What should you know about Chase's new policy on 'Cash-Like Transactions' Advertiser disclosure You're our top priority. Each every time. We believe that every person should be able make financial decisions without hesitation. Although our site does not include every company or financial product available on the market however, we're confident of the advice we provide and the information we offer and the tools we create are independent, objective simple, and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our website) however it in no way affects our suggestions or recommendations that are based on many hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. . What to Know About Chase's New Policy on "Cash-Like Transactions." These transactions may result in charges and disqualify the purchase from earning rewards. By Gregory Karp Senior Writer | Personal finance, credit cards and the credit score Gregory Karp is a former NerdWallet writer and an expert in personal finances and credit cards. As a journalist for over 30 years, he has been a newspaper reporter and editor. He also wrote two personal finance books and also created his own "Spending Smart" syndicated newspaper column. His honors include national recognition numerous times from the Society for Advancing Business Editing and Writing. Apr 15, 2022 edited By Kenley Young Assigning Editor Credit scores, credit cards Kenley Young is the director of daily credit card coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in digital and print media, including periods as chief of the copy desk as well as a wire editor as well as a metro editor for The McClatchy newspaper chain. Email:
. The majority of products featured here are from our partners who pay us. This affects the products we feature and where and how the product appears on the page. However, this does not affect our assessments. Our views are our own. Here is a list of and . Chase has adopted a new and more expansive term that includes "cash-like purchases," which for Chase credit card holders refers to transactions that result in the penalty of using the risk of taking . Cash advance rules can vary according to the card you use however they usually contain high-cost fees and/or interest, while also excluding purchases from earning reward points, such as cash back, points or miles. A common example of transactions that look like cash, often called "cash equivalents" would be using a credit card to take out cash at an ATM. In some ways, Chase is just making explicit its current definition. Changes take effect on various times, usually between April 1 and April 2 of 2021. >More: What's changed? Chase in recent years has rejected some kinds of transactions, like funding an account for and from an exchange. That remained true as Chase introduced its new definition of cash-like transactions. However, when Chase eventually allowed those transactions, they're now clearly identified as cash-like transactions and are considered to be cash advances. In its notification to cardholders, Chase stated that cash-like transaction include, but are not restricted to 4 categories of transactions: Currency exchange as well as other payment methods Checks for travelers and foreign currencies, cash orders, wire transfers, cryptocurrency, and other similar digital or virtual money and other similar transactions. Gambling: Lottery tickets, casino betting chips, racetrack bets and similar online and offline betting transactions. P2P transactions: Individual-to-individual money transfers and account-funding transactions that transfer currency. Third-party bill-pay services: Includes bill-payment transactions not made directly by the merchant or their provider. Certain of these items, such as ticket sales, for example were already classified as cash-like transactions under the prior agreements between Chase and cardholders. The new definition broadens and clarifies the definition of what Chase is referring to by cash-like transactions, the company said. Missing from the list is explicit mention of popular payment systems including , Google Pay, Venmo, PayPal Key and . A Chase spokesperson said that all of those "could" be considered cash-like transactions. The purchase of products or services made by a company that uses a third-party payment system aren't cash-like transactions and would not have the charges that go with them, she added. So, for example, using the Chase card to pay for the purchase in-person through Apple Pay or an online purchase through PayPal when you pay for your purchase will not constitute a cash-like transaction. made with an Chase credit card are regarded as purchases and would not be cash-like transactions, she explained. And Plastiq claims it will automatically reject transactions when the issuer considers them as a cash advance. The reason this definition is important an unintentional cash-like transaction can have these downsides: Cash advance fee . This is a one-time fee that is charged at the time you make the advance, which is usually 3% to five percent of the total amount. A higher interest rate. Some cards charge a greater annual percentage rate on cash advances than regular purchases. No grace period. If you pay your balance in full monthly, you'll usually have a minimum of 21 days to pay for purchases before you're charged interest. Cash advances however they begin accruing interest as early as Day One. Credit limits are lower. Some credit cards offer the option of a separate maximum credit limit for cash advances that is less than the overall credit limit. There are no rewards on credit cards. The cash equivalent is probably not eligible for rewards, such as travel points, cash back or miles. Also, it will not 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 by cash advance charges You can contact the number that appears on the back of your card and ask that you Chase . In this way, if the purchase turns out to be a transaction that is akin to cash, it will be rejected in the event that it is over the limit instead of triggering fees. If you're not happy with Chase's new terms used to define cash-like transactions, you are able to reject them until the day they go into effect. However, after that Chase will cancel your account. What options do Chase offers as alternatives to cash advances are a cost-effective method of obtaining cash. However, Chase provides a different way to use your credit card's line of credit, aside from making purchases should you want to do so. My Chase Loan functions as a bank loan. After approval, you will get a payment directly into your bank account. You have a set amount of time to repay the loan and will be being charged a variable interest rate dependent on the Chase card you are using for the loan. More information about Greg Karp, the writer: Greg Karp is a former NerdWallet writer and an expert on personal financial and credit card. He worked previously at the Chicago Tribune and wrote two books on money. On a similar note... Find the perfect credit card for you. If you're looking to pay less interest or earn more rewards, the perfect card is out there. Just answer a few questions and we'll narrow your search for the right card for. Get even deeper into credit Cards Discover more intelligent money moves right to your inbox. Sign up and we'll send you Nerdy posts on the money topics that are important to you as well as other methods to help you get more out of your money. Take all the appropriate money moves

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