Chase Sapphire Reserve

Students get an overdraft limit $333 and they usually let them slide up to 10%, which is basically $33. 😉

So, here’s the deal,

I just landed a temporary gig, and since I’m currently in the middle of fixing up my apartment, I was wondering if it's actually doable to buy stuff on credit...
For instance, I noticed Musicland lets you split payments into 2 to 12 installments using that specific card, so what I really want to know is whether Chase has to sign off on an installment plan before I can go nuts...
Or does a place like Musicland just not care at all, and they just let the monthly payment hit my account every month without checking with anyone first?

Thanks

Which Maui card are you using?
Is it credit or debit?

My standard debit card

You’ll need approval, but I’d bet it kicks in automatically once that first regular paycheck hits—just like how they handle the overdraft limit.

But from what I gather, Chase only really clears you for overdraft protection or setting up a payment plan if you’ve landed a permanent position indefinitely, though I guess there might be a few loopholes out there... just not sure which ones specifically...

I'll probably have to swing by the branch once that first paycheck actually hits my account

Nicholas King3 said:But from what I gather, Chase only really clears you for overdraft protection or setting up a payment plan if you’ve landed a permanent position indefinitely, though I guess there might be a few loopholes out there... just not sure which ones specifically...

I'll probably have to swing by the branch once that first paycheck actually hits my account

To qualify for an overdraft, you generally need at least a six-month contract. You should probably bring a copy with you; they’ll likely ask to see it when you get to the branch.

Hi there!

A few years back, I was using an American Express card and had some outstanding debt on it; I paid it off and blah blah blah. Fast forward to early 2013—I needed a checking account, and since I was a student, I picked up a student package, just without the Amex because I didn't need it. Like everyone else with this account, I have an approved $333 overdraft limit and the ability to pay in installments up to $333. Currently, I rely on this quite a bit because it helps me out; I buy everything I need for my apartment, and then once my paycheck hits, I pay it off. It’s always been that cycle. Three days ago, I went into Chase to deposit some cash because I was $200 overdrawn since my paycheck was delayed by a full month. I asked the teller if that would be an issue, and she said it wouldn't. I made the payment, checked my online banking, and it immediately showed I still had over $500 available in installments plus about $100 in the account. Then, I head to the store that evening and my card gets declined. I go back to Chase, and they tell me everything looks fine on their end and that I have funds available. I go back to the store, and—surprise—declined again. I return to Chase, and the woman tells me they’ve put me on a blacklist due to that old debt from 2008, and apparently, because I'm running late now, too. But neither she nor I can make sense of why my balance shows available funds when they won't actually let me use them... -.- Does anyone know why? I really don't want to keep trekking back to the store and bothering the poor clerks, but both the website and the people at the branch insist my credit is approved. Also, shouldn't there be some kind of warning or notice first? And if they aren't giving me an overdraft anymore, shouldn't it show $0.00 instead of 500? Help me out, I'm just waiting on this paycheck. :P

So, how much would the monthly payment be for what you're looking to pick up?

I’m actually pretty fond of how they handle those installment plans, but honestly, it would be a total game-changer if we could just withdraw cash up to our approved limit and then settle it through monthly payments later on. I actually sent a formal suggestion over to Chase about this because it just makes sense.

Can I set up a Maestro debit card on a payment plan if my paycheck isn't going into that specific account?

If you have an automatic recurring payment setup through your Chase debit card, then sure, it’s doable. But since your paycheck isn't hitting that specific account, you don't actually meet the requirements for that option.

Mark Hayes said:Can I set up a Maestro debit card on a payment plan if my paycheck isn't going into that specific account?

Your monthly statement tells you everything—if you're meeting the requirements and what your limit looks like. But look, if there's zero cash flowing into that account? Yeah, good luck with that.

Is there any way to convert my Chase Maestro credit line into cash via installments?

Sure, you could always pick up something someone else needs while they're sitting on cash but still opting for those monthly installments...

Richard Lewis16 said:Sure, you could always pick up something someone else needs while they're sitting on cash but still opting for those monthly installments...

Heh, I know that feeling all too well...

Greetings, everyone.
I’m looking for some insight regarding approved installment credit limits.
For instance, back at the start (say, the first 7 months), my approved limit was X dollars, but over the last couple of months, that amount has essentially been cut in half.
My payments always arrive on time, just as they always have, and the amount remains consistent.

What could possibly cause this, and how can I get my approved limit restored to its original level?
My personal banker at Chase Bank told me that these changes happen automatically, but frankly, that makes zero sense to me.

Take out a loan and you’ll just end up doubling your debt along with your mounting deficit 😬

Rachel Wells80 said:Greetings, everyone.
I’m looking for some insight regarding approved installment credit limits.
For instance, back at the start (say, the first 7 months), my approved limit was X dollars, but over the last couple of months, that amount has essentially been cut in half.
My payments always arrive on time, just as they always have, and the amount remains consistent.

What could possibly cause this, and how can I get my approved limit restored to its original level?
My personal banker at Chase Bank told me that these changes happen automatically, but frankly, that makes zero sense to me.

If you aren't using the full amount, the bank reshapes it based on your specific needs, your current financial standing, and your total debt load with them.
Try utilizing the full limit; once you do, it should increase again in the next billing cycle.

Alright, I’m not gonna write this all out again, but after my trip to the bank, I fired off this email to Bank of America (and it keeps bouncing back, so maybe their system is just glitching out):

"To whom it may concern,

I stopped by your branch located in Microsoft with a specific goal in mind—trying to "activate" my ability to pay in installments. Since I've had steady income for a full year now, I figured I should be eligible based on this:
With your Visa Goldman Sachs card, you can make one-time payments or opt for interest-free installments, with a one-month grace period before the first payment kicks in.
The benefits of using your Visa Goldman Sachs card for installment plans of up to 36 months are available at any POS terminal equipped with Bank of America hardware at over 20,000 retail locations across the US.*

The teller told me straight up that I have to bring in an official employment verification from my boss first, along with some paperwork she handed me. So, here's what I'm wondering:

1. Is that actually how it works?
2. If it is, I don't get it. Why isn't my official employment record from the government or the data from NOAA enough to prove where I work, how long I've been there, and my contract type? Why does my employer need to be involved just because I want to use an installment plan?

Anyone want to weigh in on this mess?