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posted by Fnord666 on Sunday February 04 2018, @10:34PM   Printer-friendly
from the too-much-risk dept.

Submitted via IRC for TheMightyBuzzard

A growing number of big U.S. credit-card issuers are deciding they don't want to finance a falling knife.

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they're halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn't want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.

Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn't affect debit cards, said company spokeswoman Betty Riess.

And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. "We will continue to review our policy as this market evolves," company spokeswoman Jennifer Bombardier said.

Source: https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards


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  • (Score: 5, Interesting) by zocalo on Monday February 05 2018, @01:18AM

    by zocalo (302) on Monday February 05 2018, @01:18AM (#633090)
    Seems like the US is pretty much the same as the UK then. So this is almost certainly more about the genuine case of a transaction going bad (e.g. a scam) than the risk of an investment going south; as you say, if you used your credit card to buy into BTC while it was at $15,000, received the coins, and then complain because they're now worth about half that then the card issuer is (quite rightly) going to tell you to take a hike and expect you to settle up your debts. If, on the otherhand, you got hoodwinked by a scam, made a good faith effort to pursue the seller (e.g. the website says "Penis", emails and Twitter accounts have been closed down) then until now the card issuer was obliged to refund your money, subject to any Tc&Cs in their favour, naturally.
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