As rumored Plastiq has announced some changes to using personal Visa credit cards. Apparently this is a change on Visa’s end and Plastiq is working with Visa to resolve these issues. Effective June 1st, 2018 most personal Visa cards are treated as a cash advance, some limit you to 20% of your credit limit. Plastiq has helpfully provided a full list of what is going on with each card, this can be found here. Basically the following is occurring:
- Bank of America & Citi cards are treated as a cash advance
- Chase personal Visa cards are limited to ~20% of your credit limit (e.g if your limit is $1,000 you can only charge $200)
- Capital One & Visa gift cards are not affected
I wonder if Chase cards are initially coding as a cash advance and then reverting to a purchase and that’s why only ~20% of your credit limit can be used (this is usually the portion of your card limit that can be used on a cash advance) or if it’s about limiting exposure for Chase.
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