Chase Student Starter Pack

I’ve been reading through the threads here, and I find myself with a few lingering questions.

Regarding my current JPMorgan Chase Visa account:
- If I had previously carried a balance, but consistently paid it off to stay in the black (which I am currently), will they charge me interest at the start of the new year? Specifically, on what amount would that 8.98% interest rate be applied if my current balance is positive?
- Based on what I've gathered, does the JPMorgan Chase Visa distinguish between $333 which allow for an overdraft and $333 which permit installment purchases, or are we talking about the same $333?
- Following up on that second point—if the purposes differ, am I allowed to make installment purchases that result in an overdraft?

Regarding the American Express card:
- If I understood correctly, using the American Express for installment purchases (essentially going into a deficit) is interest-free?
- How do I actually settle the balance used on the American Express? Does the amount get charged to my JPMorgan Chase Visa, or will I receive a bill in the mail at my house?
- I know there is a $667 limit for purchases on the American Express, though I'm unclear if that is a monthly cap or a total lifetime limit?

And finally, one general question regarding installment plans via American Express:
- I am looking to buy a smartphone valued at $1000 over 12 installments, which would come to $92 per month. Is it possible to complete this transaction with the American Express even if the limit is $667? I ask because I’ve used my JPMorgan Chase Visa for installments before, and I currently have about $167 in remaining installment credit available (assuming I've grasped how these installment plans work).

Thanks in advance for the help. 😁

Regarding your JPMorgan Chase Visa account:
- That 8.98% annual rate is what they charge you for being overdrawn. If you actually have money sitting there, the interest on your positive balance is just 0.10% annually. It’s calculated daily based on your balance. You won't see the interest amount right now, but it gets tacked on or credited to your account at the end of each month.
- Any checking account with an approved overdraft also lets you buy things in installments. Basically, you can be overdrawn up to $333, plus you can use installment plans for purchases up to $333.
- Since the first installment doesn't hit until next month, you can technically use those plans even if you're already in the red.

About the American Express card:
- Exactly. Your American Express is strictly electronic. There aren't any consumer loans involved—it's just interest-free purchases billed monthly.
- When you opened the American Express, you also set up an automatic payment so any balance due gets pulled from your checking account on the due date.
- The $667 limit is your total ceiling for the American Express. Once you hit that, you're done; you can't spend more, whether it's one-time or installments.

One last thing:
The $1000 transaction won't go through because you've hit your spending limit. You could try splitting the cost—maybe run $667 on the American Express over 12 installments and use your overdraft or pay with your Visa in installments for $333.

Hey there!
Got a quick question—if anyone out there actually knows the deal, please hit me up 😁
So, here’s the situation: I’m a full-time student, currently rocking a student banking package over at JPMorgan Chase... you know, the whole setup with the $333 overdraft limit and all that. My current agreement is set to expire on March 31, 2013.
By then, I'll still be enrolled in school, so logically, I should be able to just extend the contract, right? But here’s the kicker—I’m going to hit my 27th birthday before that date rolls around. Does hitting that age limit mess anything up when it comes to renewing or even qualifying for a student package?
Also, do I need to have my balance sitting at zero by March 31st? Like, am I strictly forbidden from being in the red?
The reason I'm asking is because I'm actually in the negative right now. I’m wondering if I need to scramble and pull some crazy scheme together to cover this tiny bit of debt before the deadline, or if I can just breeze through the renewal and keep things rolling as usual.
If anyone knows the answer... please help a guy out 😁

I wouldn't say your plan is actually expiring, it's more like you're just hitting the grace period, but they'll extend it anyway so don't sweat it. 🙂

I'm 33, been working for about four and a half years now, and I’ve consistently kept an overdraft on my student checking account with $333. Nobody ever asks questions, and honestly, I don't say anything either. 😉

PS: You don't even have to borrow money. The overdraft resets every six months, and you don't even have to pay it back by the deadline. It just rolls over automatically (unless you've gone totally bust).

