MSE News: Lloyds bans Bitcoin purchases on its... 5 February 2018 at 4:47PM in Credit cards 19 replies 2.8K views

Former_MSE_Callum

Lloyds Banking Group has banned customers from buying Bitcoin and other cryptocurrencies on its credit cards because of fears they could be left in debt as the value falls...

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'Lloyds bans Bitcoin purchases on its credit cards'

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Paul_Herring

Next up:

- barring customers from buying tobacco or alcohol, because of health concerns.
- barring customers from buying petrol or diesel, because of climate change.
- barring customers from buying ski holidays, because they might end up in hospital.

This is simply needless intrusion into people's private finances, and the start of a very slippery slope unless it's clamped down on now.

AstroTurtle

Or just use a debit card.

jonesMUFCforever

IMO a great move.
No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).

AllieKat

Those things don't pose a risk to the issuer. This isn't to protect you. It is to protect them.

Things like cash, cash equivalents and gambling are already banned from most credit cards (or limited to cash advances). Since buying Bitcoin is really all three, this just seems to be enforcement of existing terms...

dresdendave

Seems a sensible move by the banks. Basically saying if you want to make a potentially risky investment, use your own money rather than theirs.

PeacefulWaters

Paul_Herring wrote: »

Next up:

- barring customers from buying tobacco or alcohol, because of health concerns.
- barring customers from buying petrol or diesel, because of climate change.
- barring customers from buying ski holidays, because they might end up in hospital.

This is simply needless intrusion into people's private finances, and the start of a very slippery slope unless it's clamped down on now.

Or maybe they're bringing credit cards into line with their personal loan products on this issue.

Shakin_Steve

What’s a bitcoin?:p

hollie.weimeraner

Well it's potentially hit plenty of people already as it has lost half it's value from it's highs of £14,000 a few weeks ago.
There were plenty of people predicting there would be a cliff fall.
You can't blame the banks for trying to protect themselves, I'm sure if they didn't there would be those shouting for heads to roll if they left themselves open to massive claims.

D_M_E

This move has also been announced by Virgin Money.

Paul_Herring

AstroTurtle wrote: »

Or just use a debit card.

PeacefulWaters wrote: »

Or maybe they're bringing credit cards into line with their personal loan products on this issue.

Until they start using the same reasons to ban buying specific things on debit cards.

Think it won't happen?