SHOCKER: JP Morgan-Chase Bans Buying Crypto With Credit Card

californiacrypto (61) · 7 years ago

😂 hahaha suprised it took him this long to do so. And yeah i dont agree with buying with cc also.

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bloomberg215 (54) · 7 years ago

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.

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ervinneb (61) · 7 years ago

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 ?

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embracingchaos (50) · 7 years ago

No it doesn't make sense! Adults should be allowed to spend their own money as they wish. It's their money!

ervinneb (61) · 7 years ago

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.

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embracingchaos (50) · 7 years ago

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.

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gratefulforitall (38) · 7 years ago

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Debit card ban would be different because that actually is your money immediately withdrawn.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.

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danebrammage (25) · 7 years 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.

ervinneb (61) · 7 years ago

Lol. What is your problem, it is just a point of view ! What are you trying to accomplish here ? Did I ban your CC ?

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danebrammage (25) · 7 years ago

And I was stating my point of view, what does accomplishment have to do with that?

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taskmaster4450 (78) · 7 years ago

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).

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3 votes

ervinneb (61) · 7 years ago

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.

taskmaster4450 (78) · 7 years ago

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.

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ervinneb (61) · 7 years ago

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.

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preparedwombat (70) · 7 years ago

My debit card and my credit card (two different institutions) now both don’t work at Coinbase.

So I could use either to buy alcohol and tobacco to my heart’s content, but not crypto. Which is dangerous to me and which is dangerous to the banksters?

taskmaster4450 (78) · 7 years ago

Which is dangerous to me and which is dangerous to the banksters?

Hmmm, it seems your best welfare isnt at the top of their list.

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californiacrypto (61) · 7 years ago

Agreed.

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bitcoinflood (77) · 7 years ago

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

taskmaster4450 (78) · 7 years ago

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.

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bitcoinflood (77) · 7 years ago

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.

taskmaster4450 (78) · 7 years ago

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.

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cclarke (39) · 7 years ago

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).

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stnwllstrtgc (58) · 7 years ago (edited)

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.

Cash Rewards and you know you will be paying the balance come billingtime
You're getting paid in a few days and will be able to pay off the balance come billing time, but you don't feel like taking money out of savings and btc hits a buy point

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.

preparedwombat (70) · 7 years ago

Just a few days ago, I was unable to use a (non-JPM) card to buy crypto from Coinbase. The same card that I’ve used in the past just fine.

Established financial giants are going to war with crypto.

I smell fear.

taskmaster4450 (78) · 7 years ago

I agree @preparedwombat.....

They are waging war....they know that it is coming and they are going to do all they can to slow/stop it.

In the end, I do not think they will have a chance...decentralization is just too powerful.

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embracingchaos (50) · 7 years ago

I think what's scariest for me about this is that a bank can decide how people spend their own money!

taskmaster4450 (78) · 7 years ago

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.

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bowentroyer (71) · 7 years ago

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.

steembusiness (69) · 7 years ago

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.

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taskmaster4450 (78) · 7 years ago

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.

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atmosblack (63) · 7 years ago

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...

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bigtx31 (51) · 7 years ago

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.

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lovecreativity (45) · 7 years ago

Buying with credit card is an easy way when compared to other methods available.

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sequentialvibe (66) · 7 years ago (edited)

I call this Financial Censorship.

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bonchov (26) · 7 years ago

As much as I know in the US people use mostly credit cards. I have spend around a year in the US and I knew only students that had debit cards in stead of credit cards. What I am trying to say is that this move will affect the process of buying crypto currencies. On the other hand it seems weird to me that you are able to trade crypto using a credit card. So I find that ban logical because of the risk the banks are exposed to. And I do think that most of the people trading crypto really don't understand the risk.

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thedawn (63) · 7 years ago

If its fact then one can paid through credit cards. Its good opportunity. You have elaborated well. Its nice informative post. Thanks for sharing. Followed.

