The "Twice a month" option splits your monthly payment in half and is debited on two different days you choose per month. This option may help you in budgeting your payments.
The "Every two weeks" option allows you to make payments every other week on a day that you pick. Depending on how the calendar falls and the day of the week you choose, about twice per year you'll be making three half payments in a month. These extra half payments will get applied to principal and reduce your balance more quickly than if you were to pay monthly or twice a month. This option helps you pay your loan down faster AND may help you with budgeting.
Overall - Your monthly payment is applied as of the payment due date, so no matter when you make your payment the timing of the payment won't change the amount of interest paid. This is because all of the month’s interest being paid was from the previous month. If you decide to include additional principal, it'll impact the amount of interest you pay over the life of the loan and will change the amount of interest paid in the next billing cycle.
Partial payments, including the flexible automatic payment options, are held and will show as "unapplied funds" in your account. These unapplied funds are then applied as a monthly payment when we receive the full amount needed to make your total monthly payment. The timing, during the billing month, of your monthly payment or making partial payments doesn't affect the amount of interest you pay because all of the month's interest being paid was from the previous month.
If you're on the "Every two weeks" payments you'll, on average, make 26 half payments in a year. Depending on how the calendar falls and the day of the week you choose, about twice per year you'll be making three half payments in a month. These extra half payments will get applied to principal and reduce your balance more quickly helping you pay off your loan quicker.
The "Twice a month" option splits your monthly payment in half and is debited on two different days you choose per month. This option can help you budget by splitting up your payments but won't pay your loan off faster unless you choose to made additional principal payments.
Yes, the “Twice a month” payments can be made on two selected days per month that are at least 10 days, but not more than 15 days apart. The “Every two weeks” option debits once every other week on the same day (i.e. every other Friday). Our payment calendar on chase.com will help you set up your automatic payments.
There are no fees to enroll in this program.
Yes, but not if it is paid ahead more than two months.
No, you need to be current on your payments to enroll.
Yes, you can add additional principal when setting up your flexible payments on chase.com. These additional payments would be per payment if you're setting up “Twice a month” or “Every two weeks” payments.
Enrollment in “Twice a month” and “Every two weeks” payment plans aren't available for the following products: Home equity loans and lines of credit, option ARM, interest-only, daily simple interest, construction, mortgage prime rate, piggyback, annual and quarterly mortgage loans. These products are still eligible for monthly automatic payments.