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Chase Blueprint Gives Cardholders New Tool to Fight DebtIf successful, Blueprint could put a dent in a trend that has American consumers choosing debit cards over credit cards for everyday purchases. Cardholders struggling to pay off their balances are increasingly putting their credit cards away so they won’t dig the hole any deeper. With Blueprint, they may not have to. Under the new program, which was automatically added to roughly 20 million existing Chase accounts, cardholders have the option of choosing which types of purchases they want to pay off in full to avoid interest charges, and which ones they want to pay off over time. If they pay off non-revolving purchases by the due date, they will avoid interest on those purchases. When they choose to revolve purchases, however, cardholders can use an online tool or speak with a Chase representative to determine what it would take to pay off the debt in their chosen time frame. For example, if a cardholder wants to pay off a major purchase in six months, the calculator will tell them how much they will have to pay each month to reach that goal. Monthly statements will track their progress. Cardholders will also have the option of paying their balance in full each month or making minimum payments. Blueprint is in some ways reminiscent of American Express’ Optima True Grace card that debuted in 1994, and offered a grace period on all new purchases. That program met with limited success. The time may be right for this set of features, however, as an increasing number of consumers find themselves with fewer credit options and an aversion to debt. Credit card purchases are covered by stronger fraud protection regulations than debit cards, which may also make this program more attractive to cardholders looking for more flexibility. Now if consumers could just choose a lower interest rate on their Chase cards...
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