JPMorgan, Bank of America ban crypto purchases with credit cards
"A growing number of big U.S. credit card issuers are deciding they don’t want to finance digital currency purchases.
JPMorgan Chase and Bank of America, the nation’s two largest banks, said they’re halting purchases of bitcoin and other cryptocurrencies on their credit cards. JPMorgan, which will implement the ban on Saturday, doesn’t want the credit risk associated with the transactions, said Mary Jane Rogers, a spokeswoman for the firm.
Bank of America told staff in a memo that it would start declining credit card transactions with known crypto exchanges on Feb. 2. The policy applies to all personal and business credit cards issued by the bank. The move doesn’t affect debit cards, according to Betty Riess, a spokeswoman for the Charlotte, N.C.-based lender."
