Chase customers will soon be banned from using their credit cards to pay for third-part BNPL instalment plans.
The US bank informed credit cardholders on their latest statements:
“Effective October 10, 2024, you will not be able to use Chase credit cards to pay for third-party Buy Now Pay Later (“BNPL”) instalment plans. Payments to these instalment plans (e.g., Klarna, AfterPay, etc.) using your Chase credit card will be declined.
“If your Chase credit card is used for any of these recurring BNPL plans, please update the payment method with your BNPL provider to avoid any missed payments or late fees (if applicable).”
The bank offers its own BNPL feature, Chase Pay Over Time, which lets users break up credit card purchases into instalments.
