Chase Bank Redefines Cryptocurrency Classification
Timeline of Events
January 23 - February 2, 2018
During this period, Chase Bank began classifying cryptocurrency as a cash advance. This meant that customers who purchased cryptocurrency with their Chase credit cards were charged a higher interest rate and fees.
June 26, 2023
Chase Bank's decision came under fire from cryptocurrency enthusiasts, who argued that it was unfair to classify cryptocurrency as a cash advance. They pointed out that cryptocurrency is a legitimate investment, and that it should be treated as such by banks.
Implications for Cryptocurrency Users
Chase Bank's decision has several implications for cryptocurrency users:
- Higher costs: Cryptocurrency purchases made with a Chase credit card will now incur a cash advance fee.
- Limited access: Some banks may restrict or prohibit cryptocurrency purchases altogether.
- Negative impact on credit score: Cash advances can negatively impact your credit score.
Alternative Options for Purchasing Cryptocurrency
If you're looking to purchase cryptocurrency, there are several alternatives to using a Chase credit card:
- Cryptocurrency exchanges: There are numerous cryptocurrency exchanges where you can buy and sell cryptocurrency.
- Peer-to-peer exchanges: You can also buy and sell cryptocurrency directly with other individuals.
- Debit cards: Some debit cards allow you to purchase cryptocurrency without incurring a cash advance fee.
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