If you were hoping to get in on the Bitcoin craze using your credit card, you might be out of luck. Three major banks have said that they won’t allow cryptocurrency purchases on their credit cards, according to a report from Bloomberg.
Three major banks confirm that they won’t allow cryptocurrency transactions with their credit cards
Bank of America, JP Morgan Chase and Citigroup won’t let you buy Bitcoin on credit
Bank of America, JP Morgan Chase and Citigroup won’t let you buy Bitcoin on credit
Photo by Eduardo Munoz Alvarez/VIEWpress/Corbis via Getty Images
Bank of America, JP Morgan Chase and Citigroup each confirmed to Bloomberg that they were halting transactions involving digital currency with their credit cards, although Bank of America spokeswoman Betty Riess says that customers can still use their debit cards. Capital One and Discover have previously said that they won’t allow their cards to be used for cryptocurrency transactions.
Bloomberg notes that digital currencies can be a problem for lenders if customers can’t repay loans, or if stolen cards are used to purchase the untraceable currency. Cryptocurrencies can also be difficult for banks to monitor, which are required to look out for signs of money laundering.
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