "Pay over time" plan and found your video here. It looks like basically the same thing as the "My Chase Plan", but now you can select any purchase > $100 to add to a pay over time plan, pay the monthly+fee payment, etc. Question, and I've been trying to ask Chase, but not getting a clear answer. :-) Do you know, if I were to select a $900 charge as a pay over time plan, if I can target that specific plan for payoff? It seems, you can do the pay over time plan, it adds the fee to your minimum payment, but then there isn't an option to just target the individual plan. I'd appreciate any feedback you may have!
@RJFinancial
2 жыл бұрын
What it's doing is using your credit limit as the loan. So you can still use your remaining credit limit to buy stuff. When the billing statement comes it will have the minimum payment and the chase plan payment I would think. To your question... if you only wanted to make a payment to the chase plan... I would think that there's a way you could do it on your own. I haven't seen one of these in person to confirm. If not, the old school way of calling in to make a payment should also work. What I don't know is if you pay off your chase plan early would you save money. The pitch is chase charges a set fee over the months vs interest... it's almost the same thing except since it's a fixed fee, even if you pay it off early, would they still charge the same amount?
@mrsickotrading
3 жыл бұрын
awsome video bro liked it
@RJFinancial
3 жыл бұрын
Appreciate it
@liamconverse8950
6 ай бұрын
I was wondering if it was better than just paying your old credit card balance every month not if it was better than paying interest
@RJFinancial
6 ай бұрын
It'd depend on the rates they give you for this. I'd guess this will be a little better since they're trying to sell it as an interest alternative
@KiaraHargrove
3 жыл бұрын
Great video man! 💯
@RJFinancial
3 жыл бұрын
Appreciate it!
@KiaraHargrove
3 жыл бұрын
@@RJFinancial No problem!
@TylerZak
10 ай бұрын
Let's say I sign up for My Chase Plan for a past purchase of $700. What happens to that balance on my Chase Sapphire Reserve? Does it remain on my total card balance as-is? Does my balance increase because of the new total based off monthly fees?
@RJFinancial
10 ай бұрын
I believe chase plan uses the cards existing credit limit. So if you put this charge into a plan on a card with $1k limit, the available credit limit would be $300. You have the other $700 tied up in this plan to make payments on. As you make payments, the available credit limit goes up accordingly. If you had other charges you'd still have to make a payment on those. I'm not sure how chase handles payment plans and regular charge payments, all bundled as one or split up
@kanpolx3142
2 жыл бұрын
The only question I have is. When I start a my chase plan, do I get the available credit back on my chase card?
@RJFinancial
2 жыл бұрын
The plan uses your credit limit. So if you have a $1k limit and make a $100 purchase you'll have $900 in available credit limit. That will slowly go back up towards the $1k as you make payments.
@Governor-ld2qe
2 жыл бұрын
@@RJFinancial it seems like I was charged twice by a store and chase. Is it possible? I mean my available credit decreased twice.
@definitionXrp
Жыл бұрын
@Governor-ld2qe I'm confused to be we already used our credit limit making the transaction....then u sign up for plan and limit is took again....there's no benefits to utilization rate
@jeffreycooper6789
8 ай бұрын
Dope Video Thank you But what if pay over time is t offered on the chase card) business preferred).
@RJFinancial
8 ай бұрын
Doesn't seem like it's offered on biz cards. They aren't under the eligible card section here: www.chase.com/personal/credit-cards/mychaseplan-hub/faqs
@edwardmedina6750
Жыл бұрын
Does it affect my credit score at all doing this?
@RJFinancial
Жыл бұрын
It uses your cards credit limit so there would be some effect to your credit utilization (the amount of available revolving credit you have vs outstanding balances). That could translate to a slight credit score drop, depending on your credit stats. It would go back up as the utilization returns to normal by making the payments
@xenakaifinancevideos8650
3 жыл бұрын
Financing $100 for less than a dollar isn't bad. But when I saw the $12k finance fees, I didn't think it was worth it. I do believe this could be a good option for those that are having financial struggles.
@RJFinancial
3 жыл бұрын
I think the $100 is meant to lure people in to the higher amounts where Chase can make the real money. Not a terrible option if you need the relief at the moment tho
@ziiirko4563
10 ай бұрын
Would this affect your credit? And after starting a chase plan does the full balance of the purchase remove from the months statement and it would just appear the next statement however much the first charge is? Or how does it work
@RJFinancial
10 ай бұрын
To a degree. The plan uses your cards credit limit, which will affect your utilization ratio. By how much depends on total outstanding balances/total amount of revolving credit. As you pay, the utilization will improve. I'd guess it's itemized but you'd still have the plan payment + next months minimum payment to make on other charges. I haven't seen the bill myself though
@Bjh-ot2xz
2 жыл бұрын
What is an interest saving balance and what’s the difference between that and the current balance
@RJFinancial
2 жыл бұрын
Not specifically related to my Chase plan but I found an explanation for the Amazon cards. I'm guessing it works the same www.chase.com/personal/credit-cards/interest-saving-balance/amazon
@khanscombe619
Жыл бұрын
Do any versions of the card offer 24 month? What is the key difference between the My Case Loan besides the $500 minimum? rate & term wise?
