On February 13th, 2018, Coinbase announced on their blog, that U.S. customers will no longer be able to add new credit cards as a form of payment.
Coinbase said:
“At the moment, Coinbase cannot ensure customers will have a positive purchasing experience with a credit card. As a result, we have disabled adding new credit cards as a payment method for US customers. Debit cards remain unaffected by this change.”
This decision follows the news that four U.S. banks have barred their credit cards from being used for any cryptocurrency transactions. While Coinbase acknowledges that many customers prefer credit cards as their primary payment method.
They went on to say:
“We did not make this decision lightly. We are actively working with card networks and card issuers to find a long term solution. For customers in the UK, EU, Canada, Australia and Singapore, we are collecting feedback and evaluating similar changes”
For users that already have their credit cards linked to the platform, you may continue to use them as long as your bank honors the transactions.
The banks that have disabled credit card transactions are
The U.S.
- JPMorgan Chase
- Bank of America
- Citi
- Capital One
Australia
- Commonwealth Bank
U.K.
- Lloyds Banking Group (several of its subsidiary banks)
