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Chase Interest question

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vayub4
Regular Contributor

Chase Interest question

So this is a first scenario for me and it got me a little confused.

I did a balance transfer on my freedom 2 months ago and have been payin it down. I didn't use the card after the balance transfer the first month. But this month I used it for a few small charges (about $250) and made a payment of over $1100 on the card towards the balance that I owe.

My statement just cut and I see an interest charge of roughly $2. I thought, as long as you pay more than you charge that month, you're not subject to interests?

I would like someone to please explain to me in a clear simple language how this works. I could have paid cash or used one of my other cards for the charges if I knew I would be paying interest on it.
Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Message 1 of 9
8 REPLIES 8
Chris679
Established Contributor

Re: Chase Interest question

Credit cards have a grace period that allows you to avoid paying interest if you pay the full statement balance each month. The minute you don't pif you lose that grace period and any purchase is subject to interest charges as soon as it posts. This is one of the reasons ccc push BT so hard, people don't read their cardholder agreement and don't realize they can't use the card without paying interest.
Message 2 of 9
vayub4
Regular Contributor

Re: Chase Interest question

So while I have a BT on a card if I ever use that card I'll be payin interest except I pay everything including the BT
Amount?
Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Message 3 of 9
OmarGB9
Community Leader
Super Contributor

Re: Chase Interest question

Correct. Only ones that allow you to still use the card and not charge interest on new purchases with a BT in place as long as you PIF are Barclays and Discover, IIRC.

Last App: 1/10/2023
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Currently rebuilding as of 04/11/2019.

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Message 4 of 9
Anonymous
Not applicable

Re: Chase Interest question

With your Freedom, you can activate the Blueprint Full Pay feature. If you do this, charges you make (purchases) in the ACTIVATED Blueprint categories you choose will not accrue interest any interest if you pay them in full by the due date on the first statement they appear on even if you are carrying a balance (purchase, transfer, or otherwise). You will have a new "Blueprint Payment Due" amount every statement that includes your total Blueprint Full Pay charges and your minimum payment due for the rest of your account balance. Paying the Blueprint Payment Due will satisfy your minimum payment requirement.

I know this because I ran into the same issue with a BT on my Freedom. In my case, multiple reps told me no interest would be charged on purchases if I pay them by due date (just like you thought as well). When that didn't happen, a supervisor reviewed the tapes, credited the interest charges due to their error in explanation, and explained this Blueprint feature. I then used the feature with no issues for months.

Let me know if you have any questions!
Message 5 of 9
NRB525
Super Contributor

Re: Chase Interest question

^This.

I have a long term BT on my Slate card, was nosing around the Blueprint option, and set that up to go along with my auto payment of the minimum payment. Did some small charges, let the calculated Blueprint payment autopsy, and no interest cost.

 

You can set up the Minimum Payment along with Full Pay to catch the new charges automatically, then pay extra for the faster rate you want to pay down the BT, or set up a Finish It component to your Blueprint trifecta to just let the autopay handle everything for you.

 

And in my experience, B of A is also possible to get in front of new charges, by paying them soon after they post, to avoid interest cost when carrying a BT.

US Bank, however, charges their minimum $2 interest, and that kept triggering a new $2 minimum until I called to get it shut off.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 9
vayub4
Regular Contributor

Re: Chase Interest question


@Anonymous wrote:
With your Freedom, you can activate the Blueprint Full Pay feature. If you do this, charges you make (purchases) in the ACTIVATED Blueprint categories you choose will not accrue interest any interest if you pay them in full by the due date on the first statement they appear on even if you are carrying a balance (purchase, transfer, or otherwise). You will have a new "Blueprint Payment Due" amount every statement that includes your total Blueprint Full Pay charges and your minimum payment due for the rest of your account balance. Paying the Blueprint Payment Due will satisfy your minimum payment requirement.

I know this because I ran into the same issue with a BT on my Freedom. In my case, multiple reps told me no interest would be charged on purchases if I pay them by due date (just like you thought as well). When that didn't happen, a supervisor reviewed the tapes, credited the interest charges due to their error in explanation, and explained this Blueprint feature. I then used the feature with no issues for months.

Let me know if you have any questions!

How do I activate this blue print feature? Although, I will probably put this card away until the card is paid in full by next March(could be earlier). However this feature would be nice to have activated to avoid payin $2 interest next time

Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Message 7 of 9
NRB525
Super Contributor

Re: Chase Interest question

on your Chase Online account, there's a big fat "Blueprint" button associated with Freedom, Slate or CSP accounts. Click that.

 

Chase Blueprint.JPG

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 8 of 9
ridgebackpilot
Established Contributor

Re: Chase Interest question

Thanks for this explanation of Blueprint. I wasn't aware you could set this up until I read your post!
Message 9 of 9
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