Coinbase Decrease Purchase Limit With Rejected Credit Card Purchase.
Coinbase is so far the most convenient crypto exchange out there, with very decent fees and easy transaction. After I signed up for Coinbase, I got $1250 weekly credit card limit to buy Bitcoin/Litecoin/Ethereum. The first week, I used my Capitol One master card to do it. The first two transactions failed, but the third came through. After the first two failed transactions, my purchase limit was restored back to $1250.
The second week, I tried purchasing with Chase Freedom Unlimited Visa. After verifying the card, I put in three transactions and all three failed. After each failed transaction, my purchase limit was not restored. That means I wasn't able to buy any coins that week at all.
More interesting was that my weekly credit card limit on Coinbase dropped from $1250 to $50. Even my bank purchase weekly limit dropped from $5000 to $250, even though they have not verified my bank account at that point yet. So I emailed Coinbase (they don't have a phone no. you can call). It took them a day to get back to me and told me the transactions failed and the purchase limit should be restored automatically, which did not happen. There's no explanation as to why the purchase limit was decreased as well.
I just want to share my experience with everyone here on Steem. especially those who have just started trading. There're quite a few things you have to watch out for. I watched quite a few YouTube videos and read a fair amount of web reviews on crypto exchanges, but there are still some unexpected pitfalls like high transaction fees, slow customer service, unhelpful customer service, etc. It's always good to know before hand.
Coinbase is not the only exchange with unsatisfactory customer service. I also tried Cex.io and had some sign up issue. Its customer representative replied fast, but he seemed so inexperienced that he just didn't seem to understand my questions. Had to email back and forth with him a couple times to clarify things. In the end, I realized that Cex.io does not allow residents of certain US states to make fiat purchase. My state, Michigan, is unfortunately one of those. I wish it makes that clear somewhere on its website.
Good luck everyone with your purchase!
How come you had so many failed transactions? I never ever had one?
Capital One rejected one transactions because of the unusually large amount and because of transacting with a merchant I had not previously dealt with. As for Chase, for the same reasons, but it's also likely that some financial institutions are wary of transacting with Coinbase. People have posted on YouTube that their business bank account with Chase got closed after they purchase bitcoins--for reasons that the bank refuse to explain.
Wow damn. That's bad. Over here in Belgium banks are not allowed to use bank account statements of their clients for marketing purposes. Once I wired some money to Coinbase, within a few days they called me to give me some 'investment opportunities'. They never called me before in the last 15 years. LOL.