Chase Student Starter Pack

If you’re carrying a Visa Electron, then yeah, obviously. Just go ask at the register.

It looks like she’s got it all figured out. She'll probably pull it off, wouldn't you agree? Thanks for getting back to me 🙂

Please forgive me for sending two posts back-to-back.

I also wanted to ask, would I still be eligible for installment payments if I am currently receiving a scholarship?

If you go ahead and open an Index Plus student account over at JPMorgan Chase, you'll actually have access to an American credit card that lets you $667 pay things off in installments.

$7,000 is quite a steep price, isn't it?
Do you think they might approve the request if I show them my scholarship details?

You can easily grab that student Amex $667 and set up installment payments without any extra headaches—you don't even need a steady paycheck or a co-signer from your parents, as long as you maintain your status as a full-time student.

As for larger purchases, I’ve heard there’s a Diner Club card out there that lets you pay off bigger amounts in installments, though I suspect your parents would need to be the ones signing off on that one.

I’m a little confused about that student Amex card, though... the fine print says you can usually split purchases into up to 10 interest-free installments, but is there an option to stretch those payments out even longer if we're willing to pay interest? And if so, does anyone know what kind of APR we'd be looking at?

I think that really depends on the retailer more than the card itself. You can split it into as many installments as the store offers. And if they advertise zero percent interest for up to a certain number of months, you aren't paying any extra.
By the way, what on earth are you looking at buying that costs up to $667, where you can't even swing more than $67 a month to pay it off?
Look, I’m not trying to be nosy, but... it’s incredibly easy to get burned when you start playing games with credit cards. 🙂

Hey there! 🙂
Quick question: if I'm trying to open a JPMorgan Chase student account, can I just show them my student ID, or am I going to need an official enrollment verification from my college?

The fine print says something like, "Submit proof of full-time enrollment for your first or subsequent year OR present a student ID that clearly shows your full name, a university stamp confirming you're a full-time student, and a stamp verifying your current year/semester of study. If this info isn't obvious on the ID copy, you absolutely have to provide a separate enrollment certificate."

Thanks in advance 🙂

Verification comes first. We might eventually get access to the index, but honestly, getting that verification sorted is the real priority here.

Just trying to make sure I actually get how this whole setup works with the Student of the University of Michigan card and that entire JPMorgan Chase student package. So, if I open this, I’m looking at getting $333 overdraft protection on my checking account and $667 on that American card, right? And I get the online banking and all that junk too... they charge me $1.75 for all of it? Also, I need to pick up some stuff soon that'll probably run me about $333 total (I could buy things one by one, but that’d take forever). Like, say I go into a store that offers up to 12 monthly installments on an American card, I buy what I need, and they just split that $333 into 12 payments, which would be roughly $28 a month. Does that mean I really only need to have $33 sitting in my checking account each month? And that's basically it? No interest or any other bullshit?

Gregory Ruiz2 said:Just trying to make sure I actually get how this whole setup works with the Student of the University of Michigan card and that entire JPMorgan Chase student package. So, if I open this, I’m looking at getting $333 overdraft protection on my checking account and $667 on that American card, right? And I get the online banking and all that junk too... they charge me $1.75 for all of it? Also, I need to pick up some stuff soon that'll probably run me about $333 total (I could buy things one by one, but that’d take forever). Like, say I go into a store that offers up to 12 monthly installments on an American card, I buy what I need, and they just split that $333 into 12 payments, which would be roughly $28 a month. Does that mean I really only need to have $33 sitting in my checking account each month? And that's basically it? No interest or any other bullshit?

That is exactly it.

Does anyone know what the fee would be for a transfer of $3333 if I'm just using online banking from my checking account?

2kn

Awesome, thanks!

Hi there,

I was wondering if it's possible to go into a negative balance with an American Express card. For instance, if I buy something for $500, but my checking account doesn't actually have enough funds to cover it at that moment?
Does American Express allow you to run a deficit like that, where they essentially cover the cost and then just deduct the payments from my account on a monthly basis?

From what I gather, you really need to have enough liquidity sitting in your checking account whenever you run a charge on your American Express. Basically, you’re looking at $333 being in the red plus $167 available in your balance (assuming you're picking up something in the neighborhood of $500). Then, once a month rolls around, they just pull the installment payment directly from your checking account.

Gerald Hill7 said:From what I gather, you really need to have enough liquidity sitting in your checking account whenever you run a charge on your American Express. Basically, you’re looking at $333 being in the red plus $167 available in your balance (assuming you're picking up something in the neighborhood of $500). Then, once a month rolls around, they just pull the installment payment directly from your checking account.

No, you aren't. 😁

Terry Perez8 said:Hi there,

I was wondering if it's possible to go into a negative balance with an American Express card. For instance, if I buy something for $500, but my checking account doesn't actually have enough funds to cover it at that moment?
Does American Express allow you to run a deficit like that, where they essentially cover the cost and then just deduct the payments from my account on a monthly basis?

You don't "go into the red" with an American Express because it isn't a debit card; it's a credit card with a set spending limit $667. If you buy something for $500, you should ask for a payment plan right at the register. That way, American Express just pulls that monthly installment from your checking account. You'll get a monthly statement in the mail telling you exactly how much needs to be in your account and by which date.

In other words, you don't need to have a single cent in your checking account when you make the purchase, but you better damn well have the money ready when the American Express bill comes due.

For more info on student options, check here

Oh, thanks for the heads-up on that! I know folks have been discussing this on the forum for ages—basically arguing that you really need to have some liquid cash sitting in your checking account first. It sounded perfectly logical to me that they wouldn't just hand out $667 to unemployed students just for looking pretty. But if that's not the case, then 😁
is actually great news.