Coinbase Cuts Off New Credit Cards for US Customers

Source : Coinbase Cuts Off New Credit Cards for US Customers

Cryptocurrency startup said Tuesday that its U.S.-based users won’t be able to add new credit cards as a payment option.
Making the announcement through its official blog post on Feb. 13, said the platform currently is unable to offer a smooth credit card purchase experience. As a result, it has “disabled adding new credit cards as a payment method for U.S. customers.”
The move is seen as a follow-up to the platform’s previous confirmation that credit cards issued by four U.S. banks are barred from being used to buy cryptocurrencies. said, however, that debit cards remain as a payment option.
“We know many customers have added credit cards as their primary payment method; we did not make this decision lightly,” the company said in the post. “We are actively working with card networks and card issuers to find a long term solution. For customers in the UK, EU, Canada, Australia and Singapore, we are collecting feedback and evaluating similar changes.”
In addition, the platform said users who have already linked credit cards to the platform can continue using them “so long as your bank allows them.”
As reported previously, at least four banks in the U.S. –  Chase, Bank of America, and Capital One – have barred credit card holders from making purchases on the exchange.
Other banks have moved more broadly to impose such impositions. Australia’s Commonwealth Bank announced Wednesday that it will block credit card purchasing on cryptocurrencies, and the U.K.-based Lloyds Banking Group has also previously issued the same policy for several of its subsidiary banks.
Disclosure:  is a subsidiary of Digital Currency Group, which has an ownership stake in .
Credit cards image via Shutterstock

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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