Chase Sapphire Reserve

What do you all think about this latest move from JPMorgan Chase—their Maestro cards that allow for installment payments?😲 🙂
It’s an interesting countermove compared to when they launched the Apple Card; it feels like a completely different strategy.
I guess there might be some motivation here to push people away from using personal checks for transactions.

Has anyone actually had the chance to use the installment feature with a JPMorgan Chase Maestro card yet?

It’s essentially a check replacement. They even rolled out the pilot program before the new year—well before launching the card itself, which isn't exactly groundbreaking in the industry. We've been seeing these types of "GO" products for years now with both Mastercard and American Express here in the States.

Does anyone actually know where they're accepting Maestro for installment plans?

I was over at the Macy's in Times Square earlier and they wouldn't take the card... some lady tried asking one of the clerks about it... and honestly? This girl didn't have a single clue what she was talking about 🤣

Kimberly Nguyen said:I was over at the Macy's in Times Square earlier and they wouldn't take the card... some lady tried asking one of the clerks about it... and honestly? This girl didn't have a single clue what she was talking about 🤣

It’s strange. Just two weeks ago at that shop over in Times Square, I picked up some new shoes, and when I went to pay, the cashier gave me a perfectly polite offer to buy them now pay later using my Maestro card. There was even a massive sign right there on the counter by the register advertising Chase Maestro installment plans.
It started out as just being able to shop at Whole Foods, but now it feels like pretty much everywhere—except maybe gas stations and corner convenience stores—they’re offering you the chance to buy now pay later. 😬

George Barrett35 said:It’s strange. Just two weeks ago at that shop over in Times Square, I picked up some new shoes, and when I went to pay, the cashier gave me a perfectly polite offer to buy them now pay later using my Maestro card. There was even a massive sign right there on the counter by the register advertising Chase Maestro installment plans.
It started out as just being able to shop at Whole Foods, but now it feels like pretty much everywhere—except maybe gas stations and corner convenience stores—they’re offering you the chance to buy now pay later. 😬

That is absolutely ridiculous... her wife was even pointing out the commercials, yet this one is acting like we don't even have that option 🤣

I’m not so sure Chase Bank was the first to roll this out. A few weeks back—well before I saw that Chase Bank ad—I was picking up some glasses at LensCrafters using my Chase debit card, and the clerk actually asked if I wanted to pay in installments. I just gave her this blank stare 😕 , and she told me that's basically what everyone does now instead of writing checks

That sounds great, though if you ask me, I honestly suspect about 90 percent of retailers out there won't even accept it

Sam Murphy said:That sounds great, though if you ask me, I honestly suspect about 90 percent of retailers out there won't even accept it

If they aren't taking it now, they will be very soon.
Retailers are signing massive new deals with major banks.
On top of the standard transaction fee, there’s an extra commission added depending on how many monthly installments a store offers for a product.

Say a shop sells you a fridge on a 3-month plan; they pay the bank less than if they sold that same fridge on a 12-month plan.

The point is, the difference in fees for the retailer isn't huge. You can probably negotiate more installments at certain stores if you find something you like.

For the buyer, the interest is 0%, regardless of the number of months.
The merchant gets the full purchase amount from the card issuer almost immediately, so paying a specific fee to the bank actually makes sense for them.

Here’s what the contracts look like so far
http://www.chase.com/Download/2007/03/1...irmi_v2.2_.pdf

Is it actually okay if I dip into my overdraft just so I can pick up some stuff at Maestro?

The timing doesn't matter one bit

George Barrett35 said:The timing doesn't matter one bit

But how can you say that? If I'm already deep in the red, there's no way on earth I'm getting approved for a loan...😬

It’s actually a pretty solid setup. It basically acts as a check replacement, but with much higher limits, which is a huge plus. The only real headache is that if a merchant hasn't already set up their card processing through Chase, they can't touch those Maestro installment plans. Wells Fargo managed to pull it off using their GoCard system, though it's essentially the same deal—they just rely on their own specific network of merchants. Banks usually need some downtime to roll out support for Maestro installments on their POS terminals, and besides that, the merchant has to officially sign off on accepting them. I mean, someone has to foot the bill for those interest-free installments, and since it clearly isn't the customer—who's paying the exact same price—the merchant ends up absorbing the cost through a commission fee.

