What should you know about Chase's New Policy on Cash-Like Transactions' Advertiser disclosure our top priority. Every time. We believe that every person should be able to make sound financial decisions with confidence. And while our site doesn't feature every company or financial product in the marketplace however, we're confident of the advice we provide as well as the advice we provide as well as the tools we design are independent, objective, straightforward -- and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on our site) however it doesn't affect our advice or suggestions, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable review of their services or products. . What should you know about Chase's new policy on 'Cash-Like Transactions' Such transactions can trigger fees and may prevent purchases from earning reward points. Written by Gregory Karp Senior Writer | Personal finance, credit cards score on credit Gregory Karp is a former NerdWallet writer and an expert on personal finance and credit cards. A journalist for more than 30 years, he's been a newspaper reporter and editor. He has written two books on personal finance, and also created"Spending Smart," a "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 as the Assigning Editor Credit scores, credit cards Kenley Young oversees the daily credit card coverage for NerdWallet. Prior to that, he worked as 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. This includes times as chief of the copy desk, a wire editor and metro editor at the McClatchy newspaper chain. Email:
. The majority of products we feature are made by our partners who pay us. This influences which products we review and where and how the product is featured on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here is a list of and . Chase is now using a revised and more expansive description of "cash-like transactions," which for Chase credit card users refers to purchases that are subject to the penalty of using the risk of taking . Cash advance rules can vary according to the card you use, but they often have high fees and interest. They also exclude purchases from earning reward points, for example, cash back miles or points. One common instance of cash-like transactions, sometimes called "cash equivalents" is using a credit card to take out cash from an ATM. In some ways, Chase is just making explicit its current definition. Changes will take effect at various times, usually between April 1 and April 2 of 2021. >> > MORE: What's happening? Chase in recent years ? Chase has been unable to accept certain types of transactions, including opening an account for or through an exchange. That remained true as Chase adopted its own definition of transactions that are similar to cash. However, when Chase finally allowed these transactions, they're explicitly identified as cash-like transactions and would be considered cash advances. In its letter of cardholders Chase said cash-like transactions 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, bitcoin, wire transfer, and other similar transactions in virtual or digital currency and other similar transactions. gambling: Lottery tickets, casino gaming chips, racetrack wagers and similar online and offline gambling transactions. P2P payments: Person-to-person money transfer and account-funding transactions that transfer currency. Third-party bill-pay servicesinclude the bill-pay transactions that are not conducted directly with the merchant or their service provider. Some of those things, such as lottery tickets, were already considered cash-like transactions in the prior agreements between Chase and cardholders. The new definition expands and clarifies the definition of what Chase is referring to by cash-like transactions, the company said. The list does not include explicit reference to well-known payment platforms including , Google Pay, Venmo, PayPal Key and . A Chase spokesperson confirmed that all of those "could" be considered cash-like transactions. However, purchases of products or services made by a company that uses a third-party payment system are not considered cash-like transactions, and would not have the associated fees, she said. For instance that you use the Chase card to fund the purchase in-person through Apple Pay or an online purchase made through PayPal when you pay for your purchase will not qualify as a cash-like purchase. The transactions made using a Chase credit card is treated as transactions and cannot be cash-like transactions, she said. And Plastiq says it automatically declines transactions when the issuer considers them as cash advances. What is the difference between cash and cash advance? Generally, a cash-like transaction could include the following disadvantages cash advance fees . It is a single-time charge charged when you take your advance, usually 3 to 5percent of the amount. Higher interest rates. Some cards charge a greater annual percentage rate on cash advances than regular purchases. No grace period. If you pay off your total balance monthly typically, you'll have a period minimum of two weeks to settle off your purchases before you're charged interest. Cash advances, though, start to accrue interest on Day One. Credit limits are lower. Some credit cards have an additional cash advance credit limit that is less than the total credit limit. No credit card rewards. The cash equivalent probably doesn't qualify for rewards, such as travel points, cash back or miles. In the same way, it doesn't contribute to your minimum spending to earn a sign-up bonus. >> >> MORE: What to do when you're worried about being hit by cash advance charges You can contact the number located on the bottom of the card and request that Chase . That way, if a purchase is found to be a cash-like transaction that is rejected in the event that it is over the limit, instead of being subject to fees. If you don't like Chase's new definition of cash-like transactions you are able to reject them until the day before they take effect. Then, Chase will cancel your account. What options do Chase offers as alternatives Cash advances are an expensive option to obtain cash. But Chase offers another way to get access to your credit card's line of credit besides making purchases, in case that's what you're looking for. My Chase Loan functions as an actual bank loan. Once approved, you receive a deposit directly into your bank account. There is a predetermined amount of time to repay the loan and are being charged a variable interest rate, depending on the Chase card you use to pay for the loan. >> MORE: About the author: Greg Karp is a former writer for NerdWallet and an expert in personal finance and credit cards. He previously worked at The Chicago Tribune and wrote two books about money. In a similar vein... Discover the right credit card that is suitable for you. Whether you want to pay lower interest or earn higher rewards, the perfect card is out there. Just answer a few inquiries and we'll be able to narrow down the search for the right card for. Get even deeper into credit Cards Find out more money-savvy moves right to your inbox. 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