Banks Block Customers’ Credit Card Purchases of Cryptocurrency

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48 thoughts on “Banks Block Customers’ Credit Card Purchases of Cryptocurrency

  1. Well… you should be able to buy whatever you want with your own money. But the credit card company sees it as you are using their money On credit they have allowed you.

    I don’t agree with it and I think they are wrong but I do see the argument they are pushing. Honestly if anybody has a $5000 credit limit in their pocket they should be able to triple that money this next year by investing into cryptocurrency. Then cancel the damn card and continue investing

  2. But I can still use my cards down at the casino right!
    I can still use the online gambling sites right!
    I can still bet on horses right!
    …but the banks pat us on our heads and tell us we are not allowed to spend our own money on cryptos. This alone proves that we need cryptos now more than ever.

    1. Well you see when you use your credit card, you are not useing your own money. No matter what you buy with it. Maybe they had alot of people who bought crypto with money they didn’t have just because they thought it would increase in price anyway, but in the end it didnt. I think for the market it would be better anyway if existing money would go into it instead of money that was just created by that very loan someone too to buy the crypto with a credit card.

    1. bparkinson1234 Especially for speculation… Slippery slope though…. And what about buying crypto on the card to buy something I’d buy on the card anyways… I do this often to get a discount… Or buying a hard physical cash flowing asset with crypto … I’d say that’s good debt… Speculation on the other hand yeah…. Too risky…. Another thought is if someone is earning more in another liquid asset even with the higher cost of buying crypto on credit

    1. It does make a difference. The point is who are they to tell you what you can spend money on. You agree to pay it back when you sign for it. They will let you get a cash advance at a casino but not buy some bitcoin? What’s the difference?

  3. On getting into crypto about 5 months back, I had to jump hoops because BOTH of my (UK) DEBIT card payments weren’t going through. One VISA and one Mastercard. No indication of failure or anything. I guess the banks are hoping buyers will just give up trying… generally just making things a little more difficult. It’s pretty blatant.

  4. buying with a creditcard is buying with money that is not yours in the first place so yes they can decide what you are allowed to buy with that money… it would be a different story if they banned buying with wire transfer

    1. emko7 they approve you to purchase goods and services not to speculate in the market. The mentality of a speculator using credit card debt is that they are going make money and use that to pay the debt. Where as a purchaser of goods should know they have to pay for it later. So if they lose all that money they are much less likely to be able to repay the credit card company. Just saying I don’t blame the banks for not allowing borrowers to speculate in cryptos. And it doesn’t have to mean they are anti crypto.

    1. I think this is great. It’ll keep stupid money out of the market. This is money people CANNOT afford to lose. we all know money invested needs to be what you CAN afford to lose. Takes out a lot of the fud.

  5. A civil war is about to begin. Everyone get ready because on March 19th of 2018, everyone in America participating in the fight for a decentralized community will stand outside the central banks and together will tear them down. Copy and paste this message upon every crypto- related video.

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