September 21st, 2009
Chase Blueprint Review: Putting Payment Power In Consumers’ Hands
Chase Blueprint is betting that, by empowering consumers to manage their debt and plan their spending better, Chase can gain wallet-share plus customer loyalty in the cutthroat credit card marketplace. As the competition for good credit score cardholders and high volume transactors heats up, the card with the lowest fees, best rates and incredible service will win, but which issuer that will be the victor is yet to be determined. Chase pulled a play straight from American Express’ playbook by introducing a benefit that allows consumers to determine how they want to apply payments across their statement balance. If you are one of the millions of consumers struggling to juggle credit card bills, here’s your opportunity to take control of your finances on your own terms.
Chase Blueprint enables cardholders to avoid interest on everyday purchases, devise a plan to pay off large purchases or pay down the entire credit card balance, and all the while keeping a watchful eye on spending. Four key features can help you manage your finances each and every month:
- Full Pay: When you set up Full Pay on your Chase card, you can pick which types of purchases—maybe everyday expenses like groceries and gas—you want to pay in full each month so you avoid interest charges on what you normally buy.
- Split: Wondering about when you’ll be able to pay off a new couch? The Split feature lets you plan how to break up big purchases into smaller chunks so you can decide how much you want to pay and figure out how long until that couch will be paid in full. Blueprint does the math for you, showing your progress on each statement so you can adjust your payment plan accordingly.
- Finish it: You know it’s about time to pay off your outstanding balance you’ve lugged over from last year. Blueprint lets you choose the balance you want to pay down faster, and calculate how much to pay off each month and how long it will take so you can finally be free of that debt.
- Track it: With the math done for you automatically and every option you choose clearly separated on your statement, dealing with your finances and tracking your progress is going to be more effective than just promising yourself not to overspend next month. You can see where your money is going, set realistic goals for yourself, and see your spending at a glance to keep up with your short and long-term financial plans.
Blueprint is your personal financial planner, minus the high hourly fees and parent-like lectures on overspending. For added fun, Blueprint’s Financial Quiz will help you figure out which Blueprint feature is right for you. For “Confidant and In Control” types like me, Chase recommends the Split feature for more flexibility in paying off big ticket items.
Chase Blueprint gives consumers the tools to move in a more responsible direction of healthy spending and credit management, both of which are good for overall credit health. Chase is hoping these tools will help mitigate some credit card defaults, and also set consumers up for long-term success.
