JPMorgan Chase Go!Card help?

coastalmoose35 said:Alright, so I just got my repayment schedule in hand and decided to go ahead and overpay on that first installment. Turns out, they automatically knocked that extra amount off my next payment—pretty slick, right? Now what I’m wondering is, if I pay the difference next time, plus the upcoming installment, and maybe toss in a little extra just for kicks... will I be able to skip that one month I already covered?

Also, I'm trying to wrap my head around how they handle the interest. Like, how does that actually get tacked on? My logic tells me I'll basically be paying the installment plus the interest charge... seems like the only way it makes sense, anyway.

If you keep making those larger payments and eventually cover an installment ahead of schedule, sure, you can skip a month since it's already paid. You won't owe anything that month. Just keep in mind, that only works if no new fees pop up. If there are new charges, they get rolled back into the repayment plan based on your agreed terms. So, you might skip a payment of the old amount, but then you'll see something like 1/36th of the new charge hit your bill.
Interest is calculated quarterly on the principal balance during those three months. It shows up as a separate line item on your Fee Statement and has to be paid along with your regular monthly installment.

Ronald Allen said:
Let me get back to this Visa thing for a second. About two months ago I swung by JPMorgan Chase to ask about getting a Visa, and the woman tells me all I need is my application and my last pay stub. Simple enough, right? She seemed to have a clue. But then I head back in today, and this other lady tells me I need three different pay stubs. Like, seriously? Apparently, she doesn't even have a ballpark idea of what kind of limit I’d qualify for... It’s wild. I mean, I guess American Express is technically a more premium card than a standard Visa, since they only ask for one recent pay stub, but still—if a clerk at a JPMorgan Chase credit department can't even estimate a limit based on my average monthly income... I don't know. It’s their own card, isn't it?

The Debit card isn't actually inferior to a Diners Club card—it's part of the Mastercard network, which, as far as I know, is much more widely accepted globally. Of course, that assumes you have a decent spending limit, but that's a requirement for Diners Club too. Back when they first started rolling these out, they offered them to anyone with a solid standing; you didn't even need to show a pay stub. They would basically send you a pre-filled application with a set limit, and you just had to sign it—provided, naturally, that your paycheck was direct-deposited at JPMorgan Chase. They've probably tightened up the rules lately, but the card itself is perfectly fine—nothing worse than a Diners Club card.

Did anyone happen to claim their Debit card when those books and movies were being distributed? I opted for the movie, but it hasn't arrived yet...🤷

Just head down to any local branch and file a formal complaint. My magazines didn't show up right away either—but once I actually made a fuss about it, they finally started arriving.

Michael Johnson6 said:Basically, here’s the deal. Whether you’re using a Chase installment card at participating retailers offering interest-free financing, or just swiping for a purchase and relying on a revolving credit line, your entire purchase amount is tied up against your total credit limit. However, when you buy something via an Visa/Mastercard consumer loan spread over 36 months, only the individual monthly payment is deducted from your available credit. The limit only shrinks by the amount of that single installment, not the full price of the item.

So, if I use a Debit card, the whole amount hits my limit, but with a Mastercard, it’s just the first installment or one part of the total? In that case, wouldn't it be smarter to pay everything off on the Mastercard instead?

I don't get it. If I have a $10,000 $0.00 limit and try to take out a 36-month loan for $10,000 and one cent and they deny me... what is the point of having a Debit card then?

Exactly. Just like that.

So, what’s actually the smartest way to handle installment plans? Let’s say it’s that pre-holiday rush and I decide to pick up a fridge, a microwave, a big-screen TV, and some gifts for friends. Total comes to $2,000 $0.00 and I want to split that over 12 months. My credit limit on my card is $1,000 $0.00, so theoretically, the transaction should clear because they only charge me one twelfth of that $2,000 $0.00—basically less than two hundred bucks. Then I just settle the remaining installments every month whenever my regular paycheck hits. Is that how it works?

P.S. Honestly, all this stuff with cards, loans, installments, interest rates... it's a bit over my head.
I just realized how much money I’ve bled out of my Debit card over the last year simply because I didn't bother to learn how any of this works.

On the bright side, the rewards book arrived almost immediately after I first used the card, and the points show up at my door like clockwork. 😁

Look
The total amount has to stay under your limit—if you're using a Debit card and your limit is $3333, then the total price for everything you buy on an installment plan can actually be up to $3333.
With a standard Mastercard, you can pay in installments, and only the monthly payment itself counts toward your credit limit.

