Chase Freedom Payment Options

[sjg]

I racked up a sizeable credit card balance from a major unexpected life emergency ($20k) in December on my Chase Freedom Unlimited card. Do I have any options with Chase for paying this off or down interest free over time? I need a few months. Can you do a pay in full settlement and NOT close the card? Wondering if I have any options with Chase before I transfer the balance to a 0% interest card and pay it off over a few months interest free. 

[TSlop]

Have you looked into the My Chase Plan? I believe it charges 1.72% of the transaction as a fee, but then I believe it's no interest over the time period selected. I think you can choose up to 24 months, based on the transaction total. It should be available for transactions over $100 within the past 90 days. You can research it and check it out and see if it's something you want to do.

[pizzadude]

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@sjg wrote:

I racked up a sizeable credit card balance from a major unexpected life emergency ($20k) in December on my Chase Freedom Unlimited card. Do I have any options with Chase for paying this off or down interest free over time? I need a few months. Can you do a pay in full settlement and NOT close the card? Wondering if I have any options with Chase before I transfer the balance to a 0% interest card and pay it off over a few months interest free. 

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Good suggestion above, but if you have the ability to BT to a 0% card and pay it off over 6 / 12 months that is probably your best option.  

[ptatohed]

For fun, I played around with the My Chase Plan.  This is what the fixed monthly fee for $10,000 looks like.

Looks like a $52/mo fee for 12 months which is basically a 6.3% APR.  Not too too bad.    

18 months would be a 7.1% APR.  

24 months would be an 8.0% APR. 

I guess you need to crunch the numbers against these costs vs a one time BTF and 0% for XX months.  

Good luck.  

[redpat]

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@Anonymous wrote:

[ignore]

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The 12 month is 11.40% APR.  Eventhough it's a fixed cost the loan isn't amortized.  If you ran an amortization schedule you will get the true rate of borrowing $10,000 w/ a cost of $628.

LTL you where correct on the effective rate.

[ptatohed]

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@redpat wrote:

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@Anonymous wrote:

[ignore]

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The 12 month is 11.40% APR.  Eventhough it's a fixed cost the loan isn't amortized.  If you ran an amortization schedule you will get the true rate of borrowing $10,000 w/ a cost of $628.

LTL you where correct on the effective rate.

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I see what you are saying, as you pay it down each month and your balance is getting lower and lower, you are still paying the same monthly fee near the end when your balance is low as you did in the beginning when the balance is high.