JPMorgan Chase Go!Card help?
in Banking, Insurance & Loans ·
Samuel Rogers75 said:JPMorgan Chase's website mentions that at specific points of sale, you can pay things off without any interest or extra fees. So, if I buy something for, say, $333 using 4 installments and I pay that first installment right when it's due, am I still getting hit with revolving interest on the remaining $250? My card is set up at a 5% rate.
With the Federal Reserve guidelines, it’s pretty clearly laid out—even though it technically counts as revolving credit, if you pay those installments in full, they don't charge you interest on those amounts.
If you want to use a Gold Card like a charge card, you really need to set up the agreement for a single monthly payment right from the start instead of opting for the minimum percentage. That’s basically the only way to make sure you don't accidentally trigger that revolving credit trap.
That said, those interest-free installment plans offered at specific stores actually work properly—you definitely won't get hit with revolving interest on those.
The thing is, if you have the minimum payment option selected, then your usual monthly spending plus that installment amount will likely all roll into one big bill. I personally went with the first option—paying it all in one go—so I'm not entirely sure how it plays out for your specific setup.
Anyway, for me, it functions automatically like a charge card. Plus, there aren't even any annual fees, so it essentially works out to being a free charge card that also lets you do those interest-free installments at certain places.