This story is a little bit old, but Capital One has confirmed that currently they decline all credit card purchases of cryptocurrency. Capital One also made the following statement to breitbart:
Capital One is currently declining credit card transactions to purchase cryptocurrency due to the limited mainstream acceptance and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market.
 Capital One continues to closely monitor developments in cryptocurrency markets and exchanges and will regularly evaluate the decision as cryptocurrency markets evolve.
I’m already dreading the comments section on this post. Remember you can disagree with each other without the name calling. Keep it civil and respectful.
Hat tip to /r/cryptocurrency
Cap 1 Spark is also blocking Venmo. I spoke to Venmo and they said the card is not accepted on their platform. I’m assuming it has to do with their 2% CB
I wonder if I can buy Bitcoin with a Citibank card then use the Price Protection feature if it drops in 30 days…. 😀
They sure AF don’t care about depositing money into a 360 acct from coinbase, prob like 20k the last week no problem, thanks for the 0% 18month apr ventureone you helped me turn some insane profit in cryptoland.
cant believe this is still an issue. SMH. can people please stop using their CC to buy crypto? and whos still using their chase accounts for that shit? sigh…
Ninjax, I remember chatting w u abt gnt n xmr maybe back in July, thank God those 2 weren’t the only investments
dont worry. everything is crashing now. its time to buy.
Just to add a datapoint: Barclays allows Coinbase purchases and they are definitely aware of what it is, but mine was held up for “security purposes” twice. (They didn’t like my answer to where my deceased aunt lives). Third times a charm and got my minimum spend on something I was already doing.
FYI – If I didn’t live in an anti-crypto state I would have gone through a real exchange instead.
I have mad respect for those that have invested in Cryptocurrencies. I would have lost sleep over it
Many nights
This frustrates me because I used my Quicksilver on Coinbase to effectively reduce the fees.
It’s probably a blessing in disguise, though.
Bet they would be quick to give the lambros an auto loan, though if you are doing it right you wouldn’t need the credit, straight $ homie.
HODL!
Auto loans have something of value as collateral. Credit cards are unsecured.
They don’t want to be on the hook for the all defaults cryptotards are getting themselves into. Makes sense.
Capital One could either code those purchases as cash advances or decline them when the system flags them as fraudulent but downright rejecting those charges doesn’t seem like a reasonable approach to me, especially if a cardholder calls in to verify those charges. IMHO it should be entirely the cardholder’s freedom to decide what to purchase with their cards so long as it’s legal.
+1… I don’t support the cryptos but nonetheless I don’t think cap one should be deciding what card holders can and can’t purchase.
Why not? It’s their money you are gambling with. They have a right not to lend their money for such purposes, just as you have a right to take your business elsewhere if you don’t like it.
Neutral stance, but to add to this: Amex doesn’t allow online Porn, so there is definitely limitations set by each issuer for various reasons
Who pays for porn now a days??? Its free….
People buy that still?
And how do you know that?
…details?
I can’t link because I am at work but this is true and the policy has been in place for 18 years.
The reason is because those transactions are just not profitable for them. Porn transactions have a massive amount of fraud, disputes, and charge backs. Porn sites pay, last I heard, 30%+ in CC fees because of all risk issuers take with porn transactions.
This all makes sense, AMEX and everyone else has a right not to participate in bushiness practices that don’t make them money and aren’t worth the business costs.
They allow people to gamble via casino (cash advance) and online betting. Whats the difference? People buy things they cant afford everyday on CC’s and go into debt
When you say you have to take out a cash advance at an ATM to gamble at a casino, that’s because you can’t use your card to gamble. There is no difference. If you want to buy cryptocurrency, get a cash advance.
False.Credit Card purchases post immediately on Coinbase, for example. A cash advance would be much more cumbersome. You appear ignorant of that important dynamic. Major difference!
I think card companies have always dictated what they’ll allow you to buy, though in most cases we just aren’t aware of what’s banned because they aren’t common.
When someone hack or steal people’s crypto – they cannot be returned/refunded then people will cry to the banks, banks cannot reimburse if people will use it on purpose and share their private key with friend who will “steal” it and then banks even cannot trace where crypto went….. or may trace it but it’s gonna cost them, to much resources will be involved. If Monero involved even harder, and if people will use “recycle/grind exchange services” – to exchange their crypto to someone else crypto…..