Harder to Buy Cryptocurrencies via Bank Credit Cards This Year
Looks like the days of getting cryptocurrencies with your bank credit cards is getting harder and harder.
As some of you might have read on CoinTelegraph, certain major banks such as Citi, JP Morgan Chase, and Bank of America have decided to not allow their branded credit cards for cryptocurrency purchases.
I knew this day was coming soon from miles away.
While Barclays hasn't made a stance, I had noticed the first cryptocurrency purchase I made this year, in 2018, had a "cash advance" fee attached with the cryptocurrency purchase I made with an exchange, CEX.io
I called up the bank, and they mentioned that it was CEX.io that has written the charge to have cash advance ... but now that I know that Visa and Mastercard are purposely writing up those cryptocurrency charges as "cash advance" ... the war against cryptos is fully on.
So while this latest past Black Monday in the cryptocurrency world has been a great sell ... I literally now have no way to get my fiat money and buy up cryptocurrency.
The complication of not being able to use credit cards, or high credit card fees + cash advance fees, along with the location where I'm at where the state doesn't allow cryptocurrency exchanges to operate, or along with the whole country of the USA being banned by certain cryptocurrency exchanges ... is definitely making it much harder to move in/out of fiat and crypto.
Effectively, I've decided that whatever I have in crypto, I will simply leave in "crypto land". And that I'd continue to do my regular job and accumulate fiat for "regular world".
I'm already looking forward to attending the Puerto Crypto conference, to see and meet other likeminded cryptocurrency enthusiasts, and trade ideas and listen to how people, particularly within the US, deal with cryptocurrency trading and investing within all of these fast new regulations coming up.
For those within the U.S. holding cryptos, do you feel that it is getting more and more difficult to buy cryptocurrencies with credit cards?
For those who live in certain states where cryptocurrencies are not friendly or welcomed (for example, in Minnesota and Hawaii) ... how do you go about getting your cryptos?
Is it just credit cards, or can you still buy with a debit card? I have a recurring buy with coinbase and haven't had any issues like cash advance fees or anything like that, but I don't use a credit card for it either... It's either a direct bank transfer or from my debit card, I can't remember right now.
Debit card and bank accounts are fine (although I've heard from some people that some bank accounts by the bank won't allow crypto purchases).
This cash advance only applies to credit cards at moment.
Eh, I tried twice with two different debit cards and had the transactions declined. Some other people said they had the same problem and called their banks to get the problem cleared up. I just gave up.
Yup I tried credit and debit card with Indacoin and that never worked for me as well.
I really find it odd that people need to take out a loan to buy crypto. They should be reminded to invest only what they can afford to lose and putting all of their life savings in here. Unless they really know what they are doing and they understand the consequences.
Yeah. Credit cards are really useful and convenient in many aspects. But taking out a loan to invest in crypto is something that people should think of over and over again.
Same here .. it is weird ... I was using credit cards so that I could also get travel award mileage points ... it was killing two birds with one stone. But now that credit cards are much harder to use (with the increased % fees and cash advance fees) ... I'll just have to stick with regular good ole bank transfers.
Well, using a credit card might just be a convenience, and hopefully, they intended to pay the bill right away. It's hard to say. But yeah, it's not a good idea to invest more than we can afford to lose in this volatile market.
can buy with paypal?
Yes but many exchanges still don't allow PayPal. It's been inconsistent mix of exchanges taking credit cards, debit cards, PayPal, or bank account ... but not one exchange takes "all".
No one one can stop crypto. Banks, governments etc. There will always be a way. To the moon, boys.
Yea ... it was nice to hear from Tuesdays SEC/FTC hearing that they are favorable for future growth in cryptocurrencies ...
a very beautiful post I really like
Crypto is the future currency and steem is the most undervalued. Thanks for the nice well-explained article.
Thank you very much
I had how banks make life hard...
Amazing
It's next to impossible here in Nepal.