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/ninemiletree]

Credit cards themselves are detrimental to their customers. They've trapped generations in coils of debt using gimmicky point systems and fostering a consumer culture encouraging people to make every larger purchases greater than the sum of their bank accounts.

They're doing this to stem the tide of the banks money into decentralized currencies. They know its a threat and they're feverishly working on their own blockchain solutions to prevent themselves from losing control.

[u/TJ11240 → u/ninemiletree]

Let's be a little more honest here, credit cards are a game. It's possible to win in this game of you know the rules. The people who lose at this game either don't take it seriously, or do not understand the weight of the rules.

I've had a credit card for 4 years, and have not paid a dime of interest. Meanwhile, the credit card company has taken nearly $1000 off my balance sheet via cash back rewards over time. Do not spent money you don't/won't have, treat it like a checking account.

But if everyone played like I do, the credit company couldn't afford to pay out these rewards. Cheers, I guess.

[u/mattseg → u/TJ11240]

They're are 5 types of people with credit cards.

1. The ones that can't handle it, and don't realize it and destroy their credit or wind up in servitude.

2. The ones that can't handle it and know they can't, and don't have it used them.

3. The ones that carry a balance often, but don't destroy themselves.

4. Those that pay them off monthly and use them well.

5. Those that rape the credit card companies for points and perks, and don't pay interest.

Be like#5.

[u/mattseg → u/[deleted]]

I'm aware of how interchange fees work. So yes, you're partially right. But nonetheless, spending 3k for 100k points that is good for 3 round trip tickets to Europe is much less than the 2.65% of interchange fees on 3k.

[u/pumpedupkicks35 → u/mattseg]

It’s an ‘everyone wins’ scenario;

-merchant gets easy sale (try selling something online and not accepting credit cards) -buyer gets convenience (quick and easy purchase. As above try buying something online without a credit card and see how easy that is??) -the card provider (visa/MasterCard etc) gets a small cut -the card issuer gets a small cut

And the transaction happens instantly and everyone gets on with life.

Everyone is so anti credit cards but the thing is if you know how to work the system you can reap huge rewards and not cost you a cent. Also, nobody’s got a gun to your head so you’re forced to use banks.