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Author Topic: BIG banks ban credit card purchases for BITCOIN  (Read 256 times)
craig121 (OP)
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February 05, 2018, 08:02:33 PM
 #1

Virgin Money has joined Lloyds Banking Group in banning customers from buying Bitcoin and other digital currencies with their credit cards.

Virgin Money's spokesperson said: "Following a review of our policies, I can confirm customers will no longer be able to use their Virgin Money credit card to purchase crypto-currencies."

Like Lloyds, Virgin's ban only applies to its credit cards, not debit cards.

The value of Bitcoin fell a further 10.86% to $7,297.65 on Monday.

Like Lloyds, Virgin Money is concerned about customers running up large debts following a sharp fall in the value of digital currencies.

Over the weekend, several of the biggest issuers of credit cards in the US also banned customers from using their cards to buy digital currency.

The list of financial firms included Bank of America, Citigroup, JP Morgan, Capital One and Discover.

Lloyds' ban, starting on Monday, applies to its eight million credit card customers across Lloyds Bank, Bank of Scotland, Halifax and MBNA.

Lloyds said it would not be contacting its customers either digitally or through the post to inform customers about the change to its credit card policy. Customers will only be informed should they query a blocked crypto-currency credit card transaction. 
Druiz287
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February 05, 2018, 08:13:12 PM
 #2

Banks not letting people use the bank's money for money that will remove the power (and profitability) of banks?

Not surprising.
colmenajose
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February 05, 2018, 08:17:38 PM
 #3

It is clear that it is part of the war against bitcoin, but with this what is going to be achieved is that bitcoin comes out strengthened.  Angry
baysky
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February 05, 2018, 08:21:10 PM
 #4

If you think about it, it's pretty ridiculous how bank doing this. 

What's the bank to tell me how I spend my money?  good or bad, it's my decision to make.
It's like Bank ban purchasing alcohol and cigarette with credit card 'for your own good'   Grin
louisLavery
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February 05, 2018, 08:30:44 PM
 #5

The first shot in the war on bitcoin was just fired by the banks. The bullet ended up in LLoyds' foot.
stompix
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February 05, 2018, 10:56:10 PM
 #6

If you think about it, it's pretty ridiculous how bank doing this. 

What's the bank to tell me how I spend my money?  good or bad, it's my decision to make.
It's like Bank ban purchasing alcohol and cigarette with credit card 'for your own good'   Grin


It's not your money.Did you even read the text?

They are banning credit card purchases, not  debit cards.
Credit card money are money the bank is (if) willing to lend you. In this case they decided not to do so.

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Cryptoshops
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February 05, 2018, 11:08:33 PM
 #7

My guess is they will eventually try and ban all purchases. I have problems trying to buy using my Barclays debit card now
emuLOAD
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February 05, 2018, 11:41:16 PM
 #8

guys, stop and read (apologies to those of you who have, but it's Worth reiterating)

None of these banks have banned buying cryptocurrency. At all. You can do what the hell you want with your money when using these banks. Keyword, YOUR money.

A credit card is a loan.

NOBODY with some soul and minimum fiscal responsability would ever let you take out a loan to buy cryptocurrency. that is irresponsible and all-in-all a terrible choice. If you DO want to buy crypto with borrowed money, then you will have to find someone with little enough scruples and high enough interest rates that won't mind giving you money to burn.

What these banks have done is _resposnible_, it is good. for them AND for the customers. Sure, they most likely did not do it out of the kindness of their heart, but because they have little ability to recupe eventual losses. still a good thing.
Marco Ambrusini
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February 05, 2018, 11:45:47 PM
 #9

well not all the big banks.There are equally good high profile institutions who also accepts bitcoins.Super powers are scared of wealth been decentralised.
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February 05, 2018, 11:46:55 PM
Last edit: February 08, 2018, 11:41:17 PM by HasHe
 #10

Banks have always treated bitcoin as their rival and they are trying their best to stop bitcoin progress but they couldn't. But in this particular move, there seems some logical reason and it should not be considered as an act totally against bitcoin.If the customers purchase bitcoins with their debit cards, then banks would not have any issue as it is their own money.But if they purchase bitcoins from their credit cards, then banks would have to face serious threat as bitcoin price is highly volatile and so the chances of bitcoin purchaser to repay his loans when purchasedv via credit card becomes very low and no banks would be voluntarily willing to get caught in such losses.
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February 05, 2018, 11:52:12 PM
 #11

Virgin Money has joined Lloyds Banking Group in banning customers from buying Bitcoin and other digital currencies with their credit cards.

Virgin Money's spokesperson said: "Following a review of our policies, I can confirm customers will no longer be able to use their Virgin Money credit card to purchase crypto-currencies."

Like Lloyds, Virgin's ban only applies to its credit cards, not debit cards.

The value of Bitcoin fell a further 10.86% to $7,297.65 on Monday.

Like Lloyds, Virgin Money is concerned about customers running up large debts following a sharp fall in the value of digital currencies.

Over the weekend, several of the biggest issuers of credit cards in the US also banned customers from using their cards to buy digital currency.

