Chase Challenges Credit Card Rewards for Memecoin Purchases

Some memecoin purchases made via credit cards on platforms like Fomo and Robinhood Wallet were incorrectly categorized as digital product transactions, allowing users to earn points and cash back. Chase has formally challenged this classification. Tests conducted by The Block using Visa and Mastercard cards confirmed that these transactions were triggering reward programs, prompting the bank to address the misclassification.