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sushovon002 (52) · 7 years ago

can't understand why he take a decision like this... btw thanks for the information 👍 cz i'm very new in this field...

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steemian007 (55) · 7 years ago

I don't believe banks banning crypto purchases should be legal by any means but I don't believe that there is anything wrong with credit cards charging a cash advance for crypto purchases. You can still use debit and checking to buy without an additional fee, if a bank or credit card bans that part I don't believe anyone should remain a customer, but if crypto is truly currency then paying with a credit card just makes it a cash advance. I know it's not a popular opinion but you can't want to make a currency but also not treat it as currency.

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lartist-zen (52) · 7 years ago

good work they have not understood anything about technology is amazing

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volfenhauser (41) · 7 years ago

In additional efforts to protect the American Consumer JP Morgan-Chase is reducing their fee structure for minimum balances. I am sure they will be able to help me find the best stocks to buy and charge their nominal fee.

Crypto disrupts the current power structure.
The current power structure isn't going to just sit and wait to be overthrown.

Spoiler Alert: The old dogs get replaced, it happens every time.

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mawit07 (66) · 7 years ago

Look at that picture. The look of destain on all who are buying crypto. In his mind he is thinking, "I will force all of you to stick to fiat so I get my hands on crypto cheap and in a year approve JP cards to be able to buy crypto and sell you what I bought at 1000% profit. :P"

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paysages (10) · 7 years ago

Thank you for your sharing , I found it very interesting for me, I hope you will continue in this direction !! ;)

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abhicrypto (59) · 7 years ago

The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't care about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more for them, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

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ssjsasha (67) · 7 years ago (edited)

Imagine if everyone was to take out loans, buy crypto, say fuck you to bill collectors, ruin their credit but yet get rich as fuck. At the same time screwing over the big banks leaving them with all this debt.

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raghnarblrp (31) · 7 years ago

in a way i agree with this,because with credit cards its not actually money you own,plus you have to pay back banks with interest,and that could screw with your credit score if you are not careful,but just my opinion and understanding of it though.

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cemke (61) · 7 years ago (edited)

I think they will reverse this decision soon.
giphy (1).gif
source giphy

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razibahmed (49) · 7 years ago

You are on my best blog writer list.In the previous blog you reply my comment.

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pacific-yt (62) · 7 years ago

This sucks. However, it just shows we are making headway!

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sam009 (55) · 7 years ago

weak hands have been losing their investments and calling the card companies claiming that other people have been fraudulently using their card, attempting to get their money back.

Banks aren’t stupid and know when people are taking advantage and gaming their system. Schemers have ruined it for the rest of us.Weak hands panic. “Smart Investors” do not. The banks are controlling what they can, and stopping fraudsters as well.

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cyprianj (62) · 7 years ago

How is it his business, I think probably it is affecting them badly. Their aim now is to sabotage the effort of others and then in the process enrich themselves. We are wiser now, its not gonna work, I worked for what I have, he has no right over it. They are bothered only when situations are not in their favour

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wonderwop (66) · 7 years ago

My state, Texas, won't let us buy Lottery tickets with a credit card. But I bet these bozos would.

Thanks for the info. As soon as Discover let's you buy cryptos with their card, everybody will follow. 😎

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triptybarsha (53) · 7 years ago

So... sweet looking zappl

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jean-pierre (39) · 7 years ago

He Will never stop fuding...

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moneyinfant (56) · 7 years ago

Jamie certainly doesn't LOOK like a very caring fellow in that photo.

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goel.tarun (52) · 7 years ago

Bankers have gone crazy it seems. A similar thing happened in India when a bank issued a warning (disguised as a notice) to a customer telling him not to indulge in crypto trading else his account would be blocked.

I don't know about this JP case, but in India this sure is backed by the govt who wants people to be slave of their rules and regulations.

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calatorulmiop (57) · 7 years ago

I don't really see how this would benefit them in the short to mid term.

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