PaddyBloggit
Registered User
- Messages
- 3,745
Hi MrEarl
There are two good reasons why banks might consider such a ban.
Firstly, customers can claim that a refund if the goods or services were not delivered or if they were defrauded. So I would imagine that after the cryptos collapse, the buyers will seek to recoup their losses from the credit card companies. The best way to avoid such complaints is to not allow them buy cryptos in the first place.
Secondly, if people pay real money for something which turns out to be worthless, they often don't treat the debt seriously. I am told that Credit Union's biggest losses are for wedding loans when the marriage doesn't last. Neither of them wants to pay the debt. So if you buy €5,000 worth of Bitcoin with your Visa card, when Bitcoin crashes, you might just welch on your debt.
Brendan
they could easily amend the terms of the cover provided.
Eh, no. It's in the Consumer Credit Act.
It's a practical thing Mr Earl. They will be inundated with complaints from people who lost money and they will be tied up with the Ombudsman.
It's much simpler to just ban them using their Credit Cards to buy cryptos. They are doing their customers a huge favour.
Brendan
Sorry, what exactly is in the Consumer Credit Act (that a credit card provided cannot stipulate what is or is not covered by the insurance they have provided on card purchases) ?
Are you allowed to buy shares with credit cards? I wouldn't have thought so?
Sorry, I honestly don't know. Do you ?
I just cannot accept that the card providers are trying to prevent us from buying these currencies with our credit cards for our own good - simply because they don't take similar steps to protect us from other high risk transactions.
I just cannot accept that the card providers are trying to prevent us from buying these currencies with our credit cards for our own good
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