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MSE News: Lloyds bans Bitcoin purchases on its...

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Former_MSE_CallumFormer_MSE_Callum Former MSE
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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_HerringPaul_Herring Forumite
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    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.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Or just use a debit card.
    Save £12k in 2019 -
  • jonesMUFCforeverjonesMUFCforever Forumite
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    IMO a great move.
    No spurious S75 claims for Bitcoin when you lost money - *(no mention if you made a profit LOL).
  • AllieKatAllieKat Forumite
    109 Posts
    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...
  • dresdendavedresdendave Forumite
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    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.
  • 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_SteveShakin_Steve Forumite
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    What’s a bitcoin?:p
    I came into this world with nothing and I've got most of it left.
  • hollie.weimeranerhollie.weimeraner Forumite
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    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_ED_M_E Forumite
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    This move has also been announced by Virgin Money.
  • Paul_HerringPaul_Herring Forumite
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    Or just use a debit card.
    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?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
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