The list of financial firms included Bank of America, Citigroup, JP Morgan, Capital One and Discover.

Lloyds' ban, starting on Monday, applies to its eight million credit card customers across Lloyds Bank, Bank of Scotland, Halifax and MBNA.

Lloyds said it would not be contacting its customers either digitally or through the post to inform customers about the change to its credit card policy. Customers will only be informed should they query a blocked crypto-currency credit card transaction. 



Don't mind them. They will get back after they will realize fiat money will no longer the currency of the future. I think they will review the blockchain technology in the long run.
Doge dealer
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February 06, 2018, 12:27:33 AM
 #12

this is not alarming at all or is it unexpected , its obvious the conflict of interest that will exist between bitcoins and them. i however think they are looking at it the wrong way by trying to control credit card purchases because at the end of the day these money would generate interest payment for these banks but hey we all get it regardless of that they are not gonna let any newbie(bitcoins) come into the markets and simply turn them into the servants rather than the masters. This is really about profits and power.

Jaya912
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February 08, 2018, 01:18:54 AM
 #13

Banks not letting people use the bank's money for money that will remove the power (and profitability) of banks?

Not surprising.

It might be the best reason why they ban their credit card user to buy bitcoin and other cryptocurrency.
Its not surprising like you told us.
However, credit card has limit to buy something wheater its for offline good or online. So no reason to banning user to buy something because the user has fund to pay the credit monthly.
Ba37
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February 08, 2018, 01:31:26 AM
 #14

It shouldn't have a big impact. They are also missing out on balance transfer/cash advance fees. I have seen people converting credit card cash to fiat via cryptos.
On the other hand, they will realize soon that they need to get on the blockchain train
sabine80
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February 08, 2018, 01:37:16 AM
 #15

i think banks start to fear bitcoin and they try everything to bring bitcoin down. but i think this action will not hurt bitcoin much. for me is this a good thing. banks starts to realize that there is challenger for the old system.
antosionta
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February 08, 2018, 01:40:15 AM
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it is normal that most of bank doesnt want to use crypto,
because the crypto will replace them someday. so they banned it to maintain their existence.
Layonk
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February 08, 2018, 01:45:16 AM
 #17

If you think about it, it's pretty ridiculous how bank doing this. 

What's the bank to tell me how I spend my money?  good or bad, it's my decision to make.
It's like Bank ban purchasing alcohol and cigarette with credit card 'for your own good'   Grin


It's not your money.Did you even read the text?

They are banning credit card purchases, not  debit cards.
Credit card money are money the bank is (if) willing to lend you. In this case they decided not to do so.

Yes correct. Its not our money in credit card. But its the banks money which we need to pay monthly.
I am credit card user but i know a little how its working.
Before bank issuing credit card to user, bank will do research regardimg your job and asset in offline. After checking, the bank know how restriction that bank should make for each user since it will not the same with other user. Then if the limit reach then credit card can not be used again. Its seems like the user can not more than they can afford to pay.  So banks said because they dont want to make user lend more money and in other reason bank worry if the user can not pay the bill at the end.
But remember again the restriction, all user can pay the bill. Bank does not need to worry.
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February 08, 2018, 01:49:23 AM
 #18

more noob accounts posting repetitive crap

we have 20x threads on this already

its good banks are stopping these people who cant afford to pay on a debit card for btc.


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February 08, 2018, 01:52:34 AM
 #19

In my opinion, those banks are worried right now that someday somehow Bitcoin is taking over the market so they are doing everything possible to eliminate the cryptocurrency. Bitcoin has come a long way for almost 8 years, due its decentralised and anonymous nature. It offers also lower transactional charges comparing to banks transactions which have made cryptos to out match the banking system made them to realise there is a cause for alarm.
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February 08, 2018, 01:55:11 AM
 #20

Virgin Money has joined Lloyds Banking Group in banning customers from buying Bitcoin and other digital currencies with their credit cards.

Virgin Money's spokesperson said: "Following a review of our policies, I can confirm customers will no longer be able to use their Virgin Money credit card to purchase crypto-currencies."

Like Lloyds, Virgin's ban only applies to its credit cards, not debit cards.

The value of Bitcoin fell a further 10.86% to $7,297.65 on Monday.

Like Lloyds, Virgin Money is concerned about customers running up large debts following a sharp fall in the value of digital currencies.

Over the weekend, several of the biggest issuers of credit cards in the US also banned customers from using their cards to buy digital currency.

The list of financial firms included Bank of America, Citigroup, JP Morgan, Capital One and Discover.

Lloyds' ban, starting on Monday, applies to its eight million credit card customers across Lloyds Bank, Bank of Scotland, Halifax and MBNA.

Lloyds said it would not be contacting its customers either digitally or through the post to inform customers about the change to its credit card policy. Customers will only be informed should they query a blocked crypto-currency credit card transaction. 


The time has visibly seen that bitcoin are going into the industry as massive bomb or even a threat for the usual money making it almost seen to be out of the show for some banks. Basically what they seem to be prptecting is the banks service to still be patronised making them do something to still do for what is in demand.
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