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Here’s how you can stick to your budget in 2021 — even when the unexpected happens

Feb. 09, 2021
5 min read
Here’s how you can stick to your budget in 2021 — even when the unexpected happens
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  • Many Americans aren’t prepared for major expenses.
  • My Chase Plan can help cardmembers pay off large purchases while still earning rewards.
  • The tool is already available on eligible Chase cardmembers’ accounts.

In many American homes, the family budget hangs in a delicate balance.

Many people are prepared to pay rent and car payments every month, but an irregular or unexpected cost could seriously disrupt their finances. In fact, a recent Federal Reserve study found that 37% of adults could not cover an unanticipated $400 expense out of pocket.

(Photo courtesy of Sam Edwards via Getty Images)

But eligible Chase cardmembers already have a solution in their wallet to handle major costs. Chase launched My Chase Plan to help customers manage their budget.

The feature is built directly into cardmembers’ accounts and makes purchases over $100 manageable by letting them pay for those purchases over time. Users can customize a payment plan that fits their lifestyle with no interest and a fixed monthly fee.

Here’s how My Chase Plan can help you manage expenses and how to use the tool.

Fit large expenses easily into your budget

(Photo by Rawpixel.com/Shutterstock)

For those who are accustomed to consistent monthly costs, a major expense can be challenging, especially in today’s economic environment.

Maybe it’s an infrequent payment — like a home improvement project or holiday spending. Or maybe it’s an unanticipated bill — like a new transmission or a visit to the doctor. Either way, it can be tough to budget successfully when facing these one-off costs.

Chase offers an option to spread out the impact of purchases over $100. Instead of paying all at once, users can incorporate that cost easily into their planned recurring monthly expenses.

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With My Chase plan, users can control the amount they pay each month toward a big-ticket expense within their account. Cardmembers have flexibility to choose a payment term that works within their budget — instead of competing with their existing financial goals.

Plus, cardmembers who earn rewards through their Chase credit card will keep earning those same rewards for purchases put into a My Chase Plan.

Customize a payment plan

With My Chase Plan, eligible cardmembers can customize a monthly payment plan for purchases over $100.

Cardmembers can select a qualifying purchase and review payment options within their account. Chase displays all the important information at a glance, like the number of monthly payments, the amount of each payment, and the monthly fee.

Every plan includes no interest, a fixed monthly fee and consistent monthly payments. And My Chase Plan offers a variety of schedules from three months up to 18. This way, cardmembers can choose the duration and monthly payment amount that fits their needs — ensuring they have a truly flexible, customized, and predictable plan. Each month, cardmembers pay a consistent sum toward their purchase until the purchase is paid off.

And planning ahead is easy with My Chase Plan. It offers a tool for users to calculate costs before making a purchase.

My Chase Plan can help users design a monthly budget that isn’t derailed by a large expense. And cardmembers can stay focused on saving up for that down payment, planning for kids, preparing for retirement or whatever milestone is in sight.

Simplify your finances

With My Chase Plan included in cardmembers’ perks, there’s no application to complete, no new account to open and no credit check. My Chase Plan is accessible within cardmembers’ current accounts.

My Chase Plan is transparent, offering financing options with payment choices that are easy to understand. With fixed payments spread over a time frame that cardmembers choose, the monthly cost is always the same — no shifting rates and no surprise fees.

Plus, cardmembers don’t need to worry about the high cost of financing. My Chase Plan offers zero interest and a fixed monthly fee with every plan for qualifying purchases. And, it doesn’t require managing a separate account.

Get started in minutes

To access My Chase Plan, log in to Chase.com or visit the Chase Mobile® app. Within the list of recent transactions under your credit card, eligible purchases of $100 or more will feature a “Pay with My Chase Plan” option right next to the transaction amount. Then, click to get started setting up the plan.

Or, cardmembers can visit the My Chase Plan dashboard in their account, select “Create a plan,” and choose from a list of eligible purchases. The dashboard tracks payment progress for any My Chase Plans that have been set up.

Cardmembers may have up to 10 active or pending plans on their account at a time.

For cardmembers who want to review payment options before making a purchase, they can open the My Chase Plan dashboard and select “Calculate a My Chase Plan.” The quick online tool provides all the details upfront.

Large transactions can easily disrupt your plans for spending. But, with My Chase Plan, cardmembers can plan ahead, manage unexpected costs, and soften the impact of major purchases.

Learn more about My Chase Plan. Don’t have a Chase card? Find one that’s right for you.

This post was created by Insider Studios with Chase.

Featured image by Shutterstock

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  • Earn 1X Mile on all other eligible purchases.
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Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
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3XEarn 3X Miles on Delta purchases and purchases made directly with hotels.
2XEarn 2X Miles at restaurants worldwide, including takeout and delivery in the U.S. and at U.S. supermarkets.
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  • Intro Offer
    Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.

    Earn 90,000 Bonus Miles
    50,000 Bonus Miles
  • Annual Fee

    $250
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

Build your loyalty to Delta by applying for the carrier's mid-tier card option, the Delta SkyMiles Platinum card. The annual fee is quickly recouped by the card's travel perks, such as an application credit to Global Entry or TSA Precheck, annual companion certificate and so much more. Plus you can fast-track to elite status simply through card spend.

Pros

  • Earn bonus Medallion® Qualification Miles (MQMs) and an Medallion Qualifying Dollar (MQD) waiver when you hit specific spending thresholds with your card within a calendar year
  • Receive a Domestic Main Cabin round-trip companion certificate each year
  • Statement credit for TSA PreCheck/Global Entry fee (up to $100)
  • First checked bag free

Cons

  • Doesn't make sense if you don't fly Delta
  • SkyMiles aren't the most valuable airline currency
  • Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights. Plus enjoy Main Cabin 1 Priority Boarding and settle into your seat sooner.
  • New: Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
  • Earn 1X Mile on all other eligible purchases.
  • Enjoy a per-visit rate of $50 per person for Card Members and up to two guests to enter the Delta Sky Club when traveling on a Delta flight.
  • Fee Credit for Global Entry or TSA PreCheck® after you apply through any Authorized Enrollment Provider. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees