Chase is quietly offering a few bonus promotions for its installment-payment feature, My Chase Plan, and you can earn extra points when you participate. All of these are mailed-out promotions, so check your inbox to see whether you received any. Right now, here are some of the current offers:
- 14,500 IHG points
- 6,500 Chase UR points
- 6,000 UR points (Freedom card)
- 7,000 Hyatt points (requires $1,000 installment amount)
- 4,000 UR (Sapphire Reserve)
- 0% APR + no fee (Chase Freedom card)
Keep in mind: even though the first use of My Chase Plan is interest-free, the service does have a fixed fee. The total fee is 1.72% of the total amount (depending on the final installment page—I found my tested amount was higher). The fee is spread out over each month. So you can calculate whether the fee is the bigger thing, or the reward you earn.
The idea is that, in theory, you should be able to pay only the first month’s charge and then pay off that portion of the balance immediately.
The My Chase Plan Fee is 1.72% of the amount of each eligible purchase transaction or amount selected to create a My Chase Plan. The My Chase Plan Fee will be determined at the time each My Chase Plan is created and will remain the same until the My Chase Plan balance is paid in full. The My Chase Plan Fee is based on the amount of each purchase transaction selected to create the plan, the number of billing periods you choose to pay the balance in full, and other factors.
There are also options with no fee and no interest, which is basically a small, interest-free loan.