Alright, thanks for the heads up. I actually called Bank of America to double-check everything before I posted, but after seeing your reply, yeah... you hit the nail on the head. It's exactly like you said. 😁

Hey there!
I’ve got a question.
So, I applied for an overdraft limit and they actually approved it. Right now, they’ve just updated my status—basically, as soon as that first deposit hits, the negative balance kicks in immediately.
But here’s the thing... my employer sent over some travel reimbursement $333 (they label it as "salary" on their end, even though it hasn't shown up on the transaction history they've received for the last two years), and they already triggered my overdraft $567.
Is this going to fix itself once my actual paycheck hits in January, or am I stuck with this?
Thanks for any help.

This isn't really the right subforum for this, but I'll give you an answer anyway:
Your overdraft limit is automatically set based on that first deposit from your reimbursement check. You can see the expiration date right there on your account details. Nothing is going to change until that date hits, so you might as well head down to a Bank of America branch and explain the situation. Only a branch manager has the authority to actually bump up that limit.

rapidskipper12 said:This isn't really the right subforum for this, but I'll give you an answer anyway:
Your overdraft limit is automatically set based on that first deposit from your reimbursement check. You can see the expiration date right there on your account details. Nothing is going to change until that date hits, so you might as well head down to a Bank of America branch and explain the situation. Only a branch manager has the authority to actually bump up that limit.

Thanks a ton 🙂

This might sound like a rookie question, but I genuinely don't quite grasp the process: if I were to open a student account at Bank of America today, would I be able to make a purchase immediately, or am I stuck waiting for the actual card to arrive in the mail? In other words, does the bank issue some kind of temporary card that can be used on day one? Thanks in advance.

Austin Collins3 said:This might sound like a rookie question, but I genuinely don't quite grasp the process: if I were to open a student account at Bank of America today, would I be able to make a purchase immediately, or am I stuck waiting for the actual card to arrive in the mail? In other words, does the bank issue some kind of temporary card that can be used on day one? Thanks in advance.

nah, definitely no such thing as a "temporary" card here
you just gotta wait about two weeks for it to hit your mailbox and that's basically it...

So, I headed down to Bank of America today to set up that student package because I really need $333 that overdraft protection they offer.

Now, here’s the thing,
once everything was officially open, I realized I’m completely lost.

They told me I’d be getting three different cards. Why on earth do I need three, and what is each one even for?

They opened a checking account, a savings account, and set up an automatic transfer from the checking to the savings. The teller mentioned the savings is for the money I'll be making from my part-time student job. It doesn't go straight into the checking, so that's why the savings exists, right?

Then, I get this authorization text sent to my phone. Authorization for what exactly? Am I supposed to download some app and enter a code just so I can pick my own four-digit PIN? I can't even download the app because my mobile data is acting up... I can't connect, I have no idea why. My phone is just garbage. Isn't there any other way to do this? Why does everything have to be so incredibly complicated?

hollowseal74 said:So, I headed down to Bank of America today to set up that student package because I really need $333 that overdraft protection they offer.

Now, here’s the thing,
once everything was officially open, I realized I’m completely lost.

They told me I’d be getting three different cards. Why on earth do I need three, and what is each one even for?

They opened a checking account, a savings account, and set up an automatic transfer from the checking to the savings. The teller mentioned the savings is for the money I'll be making from my part-time student job. It doesn't go straight into the checking, so that's why the savings exists, right?

Then, I get this authorization text sent to my phone. Authorization for what exactly? Am I supposed to download some app and enter a code just so I can pick my own four-digit PIN? I can't even download the app because my mobile data is acting up... I can't connect, I have no idea why. My phone is just garbage. Isn't there any other way to do this? Why does everything have to be so incredibly complicated?

