I have weekly purchases up on Coinbase as a dollar cost averaging strategy (plus free CC points lol), but what to my wandering eyes should appear but FUCKING CASH ADVANCE FEES on MY STATEMENTS!? It's more likely than you think!
Fees per transaction and an interest charge, and here's the best part: you can't pay it off unless you pay down any other balance on your card. It's fucking First In Last Out.
No advance notice on this either, they just reclassified Coinbase as a "cash advance vendor".
I basically told my bank, "Hey guys, this contradicts the guidelines set forth by the federal government per IRS Virtual Currency, as well as violates the Truth in Lending Act." Waiting for a response, but of course it's classic activity for the bank to treat it as cash and the government to treat it as property so now you can have a cock in your ass AND in your mouth!
DO NOT MAKE LARGE CRYPTO PURCHASES WITH CREDIT CARDS ON COINBASE UNTIL THEY SORT THIS SHIT OUT! You will get raped by fees, doesn't matter if you pay it off every month (which you should), the fee is assessed PER TRANSACTION.
Watch out for the dick salad headed your way if you buy crypto using credit cards on Coinbase.
Mine were charging me an extra fee since they were saying the transaction was outside the country. Even though Coinbase is in USA they were saying the CC was going to UK or somekthing. Fucking cunts
Robert Ortiz
IT NEVER STOPS!
Justin Robinson
You people are all fucking morons. You need to use localbitcoins.com stop using coinbase faggots
Nolan Parker
Oh wtf faggot, I wanted to buy today. FFS, why did I even bother paying off my crypto credit card or even have one if this shit was going to happen. Fuck. I wanted to buy AION.
Leo Russell
if they are breaking federal laws why dont you sue them
Parker Torres
DUDE I KNOW, I'm lucky I got in before this shit started, now you get a Coinbase fee AND a cash advance fee AND shitty high interest on cash advances AND if you're not lucky enough to have 0% APR you get interest on top of interest! FUCKING CRAZY BRO
Noah Price
I buy every other week, fuck. I'm signing up for gemini as we speak.
Adrian Williams
Not only is there a somewhat large fee (easily $20) you'll also instantly(that very day) begin being charged interest at the cash advance rate which is always like 26% or something.
Cash advances are a huge no no in the credit card world and are really only for emergency situations.
I have around 25 credit cards and can count on one hand the amount of times ive actually used "cash advance" feature.
Hudson Sanchez
I wouldn't be surprised if a class-action suit comes from this, this is an INSANE abuse of credit agreements, there was NO announcement about this whatsoever!
Fucking bank fags think they can start suckling your crypto gains whenever they like.
This may be localized to Coinbase, or it may extend to all known fiat crypto exchanges, I can't confirm other fiat exchanges yet so DYOR and do a test buy first.
Glad I had a weekly buy put up before I did like 5k or something, holy fuck.
Asher Parker
>This may be localized to Coinbase, or it may extend to all known fiat crypto exchanges, I can't confirm other fiat exchanges yet so DYOR and do a test buy first. Yeah I just had this issue like 3 hours ago and thought it was weird. I tried it again a few moments later and the same shit. I found this thread on top and wtf. It might be localized because I don't remember COINBASE saying during the pre payment screen that Credit Cards can be subject to fines from banks.
Dylan Collins
It's madness dude, you're potentially getting charged FOUR FEES for ONE TRANSACTION.
It's not just any one bank either, apparently this is coming from Visa and Mastercard as entities unto themselves. My bank is usually pretty reasonable, hoping they'll stop this usury in its tracks but who knows man.
IRS says it's property for (((taxes))) Visa/Mastercard says its cash for (((fees)))
When will these faggots leave us alone, CENTRALIZED NIGGERS GET OUT REEEEE
Jonathan Hall
Wow crap...may as well pay the Bitcoin atm
Evan Perez
I literally don't even think Coinbase knows about it yet, these sneaky lenders just changed their policy in the dead of night without telling anyone.
