Post
Topic
Board Economics
Re: Cryptocurrencies and credit cards
by
timerland
on 06/07/2018, 23:40:50 UTC
Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

I'm fairly sure that poloniex doesn't even accept credit cards. Only coinbase does.

If your bank doesn't allow you to purchase bitcoin with credit card, then there is really no way out. Either you have to purchase with debit, or potentially take a cash advance from your credit card first and deposit into your debit card before buying.

Since you said that it's a prohibition on the bank's end, I don't see any other way around it unless you are willing to face the risks. I'm not sure what BOA's policy regarding credit card buying is exactly, though. You might want to seek clarification into whether you are able to still purchase but at a higher interest rate, or it's just outright banned.

But honestly, the fact that you're not even allowed to purchase certain things from a bank and the suspensions that people get on their bank account (not just CCs) when they receive a sum of money from a crypto business is just all more reason to start using decentralized cryptos.