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What to Know About Chase's New Policy on 'Cash-Like Transactions' Advertiser disclosure our first priority. Every time. We believe that everyone should be able to make financial decisions without hesitation. Although our site doesn't include every business or financial product on the market however, we're confident that the guidance we offer, the information we provide and the tools we create are impartial, independent simple, and free. So how do we earn money? Our partners pay us. This could influence the types of products we review and write about (and where those products appear on the site) However, it doesn't affect our recommendations or advice, which are grounded in many hours of study. Our partners are not able to promise us favorable review of their services or products. . What you need to know about Chase's New Policy regarding 'Cash-Like Transactions' Such transactions could result in fees and disqualify the purchase from earning rewards. By Gregory Karp Senior Writer | Personal finance, credit cards, credit scores Gregory Karp is a former NerdWallet writer and an expert in personal financial and credit card. Journalist for more than 30 years, he has been a newspaper reporter as well as an editor. He also wrote two books on personal finance, and also created his own "Spending Smart" syndicated newspaper column. His honors include national recognition numerous times by the Society for Advancing Business Editing and Writing. Apr 15, 2022 Edited By Kenley Young Assigning Editor Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Before that, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has years of experience in digital and print media, including stints as a copy desk chief, a wire editor and a metro editor at McClatchy. McClatchy newspapers chain. Email:
. A majority or all of the products featured here are from our partners who pay us. This impacts the types of products we review and the location and manner in which the product appears on a page. However, this doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and . Chase has adopted a new and expanded term that includes "cash-like purchases," which for Chase credit card users refers to purchases that trigger the penalties of taking the risk of taking . Cash advance rules may differ according to the card you use however, they typically have high fees and interest while also disqualifying the purchase from earning rewards for example, cash back points or miles. One common instance of transactions that are similar to cash, also called "cash equivalents," is using the credit card to withdraw out cash from an ATM. In a way, Chase is just making explicit its current definition. Changes take effect on various dates, mostly in early- to mid-April 2021. >> > MORE: What's happening? Chase in recent years ? Chase has been unable to accept certain types of transactions, such as opening an account for or through an exchange. The same was true when Chase introduced its new definition of transactions that are similar to cash. However, if Chase eventually allows those transactions, they're specifically identified as cash-like transaction and are considered to be cash advances. In its notice to cardholders, Chase stated that cash-like transaction comprise, but aren't limited to, the following categories: Exchange of currency as well as other forms of payment Checks for travelers and foreign currencies, cash orders digital currency, and wire transfers. similar virtual or digital money and other similar transactions. Gaming: Lottery tickets, casino betting chips, racetrack bets and similar online and offline gambling transactions. P2P payments: Person-to-person money transfers and account-funding transactions which transfer currency. Third-party bill-pay servicesinclude payments made through bill-pay that are not directly with the merchant or the service providers they use. Certain of these items such as lotto tickets were already considered cash-like transactions in the previous agreements with cardholders from Chase. The new definition expands and clarifies what Chase means by cash-like transactions. There is no explicit mention of certain popular payment systems including , Google Pay, Venmo, PayPal Key and . A Chase spokesperson confirmed that each of them "could" be considered cash-like transactions. The purchase of goods or services made by a company using a third-party payment service are not considered cash-like transactions, and do not incur the associated fees, she said. So, for example the use of the Chase card to pay for transactions in person at Apple Pay or an online purchase via PayPal at checkout would not be a cash-like transaction. made with the Chase credit card are treated as purchases and would not be considered cash-like transactions, she explained. And Plastiq claims it will automatically reject transactions when the issuer views them as cash advances. The reason this definition is important an unintentional cash-like transaction can be a negative one such as a cash advance fee . This is a one-time fee that is charged at the time you make the advance, which is usually 3 to 5percent of the amount. Higher interest rate. Some cards have a higher annual percentage rate for cash advances than regular purchases. No grace period. If you pay your total balance monthly typically, you'll have a period minimum of two weeks to settle off purchases before you're charged interest. Cash advances however, start to accrue interest on Day One. Credit limits are lower. Certain credit cards come with the option of a separate money advance limit, that is less than the overall credit limit. No credit card rewards. Spending money on a cash equivalent probably doesn't qualify to earn rewards, like cash back, travel points or miles. In the same way, it doesn't be counted towards your spending requirements to receive a sign-up reward. >> >> MORE What should you do if you're nervous If you're worried about being hit with cash advance fees If you're worried, call the number that appears on the reverse of your card and ask that you Chase . That way, if a purchase is deemed to be a cash-like transaction and is rejected, it's going to be denied in the event that it is over the limit, instead of being subject to charges. If you aren't happy with Chase's new concept of transactions that are cash like you may reject them until the day before they take effect. Then, Chase will close your account. What Chase provides as alternatives advances are an expensive way to get cash. However, Chase offers a different method to get access to your credit card's line of credit, besides purchasing, if that's your goal. My Chase Loan is like a bank loan. After approval, you will get a payment directly to your account at the bank. You are given a specific amount of time to pay back the loan and will be charged a variable interest rate, depending upon the Chase card you are using for the loan. More information about The author Greg Karp is a former writer for NerdWallet and an expert on personal finance and credit cards. He was previously employed by The Chicago Tribune and wrote two money books. Similar to... Find the right credit card that is suitable for you. Whether you want to pay less interest or earn rewards, the right card's available. Just answer a few inquiries and we'll be able to narrow your results for you. 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