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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.

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(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

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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.

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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  • $100 annual hotel savings benefit (on single hotel stay bookings of $500 or more, excluding taxes and fees, booked through thankyou.com)
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Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases
Best starter travel card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

3XEarn 3 Points per $1 spent at Restaurants and Supermarkets
3XEarn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
1XEarn 1 Point per $1 spent on all other purchases
  • Intro Offer
    For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

    Earn 80,000 ThankYou® points
    60,000 points
  • Annual Fee

    $95
  • 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

The Citi Premier’s 3 points per dollar spent across a wide range of popular categories is one of the more lucrative offerings in the world of points and miles. The Citi Premier comes with a $95 annual fee and is currently offering a solid sign up bonus of 80,000 points after you spend $4,000 on purchases within the first three months. It also has some valuable transfer partners to make the most of your rewards. Add in access to Citi Entertainment plus a $100 hotel credit for any single-stay hotel booking that exceeds $500 or more, excluding taxes and fees, booked through the Citi travel website, there are few reasons why the Citi Premier should not be in every traveler’s wallet.

Pros

  • Earns 3x points on restaurants, supermarkets, gas stations, air travel and hotels.
  • $100 annual hotel savings benefit (on single hotel stay bookings of $500 or more, excluding taxes and fees, booked through thankyou.com)
  • Points transfer to 16 airline programs, from JetBlue to Virgin Atlantic.
  • World Elite Mastercard benefits, extended warranty, damage and theft protection.

Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases