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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: 2) by MichaelDavidCrawford on Monday February 05 2018, @06:59AM
During the Dot-Com boom there was some guy who somehow managed to qualify for hundreds of credit cards. Clearly stock traders weren't the only ones to irrationally exhuberate.
He took the maximum cash advances out of all the cards then bought a bunch of internet stocks.
His entire house was wallpapered with sticky notes on which he wrote the date each monthly payment was due as well as the minimum payment amount.
Imagine his dismay when the Dot-Com crash hit.
With that kind of credit I expect he would have considered himself fortunate not to have been fitted with cement overshoes by The Mob.
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