Chase customers will soon be prohibited from using their credit cards to pay for third-party Buy Now Pay Later (BNPL) instalment plans.
The US bank has notified credit cardholders in their latest statements:
“Effective October 10, 2024, you will not be able to use Chase credit cards to pay for third-party 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).”
Chase also offers its own BNPL feature, Chase Pay Over Time, allowing users to split credit card purchases into instalments.