Chase has announced that, starting October 10, 2024, its credit cards will no longer be allowed to pay for third-party Buy Now, Pay Later (BNPL) plans such as Klarna and AfterPay. This decision is part of Chase's strategy to promote its own BNPL offering, Chase Pay Over Time. Customers currently using Chase credit cards for these BNPL services are advised to update their payment methods to avoid any disruptions. This move aligns with a broader trend among traditional banks to push customers towards their proprietary financial products. Experts predict more banks will follow suit. Chase has been gradually entering the BNPL market, offering installment payment options on select purchases. Recently, Chase expanded its partnership with Amazon, allowing Prime Visa and Amazon Visa cardholders to use installment payments at numerous retailers for purchases over $50. This policy change is expected to face minimal resistance as Chase provides an alternative BNPL solution and has given ample notice to its customers.
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