SHOCKER: JP Morgan-Chase Bans Buying Crypto With Credit Card
Not that I agree with buying Crypto with a CC but we know JPM isnt doing it because they are concerned; unless Jamie suddenly became a caring guy
https://cointelegraph.com/news/jp-morgan-chase-bans-buying-cryptocurrency-with-credit-cards
😂 hahaha suprised it took him this long to do so. And yeah i dont agree with buying with cc also.
Typical. Banksters doins their job, they want to scare people and than buy at lower price. I would not be surprised if JPM change their mind in couple of months.
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Debit card ban would be different because that actually is your money immediately withdrawn.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.
lol not shocking but yes its not responsible to use a high rate credit card to buy crypto its like buying cash with credit which is illegal
Certainly it is stupid to do it @bitcoinflood, but I think the news here is that JPM isnt concerned about their customers at all. If it was in an effort to protect them, I would agree with it.
My take is this is just an attack on cryptos...it is their effort to throw a monkey wrench into it.
Of course banks will attack Cryptos like crazy as it honestly is starting to threaten their companies. AND FOR GOOD REASON. We bailed out our banks and then they loan shark us the money back from the taxes we paid to bail them out. Talk about one correct government and banking system I am all for kicking a majority of these banks to the curb for pulling such crap.
I am rooting for crypto over the banksters too...
And take the government hacks with them.
10 years after the bail out and they guys are still raping and pillaging. Nothing changes.
I agree. I don't think it is wise to use credit to purchase crypto (although people get credit to buy stocks), but I also don't believe for One Minute that banks care about its customers' well-being. Nonsense! They care about their bottom line, that's it and I believe they want to slow the adoption and entry-rate of regular folk into crypto. lol
I still think people should only buy with cash because if you're using credit that means you can't afford the cost and certainly not to lose it (most likely).
I think what's scariest for me about this is that a bank can decide how people spend their own money!
I dont have a problem with a bank doing this...they are a lender and they need to assess risk.
However, I do not think the underwriting department is pushing this. The banks will allow people to run up an absurd balances on all kinds of stuff yet they suddenly feel crypto is too dangerous for their customers.
Something doesnt smell right in bankster-land.
I heard this earlier today. Not surprising at all. What I do not understand is who gives JP Morgan the authority to tell people what they can buy with their own money? I think big brother and big corporations are way to controlling. Yet another reason why I love steemit. No, one telling us what we can write about or what we can use our Steem to buy.
Overall yea definitely not a great idea to use a CC to buy crypto, but there's a few reasons I can think of that makes it worth it.
Other than that yea probably not a great idea, but banks playing the "too much volatility and risk for our customers" is BS...
Wouldn't be surprised if they try and pull something similar with debit cards and ACH transfers down the road.
In general I like the idea of people not being able to buy something on credit but due to the fact that it´s crypto I´m not that convinced that the move is such a good one. He´s probably just keeping people out so he can buy all up cheap before the real crypto rally starts.
I agree @steembusiness.
It isnt the decision I so much disagree with...although someone who buys crypto with a CC and pays it off on the next bill, should that person be prevented from doing that? Overall, I agree with your second statement....there is most likely other motivation there.
Yeah, we could see this coming, since the past days there were news, that many credit card issuers have invented a new fee for purchases of cryptocurrency. Since they will always get what you owe them anyway, it is most likely not to "protect" people from the "dangers" associated with crypto purchases. If I wasn´t already interested in crypto, now I would...
This is clearly a play to get people to funnel their money through JPM wealth management if they want to invest in crypto. A manger of the crypto HF recently said in an interview: “I know a lot of the banks like Goldman Sachs, JPMorgan, they’re starting to educate their client base about cryptocurrency..." I read that as - if you want to invest in crypto, you now need to go through your banks investors.