Fuck them with a rusty fork honestly, this deserves a class-action suit.
Jose Scott
Well I bought 750 last week, and today I wanted to buy some more and I didn't think twice of their notice of credit card purchases being subject to extra fee bullcrap statement. They know.
Wyatt Ramirez
It's more than just an extra Coinbase fee if you use a credit card. Cash advances have stupid high interest rates and per-transaction fees. Treating crypto purchases as cash equivalent contradicts what the fucking federal government classified cryptoassets as THIS MONTH, so I don't see how in the hell this is legal.
Wyatt Wilson
That's unfortunate OP. Using 0% APR cards have been my strategy too. Oh well, I already invested all the money I need to make it. Sucks for anyone else who needed this method though.
Ryder Gutierrez
It's a 25% rate if you don't pay it off in time. What I don't get is why they tack on the 25% on the purchase. Like, I can pay that shit off in a week and before the month closing, but what the fuck is it not going through?
Parker Davis
Hah jokes on you, my Credit Card won't let me buy any crypto at all anymore! Capital One ftl
Apparently Coinbase knows but doesn't have anything else to say about it.
This is horseshit bros, either it's cash equivalent or it's property it can't be fucking both at the same time.
Anthony Smith
Dump coinbase and use gemini.
John Sullivan
this happened to me too. says all the transactions are in the UK
Mason Morgan
Also a PSA: since everyone is confused about BTC's cash/gold usage, the govt has free range to apply the worst of both sets of laws
Leo Brown
This is getting fucking ridiculous. Like you know, we are in this shit deep when this kind of bullshit happens. I want LTC for quick exchanges, not just BTC and ETH. I submitted all my shit and ready to wait 1 year to buy some crypto loooool
Angel Gomez
Old news. Cuckbase started treating cc as cash advance a few weeks ago. Started with capital one.
Brody Reyes
Gemini uses segwit and the mempool on BTC is empty. transactions currently take like 15minutes for me.
Jace Bell
I have weekly purchases on Coinbase and this is the first week it's been an issue. If people don't know they need to know before they drop 3k in cash advances. I am so sorry Capital One bro. We know ur feels now.
Does anyone know if Gemini has the same problems? Please report in if you do.
Christian Sanchez
is that sergey?
Zachary Cook
>I have weekly purchases on Coinbase and this is the first week it's been an issue. Same that's why I created a thread related just because of Chase. Please don't get fucked, Like I was lucky I didn't pay off my card completely this week to arise to the issue. Good, I just hope the memes of taking a month to be verified isn't true because I have coins to buy that are at their rock bottom.
Evan Gray
Same. My bank CC which I never use offered me 0% APR for 6 month for balance transfers. Needless to say I maxed it out with crypto. Already up over 50% for that investment and I don't have to pay a penny of it until May. Feels good man.
David Gray
Just do what i did. Send them a friendly support ticket. I got verified like a day after i sent one. Dont be that guy that send them a ticket saying "OMFG U BETTA VERIFIY ME OR I BURN UR HOUSE DOWN" Geminis support is probably the best in the market currently they'll get back to within a day or 2
Luis Reyes
I specifically used capital one to make large crypto purchases, and I got in the game early December. It's a good thing I got in then and not now. I'd be destined to a life of wagecuckery .
Luke Clark
>support ticket Thanks, I'll do that user. Here is a thot.
Chase Brooks
It's like they want to close off every avenue to people who need leverage to capitalize on this market.
>Oh you're a good shabbos goy who always pays his debts and has excellent credit?
>Sorry goy, no lambo for you, better get to work early this week or you're fired!
Sebastian Nelson
everywhere you go, everything you want to do there comes someone with their fucking hand out for some mooonies fucking shit.
Jackson Harris
I'd pay that denbt off rn user can you afford to lose it all and pay it off on top of that?
Jace Bell
Clearly you got charged a Cash advance fee because you were buying Bcash.
