Chase Mastercard Standard card

Who on earth is running things at JPMorgan Chase? Are they actually insane?!!!!!!!!!!!

Has anyone else dealt with this nonsense from JPMorgan Chase:

I have a scheduled payment due for my Visa card installment—specifically, 5% of the total charges, due on the 10th of the month. According to their own rules, I need to make sure that payment is cleared between the 1st and the 10th. If I pay early, it just counts toward my principal balance, which is fine.
If I pay late, obviously, I get hit with interest and penalties.

So, I get a notice today claiming I missed this month's installment. I check my online banking, and sure enough, I made the payment on the 2nd—well within the required window.
But apparently, JPMorgan Chase’s incredibly stupid processing software hadn't received the transaction data from Visa by that specific date, so the system just dumped my payment straight toward the principal instead of the installment. Once Visa finally sent over the charge details, the system looked back and decided, "Oh, looks like he didn't pay his installment." ARE THEY KIDDING ME? Who even designs these systems? TOTAL MORONS!!!!!!!

It wouldn't be such a big deal if this were a one-time thing, but the exact same thing happened last year. I paid on the 5th of the month and got hit with the same warning, plus fees for the notice, interest, and all that junk... I went down to the branch, they promised to fix it, but nothing happened... not even a simple apology...

TODAY I ACTUALLY LOST IT and yelled at some poor woman at the branch office; I’m genuinely curious to see what kind of fallout I'll face for that....

Has this happened to anyone else??? Is there a single competent bank left in America, or are they all just complete idiots????????

Look, the idiots at JPMorgan Chase are driving me crazy, but I actually agree with you...
My old man sent some money over from Germany to my wife, but once the cash hits the account, it just vanishes. It’s gone. And get this—I checked the records from over there, and the funds landed ages ago. Someone already processed a $200 withdrawal.
So, my wife heads down to the branch to confront the manager about where the money went. She showed them proof from the sending bank, demanding to speak with the supervisor. The teller kept making excuses and acting all shifty. Basically, they blocked access to the funds, and on top of that, someone else had already pulled money out! My wife told them straight up: she wants every single cent out of that account right now. That's it. Next time she walks in, she's emptying the balance and closing the account for good!
Unbelievable!!
They are THIEVES, plain and simple!
Jerry Wright6

Look, as far as I know, the deadline to pay the installment is between the 5th and the 10th of the month. Anything paid before the 5th just goes toward reducing the previous principal balance.

John Thomas2 said:Excuse me, but as far as I’m aware, the window to pay the installment is between the 5th and the 10th of the month. Anything paid before the 5th just gets applied toward the previous principal balance.

Actually, that isn't correct. According to my specific contract and the monthly statements I receive from the bank, the payment window is anytime from the 1st through the 10th of the month.

casualfox9 said:Nah. My contract and all my statements clearly say it's between the 1st and the 10th of the month.

Well, if that's what you think, I don't know...😲

So, I just picked up a Mastercard charge from Bank of America.
How do they actually decide on my spending limit, and what’s the absolute ceiling for this specific card?

Is there any way to ask for an increase?

I travel abroad pretty a lot, so honestly, the higher the better.

Thanks!

You really ought to sit down and comb through the fine print of the agreement you signed—specifically that section regarding lost cards—because you’ll be praying that whatever fee they charge isn't too steep. See, if someone manages to swipe yours, you're essentially on the hook for every single cent spent until the very moment you report the theft.

Once you realize that, you might find yourself wanting to pick up a card with much more consumer-friendly terms, maybe something from Diners Club or American Express.

With Chase, they usually have this rigid three-month window where you aren't allowed to tweak any of those default settings they handed you. You can check your current credit limit through their online banking portal or just swing by a local branch. If you decide to ask for a limit increase, they’ll probably try to talk you out of it... but honestly, just check what you've got first and think long and hard about whether you actually need more room, especially when you consider that first point I made about the liability...

