People have been maxing out their credit cards for decades and defaulting, and I have never heard of any bank trying to ban them. All the banks ever do is increase interest rates. The excuse that people are throwing their borrowed credit card funds away on crypto is simply *not credible*.
The poor banks lost a few dollars of their multi billion profits.... All banks are frightened of the shift in ordinary people going outside the Banking sector and like governments around the world it threatens their strangle hold on wealth. I think they have anticipated the potential for huge losses to themselves as a result of irresponsible investing and are trying to protect themselves, its all cash and they are not suggesting we stop that.
Topic: 2018-02-05 Lloyds Bank bans Bitcoin purchases on its credit cards (Read 89 times)
February 05, 2018, 12:36:25 PM
Following the VISA and Mastercard clampdown on bitcoin debit cards earlier,
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.
The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.
This ban doesn't apply to debit cards,only the credit cards.
Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."
The BBC asked other major banks about following Lloyds' move, but none had so far responded. The banking trade organisation UK Finance said it had not released any guidance on the matter.
Gillian Guy, the chief executive of Citizens Advice, welcomed the announcement by Lloyds, saying it "shows they recognise the risks of credit card customers running up debt they can't afford," she said.
Barclays told the BBC that at present, UK customers are able to use both their Barclays debit cards and Barclaycard credit cards to purchase crypto-currencies.
"We take precautions to assess affordability before extending credit, flag and prevent any suspicious transactions and also closely monitor credit risk," a spokeswoman said.
read the full article here:
http://www.bbc.com/news/business-42940728
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.
The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.
This ban doesn't apply to debit cards,only the credit cards.
Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."
The BBC asked other major banks about following Lloyds' move, but none had so far responded. The banking trade organisation UK Finance said it had not released any guidance on the matter.
Gillian Guy, the chief executive of Citizens Advice, welcomed the announcement by Lloyds, saying it "shows they recognise the risks of credit card customers running up debt they can't afford," she said.
Barclays told the BBC that at present, UK customers are able to use both their Barclays debit cards and Barclaycard credit cards to purchase crypto-currencies.
"We take precautions to assess affordability before extending credit, flag and prevent any suspicious transactions and also closely monitor credit risk," a spokeswoman said.
read the full article here:
http://www.bbc.com/news/business-42940728
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