Do you even know which apps you signed up for? Like, online banking, mobile...🤷

As for the cards, if there are three, one's for savings, one's for checking, and the last is probably a student American Express card...
Just check the paperwork from Bank of America, it'll tell you exactly what you signed up for.

Alright, here’s the deal... I'm a full-time student, and about a year ago, I set up a student account over at Bank of America. They gave me an overdraft limit of $333 and told me the account was good until March 31, 2013. Now, I’m turning 27 on February 26th, and when I called them earlier, they were totally chill—told me it was no biggie, nothing changes just because I'm hitting 27 since I'm still a student, and I don't have to pay back the overdraft yet.
But then, out of nowhere in January, I get this email saying I have to settle the whole negative balance by February 28, 2013. So, I'm wondering if anyone else has dealt with this kind of nonsense? As things stand, I can scrape together maybe $700 to cover part of it, but definitely not the full $1,000. What happens next? Has anyone actually been through this? Is there any way to get an extension on paying it back before that March 31st deadline when my account is supposed to be valid until?
Please, man, help me out here so I know what I'm walking into. I need to know what my options are and what the fallout might be before I head down to the bank to see what they have to say to my face. 😁

Your account isn't valid until March 31st; what matters is whether they approved your overdraft limit. Your checking account—and any others you have—doesn't just expire.
Bottom line, you’re good until March 31st. Plus, if you're still a student, there's no reason they wouldn't extend your overdraft. You'll be able to check your online banking in March to see if they bumped your limit for another six months. 😉

Even if they don't extend it and you end up owing them that $100 week or two, it's really no big deal. They'll just charge you a tiny bit of interest, and that's it. 🙂

So this is how they sent it to me---

N o t i c e r e g a r d i n g t h e e x p i r a t i o n o f y o u r S&P 500 p a c k a g e
To whom it may concern,
We are reaching out to let you know that your S&P 500 package, which was granted based on
your account number: xxxxxxxxx, is set to expire on February 28, 2013.
Once the S&P 500 package expires on your accounts and services, Bank of America will begin charging standard interest rates and fees—though we'll apply any discounts applicable to our regular clients.
If you happen to be using an authorized overdraft, please make sure to settle that balance by the date your overdraft limit expires.
For anything else, just head down to your local Bank of America branch.
Sincerely, Bank of America

Yeah, that’s how they sent me the notice...

Honestly, I think you just picked the wrong branch and made a mistake by calling them in the first place. Some of us here have been using that student package since we were way past 27. 😉

Help me out here.
Does anyone know what the deal is with overdraft tolerance on a student checking account? My Maestro card just pulled $67 and now I’m officially in the red because my deposit is running late.
I remember last year they were pretty chill about letting you slide up to 30% over your limit. Usually, I’m super on top of my finances—I rarely hit an overdraft, and if I do, I fix it immediately.
But what am I looking at right now?
Are they still being lenient with that 30% buffer?

10% is just the margin of error, which means $367.

Andrew Castillo64 said:So this is how they sent it to me---

N o t i c e r e g a r d i n g t h e e x p i r a t i o n o f y o u r S&P 500 p a c k a g e
To whom it may concern,
We are reaching out to let you know that your S&P 500 package, which was granted based on
your account number: xxxxxxxxx, is set to expire on February 28, 2013.
Once the S&P 500 package expires on your accounts and services, Bank of America will begin charging standard interest rates and fees—though we'll apply any discounts applicable to our regular clients.
If you happen to be using an authorized overdraft, please make sure to settle that balance by the date your overdraft limit expires.
For anything else, just head down to your local Bank of America branch.
Sincerely, Bank of America

Yeah, that’s how they sent me the notice...

I got the exact same thing. I have no idea why, since I'm still a student, even though I turn 27 in April. I'm a full-time student, so what are they expecting me to pay back by April 30th? $333 It's like asking for money from thin air. Plus, my student housing subsidy goes into that account, so nothing makes sense. If anyone has an idea or is dealing with the same thing, let me know...🙂