1)      What is a chase credit card?

Nowadays a lot of transactions are done using credit cards since credit cards offer the option of purchasing merchandise and then paying for it later. Credit cards are very popular. One such bank which offers the credit card facility is the Chase Bank.

The card can be used for shopping online, shopping at malls, and filling up petrol, purchasing air and rail tickets and paying utility bills like phone, water, and electricity.

 

Types of chase credit cards:

There are four types of credit cards called Chase Freedom, Chase Slate, Chase Sapphre and Chase Ink. The main difference in the cards is the benefits and offers, the percentage rates as some would be consumer cards and other would be business cards

1) Chase Freedom is a card which offers 5 percent cash back on purchases

2) Chase Slate is a credit card which is useful for saving on the money spent on interest.

3) Chase Sapphire is known to be a card which provides travel rewards. The points collected by using this card can be redeemed for travel tickets, shopping and cash back.

4) Chase Ink is a business card which provides cash back facilities to business organizations.

 

 How to apply for a chase credit card?

 

After choosing from the number of options available of   the type of card required an application needs to be filled .The application can be found online.

A person who has a history of bankruptcy or fraud cannot apply for a credit card online.

 

 

2) Calculation of credit card payment bills

 

The method used to calculate the payment for this credit card is called daily balance method .The balance at the end of each day is used.

Several steps are used to calculate the bill.

 

1) The daily balance of each day for every type of transaction is calculated

Daily balance =Balance from previous day +New purchases +Interest charged on neew purchases +new transactions –Payments –credits

 

2) After that the daily periodic rate is calculated by using the following method:

Daily period rate = annual periodic rate

365

 

3) After that the interest that needs to be paid for each transaction for every type.

The formula is: Interest charge for balance =Daily periodic rate *daily balance

In order to calculate the balance for the next day which is called the balance at the beginning is calculated by:

Balance at the beginning =Interest charge +daily balance.

 

4) The next step is estimating the interest charge for the whole billing period

Interest charge =∑ (IC_b1, IC_b2,…, ICb30)

The balance which is subject to the interest charged (BSIC) is calculated by:

Where Db is daily balance.

 

And N is the number of days in the billing cycle

5) The last step is calculating the total minimum payment is =

1 percent of new balance+ interest charged +late fees

If the payment is delayed for any reason then a penalty or a late fee is charged

Late payment fees:

 

If the card holder cannot make a payment of the minimum amount due before 5 pm Eastern Time on the due date then a late payment fee is charged.

All the types of credit cards are charged a late fee if applicable but if a person fails to make a payment on time in the next 6 months then the credit card holder is charged the maximum, late fee applicable to that type of credit card

There could be another type of fee charged called over the credit fee: If the card holder exceeds the credit limit then he is charged this fee.

 

Methods of payment:

Chase credit card payments can be made online on the chase website.

Payment can also be made over the phone by calling the number 1800-436 -7958.

Payment can also be made by mail or via western union money transfer.

 

Benefits of Chase Credit Cards:

No annual fees.

A zero percent annual rate for sometime.

No fees for foreign transactions.

 

 

3) Contact details:

The email address for enquiring about anything related to chase credit cards can be found on the chase credit card website.

For any queries regarding chase credit cards  for people Staying in USA  the  following number can be called :1800 432 3 117  and for people outside USA  it is 1-302-594-8200.

Any queries can be mailed to the following address;

Card Services
P.O. Box 15298
Wilmington, DE 19850.