/biz/ - Business & Finance

Been using credit cards for instant transactions on Coinbase? Got a sweet 0% APR deal to build your stack and hodl?

***GUESS WHAT FAGGOTS: VISA AND MASTERCARD ARE HERE TO FUCK YOUR SHIT UP!***

https://theonlinetech.org/2018/01/26/visa-and-mastercard-now-charge-an-additional-fee-for-buying-cryptocurrency/

I have weekly purchases up on Coinbase as a dollar cost averaging strategy (plus free CC points lol), but what to my wandering eyes should appear but FUCKING CASH ADVANCE FEES on MY STATEMENTS!? It's more likely than you think!

Fees per transaction and an interest charge, and here's the best part: you can't pay it off unless you pay down any other balance on your card. It's fucking First In Last Out.

No advance notice on this either, they just reclassified Coinbase as a "cash advance vendor".

I basically told my bank, "Hey guys, this contradicts the guidelines set forth by the federal government per IRS Virtual Currency, as well as violates the Truth in Lending Act." Waiting for a response, but of course it's classic activity for the bank to treat it as cash and the government to treat it as property so now you can have a cock in your ass AND in your mouth!

DO NOT MAKE LARGE CRYPTO PURCHASES WITH CREDIT CARDS ON COINBASE UNTIL THEY SORT THIS SHIT OUT! You will get raped by fees, doesn't matter if you pay it off every month (which you should), the fee is assessed PER TRANSACTION.

Watch out for the dick salad headed your way if you buy crypto using credit cards on Coinbase.