Buying Cryptocurrency with Credit Cards Banned by Bank of America and JPMorgan Chase
“Customers with debit or ATM cards, however, will not be affected by this new ban.”
Users of credit cards issued by Bank of America and JPMorgan Chase can no longer purchase cryptocurrencies through credit (with effect from Feb 3 and Feb 2 respectively), according to a Bloomberg report. Customers with debit or ATM cards, however, will not be affected by this new ban.
This new development comes as the banks are concerned their customers will buy cryptocurrencies than they can afford, resulting in high credit risks. Bank of American is also concerned that thieves will use stolen credit cards to purchase cryptocurrency assets, effectively making transactions difficult to trace.
Bloomberg also reports that other banks in the U.S are increasing transaction fees for cryptocurrency purchases.
Other banks in the U.S that has banned cryptocurrency purchases with their cards include Capital One Financial and Discover Financial Services, as reported by CNBC. Citigroup, on the other hand, said it is reviewing policies for buying cryptocurrency assets with credit cards.
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