Sam Murphy said:But how can you say that? If I'm already deep in the red, there's no way on earth I'm getting approved for a loan...😬

Chase actually lets you snag an extra, special overdraft limit on your Maestro card that matches whatever credit limit they’ve already set for your checking account. The best part—and I mean this sincerely—is that your first installment doesn't even kick in until a full month after the transaction hits, which is a massive upgrade from how things used to work with checks where they’d usually just snatch that first payment right out of your account immediately. Because of that buffer, you don't even need to have a single cent sitting in your account to pull off a purchase on the installment plan. 👍

Sam Murphy said:But how can you say that? If I'm already deep in the red, there's no way on earth I'm getting approved for a loan...😬

It’s exactly like writing checks, really. You don't even need to have the cash sitting in your account right now, as long as the funds are there on the day the payment actually clears. It functions just like using a revolving credit card, only you aren't getting hammered by interest rates.

Chris Lopez59 said:Chase actually lets you snag an extra, special overdraft limit on your Maestro card that matches whatever credit limit they’ve already set for your checking account. The best part—and I mean this sincerely—is that your first installment doesn't even kick in until a full month after the transaction hits, which is a massive upgrade from how things used to work with checks where they’d usually just snatch that first payment right out of your account immediately. Because of that buffer, you don't even need to have a single cent sitting in your account to pull off a purchase on the installment plan. 👍

It’s hardly a drawback, really; it's just that the amount they let you split into installments is capped by whatever your overdraft limit happens to be.

George Barrett35 said:It’s exactly like writing checks, really. You don't even need to have the cash sitting in your account right now, as long as the funds are there on the day the payment actually clears. It functions just like using a revolving credit card, only you aren't getting hammered by interest rates.

It’s hardly a drawback, really; it's just that the amount they let you split into installments is capped by whatever your overdraft limit happens to be.

Look, a revolving credit line without the interest is a pretty solid way to put it, and honestly, it just goes to show how much people love these installment plans.

George Barrett35 said:It’s exactly like writing checks, really. You don't even need to have the cash sitting in your account right now, as long as the funds are there on the day the payment actually clears. It functions just like using a revolving credit card, only you aren't getting hammered by interest rates.

It’s hardly a drawback, really; it's just that the amount they let you split into installments is capped by whatever your overdraft limit happens to be.

I get where you're coming from, but don't be such a stickler over semantics😉 whether we're talking about an overdraft, the approved limit for installment loans, or the total allowed credit debt, the bottom line is the same.😁

casualtinker20 said:I’m not so sure Chase Bank was the first to roll this out. A few weeks back—well before I saw that Chase Bank ad—I was picking up some glasses at LensCrafters using my Chase debit card, and the clerk actually asked if I wanted to pay in installments. I just gave her this blank stare 😕 , and she told me that's basically what everyone does now instead of writing checks

It’s weird that Wells Fargo hasn't advertised this yet. It would probably be a bigger selling point for them than that (no)GO! card

Chris Lopez59 said:Chase actually lets you snag an extra, special overdraft limit on your Maestro card that matches whatever credit limit they’ve already set for your checking account. The best part—and I mean this sincerely—is that your first installment doesn't even kick in until a full month after the transaction hits, which is a massive upgrade from how things used to work with checks where they’d usually just snatch that first payment right out of your account immediately. Because of that buffer, you don't even need to have a single cent sitting in your account to pull off a purchase on the installment plan. 👍

Well, I guess I'm heading straight to Walmart then!😬

Quick question for anyone with a student checking account or someone working at Bank of America😁. Can students use their Maestro card to pay in installments?