JPMorgan Chase, the nation’s largest credit card issuer, will bar customers from using its credit cards to repay increasingly popular “buy now, pay later” installment loans. Chase said in an emailed statement that buy now, pay later installment loans “are a form of credit” and that the bank did “not generally allow customers to pay for credit products” with their Chase credit cards. Chase has been alerting customers about the change, which takes effect on Oct. 10, and telling them to link a new form of payment to the pay later accounts to avoid missed payments and possible late fees. Chase is not the first credit card issuer to make the move. Capital One, the fourth-largest card issuer, barred use of its credit cards for pay later loans in late 2020.

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Persons: Chase, ”, Sarah Strauss, “ Organizations: JPMorgan Chase, PayPal, Capital