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Started By
Message
re: Official CryptoTalk Thread
Posted on 2/6/18 at 7:29 am to SlowFlowPro
Posted on 2/6/18 at 7:29 am to SlowFlowPro
BofA,Chase,Citi,Capital One, are all banning coinbase credit card purchases.
4
Posted on 2/6/18 at 7:36 am to 21JumpStreet
I asked this earlier and didn't get a response. Can you buy individuals stocks with a credit card? Can I open an etrade or vanguard account and put everything on my credit card?
Posted on 2/6/18 at 7:42 am to 21JumpStreet
quote:
BofA,Chase,Citi,Capital One, are all banning coinbase credit card purchases.
that makes no sense. why?
Posted on 2/6/18 at 7:47 am to SlowFlowPro
To “protect” you from their new competitor.
Posted on 2/6/18 at 7:50 am to Bullfrog
They scared - payoff and cancel.
Posted on 2/6/18 at 7:53 am to 21JumpStreet
What is odd is they made crypto purchases a cash advance transaction last week and then they outright ban it the next. I guess they are not interested in making money.
Posted on 2/6/18 at 8:05 am to philabuck
my ignorance is going to show with this question but i'm curious. if you pay off a cash advance in full, does it matter? or is it one of those things where regardless, you get a % even if you pay it off in total every month?
Posted on 2/6/18 at 8:05 am to SlowFlowPro
quote:
that makes no sense. why?
It makes total sense and I can’t believe it took this long. People were churning the frick out of credit cards via this method.
Buy crypto. Trade crypto for USD. Pay off credit card. Get a ton of free credit card rewards. Rinse and repeat.
Posted on 2/6/18 at 8:06 am to Ron Cheramie
quote:
I asked this earlier and didn't get a response. Can you buy individuals stocks with a credit card? Can I open an etrade or vanguard account and put everything on my credit card?
I don’t know. My guess is no.
Posted on 2/6/18 at 8:12 am to PhiTiger1764
quote:I considered that but the 4% credit card fees on coinbase turned me away
It makes total sense and I can’t believe it took this long. People were churning the frick out of credit cards via this method.
Buy crypto. Trade crypto for USD. Pay off credit card. Get a ton of free credit card rewards. Rinse and repeat.
Posted on 2/6/18 at 8:13 am to PhiTiger1764
quote:
Buy crypto. Trade crypto for USD. Pay off credit card. Get a ton of free credit card rewards. Rinse and repeat.
Unless people are cancelling their cards (and really, even if they were), I don't see how this bothers them.
Posted on 2/6/18 at 8:14 am to TigerTatorTots
quote:
I considered that but the 4% credit card fees on coinbase turned me away
exactly. no way that's very profitable, if at all... especially if you hit a downswing. the risks/cost outweigh the benefit
*ETA: if you were converting back to USD, that's also another 2-4% charge, then 2-4% to "pay off" the card
This post was edited on 2/6/18 at 8:17 am
Posted on 2/6/18 at 8:18 am to PhiTiger1764
It was aggravating that I could instantly put money into Coinbase on my card but could not reverse that transaction directly back to the CC.
Had to wait 7 days by ACh back to my checking account before I could pay it off.
Had to wait 7 days by ACh back to my checking account before I could pay it off.
Posted on 2/6/18 at 8:18 am to SlowFlowPro
People were opening new cards. Hitting $4k minimum spends for 50,000 point sign up bonuses in a few days. That’s profitable even eating 4% fee.
Before the last month, a lot of people for a long time were making money with the crypto appreciation cancelling out the 4% fee.
Before the last month, a lot of people for a long time were making money with the crypto appreciation cancelling out the 4% fee.
Posted on 2/6/18 at 8:18 am to 21JumpStreet
quote:
BofA,Chase,Citi,Capital One, are all banning coinbase credit card purchases.
This isn't new for at least Capital One. I posted about this when I was trying to buy my first ETH three weeks ago. Capital One declined the transaction and when I called them, they explained to me that ALL crypto purchases were not supported. In fact, when I attempted to use my debit card from a smaller, but strong local bank, it was also declined (and I received a weird email about it). I called them and same thing. Yet, they were okay with me doing an ACH.
As much as people want to give the card companies hell about this, I can't really blame them. I would be willing to bet that the issue is people would use cards to buy crypto, the crypto would tank and the buyer became impatient, buyer sold crypto at a loss, then buyer pursues said loss through the credit card's dispute process citing that they were "misled" about the "product" which they were buying.
So lack of both patience and an understanding of what an investment is. Those are the most likely culprits here.
Posted on 2/6/18 at 8:19 am to DreauxB2015
quote:
payoff and cancel.
Absolutely would not advise this, ever. At the very least, you don't cancel your older, more established cards. You will negatively affect your credit in the process. Even cancelling a new one can do the same as it will immediately impact your utilization ratios.
This post was edited on 2/6/18 at 8:23 am
Posted on 2/6/18 at 8:20 am to S1C EM
I see it as buying a stock or even a lotto ticket. Can't buy using a credit card.
Not mad at them
Not mad at them
Posted on 2/6/18 at 8:23 am to Ron Cheramie
My coinbase purchase from 6 days ago finally came in today!
:sad face
:sad face
Posted on 2/6/18 at 8:23 am to Ron Cheramie
quote:
I see it as buying a stock or even a lotto ticket.
I agree. I don't see the issue here.
I think the problem for us buyers is why a bank transfer takes so damn long.
Posted on 2/6/18 at 8:24 am to Ron Cheramie
quote:
My coinbase purchase from 6 days ago finally came in today!
:sad face
It's a perfect day to capitalize, really. Yesterday, maybe a little better.
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