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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.
(Score: 4, Interesting) by JoeMerchant on Monday February 05 2018, @02:26AM (6 children)
I'm going to step up here and say: that's not for my credit card issuer to pass judgement on.
Now, if the cybercurrency exchanges have a high fraud and dispute rate, maybe... but no way should the banks be throttling money in or out based on whether or not it is a good investment.
🌻🌻 [google.com]
(Score: 2) by FatPhil on Monday February 05 2018, @06:36AM (2 children)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by requerdanos on Monday February 05 2018, @03:41PM (1 child)
The "pseudotulip" is a terrific name for a new cryptocurrency. The web site and gui client designs could be inspired by actual historical tulip (and partial tulip bulb share) certificates.
(Score: 2) by FatPhil on Monday February 05 2018, @04:50PM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by Immerman on Monday February 05 2018, @03:27PM (2 children)
Sure it is - when you're using a credit card you're spending *their* money at *their* discretion. You are promising to pay it back - unless you contest the charge as unauthorized, or go bankrupt and and default, but that's the point - it's not your money that you're spending.
If you want to make a purchase without involving a 3rd party's interference, use cash rather than involving a 3rd party. Why should banks support a technology that seems destined to undermine many of the most profitable aspects of their own business model?
(Score: 2) by JoeMerchant on Monday February 05 2018, @03:56PM (1 child)
The same reason I should be able to shop for competing internet service providers using my a connection provided by my current ISP.
Allowing me to transfer my money to who I want, when I want, for whatever reason I want is the central concept of bank neutrality - something that has been implicit in banking since long before the internet.
🌻🌻 [google.com]
(Score: 2) by Immerman on Monday February 05 2018, @04:54PM
Sure, if you're spending *your* money maybe. But you can't do that with a credit card.
And what makes you think you'll continue to be allowed to shop for competing ISPs using your current one? Network neutrality has been repealed - ISPs are allowed to censor or throttle your internet access however they please. (unless you live in one of the states that are choosing to flaunt the federal ban on states passing their own NN laws)