A NEW Fee Was Just Added To Coinbase Credit Card Purchases... "The new code will allow banks and card issuers to charge additional 'cash advance' fees"
Just recently Coinbase e-mail all their users stating that due to a change in the MCC Code for digital currency purchases, that some major banks and credits cards are going to be charging an additional fee when a user buys crypto using their credit card. Below is a copy of this e-mail that was just sent out by Coinbase to all its users.
I guess this is just 1 more reason to avoid Coinbase due to its already high fees (I know this isn't Coinbase doing this but still it doesn't help their situation since they are already the highest fee exchange out there from that I understand).
What really cooks my noodle is how you can write a balance transfer check and deposit it right into your bank account with no interest (for a certain period) and no fees, but then crap like these new crypto purchases and cash advances create a whole list of fees and immediate interest charges. Point is, if they wanted to facilitate business they would do it. My guess is a lot of people were buying when btc was mooning and during coinbase s long transaction time, btc started collapsing and people started disputing the purchases or taking out their money before the transactions went through. That probably left the crest cards and banks left eating a lot of losses.
With robinhood crypto around the corner and this taking effect it seems like more of the casual users (their market) will probably end up there if they don't do something about their fees.
If Robinhood offers Credit Card purchases then this change would also apply to their platform as well (as it is a bank/cc fee not an exchange fee). Stupid banks always wanting more then their fair share... Who says you need a weapon to rob someone?
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The banks always got to get their hands in the pie. So annoying. At least they sent out the memo. Thanks for sharing.