CREDIT card companies will Charge extra fees for BITCOIN purchase.

Ris88

hero member

Activity: 2110

Merit: 502

Quote from: btcwish1 on February 01, 2018, 05:36:31 AM

Dear friends,

Seems like they are still trying their best to stop cryptocurrency growth. > Lips sealed

After banning many BTC debit cards, Credit card companies will now start charging extra money for purchasing cyrpto currencies. I use credit cards to purchase my BTC. This is the email I got from Coinbase:

"Dear Coinbase Customer

We’re writing because you have a credit card on file and want to inform you of a recent change that may increase the cost of purchasing digital currency with a credit card.

Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional "cash advance" fees. These fees are not charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.

Coinbase does not know whether or not your card issuer collects these fees, nor do we know how much they might collect. As a result, we would strongly suggest switching to a debit card or bank account as your primary payment method. You can do that on the following page: https://www.coinbase.com/settings/linked-accounts.

We apologize for any inconvenience this might cause.

Best,

The Coinbase Team"

Maybe it will wait for the next few years that I have not heard of it at all, if so this is a very good business, but not for the credit card itself ...

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: cynical on February 01, 2018, 07:13:40 AM

Typical Bank movement, obviously the banks would be against unregulated Crypto
so they punish us and take extra profit for themselves.

Unfortunately we are still trading FIAT for crypto and need to use the damn banks so they can do what they want.

The only other option is to use SEPA deposits from a bank account to Coinbase,
actually I believe we can deposit FIAT directly to GDAX via SEPA with zero fees !

You know that Visa is not a bank no?

Now, for the other part, IF banks would be charging extra for deposits on exchanges why aren't they making the same thing for wire deposits?
Further more, those banks that are so against crypto, are letting your transfer Fiat to GDAX with zero fees?
There must be something wrong then with your reasoning.

sabrikks

member

Activity: 174

Merit: 10

That's why I hate banks and now they are trying hard to ban crypto because it's a direct threat to them, high fees, ban debit card, shuting down account and pushing ban regulations all over the world, it's really sick

cynical

full member

Activity: 490

Merit: 136

Typical Bank movement, obviously the banks would be against unregulated Crypto
so they punish us and take extra profit for themselves.

Unfortunately we are still trading FIAT for crypto and need to use the damn banks so they can do what they want.

The only other option is to use SEPA deposits from a bank account to Coinbase,
actually I believe we can deposit FIAT directly to GDAX via SEPA with zero fees !

aoihs00

sr. member

Activity: 700

Merit: 300

Thats bad thing to know that now they have started to charge extra! Thank god I'm not using any credit card for my crypto currency transaction. Yup, I now believe you that this is merely an attempt to stop the use of the bitcoin or other crypto currency because these may not be able to handle the load of transaction that is generated via this way.

Or there could be the case that they are trying to get quick rich with this strategy. What I mean is simple, they know very well that people aint gonna stop buying the crypto currencies and thus they will keep using the credit card no matter what happens. So with that said, they have increased the fees now and enjoying the fortune to the highest level possible. Thats well played game I believe. Roll Eyes

penig

member

Activity: 266

Merit: 13

When you use Credit Card for cash, at a ATM for example, they charge cash advance fee. When you buy bitcoin you are buying money. The credit card companies just agreed with you, they see this as a cash advance. Embrace the acceptance.

btcwish1

full member

Activity: 401

Merit: 108

Yes, they are scared of the growth and now trying all these back stabbings. They should be ashamed of themselves for doing this kind of silly tricks!

ChConcept

jr. member

Activity: 196

Merit: 1

The Experience Layer of the Decentralized Internet

This is another action plan of banks to really ruin Bitcoin. This is one of the main reasons why people want to use the decentralized digital currency more than their own currency, these additional fees, extra charges. And now they are technically discouraging us to purchase digital currencies by these old tricks. Pathetic move. Angry

cl37007

full member

Activity: 364

Merit: 100

This sort of behavior by the banks is absolutely disgusting and just goes to show why people want to move away from centralised banking.

I fail to understand how they can justify there is an extra cost sending a payment to Coinbase over sending one to Amazon for example. They are no better than the mafia extorting people because they have no other option.

btcwish1

full member

Activity: 401

Merit: 108

Dear friends,

Seems like they are still trying their best to stop cryptocurrency growth. > Lips sealed

After banning many BTC debit cards, Credit card companies will now start charging extra money for purchasing cyrpto currencies. I use credit cards to purchase my BTC. This is the email I got from Coinbase:

"Dear Coinbase Customer

We’re writing because you have a credit card on file and want to inform you of a recent change that may increase the cost of purchasing digital currency with a credit card.

Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional "cash advance" fees. These fees are not charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.

Coinbase does not know whether or not your card issuer collects these fees, nor do we know how much they might collect. As a result, we would strongly suggest switching to a debit card or bank account as your primary payment method. You can do that on the following page: https://www.coinbase.com/settings/linked-accounts.

We apologize for any inconvenience this might cause.

Best,

The Coinbase Team"

Topic: CREDIT card companies will Charge extra fees for BITCOIN purchase. (Read 162 times)