Appears Chase is doing something like Plain-it that Amex offers?

[longtimelurker]

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@NRB525 wrote:

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Any ambulance chasing class action attorneys need to locate those rare individuals who went through the opt out process, correctly and timely, to put together the class action lawsuit that will net the plaintiffs $25 in a gift card.  

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Hey, you are on MyFico.   $25 in gift card is FREEEE Money!

I agree for most people it's probably not worth the effort, but wanted to point out that it is an option that doesn't require you to close the card.

[NRB525]

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@longtimelurker wrote:

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@NRB525 wrote:

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Any ambulance chasing class action attorneys need to locate those rare individuals who went through the opt out process, correctly and timely, to put together the class action lawsuit that will net the plaintiffs $25 in a gift card.  

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Hey, you are on MyFico.   $25 in gift card is FREEEE Money!

I agree for most people it's probably not worth the effort, but wanted to point out that it is an option that doesn't require you to close the card.

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Point taken. And as you often point out I am using up brain cycles carrying 6 CC in my wallet with about $2,000 of raw AF in the hope of improving my points return on sandwiches purchased at a Hilton vs a Sheraton restaurant, in the last two days. 

[Anonymous]

Just got an email. I find this interesting. Seems that Chase will now start offering loans to Sapphire Preffered (and I assume Reserrve card holders.) Seems pretty straight forward. They also havea myplan feature that is similar to AMEX. Not bad IMHO. Don't think I will take advantage of these two new features, but you never know. Anyone else get this...Thoughts?

USING YOUR CARD We are adding My Chase Loan and My Chase Plan to your account. These are two new features under which Flexible Financing Offers may be available to you from time to time. Therefore, the Using Your Card section of your Cardmember Agreement is amended to include two new transaction types, My Chase Loan and My Chase Plan as follows:

TRANSACTIONS WHAT IT MEANS TO YOU OUR RESPONSIBILITY If eligible, you may use the My Chase Loan feature to obtain cash as an electronic deposit into an eligible bank account held by a financial institution located in the United States by accepting a My Chase Loan offer. Each offer will include a My Chase Loan APR and the number of billing periods it will take to pay the My Chase Loanbalance in full by making regular payments each monthly billing period. Your ability to create a My Chase Loan balance is based on a variety of factors, such as your creditworthiness, your credit limit, and your past account behavior. You will not be able to create a My Chase Loan balance if you enroll in a debt management program or if your account is closed or in default. My Chase Loan transactions are not Cash Advances or Balance Transfers. My Chase Loan provides Flexible Financing Offers. Therefore, when you have a My Chase Loanbalance on your account, we will not charge you interest on new purchases if you pay your entire Interest Saving Balance by the due date each month. At our discretion, we may make My Chase Loanavailable to you; we may decline a My Chase Loantransaction for any reason. If eligible, you may use the My Chase Plan feature through Chase.com or the Chase Mobile App to create, from recent eligible purchase transactions, a My Chase Plan balance with set repayment terms, subject to the My Chase PlanFee. From the available offers, you select how many billing periods it will take to pay the My Chase Planbalance in full by making regular payments each monthly billing period. For each billing period during which there is a balance in the My Chase Plan, you will be charged the My Chase Plan Fee, rather than interest under the Purchase APR. An eligible purchase transaction for My Chase Plan is a purchase of at least a specified dollar amount but may not include certain purchase transactions, such as cash-like transactions and any fee owed to us, including Annual Membership Fees. Cash advance, balance transfer and My Chase Loantransactions are not eligible for My Chase Plan. Your ability to create a My Chase Plan balance is based on a variety of factors, such as your creditworthiness, your credit limit, and your account behavior. You will not be able to create a My Chase Plan balance if you enroll in a debt management program or if your account is closed or in default. When you have a My Chase Planbalance on your account, we will not charge you interest on new purchases if you pay your entire Interest Saving Balance by the due date each month. At our discretion, we may make My Chase Planavailable to you; we may decline a My Chase Plantransaction for any reas

[Anonymous]

I got that email today as well. It seemed potentially interesting until I got to: "My Chase Loan APR: We add 16.74% to the Prime Rate to determine the My Chase Loan APR."

That's 22.24% with the current Prime Rate. It beats the cash advance APR by a few % but doesn't seem very appealing compared to interest rates you'd expect for an unsecured loan. You get to skip the application process, so I guess that's a bonus. I don't think it makes much sense except as a short term loan for something you need to pay in cash.

[Anonymous]

https://ficoforums.myfico.com/t5/Credit-Cards/Appears-Chase-is-doing-something-like-Plain-it-that-Am...

[coreysw12]

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@Anonymous wrote:

I don't think it makes much sense except as a short term loan for something you need to pay in cash.

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Their advertising will go something like this:

"You already know Sapphire offers 2% back on dining and travel. But did you know it can now also be used to score drugs or a hitman? Chase what matters."

[Anonymous]

I wonder if the loan option will report to credit as a new line .. or if it will only show the increased balance on the already reporting account used to secure it?

[redpat]

I’ll forward those terms to my attorney and see what he says........