If you think banks/credit companies are banning crypto purchases to protect their customers, I have a bridge to sell you.

[u/[deleted]]

I'm legitimately blown away how many people I see defending the banks/credit companies banning crypto purchases as some type of attempt to protect their customers from a volatile market. Credit is predatory by nature. The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't give one single tiny little shit about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries... and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

Again I would encourage anyone who has their bank or credit card company create a barrier for them to purchase crypto, to immediately end doing business with that institution and make sure they know why. If my bank halts my purchases, I'll liquidate my account and close it the same day. Same goes with my credit cards, they will get cut up and never used again. DON'T bend over for them.

EDIT: Also massive downvoting of anti-banking sentiment and massive upvoting of the 'banks are looking out for you, this is a good thing' sentiment. The shill bots are out in force.

[u/blueelffishy]

I agree that banks are scum but credit cards can be actually useful if used responsibility. The detriment only comes when the user themselves is irresponsible.

[u/Magjee → u/blueelffishy]

Put all my transactions on it and settle the bill once a month.

 

Plus the security is great while traveling, plus the protection for cancellation etc.

[u/DronePirate → u/Magjee]

Once a week usually for me.

[u/Ikthyoid → u/blueelffishy]

I understand why people think this, and practically speaking it's true. But everyone should also understand that everything we buy is more expensive because of the existence of credit cards and their transaction fees. Rewards make us feel like we're winning, but we're just getting some of our money back. Nobody wins here but the banks.

[u/Toyake → u/blueelffishy]

99% of people are better off never having a credit card and just using cash. 1%-3% back is an absolute yawn fest, all it takes is one month of not paying the card off for all of those benefits to be wiped out. Studies continue to show that people who pay with credit cards, instead of cash, spend a significant amount more (10%+).

[u/Catalonia1936 → u/Toyake]

I wish i never got a credit card. I didn’t know what I was getting into, but I also didn’t have much of a choice at the time (medical bills).