Customers using credit cards on Coinbase: the following card issuers are now blocking purchases of digital currency with credit cards.
Chase
Bank of America
Citi
Capital One
We're encouraging affected customers to switch to debit card or bank account payment methods.
Some see this as bad news but on the contrary it's good you shouldn't be using credit cards to buy crypto if you do not have the money then you shouldn't be taking the risks
I'd leave the decision what to do with funds on credit cards to their owners.
Otherwise we can end up with banks deciding what we're allowed to buy with CCs as a first step, and then they will likely go further.
Hey wait, it's actually happening now
The banks want to control because that's how they maintain power over the population! This all disaster in crypto world is due to US Goverment, let's hope we'll survive this 'regulation' as they name it!
found this text snippet quoted below from this link here >>:
https://www.creditcards.com/credit-card-news/when-can-credit-card-issuer-close-account-1267.php Notice how this is being done to
all users but
only at coinbase or for digital money?? yet this literature states that it is a case by case basis they do this... hmmm. Might need this: credit card act of 2009>>
https://www.creditcards.com/glossary/term-credit-card-act-of-2009.php"Credit card issuers are watching your credit record, and if anything there makes them feel that their credit portfolios are less secure than they'd like, they may suddenly pull the plug[cancel the card].
Sonya O. Conway, vice president of public affairs and communications at American Express said in an email that the company monitors cardholder credit behavior on an ongoing basis. "We look at a variety of elements, including their spending and payment history with American Express, their debt/spending/payment history with other lenders, credit bureau scores and other credit report information," she wrote.
If AmEx doesn't like what it sees, it may lower your spending limit or cancel your account. "Our intent is to strike the right balance between accommodating our card members' spending needs, while also prudently managing credit risk -- for us and for our card members," Conway wrote.
Chase follows a similar policy. The company declined a requested interview for this story. But the Chase Freedom credit card agreement says one of the reasons your account may be considered in default is if the company believes you "may be unwilling or unable to pay your debts on time."
