Coinbase Says Credit Card Fees Are Piling Up on Crypto Sales

CaptainD

Administrator
Staff member
Joined
Dec 27, 2017
Likes
10
Location
Austin, TX
#1
Coinbase Says Credit Card Fees Are Piling Up on Crypto Sales

Coinbase Inc. said customers are now getting slapped with “cash advance” charges when using credit cards to buy Bitcoin and other virtual currencies. The announcement in a blog post Tuesday came just days after several big banks said they’re starting to block the transactions entirely.

“Unfortunately we don’t have a way of knowing when they might be charged or how much they might be,” Coinbase wrote. “If you were charged additional fees, we recommend contacting your bank as you may be able to have these waived or receive information about switching to a card with lower fees.”
 

El Chorizo

Administrator
Staff member
Joined
Dec 28, 2017
Likes
8
#2
The IRS classifies crypto not as currency but as an asset. You have to report it on taxes as such. I find it surprising that the credit card companies can classify it as whatever they want, thus getting larger fees than they should. Sounds like there is a class action lawsuit there waiting to happen.