US credit card companies block cryptocurrency purchases

Bank of America, JP Morgan Chase and Citigroup halt credit card purchases of cryptocurrency.

Gaming Editor

Published Feb 4, 2018 9:01 PM CST
Updated Nov 3, 2020 11:52 AM CST

3 minutes & 15 seconds read time

Well, here we are: if you're a customer of Bank of America, JP Morgan Chase, or Citigroup, you can't use your credit card to purchase cryptocurrency.

US credit card companies block cryptocurrency purchases | TweakTown.com

Bloomberg is reporting that the banks have now banned the purchasing of cryptocurrency using their credit cards, with BofA already denying use of their cards for crypto purchases on certain exchanges, while debit card transactions seem to still be fine. Citigroup has said that as of Friday last week, they won't be accepting crypto purchases, and JP Morgan Chase's new rules come into effect today.

The reason? JPMorgan spokesperson Mary Jane Rogers said that the bank doesn't want to deal with the risks associated with cryptocurrency, and they're saying they're trying to stop the risks of consumers' spending more than they can afford to pay back on cryptocurrencies, through their credit cards. Good guy banks? Pfft.

Capital One Financial and Discover are also joining the crypto hate train, banning cryptocurrency purchases for people using their credit cards, with Discover boss David Nelms describing people buying cryptocurrency as "crooks... trying to get money out of China or whatever". Nelms, you alright there, mate?