Steven Reed said:Look
The total amount has to stay under your limit—if you're using a Debit card and your limit is $3333, then the total price for everything you buy on an installment plan can actually be up to $3333.
With a standard Mastercard, you can pay in installments, and only the monthly payment itself counts toward your credit limit.

That’s exactly what I’m trying to pin down here. Just so I can put this to rest once and for all: 😁 does a Mastercard only charge the first installment against the limit, while a Debit card hits you with the full total at once? So, if I try that pre-holiday shopping spree, the Mastercard works fine, but the Debit card just results in "your card was declined" because the total is too high?

Bingo 😉

Steven Reed said:Bingo 😉

Yeah, maybe I should just go hit the jackpot at a local bingo hall so I don't have to stress about finding the best financing deal on an installment plan. Just kidding. 😁

I'm sick of having to hunt down someone else's credit card every single time I buy something online, so I finally decided to just get my own.

The Chase card seems like the best deal since they have the most places where you can pay in installments: link.

What's your take on it?

Some guy on the forum mentioned that JPMorgan Chase's revolving cards are actually the way to go because they don't start charging interest until after the first installment, rather than from the day you buy it. Pretty sweet way to save some cash, right? 👍

How does one go about making a payment that exceeds the set monthly installment amount?

your debit card, ID, and head to any teller window
unless you're using online banking—then your account details, including those credit lines starting with 72..., should be right there on your screen.

@Steven Reed ... I really need some help here ...

The payment is scheduled for the 6th of the month ... but by the end of March, I haven't received any notification at all. Even though I have funds available in my checking account, I can't pull up an alert or anything through my online banking app—it just keeps telling me there are no notifications, or something along those lines. When I went down to the local branch, they were just as clueless; they told me they couldn't even see any record of a notice being sent... On April 6th, a certain amount gets pulled via my automatic recurring payment $67 ... then on the 16th, I go ahead and manually deposit an extra $167 ... but somehow, those $167 are being applied toward the principal from the April 6th payment ...

Now, looking at the statement I get in May, it claims that I'm also being charged for those $67 I already paid via the automatic transfer, and it's labeling that entire amount as interest ...

Here is what is driving me absolutely crazy:
1) Why on earth was there no notification regarding the April 6th charge?
2) Why was $67 in interest actually deducted via my automatic payment in April, when I'm supposed to be paying that in May according to the statement? I am fully aware that interest is calculated quarterly, but the statement was already finalized back on April 1st.
3) Why was that $167 I deposited on April 16th allocated toward the principal balance from the April 6th transaction?

I hope you can make sense of this mess ...

Ugh 🤔
That $500 deposit you made—it really should have been posted on the actual day you sent it, not April 6th. It’s an error, though it happens to work in your favor 😉
. Honestly, your best bet is to call your personal banker tomorrow; let them dig through your Debit card history, because things aren't adding up correctly.
I’d need to see your full Debit card transaction history to give you a more precise answer 😉
.
Edit: 🤔 Is there any chance that $200-ish amount was just a revolving credit installment? And now, for May, you're seeing the installment plus interest??

What they pulled with that automatic withdrawal was just the exact interest amount supposed to hit in May... so it definitely wasn't my monthly installment.

From what I calculated, they should have just charged me the revolving percentage using an approximate method—roughly $4, not even quite that much. Basically, if they had already charged me the cash advance fee (which they shouldn't have), then I should have been looking at paying closer to $7.

Between the $8 I actually paid plus that uncharged $4, the principal balance should have dropped accordingly.

Even my personal banker knows this whole mess... and she was honestly stumped by it too (though I get it, trying to 😵 figure out what's actually going on with your transaction history is basically a suicide mission given how you guys handle things). She said she’d pass this along to someone who can actually investigate it.

Heh, you're being far too kind, 🤣Kimberly Nguyen
. Even if there's an error—it’s fine—the customer service folks at JPMorgan Chase will eventually catch onto the trick 😉.
By the way, did they issue a new notification yet? And did she actually try to pull that old one from April?

I’ve got this one scheduled for May, but the one from April just won't go through... It keeps throwing some error saying there are no notifications (or something along those lines), yet when I pull up my statement, here is what I see:
- 04/01 interest charge => - $67
- 04/06 automatic payment processed => + $67
- 04/16 deposit via JPMorgan Chase => + $167
- 04/06 principal payment (and some other stuff) => - $167

😵 😵

What else is there to say? 😍
It looks like things got a bit tangled up in your credit account—once they process the dispute, it should all be straightened out. 😉