@RJFinancial
Жыл бұрын
I don't think they go to 24 months. For that you could look at a card like the BofA bankamericard (the white one). The main thing they're pitching is you pay a fixed rate vs interest... tho it's kinda the same thing. The rates will vary based on the individual from what I understand
@coxmanberg
8 ай бұрын
I use the Pay Over Time Plan to better manage my monthly cashflow. Is this a bad strategy? If so, why?
@RJFinancial
8 ай бұрын
It's not terrible. I see it as an opportunity cost question - can you make more money using the planning than paying upfront? As long as what you're doing makes up for the fees, then sure why not.
@coxmanberg
8 ай бұрын
@@RJFinancial I pay over time to ensure that I have enough monthly cashflow to be able to consistently contribute to my high yield savings account & into investments. So to me, the opportunity cost is worth it!
@MoiiBanks
Жыл бұрын
How come on some purchases of $200 I can use my chase plan, and other purchases that are $1000+, it doesn’t give me the option?
@RJFinancial
Жыл бұрын
It's basically whatever they feel like.... they don't give much additional info in the FAQ page www.chase.com/personal/credit-cards/mychaseplan-hub/faqs#:~:text=What%20purchases%20are%20eligible%20for,card%20account%20activity%20are%20eligible.
@Letmeclapdembunsss
2 жыл бұрын
I’m curios , when you go down this road when does the MY CHASE PLAN activate? I know it says 1-2 days but I want to know if it can take longer.
@RJFinancial
2 жыл бұрын
I've never activated one myself. I'd guess it's pretty quick, like next day the plan goes live. Based on dealings with their other products
@HSKinc
Жыл бұрын
Cool video
@ammooth1592
3 жыл бұрын
It would be something Id think about. Basically @ the rite time would tell the truth with me ✅
@RJFinancial
3 жыл бұрын
That's fair. I think the options are decent especially on the lower amounts. Something to keep in mind should the right use case come up. Thanks for watching
@trinhvo8395
Жыл бұрын
If you pay off the My Chase Plan early, do you still owe all remaining month fees?
@RJFinancial
Жыл бұрын
From the FAQ Page for Chase - Once a My Chase Plan appears on your statement, you can pay it off early without any penalties by paying your full statement balance. If you want to pay it off before then, you can pay your current balance. If you pay off a plan early, you won't incur any future fees for that plan.
@obvious3029
Жыл бұрын
Still a bit confused but Question i know im 2 years behind but lets say i have a limit of 2000 and use 500 of it and start the my chase plan will that 500 return to my credit limit since its a separate monthly bill?
@RJFinancial
Жыл бұрын
It would return as you pay down the balance. So in this use case you'd have a total CL of $2k, an available CL of $1,500, and a plan for $500. When you pay $100 towards that $500 plan, the available CL would become $1,600 and the outstanding balance would be $400.
@tammyjohnson1884
3 жыл бұрын
Will that purchase still go towards minimum spend/sign up bonus?
@RJFinancial
3 жыл бұрын
Yes, the minimum spends are based off what/when you spend, not when you pay it back so there shouldn't be an effect.
@tammyjohnson1884
3 жыл бұрын
@@RJFinancial thanks for the response & video
@philipandfriends
Жыл бұрын
If I have 10 purchase at over 100, wouldn’t it be wise to just do this for every single one? Since you save on the interest
@RJFinancial
Жыл бұрын
It's likely more cost effective to do the chase plan. I figure it's priced slightly better than the regular APRs to get customers. Have to do the comparison to be sure.
@philipandfriends
Жыл бұрын
@@RJFinancial that’s what I was thinking. It just seemed too good to be true? Lol
@SuperiorPhantom-dx6vh
4 ай бұрын
Bro I decided 2 months ago that I was gonna start this plan. Then I changed your mind so I decided to pay it all early. I have $400 in the amount. How do I access it? so if I make a credit card payment could I use that certain amount to pay?
@RJFinancial
4 ай бұрын
I'd call and ask for Chase to transfer the money to another account
@imnee224
3 жыл бұрын
Thanks for the tip! Can you please briefly explain how this would effect the account minimum payment?
