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News: Chase To Decline Credit Card Payments for BNPL Plans - Credit-Land.com

Chase is planning to stop allowing customers to use Chase credit cards to pay for third-party buy now, pay later (BNPL) plans. The new policy should go into effect on October 10, 2024, which means Chase cardholders have several months to adjust their payment methods before Chase will start declining all payments to BNPL plans, like Affirm or Klarna.

"If your Chase credit card is used for any of these recurring BNPL plans, please update the payment method with your BNPL Provider to avoid any missed payments or late fees (if applicable)," the bank said in a customer's credit statement

The reason for this change might be the Chase's own BNPL option - Chase Pay Over Time℠*. The bank offers this buy now, pay later option through its own system. It allows consumers to break up eligible credit card purchases into fixed, equal monthly payments.

Having its own BNPL option, it's quite logical for Chase to want customers to use it more. It might be irritating for some customers, but all in all, Chase Pay Over Time has the same concept as other BNPL plans.

Experts expect that Chase won't be the one to do that. Other companies may follow the bank's example. For example, these banks already offer their own installment plans: AmEx offers Plan It®*, Citi has Citi® Flex Pay*, and U.S. Bank has ExtendPay® Plan*. Chances are we might see the same moves from these banks too.

*The information for the following product(s) has been collected independently by Credit-Land.com: Chase Pay Over Time℠, Plan It®, Citi® Flex Pay, ExtendPay® Plan. The card details on this page have not been reviewed or provided by the card issuer.

tags : Credit Cards Money Management Payments

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