Does My Chase Plan Lower Balance?- The Absolute Truth In 2024

No, my chase plan does not lower the balance. Your Balance remains the same, you just don’t need to pay any interest for a particular purchase with my Chase plan.  

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Planning on purchasing something big with your case card or thinking about using the My Chase plan? 

Hold on a second. This post might help. Because in this post I am discussing does my Chase plan lower balance? Moreover, I’ll also talk about your credit availability, credit utilization, effect on credit score with the My Chase plan. 

Let’s understand my chase plan first. 

Find out About Chase Interest Saving Balance

What Is My Chase Plan? 

My chase plan is a buy now pay later scheme by Chase. Using My Case Plan you can make a big purchase, and carry a balance for the big purchase without paying any interest or penalty for a small monthly fee. It is also known as chase pay over time. 

In simpler terms, My Chase plan let you break down a big credit card purchase and repay it in equal monthly payments over the course of 3-18 months. That too without paying any interest or penalty. On top of that, the monthly fee is much less than the interest and penalty fees.  

Does My Chase Plan Lower Balance

My Chase plan is introduced so that Chase customers do not fall into credit card debt. But the reality might be far from it. I’ll talk about it later. 

This plan works on purchases exceeding $100 or more. The monthly fee is decided based on your purchase amount and repayment time. Moreover, a Chase credit card holder can create up to 10 plans at a time. So, does Chase pay over time reduce balance? 

Does My Chase Plan Lower Balance?

No, My Chase plan does not lower your balance in any way. This plan just lets you carry a balance without the burden of high credit card interest and penalties. Moreover, your balance gets reported on your statement every month. 

My chase plan is just a simple BNPL scheme with a small fee. It does not in any way reduce your credit card balance. It just lets you pay for a big purchase for a longer period of time without charging you high interest. 

Also, Check Interest saving balance vs Statement balance chase

Does My Chase Plan Increase Available Credit?

No, my Chase plan does not increase your available credit. In fact, it has absolutely no effect on increasing your credit. But if you fail to repay my Chase plan it might affect negatively on increasing your available credit. 

The only way you can be eligible for increasing your credit is by 

  • Paying your credit card balance on time, 
  • Never going into credit card debt, and 
  • Keeping your finances in good order. 
  • Increasing your income substantially. 
  • Asking your credit grantor for an increase in credit availability. 

Does My Chase Plan Affect Available Credit? 

No, my Chase plan does not affect available credit in any way unless you were unable to pay off the debt. It only helps you pay a big credit card debt in installments.   

Pay over time chase does not increase or decrease your available credit. Your available credit with the Chase card remains the same. My Chase plan just helps you pay off a debt without high interest or penalties. However, does my chase plan affect credit score?

Does my Chase Plan Affect Credit Score?

Yes, Chase pay over time or My Chase plan might affect your credit score. Because this plan affects the credit utilization ratio. 

Your credit utilization ratio plays a vital role in your credit score. As you are carrying a balance with my Chase plan. So, if you have a low credit limit then it’s highly possible that your credit utilization ratio can increase by more than 30%. As a result, your credit score might have a long-term negative effect. 

Does my Chase plan affect points?

No, My Chase plan does not affect your points. You will still earn rewards as you usually would on the original purchase amount. This is because the Chase Plan is a payment plan that allows you to pay off a large purchase over time without interest. You will only be charged a fixed monthly fee instead of interest.

Moreover, points for other purchases will still be added. So, my chase plan does not affect your credit points. They work the way it worked before.

Does my Chase plan count toward Credit limit?

No, My Chase plan does not count toward your credit limit. This is because the Chase Plan is a payment plan that allows you to pay off a large purchase over time without interest. The amount of the purchase is still counted towards your overall spending, but it does not count towards your credit limit.

This means that you can use Chase Plan to make a large purchase without worrying about maxing out your credit card. However, it is important to keep in mind that you will still be responsible for making the monthly payments on the Chase Plan. If you miss a payment, you could damage your credit score.

How Do You Use My Chase Plan For Free?

Currently, you can use my Chase plan for free only if you have a 0% promotional APR.

Before 2023, Chase card users could use the first Chase pay over time plan for free. However, this offer was valid till 31st December 2022. So, now only Chase card users with a promotional 0% APR can use My Chase plan without paying any fees. 

But how do you calculate the fees? 

My Chase Plan Calculator 

My Chase plan fees depend on certain factors. Such as

As these plans can be different for everyone and the data is not totally quantitative. So, it’s hard to make a My Chase plan calculator. 

However, you can view the fee by logging into your Chase credit card account. Here is how to get the fee detail

  • After logging into your account click on your credit card. 
  • Now you will see a list of purchases. 
  • Click on any $100+ purchase you want to create a plan then hit next. 
  • You will see a lot of options like the repayment time. 
  • Select your desired options and you will get a fee estimation. 


Now let’s have a look at some of the frequently asked questions. 

Do you still get Points with My Chase plan?

Yes, you still get regular points with my Chase plan. You even get regular points on the big purchase you are paying via my Chase plans.

What About My Chase Plan Pay off Early? 

In case you have taken my Chase plan then paying off early is the best option for you. Because the earlier you pay the less your chances of increasing your credit utilization ratio and hurting your credit. Moreover, you will be charged a penalty if you are not able to pay off one of my chase plan. 

So, pay off my chase plan early and avoid penalties. 

Does My Chase Plan Lower Utilization?

No, My Chase plan does not lower your utilization. In fact, it can negatively affect or increase your utilization if you have a low credit limit. 

What Is The Point Of My Chase Plan?

The point of my Chase plan is to help you pay off a big credit card purchase without high interest. But it charges you a fee like any other BNPL. If you use it wisely then you can avoid going into credit card debt. 

Does My Chase Plan Affect Interest?

No, My chase plan does not affect interest. It just helps you make a big credit card purchase without paying the high interest. Interest for other purchases, cash advances, and balance transfers remains the same.  

So, Chase pay over time does not affect interest in any way. 

Is My Chase Plan Worth It?

It depends on how you use my chase plan. 

Though my Chase plan seems like a great idea and a good initiative by Chase. However, the reality might be far from it. Because the fees for my Chase plan are constant. 

So, even if you pay off most of your debt, you will be paying the same fee. As a result, you might end up paying more fees than your original interest. 

Moreover, people with high spending habits can end up in debt because of my chase plan. As you are not paying interest, it creates a false sense of relief and people end up spending much more with their Chase credit card.  

However, it’s not entirely a bad thing if you use it responsibly calculating the risks. But how? 

Well, before creating a My Chase plan, calculate the total fee your will be paying. After that, calculate the total interest you will be paying if you do not use it. If your interest is higher than my Chase plan fee then use Chase pay over time. Otherwise don’t. 

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