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VISA and Mastercard charge additional commission for the purchase of crypto currency

Last week, users of the Coinbase exchange, who bought bitcoins, discovered Additional commissions in their bank statements. As it turned out, VISA and Mastercard decided to change the approach to handling crypto-currency transactions in their systems.

Now such operations are classified not as “purchases”, but as “cash withdrawal”, which allows banks and card issuers to charge additional commissions.

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Currently, you can buy Bitcoin, Ethereum or other crypto currency quickly using a credit or debit card.Bank transfer will be cheaper, but it will take several days.

The Coinbase exchange has long accepted bank cards for payment. In this case, operations with their use are subject to a standard 4% commission. Now VISA and Mastercard will charge an additional 5% for processing such transactions.

Coinbase has already notified its customers about this change, pointing out that “a number of large networks involved in servicing credit cards have changed the MCC code (merchant category code) for purchases of crypto currencies.”

It is assumed that this change affected not only Coinbase, but all other exchanges as well. As a result, people wishing to invest in the Crypto Currency will do it more difficult.

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The post VISA and Mastercard charge additional commission for the purchase of crypto currency appeared first on Digital Bodha.



This post first appeared on Cryptocurrency News | Bitcoin Mining Hardware | Dogecoin, please read the originial post: here

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VISA and Mastercard charge additional commission for the purchase of crypto currency

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