Chase Sapphire Reserve

Hey, you've got a PM waiting for you

darkmaker94 said: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?

No.

Thanks.

Richard Lewis16, thanks to you too. 😉

How can you say that? I'm a college student, and I already have Visa Installments approved on my Maestro card.

Ever used his Visa Installments for a purchase?

Maria Robinson6 said:How can you say that? I'm a college student, and I already have Visa Installments approved on my Maestro card.

No, you don't, buddy...

alright, let's stop beating around the bush and get to the point
darkmaker94, I told you to handle this since you aren't me...
c/p

"Dear Mr. Richard Lewis16,

we appreciate you reaching out via email.

The additional overdraft limit for your Visa Installments is granted based on your total allowed overdraft amount, which is reduced by the number of uncashed checks multiplied by $1,000.00.

If you qualify for an overdraft due to your status as a student, per Bank of America policies, you will also be granted the same amount for your Visa Installments overdraft.

Should you require any further details, please feel free to reach our Customer Service department at the phone number listed below.

We appreciate your understanding. Sincerely,

Best regards,

Helen Keller

Customer Contact and Distribution Development Department

Client Relations Division

Address: Fish Market 14, New York City

Tel: 0800/365-365 Fax: 01/4852-624
E-mail: pbz365@pbz.hr, www.pbz.hr

Richard Lewis16 said:alright, let's stop beating around the bush and get to the point
darkmaker94, I told you to handle this since you aren't me...
c/p

"Dear Mr. Richard Lewis16,

we appreciate you reaching out via email.

The additional overdraft limit for your Visa Installments is granted based on your total allowed overdraft amount, which is reduced by the number of uncashed checks multiplied by $1,000.00.

If you qualify for an overdraft due to your status as a student, per Bank of America policies, you will also be granted the same amount for your Visa Installments overdraft.

Should you require any further details, please feel free to reach our Customer Service department at the phone number listed below.

We appreciate your understanding. Sincerely,

Best regards,

Helen Keller

Customer Contact and Distribution Development Department

Client Relations Division

Address: Fish Market 14, New York City

Tel: 0800/365-365 Fax: 01/4852-624
E-mail: pbz365@pbz.hr, www.pbz.hr

What am I supposed to do? 🤷

And what’s the bottom line? Can I actually use Visa Installments for my Maestro purchases or not? Based on the email, looks like I can. 🤷

so you can just be sure
honestly, I think your best bet might be to just swing by a local Bank of America branch and have them run through everything for you...

I checked, and you're good to go.
My bad... when the package was first rolled out, it wasn't an option, but it looks like they've updated things since then.

Awesome! Thanks a ton for putting in the work. 😉

I guess if you have the Chase Sapphire Reserve along with a checking account that has an overdraft limit of $333, then you also get access to Visa Installments...

I find these credit limits they approve to be a bit bizarre, honestly. For instance, I have a limit that’s only about four or five times my monthly salary—which doesn't sound like much when you think about it. The idea of breaking up such a small amount into installments just feels kind of ridiculous to me.

Generally speaking, your limit is pegged to your approved overdraft, which starts at a minimum of one and a half times your monthly salary.
If you’re seeing a lower limit than expected, it simply means you have uncashed checks sitting there, and each one effectively eats away at the total amount available for $333 (you can't really max out both your check availability and your installment plan limit simultaneously, since the whole point of the service is to act as a substitute for those checks)
You can always return any checks that haven't been issued yet, and once you do, your limit will bump right back up.

Daniel Gonzalez4 said:I find these credit limits they approve to be a bit bizarre, honestly. For instance, I have a limit that’s only about four or five times my monthly salary—which doesn't sound like much when you think about it. The idea of breaking up such a small amount into installments just feels kind of ridiculous to me.

I'm actually thinking about switching over to Bank of America, so I've been doing a little light reading on their terms. Here is what it says:

"If the amount approved for Visa Installments isn't being used from the start of the approval period, the Bank may reduce the amount by 1/3, and then further decrease that reduced amount by 17%. Once you utilize the additional allowed overdraft, the full amount will be approved again starting the first of the following month. You can also request a change to the amount by calling 1-800-BANK-OF-A, and it will be available for your use immediately."

George Barrett35 said:Generally speaking, your limit is pegged to your approved overdraft, which starts at a minimum of one and a half times your monthly salary.
If you’re seeing a lower limit than expected, it simply means you have uncashed checks sitting there, and each one effectively eats away at the total amount available for $333 (you can't really max out both your check availability and your installment plan limit simultaneously, since the whole point of the service is to act as a substitute for those checks)
You can always return any checks that haven't been issued yet, and once you do, your limit will bump right back up.

I don't have any checks. I've never had them in my life, nor do I even know how they work 🙂
But I do have an Amex that I regularly use to spread out payments. Honestly, I don't really need this Visa Installments option at all. It’s probably like Kevin Lee12 said—my limit is so small because I’ve just never used it. But I don't get why they don't just scrap the service entirely for me. With a limit this low, the service is basically useless.

The math just isn't adding up here.
Like I mentioned before, the minimum overdraft limit is set at 150%, which means you're looking at one and a half times your salary. When you first sign up, your limit for paying installments starts at that same amount, and while you can choose to lower it if you aren't using it, you can only drop it by a third—bringing it back down to 100% of your salary—and then maybe shave off another 17% on top of that. So, at the absolute lowest, it’ll be about 17% less than your monthly pay; there is no way it's ever going to be four or five times smaller than that.
Also, if you keep your account in good standing, the bonus increases by an extra 10% every quarter, so it actually turns into a pretty decent figure before you know it.
Maybe this service is useless to you since you're already running an Amex, but plenty of other people find it incredibly helpful.

So, I went back and double-checked everything. My overdraft limit is sitting at roughly 1.7 times my monthly salary, while the limit for installment purchases is only about 0.23 times what I make. It’s not like I’m some deadbeat—I maintain my account perfectly, I have maximum credit innovation, and I actually use a whole bunch of their different services. Honestly, the only explanation I can see for this is that they’ve capped me just because I don't actively use those specific features.

George Barrett35, I wasn't saying the service itself is useless—I was saying that with a limit this low, it’s practically useless.

:zbunj:
Everything about this feels off. Given how tight all those limits are, there really shouldn't be this much room for error.
Are you absolutely certain you haven't already run a payment like this somewhere else?

Bottom line is, you can ask to have your limit bumped back up to the allowed overdraft amount whenever you want. Unless you’re dealing with checks, which they say they deduct at $333/each. That update hits your account instantly. The whole point is to dodge all the headaches and mess that comes with paper checks. And let’s be honest, about 80% of people were just using checks to try and stay afloat with their lenders.