Chase Bank Redefines Cryptocurrency Classification

Timeline of Events

January 23 - February 2, 2018

During this period, Chase Bank began classifying cryptocurrency as a cash advance. This meant that customers who purchased cryptocurrency with their Chase credit cards were charged a higher interest rate and fees.

June 26, 2023

Chase Bank's decision came under fire from cryptocurrency enthusiasts, who argued that it was unfair to classify cryptocurrency as a cash advance. They pointed out that cryptocurrency is a legitimate investment, and that it should be treated as such by banks.

Implications for Cryptocurrency Users

Chase Bank's decision has several implications for cryptocurrency users:

• Higher costs: Cryptocurrency purchases made with a Chase credit card will now incur a cash advance fee.
• Limited access: Some banks may restrict or prohibit cryptocurrency purchases altogether.
• Negative impact on credit score: Cash advances can negatively impact your credit score.

Alternative Options for Purchasing Cryptocurrency

If you're looking to purchase cryptocurrency, there are several alternatives to using a Chase credit card:

• Cryptocurrency exchanges: There are numerous cryptocurrency exchanges where you can buy and sell cryptocurrency.
• Peer-to-peer exchanges: You can also buy and sell cryptocurrency directly with other individuals.
• Debit cards: Some debit cards allow you to purchase cryptocurrency without incurring a cash advance fee.