SoylentNews is people
SoylentNews
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.
(Score: 2) by requerdanos on Monday February 05 2018, @05:19PM
I think the blocking works the other way around.
The merchants selling the lottery tickets (mostly gas stations and grocery stores) only allow cash purchases, or in some instances, cash or debit card. I haven't seen a merchant that offers lottery tickets for sale with credit card as a method of payment.
This is presumably because a credit card holder can contact the card issuer and report a transaction to be withdrawn, causing the merchant to lose the money to a "chargeback." In that event, the merchant has lost the money without recourse--they must pay the state or jurisdictional lottery association for tickets sold no matter what. Tickets can't be "voided," to avoid a fraud scenario wherein a merchant sells tickets to customers and then voids them to avoid paying the lottery association for the tickets.