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RE: SHOCKER: JP Morgan-Chase Bans Buying Crypto With Credit Card
Actually, this makes some sense. Bank of America also made the same move, to be honest cant really blame them, from business point its the corect decision - most of the people buying crypro are not familiar with the risk and they might end up worh a bill, they cant handle.
I wrote an article yesterday on the matter - check it out and let me know your toughts - Bank Of America Bans Crypto Pruchases / A Well-Timed Attack On Crypto ?
No it doesn't make sense! Adults should be allowed to spend their own money as they wish. It's their money!
A credit card means that you can "borrow" money from the bank easily. If you have 100 in a credit card, you can actually spend the 100$ that is yours and "borrow" another 500 from the bank.
Sure, but banks don't make money on credit cards if we pay our bills in full at the end of each month. They make money on the interest when people pay less than the full amount. I don't agree with it and always pay my credit card bill in full at the end of each month, but if the bank is happy for people to max out on their card for a widescreen tv, to intervene when they are maxing out on crypto instead is not letting people spend as they wish.
But that's the point, credit card companies give customers an interest-free loan until they pay their balance, even if you pay in full, it's an interest-free loan given to the customer.
Debit card ban would be different because that actually is your money immediately withdrawn.
Totally the right move in my opinion, and they should have done it a long time ago.
"can't handle it" does not matter, what people choose to spend money on is their own decision, if you have been granted a credit card it is yours to purchase whatever you want (if purchase is legal). You can legally buy a prostitute in Nevada with a credit card, I don't hear anything about them blocking that transaction. People should be free to make their own choices.
Lol. What is your problem, it is just a point of view ! What are you trying to accomplish here ? Did I ban your CC ?
And I was stating my point of view, what does accomplishment have to do with that?
If they did the same thing with the credit card purchases at the mall or other expenditures, then I might buy into that.
However, it is with cryptos that they are suddenly "concerned" about their customers.
Sorry but with the banks, I dont buy it. They could care less about people being able to pay their bills...the banks have repeatedly proved that.
I feel this is just another attack by the banksters in an effort to protect their turf. If people starting getting involved in crypto, they might find they do not need the banks anymore (or at least they need then less).
Yes, I haven't ruled out this scenario. It is very timely planned as I have also written. Well, it will be an interesting day on the 6th.
Yes many are saying the 6th could really be the start of the bull run if they come up with something sensible.
If they go overboard, could really push things lower.
I am very curious to see what they have prepared. As you know I am trying to be realistic and my aim is to see examine every angle. These guys giving me hard time for just mentioning a different point of view - lol.
Agreed.