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What should you know about Chase’s New Policy on Cash-Like Transactions’ Advertiser disclosure our number one priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site doesn’t feature every company or financial product available in the marketplace We’re pleased that the guidance we offer as well as the advice we provide and the tools we create are independent, objective simple, and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our site) However, it in no way affects our recommendations or advice that are based on many hours of research. Our partners cannot pay us to guarantee favorable review of their services or products. . What you need to know about Chase’s New Policy on ‘Cash-Like Transactions’ Such transactions can trigger fees and disqualify the purchase from earning rewards. Written by Gregory Karp Senior Writer | Credit cards, personal finance, credit scores Gregory Karp is a former NerdWallet writer and an expert on personal finance and credit cards. As a journalist for over 30 years, he’s been a reporter for newspapers and an editor. He also wrote two books on personal finance, and also created his own “Spending Smart” syndicated newspaper column. His awards include national recognition several times from the Society for Advancing Business Editing and Writing. April 15, 2022 Edited By Kenley Young Assigning Editor Credit cards, credit scores Kenley Young is the director of daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in both digital and print media, with stints as an editor at the copy desk as well as a wire editor as well as an editor of the metro of McClatchy. McClatchy Newspaper chain. Email:
. A majority or all of the items featured here come from our partners who pay us. This influences which products we feature and where and how the product appears on a page. However, this doesn’t affect our assessments. Our opinions are our own. Here’s a list and . Chase is using a new and expanded term that includes “cash-like transaction,” which for Chase credit card users refers to transactions that result in the penalty of taking a . Cash advance rules can vary according to the card you use, but they often include expensive fees and interest. They also exclude the purchase from earning rewards such as cash back, points or miles. A common example of cash-like transactions, sometimes called “cash equivalents,” would be using credit cards to cash out cash from an ATM. In a way, Chase is just making explicit its current definition. Changes take effect on various times, usually from early to mid-April 2021. >> MORE: What’s changing Chase in recent years has rejected some types of transactions, such as funding an account for and from an exchange. That remained true as Chase implemented its new definition of cash-like transactions. However, should Chase eventually allows those transactions, they are now clearly identified as cash-like transactions and could be considered cash advances. In its notification for card owners, Chase said cash-like transactions include, but are not limited to, 4 categories of transactions: Currency exchange as well as other types of payment such as travelers checks, foreign currency, money orders, bitcoin, wire transfer, similar virtual or digital currencies and similar transactions. gambling: Lottery tickets, casino betting chips, racetrack bets and similar online and offline betting transactions. P2P payments: Person-to-person money transfer and account-funding transactions that transfer currency. Third-party bill-pay: This includes payments made through bill-pay that are not directly with the merchant or their service provider. Certain of these items such as ticket sales, for example were already classified as cash-like transactions under the previous agreements with cardholders from Chase. The new definition broadens and clarifies the definition of what Chase means by cash-like transactions, the company said. There is no explicit mention of well-known payment platforms like , Google Pay, Venmo, PayPal Key and . A Chase spokesperson said that all of those “could” be classified as a cash-like transaction. The purchase of products or services made by a company that uses a third-party payment system are not considered cash-like transactions, and don’t incur charges that go with them, she added. So, for example that you use a Chase card to fund the purchase in-person through Apple Pay or an online purchase through PayPal when you pay for your purchase will not be a cash-like transaction. made with a Chase credit card is treated as purchases , and therefore would not be considered cash-like transactions, she stated. And Plastiq says it automatically declines transactions when the issuer views the transaction as a cash advance. What is the difference between cash and cash advance? Generally, a cash-like transaction could include the following disadvantages such as a cash advance fee . This is a one-time fee payable when you receive your advance, typically 3 to 5% of the amount. A higher interest rate. Many cards have a higher annual percentage rate on cash advances than regular purchases. No grace period. If you pay off your balance in full monthly, you’ll usually have a of at least 21 , days in which to pay off purchases before you’re charged for interest. Cash advances, though, start to accrue interest from Day One. Credit limits are lower. Certain credit cards come with an additional cash advance credit limit, that is less than the total credit limit. Credit card rewards are not available. Your spending on a cash equivalent may not qualify to earn rewards, like cash back, travel points or miles. Also, it will not be counted towards your spending requirements to earn a sign-up bonus. >> >> MORE How to handle it when you’re concerned about being socked by cash advance charges You can contact the number located on the back of your card and request that Chase . In this way, if the purchase turns out to be a cash-like purchase and is rejected, it’s going to be denied when it exceeds the limit instead of being assessed fees. If you don’t like Chase’s changes to the terms used to define cash-like transactions, you may reject them until the day before they go into effect. Then, Chase will cancel your account. What Chase offers as alternatives Cash advances are an expensive option to obtain cash. However, Chase offers another way to get access to the credit card’s line credit, aside from making purchases if that’s your goal. My Chase Loan is like an actual bank loan. Once you’ve been approved, you’ll get a payment directly into your bank account. You are given a specific period of time to pay the loan and will be being charged a variable interest rate that is based upon the Chase card you use to pay for the loan. More information about Greg Karp, the writer: Greg Karp is a former NerdWallet writer and an expert in personal finances and credit cards. He was previously employed by The Chicago Tribune and wrote two books about money. In a similar vein… Choose the right credit card for you. If you’re looking to pay lower interest or earn higher reward points, the right card is out there. Simply answer a few concerns and we’ll refine the results for you. 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