Investors who bought bitcoins last week found additional commissions in their bank statements. VISA and Mastercard simultaneously decided to change the classification of such purchases in their own networks. This is written by TechCrunch.
Earlier, the Coinbase exchange already warned its customers that the large networks involved in servicing credit cards changed the MCC code (for example, the seller’s code) for purchases of cryptocurrencies. Now such transactions are classified not as “purchases”, but as “cash withdrawal”, which allows banks and issuers of plastic cards to charge additional commissions.
Apparently, VISA and Mastercard decided to immediately take advantage of this opportunity. If before, for example, Coinbase collected from its customers 4% to cover its own costs, now, in addition to this, card operators take an additional 5%. Presumably, in the near future in the list of sites, the purchase of cryptocurrencies on which is subject to an additional commission, will include other well-known cryptocurrencies exchanges.
In addition, according to generally accepted rules, such transactions are not included in the grace period of credit card servicing. As noted by TechCrunch, in some cases, the credit rate for such transactions can reach 25.99% per day.