Chase Changes Definition of “Cash-like Transactions”
Chase sent out an email this morning titled “Important information regarding changes to your Chase account”. The email informs Chase customers of changes to the Card Agreement. The update includes changes to the minimum payment calculations and amendments to the Interest-Free Period and Cash-like Transactions. All changes take effect 4/16/2021 (at least for me, but this could vary by account).
Regarding “Cash-like Transactions”, the Card Agreement has been updated to clarify and expand the definition as follows:
- Cash-like transactions will be treated as cash advances. Cash-like transactions include, but are not limited to, the following transactions to the extent they are accepted:
- purchasing travelers checks, foreign currency, money orders, wire transfers, cryptocurrency, other similar digital or virtual currency and other similar transactions;
- purchasing lottery tickets, casino gaming chips, race track wagers, and similar offline and online betting transactions;
- person-to-person money transfers and account-funding transactions that transfer currency; and
- making a payment using a third party service including bill payment transactions not made directly with the merchant or their service provider.
Here’s a screenshot of the relevant section of the email I received for my Chase Ink Business Cash card:
Guru’s Wrap-up
The last last two lines are interesting, as account-funding transactions for example could mean that you can no longer use Chase cards to fund new bank accounts. Bill payments through a third party could mean that services like Plastiq and PayPal Key will now code as cash advance as well. We won’t know for sure how it will all work until the new rules are implemented, if that happens.
