Curious...Is this more FUD from Capital One?

[OldManWinter]

Sensing a bottoming of the market, I tried making a purchase on Coinbase with my Capital One card this afternoon and my purchase was cancelled because Capital One rejected the purchase.  I had literally made 3 purchases just last week with the same card and paid off the purchases instantly so I knew the card was good.  I called Capital One to see if my account had been locked out and they told me that they were no longer allowing purchases of crypto currency on their cards because they did not consider it a legally accepted and/or legitimate form of investment (or something to that effect).

Has anybody else experienced this or is it just me?  I doubt that it's just me since I make multiple payments every month and carry a zero (or near zero) balance.

I'm curious is if it's just Capital One or are other cards not allowing crypto purchases.

[TinyRick]

Nah, a lot of companies are doing this. I think until regulation comes into play - credit card companies will start protecting their own asses. 

[OldManWinter]

Just now, PickleRick said:

Nah, a lot of companies are doing this. I think until regulation comes into play - credit card companies will start protecting their own asses. 

Thanks for clearing that up.  As a semi-newbie, I hadn't heard anything like that. 

Thanks

[rg809wPPM]

I also have a card Capital One registered with Coinbase   made a purchase... which was canceled... I only needed to approve the transaction and submitted the purchase again  and it went through without any problem.

[OldManWinter]

4 minutes ago, rg809wPPM said:

I also have a card Capital One registered with Coinbase   made a purchase... which was canceled... I only needed to approve the transaction and submitted the purchase again  and it went through without any problem.

When did you do the transaction?  I did it last week without any problems.  It only started today and I even spoke to a representative who told me that they were no longer accepting crypto purchases.

Thanks

[Guest]

I have both Capital One CC and Capital One Bank linked to my Coinbase account.   The bank purchase worked fine (bought ETH) for a short term trade.

My guess is people are  maxing out C.Cds to purchase and unable to pay the bills if the price doesn't go up. So the credit card companies are not wanting to take the risk.  Credit Cards are unsecured so they could lose tons of money in written off debt if it got too out of control

 

[OldManWinter]

I guess I must be the lucky one.

Thanks

[Guest]

They just stopped a few days ago.  I want to say 2.

[rg809wPPM]

 

5 minutes ago, Ezip1 said:

I have both Capital One CC and Capital One Bank linked to my Coinbase account.   The bank purchase worked fine (bought ETH) for a short term trade.

My guess is people are  maxing out C.Cds to purchase and unable to pay the bills if the price doesn't go up. So the credit card companies are not wanting to take the risk.  Credit Cards are unsecured so they could lose tons of money in written off debt if it got too out of control

 

 

7 minutes ago, OldManWinter said:

When did you do the transaction?  I did it last week without any problems.  It only started today and I even spoke to a representative who told me that they were no longer accepting crypto purchases.

Thanks

Last week was my transaction I'll try one now instead of the Bank.. Good excuse to buy at these bargain prices.

[ripplex]

They might do it to reduce competition in buying XRP, they need a lot of those. Purchasing from Ripple directly won't be discounted.

[TheXRPer]

1 minute ago, OldManWinter said:

When did you do the transaction?  I did it last week without any problems.  It only started today and I even spoke to a representative who told me that they were no longer accepting crypto purchases.

Thanks

I hardly doubt someone making $12 and hour in a call center would know that Coinbase equals "crypto purchase".

[OldManWinter]

Just now, TheXRPer said:

I hardly doubt someone making $12 and hour in a call center would know that Coinbase equals "crypto purchase".

I wouldn't argue that other than that that's what they told me.  My best guess is that they are reading from a script.  Doesn't mean they know what they are saying.

[rg809wPPM]

11 minutes ago, rg809wPPM said:

 

 

Last week was my transaction I'll try one now instead of the Bank.. Good excuse to buy at these bargain prices.

It was canceled and I have not gotten the Approve this transaction email as of yet ....that was like 10 min ago.  Im really curious so I will call them too.

[jmrichky]

I too have experienced this with my bank (not Capitol One) while using a debit card to purchase on Coinbase.  The bank repeatedly denied the transaction over the course of a few days (meanwhile xrp went from .20ish to 1.00).  In the end, I called the "fraud protection" department of the bank and told them it was a legitimate transaction, and after verification of identity, I was able to make the purchase with them staying on the line as it went through.  The strange thing is that I also had to do this with with every subsequent purchase as well.....  not sure this is beneficial info to your scenario, but thats how we pushed the transaction through our bank.

[OldManWinter]

3 minutes ago, rg809wPPM said:

It was canceled and I have not gotten the Approve this transaction email as of yet ....that was like 10 min ago.  Im really curious so I will call them too.

Try to write down exactly what they say.  I don't remember word for word what the rep told me.