Aaron Harris
Get a different card with a balance transfer option and pay off the old.
Caleb Martin
...
Juan Cooper
Agreed. You should be paying off what you can afford each month so that you never have to pay interest. I have 0% Apr cards that last 21 months, but every other paycheck I'm dumping it into my credit card so that I don't get ass raped by interest later.
Blake Carter
>Agreed. You should be paying off what you can afford each month so that you never have to pay interest The problem is that they are charging that interest off the purchase price.
Nathaniel Walker
>you can't pay it off unless you pay down any other balance on your card. It's fucking First In Last Out. Fug, now I need to get a card to transfer all the balance to. Fucking jews.
Samuel Powell
I made a $500 coinbase purchase on a mastercard a week or two ago, and I didn't get charged shit. Just sayin.
Landon Walker
i bought $1000 with my card and it was not a cash advance
Gavin Morales
...
Alexander Jenkins
...
Jayden Lee
I'm not seeing these fees? I mean you get some when buying but it was like 5$ for 100$ I bought. And then the bullshit transfer fee but it hasn't hurt me too much.
Carter Reed
So, yeah. The question is: is this something peculiar to OP's situation, or is it just not widespread yet, or is it (most likely) more of the same old FUD.
Yes you're right. I was referring to what he should have been doing prior to this change. Anyone who uses a credit card now for these kinds of purchases will be promptly fucked by cash advance fees.
Eli Diaz
Why would you use a credit card for that anyway? Coinbase charges like 4% for credit cards.
Brandon Jackson
>Fees per transaction and an interest charge, and here's the best part: you can't pay it off unless you pay down any other balance on your card. It's fucking First In Last Out.
Are jews literally incapable of telling the truth?
Josiah Murphy
If you're in the United States and bought from Coinbase using a credit card in the last week, they're going to treat it as a cash advance and charge you exorbitant fees and interest on top of the Coinbase fee.
I bought 700 usd worth of ether last Friday, fees: -21 foreign transaction fee -35 bank transaction fee
I think it was like 12 from coinbase, but the transaction shows as "received ethereum" not "bought ethereum." Which is weird.
Jackson Cook
Cause if you remember in December, every day was a new ATH for every coin. Did you really want to wait a whole week to get your funds through or would you rather it be instantaneous? Furthermore, those fees would be quickly eaten up by profits in literally any shitcoin that month.
Dominic Lopez
Does this bullshit apply to debit cards too or just credit cards?
Aiden Walker
i wanted to put $100/mo but now fuck life, fuck the banks
Jaxon Rivera
Just credit cards since it's borrowed money. Debit card is your own money.
Gabriel King
ty
Isaiah Myers
So if I buy using the shitty wait a week bank transfer am I still good?
Kayden Allen
so just credit cards? debit cards are unaffected?
Jayden Ortiz
I really like your writing style OP. Seriously entertaining. Sorry to hear about your situation though
Nathaniel Collins
I use my bank account and that works fine. But good looking out. And yeah they charged me a foreign transaction fee last time too. I thought that was strange.
Nathaniel Sullivan
Made 2 btc purchases on the 27th now have two transaction fees described as "non financial institution wire etc" of $10 That's all I can gather at the moment
Cooper Martinez
Yes you'll be fine once the transaction clears and the pumps are over and you miss out on all the moon missions.
Debit cards still have the coinbase fee but no cash advance fees
Thanks homie, have to get the word out, guess I'll buy with fiat like a fucking normie from now on.
PAJEETS GET OUT ENGRISH ONRY
Asher Parker
the jews are cracking down.
Grayson Perez
Fact is that it still happens. In 2015 I found myself in need of cash and I did it have my debit card. So I took out $200 from an ATM in cash with my credit card. Bank of America didn't allow me to pay off that $200 until I had first paid off everything else I own on the card. I went home and paid the $200 and they just took that off my balance and still charged huge fees the next month. These banks don't care what's legal.
