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What you need to know about Chase's New Policy on 'Cash-Like Transactions' Advertiser disclosure our first priority. Each every time. We believe that everyone should be able to make sound financial decisions with confidence. While our website doesn't feature every company or financial product that is available on the market however, we're confident of the advice we provide and the information we offer as well as the tools we design are objective, independent, straightforward -- and completely free. So how do we earn money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the site) however it in no way affects our recommendations or advice that are based on thousands of hours of study. Our partners are not able to promise us favorable reviews of their products or services. . What should you know about Chase's new policy on "Cash-Like Transactions" These transactions could result in fees and prevent the purchase from earning rewards. Written by Gregory Karp Senior Writer | Personal finance, credit cards credit scores Gregory Karp is a former NerdWallet writer , and an expert on personal finances and credit cards. As a journalist for over 30 years, he has been a newspaper reporter as well as an editor. He also wrote two books on personal finance, and created the "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 The editor assigned to the assignment Credit scores, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Previously, he was an editor of the homepage and digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in digital and print media, including stints as a copy desk chief as well as a wire editor as well as an editor of the metro for the McClatchy newspapers chain. Email:
. Many or all of the products featured here are from our partners who compensate us. This impacts the types of products we review and where and how the product is featured on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and . Chase has adopted a new and more expansive description of "cash-like transaction," which for Chase credit card holders is purchases that are subject to the penalty of taking an . Cash advance rules vary by card however, they typically contain high-cost fees and/or interest. They also exclude purchases from earning reward points like cash back, points or miles. One common instance of transactions that look like cash, often called "cash equivalents" is using the credit card to withdraw out cash from an ATM. To some extent, Chase is just making explicit its current definition. Changes take effect on various dates, mostly between April 1 and April 2 of 2021. >More: What's changed? Chase in recent times? It has ruled out certain types of transactions, including funding an account for and from an exchange. The same was true when Chase implemented its new definition of cash-like transactions. However, when Chase finally allowed these transactions, they're now specifically identified as cash-like transaction and would be considered cash advances. In its letter of cardholders Chase declared that transactions that are cash like comprise, but aren't only limited to four categories: Currency exchange and other types of payment: Travelers checks and foreign currencies, cash orders, digital currency, and wire transfers. other similar virtual or digital money and other similar transactions. Gambling: Lottery tickets, casino gambling chips, bets on racetracks and similar offline and online betting transactions. P2P payments: Person-to-person money transfer and account-funding transactions that transfer currency. Third-party bill-pay services: Includes the bill-pay transactions that are not conducted directly with the merchant or the service providers they use. Certain items such as lotto tickets were classified as cash-like transactions under the previous agreements with cardholders from Chase. The new definition expands and clarifies what Chase means by cash-like transactions, it said. Missing from the list is explicit mention of popular payment methods, such as , Google Pay, Venmo, PayPal Key and . A Chase spokeswoman said each of them "could" be classified as a cash-like transaction. But, the purchase of goods or services made by a company through a third-party service are not cash-like transactions and would not have the costs associated with them, she explained. So, for example that you use the Chase card to pay for an in-person retail transaction via Apple Pay or an online purchase through PayPal when you pay for your purchase will not be a cash-like transaction. Transactions made using the Chase credit card are treated as purchases and would not be considered to be cash-like transactions said. Also, Plastiq states that it automatically denies transactions if the issuer treats them as cash advances. The reason this definition is important the cash-like transactions can include the following disadvantages such as a cash advance fee . This is a one-time fee payable when you receive your advance, typically between 3% and 5% of the amount. A higher interest rate. Many cards charge a greater annual percentage rate on cash advances than regular purchases. No grace period. If you pay your amount in full each month generally, you'll have a time frame minimum of 21 , days in which to pay off purchases before you're charged interest. Cash advances however they begin accruing interest on Day One. A lower credit limit. Some credit cards have a separate maximum credit limit for cash advances that is smaller than the overall credit limit. There are no rewards on credit cards. The cash equivalent probably doesn't qualify to earn rewards, like cash back, travel points or miles. In the same way, it doesn't contribute to your minimum spending to receive a sign-up reward. >> >> MORE: What to do in case you're concerned about being socked with cash advance fees, you can call the number on the back of your card and ask that you Chase . That way, if a purchase turns out to be a cash-like purchase, it will be rejected when it exceeds the limit, instead of being subject to fees. If you don't like Chase's changes to the terms used to define cash-like transactions, you can reject them up until the day they take effect. Then, Chase will close your account. What options do Chase provides as alternatives advances are an expensive method of obtaining cash. But Chase offers a different method to use the credit card's line credit besides making purchases, in case that's what you're looking for. My Chase Loan functions as an actual bank loan. After approval, you will get a direct deposit to your account at the bank. You have a set amount of time to repay the loan and will be paying a variable rate of interest, depending of the Chase card you are using for the loan. >> MORE: About The author Greg Karp is a former NerdWallet writer and an expert on personal financial and credit card. He previously worked at the Chicago Tribune and wrote two books on money. Similar to... Discover the perfect credit card for you. Whether you want to pay less interest or earn more reward points, the right card is available. Answer a few simple concerns and we'll refine the results for you. Explore even more in Credit Cards Get more smart money moves right to your inbox. Sign up and we'll send you Nerdy articles about the money topics that are important to you and other strategies to help you get more out of your money. Make the best financial decisions

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