@RJFinancial
3 жыл бұрын
Sure, my understanding is that if you're using a Chase plan, you'd have one fixed payment monthly. If you're paying a card balance that's not on a Chase plan, then your minimum payment would be whatever it's currently set at. Usually $25 or a percentage of the total balance.
@katiele6200
Жыл бұрын
What does the interest savings balance mean? Does that have to do with the chase plan?
@RJFinancial
Жыл бұрын
I think they're trying to show how much money you've saved by not 'paying' interest compared to the fixed rate
@philipeng510
11 ай бұрын
Based on the statement, it’s the balance you should pay to avoid interest on your statement revolve balance. So your statement balance minus your my chase plan outstanding balance. Paying the interest saving balance will ensure you avoid interest. Your my chase plan monthly payment including fee is included in your minimum payment amount.
@drito_0316
3 жыл бұрын
So if I use the chase plan during my 0% period. Will that help me build my credit score? I bought a pc for photo and video editing, and to play some video games. My limit is $2,100 and I used $1,900. Please help me understand. Thank you
@RJFinancial
3 жыл бұрын
It can help from the stand point of the payments being reported to the credit agencies but that's no different than making your card payment every month. If you can pay it off in full I'd do that and avoid the extra fee. Still building credit in the same way but without the extra cost.
@baqerghezi1342
Жыл бұрын
If I apply for 300$ plan is that gonna take entire 300$ from my available credit for the entire period of the plan? Or just the monthly payment
@RJFinancial
Жыл бұрын
Say you have a $1k credit limit on your card. If you start a $300 chase plan, your cards available credit limit would be $700. It will increase as you make the monthly payments
@tyraleearzu1769
2 жыл бұрын
Will this mess up my credit? Because I’m not paying the balance in full by the due date?
@RJFinancial
2 жыл бұрын
It will reflect on your credit as an outstanding balance but it won't negatively impact credit as long as the payments are made on time each month.
@dylanis3509
Жыл бұрын
Just got the Chase Sapphire Preferred card would it be eligible for my chase plan?
@RJFinancial
Жыл бұрын
It should be but you may not need it yet. Most cards come with a 0%APR on purchases for the first year as part of the promo offer. Look at that first, then could ask chase about the plan
@Mkaela90
3 жыл бұрын
rightnow they have promo 0 fees and 0 interest for anything travel.
@RJFinancial
3 жыл бұрын
Interesting. I love a good 0% offer, don't know that I could still sign off on the loan for travel reasons but still nice to see. Thank you for sharing the info!
@curtisjefferson6658
Жыл бұрын
Do the money you borrow effect credit utilization?
@RJFinancial
Жыл бұрын
Yes. It's using your credit limit for the loan. As you pay it back, your utilization will go down as well
@playboysosexy1
3 жыл бұрын
So 70 cents only to borrow 100$ nice so its 1.40$ for 200 it keeps adding 70 cents for evey 100
@RJFinancial
3 жыл бұрын
I don't know that it scales evenly as the financed amount increases. Best double check that but for the $100 for 70 cents was surprisingly reasonable.
@jcampbell07
2 жыл бұрын
is this affect your credit utilization every month?
@RJFinancial
2 жыл бұрын
It would keep affecting your utilization until the balance is paid off. Ideally your utilization would improve each month as the balance is paid down. Assuming no other balances being reported of course.
@bcriz
2 жыл бұрын
Does using my Chase plan affect credit score at all?
@RJFinancial
2 жыл бұрын
It would show as an outstanding balance on your credit. The chase plan uses your existing line of credit so if you had a $1k line and did a $100 plan it would be a 10% utilization rate. As you pay it back your utilization rate would go down. So long as your not maxing out all your available credit (which is made up of all your credit cards) you'd be fine.
@bcriz
2 жыл бұрын
@@RJFinancial okay cool. Thanks for clarifying!
@marleanamarlianamont5939
2 жыл бұрын
Wow! There's a guy that looks like you who works at winchell's donut shop in Rowland Heights Cal on Colima rd.. your twin!
@RJFinancial
2 жыл бұрын
Lol, tell him I said hey and subscribe! The least he can do to support his twin
@FriendlyCleaningKC
3 жыл бұрын
Can you pay it off any time? I can’t seem to find that answer anywhere
@RJFinancial
3 жыл бұрын
You sure can. Here's what Chase says on the FAQ page. Once a My Chase Plan® appears on your statement, you can pay it off early without any penalties by paying your full statement balance. If you want to pay it off before then, you can pay your current balance. If you pay off a plan early, you won't incur any future fees for that plan.
