Editor's Note: This interview is the second of a three-part interview with Phil Christian, Senior Vice President of Chase Credit Card Services.
Part one of our three-part article on Chase Blueprint introduced the new program and its unique set of consumer-friendly elements. Part two delves into the details of Blueprint's Full Pay and Split Pay features.
Full Pay: Avoid Paying Interest on Everyday Purchases
The Full Pay feature of Chase Blueprint allows you to avoid paying interest on various pre-determined purchases. To get started, simply select one or more of the categories available on Full Pay (groceries, gas, dining, entertainment, etc.). Each month, your purchases in those categories will be tabulated and separated out on your Full Pay statement. And for each month you pay off a category balance in full, you pay absolutely no interest on those purchases.
In addition to dividing your Full Pay purchases from your other purchases, your statement shows exactly how many payments you've made in full, as well as how many you've missed since enrolling in the program. You can change your Full Pay options whenever you choose, either via the Web or by contacting a telephone customer service representative.
Split Pay: Customize Your Payoff of Large Purchases
The goal of the Split Pay feature is to target a certain purchase or source of debt. Start by entering the purchase amount of that item or debt, and then input either your desired monthly payment or a specific pay off term, e.g. six months. Once you've organized your payment plan, you avoid paying interest on your purchase or debt almost instantly by paying off your monthly balance in full.
As with Full Pay, Split Pay has no associated or hidden fees. Also like Full Pay, your Split payment amount is part of your total Blueprint payment. When you make a Blueprint payment, it is automatically applied to your Split payment and is reflected on a separated statement.
Chase believes these elements of the new Blueprint program will motivate consumers and lead to more positive spending practices.
About the Author
Mike Killian is founder of Learning Credit and Debt Management. Mike has been writing about credit and debt management issues that are of importance to consumers for over 8 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years.