The limit is tied directly to your salary... I think it's roughly double 🤔 .... but honestly, if you run into trouble (at least that’s been my experience), just give them a call. I actually ended up sending over a fax once, and they bumped up my limit for a few days just so I wouldn't be stuck paying for my hotel room out of pocket 😬

Kimberly Nguyen said:The limit is tied directly to your salary... I think it's roughly double 🤔 .... but honestly, if you run into trouble (at least that’s been my experience), just give them a call. I actually ended up sending over a fax once, and they bumped up my limit for a few days just so I wouldn't be stuck paying for my hotel room out of pocket 😬

I sent an email to my personal banker over at Atlantic the other night, and by the next morning, I had a reply saying my limit was increased and my card was unblocked. Chase really did surprise me.

Hey,

I have a credit limit on the card mentioned in the title (both my agreed limit and what's currently available since I haven't spent a dime yet) $667. Here’s the deal: can I buy something worth 40 $0.00 right now and just pay it off over two years using a card installment plan? I’m in a bit of a rush—the bank already closed for the day so I couldn't make it in, but I'll head there Monday. I just need a rough idea if anyone knows how this works! Is having that limit enough, or is there some other hurdle I have to jump through first?

For example, if I look at a personal loan via a Chase Visa Mastercard for 40 $0.00, the monthly payment would be roughly $627. However, a lady at the branch (not 100% certain) told me that even with that limit, you still have to meet certain creditworthiness standards. She wasn't quite sure how they calculate credit scores for this specific type of loan, so I'm wondering: if I try to pull this off, does the bank look at more than just my available limit, and is this even a real option?

Thanks a ton for any info... I hope I covered all the important details so someone can actually help me out!

A standard Mastercard is really just designed to defer your payments.

Usually, when you look at your credit limit through JPMorgan Chase, it’s calculated at about three times your monthly salary, so I honestly don't get how you ended up with such a tiny limit on that Mastercard.

If you actually want to pay things off in installments, you should be looking at a Gold card or maybe a dedicated revolving Mastercard instead.

Sure, you can technically apply for a loan using a standard Mastercard, but let me tell you—it is incredibly, painfully expensive.

If you're looking to snag a personal loan over a two-year term—meaning they actually deposit the cash directly into your account—you’ll likely need an average net monthly income of about $1433.

However, if your plan is just to buy some gear on an installment plan, all they really care about is whether your credit card has enough available headroom to cover those monthly payments.

My credit limit is actually pretty low compared to my paycheck, and I don't usually bother using it anyway. I thought about putting some stuff on it this time, but honestly, I don't think I even will...

Thanks for the input!

Steven Reed said:If you're looking to snag a personal loan over a two-year term—meaning they actually deposit the cash directly into your account—you’ll likely need an average net monthly income of about $1433.

However, if your plan is just to buy some gear on an installment plan, all they really care about is whether your credit card has enough available headroom to cover those monthly payments.

😕
I can't even remember how long it's been since this whole thing... hell, I don't even know 😁

Regarding that specific loan amount Mark Sullivan6 was asking about 😍

I’m clearly being misunderstood 😢 😁

Honestly, last night was way too short... I barely even got any sleep 😁

I finally get it, I really get it now

Honestly, you might as well just call Chase instead—you could probably dictate your card number to your cat and have them tell you exactly what you can afford! I’ve got a few installment plans running on my Mastercard, and I wouldn't say I've been hit hard by them; in fact, I often get up to six months with zero interest, which feels like a pretty solid win in my book. Just give them a call—they'll walk you through everything much more clearly than some teller at a Bank of America branch would.

Is it actually possible to get an additional Mastercard, similar to how you might set up something like a Diners Club account? I currently have a student account over at Chase, while my dad holds the primary Mastercard... I think he also has that new one now. I was wondering if he could just add an extra card under his account or if that isn't really an option.

You can just head into any local branch—both you and your dad will need to sign the authorization paperwork—and that’s really all there is to it.
The PIN will be mailed directly to your house if you opt for the digital version, and if you choose the physical card, that'll show up at your doorstep too; however, if you decide on a standard EMV card, you'll have to pick that one up at the main branch.

thanks for getting back to me! so, does this card give me the exact same perks as someone holding a standard card? like, am I looking at the same options for credit lines and cash advances?