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International Business Times UK
International Business Times UK
Business
Vinay Patel

Chase Credit Card To Ban 'Buy Now, Pay Later' Schemes Starting Oct. 10 - Here's Why

Chase BNPL United States JPMorgan Chase Alex Beene Capital One The New York Times Apple
JPMorgan Chase and other major banks are cracking down on buy now, pay later (BNPL) services by restricting credit card use for these loans. (Credit: Pexels)

JPMorgan Chase will restrict customers from using its credit cards to fund controversial "buy now, pay later" loans. Starting October 10, the US-based Investment banking company will decline credit card payments for instalment plans offered by companies like Klarna, Affirm, and AfterPay.

Chase has been notifying customers about the impending change and advising them to switch to a new payment method to prevent missed payments or late fees. In its announcement, the bank described buy now, pay later (BNPL) loans as "a form of credit."

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