@FriendlyCleaningKC
3 жыл бұрын
@@RJFinancial great! Thanks for the info
@primeexample
2 жыл бұрын
I bought a ps5 and I noticed it had the pay-for plan next to the balance. since my card is new it has no apr on it. do you think I should do the payment plan? thanks
@RJFinancial
2 жыл бұрын
The real questions is where does one find a PS5 in these times? I'm team Xbox but still impressed you found one... I'd stick to the intro no APR offer. Chase plan will still charge a fee vs no fee with the into APR offer.
@primeexample
2 жыл бұрын
@@RJFinancial I bought it directly from Sony! PlayStation direct website allows u to sign up for a chance to buy one. I couldn't see myself buying it from a scalper. Also I decided to go with the payment plan with Chase because my freedom unlimited is only 4 months old and I have the 15 no apr. Thanks for the feedback.
@primeexample
2 жыл бұрын
@@RJFinancial wait after reading your response again are u saying there is still a fee associated with the plan? Even though my card is new with no apr? please clarify
@RJFinancial
2 жыл бұрын
@@primeexample The 0% APR for 15 months is part of the signup bonus. My understanding is My Chase Plan is a separate feature. Chase plan assesses a fee ,opposed to calling it interest. It's not much from what I remember but still a fee vs no fee for the APR offer.
@johnfigueroa947
2 жыл бұрын
Would this effect credit utilization?
@RJFinancial
2 жыл бұрын
Yes. You're basically borrowing against the cards credit limit. That effects the total available credit you have while the balance is being paid back each month.
@leesmokesss
2 жыл бұрын
What if I set this up on a $2500 purchase, & do the 6 month payments. Around the 4th month do they give the option to pay in full?
@RJFinancial
2 жыл бұрын
There should be an option to pay it off or pay the remaining balance. I believe it's like the CC payments where you can enter in the amount if you want to pay more. I'm not 100% on that tho
@MissTiffee619
2 жыл бұрын
You can pay in full at anytime. I set up a 6 month plan but ended up paying it off in 6 weeks. By the end of month 2 I was notified that my plan was completed and no longer active.
@shashadeng9521
Жыл бұрын
@@MissTiffee619 Hello, I was wondering did Chase still charge you the monthly fee after month 2
@MissTiffee619
Жыл бұрын
@@shashadeng9521 it didn’t start charging the fee until after I had the card for like 15 months. The fee still applies but I no longer use the installment plan. Even the the fee is small, I’d rather not pay it so I pay in full by the end of the month.
@LinhTran-hr8qi
Жыл бұрын
@@MissTiffee619hello, When you pay it off in second months does the total payment plan fees is included?
@CoachShiesty_
3 жыл бұрын
Would this affect my credit?
@RJFinancial
3 жыл бұрын
It's not going to be like a credit application but it would effect your credit utilization. I think it'll be the same as carrying a balance on a CC but I'd confirm with Chase to be sure.
@Jessicuh214
2 жыл бұрын
Can this hurt the credit score?
@RJFinancial
2 жыл бұрын
So long as you pay the plan in its entirety it would not. It will be counted against your credit utilization but that will go down as you make the payments.
@tavislamar2355
3 жыл бұрын
So if I open a plan, and pay down the rest of my balance in full. Because it’s borrowing against my available credit will the utilization still include the balance of the plan when reported to the bureaus?
@RJFinancial
3 жыл бұрын
I believe Chase would be reporting your overall utilization for that credit line. That would included Chase plans as well as any other balances on the card. So yes, I think you're right.
@user-rx8yr2mt9i
3 жыл бұрын
Like 11 very nice watching
@RJFinancial
3 жыл бұрын
thanks
@jomskijo
2 жыл бұрын
How to i pay for the monthly on that?
@RJFinancial
2 жыл бұрын
There should be an option under the make a payment area in the card. I'm not 100% sure as I don't have this myself but I'd guess that's where it's at. It should be using the same functionality as regular payment systems
@musakirtanete6020
3 жыл бұрын
Cowok ganteng sekali untuk Promosi barang anda Produk
@RJFinancial
3 жыл бұрын
Thanks
3 жыл бұрын
513link 🔔🤝🔔thank
@RJFinancial
3 жыл бұрын
Thanks
@AnalSarcophagus
10 ай бұрын
As someone interested in paying my statement in full monthly, would having a my chase plan balance on my card affect my credit? Either negatively or not positively? Hope that makes sense
@RJFinancial
10 ай бұрын
It would affect the utilization as the loan uses your credit limit. As you pay it back, the limit goes up, utilization goes down. It's not exactly a negative, more so how the math works out. outstanding balances/total amount of revolving credit
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