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Planning to buy cryptocurrency? Get ready to shell out more as VISA, Mastercard will classify purchase as cash advance

As per reports, these purchases will no longer qualify for earning credit card points as well.

Edited by: India TV Business Desk, New York [ Updated: February 06, 2018 10:23 IST ]
Presently, if you wish to buy Bitcoin, Ethereum or other
Presently, if you wish to buy Bitcoin, Ethereum or other alt-coins instantly, only option available is to use a debit or credit card.

Multinational financial services corporation VISA and Mastercard have decided to make buying cryptocurrency more expensive than ever as both of them have reclassified the way Coinbase credit card purchases are processed on their networks.

Using a credit card to purchase cryptocurrency will now result to a 5 per cent fee from your credit card, in addition to the four per cent credit card transaction fee already passed on by Coinbase, a TechnoCrunch report said.

Coinbase transactions, and also presumably all other exchanges, are now being labelled as a "cash advance" rather than a "purchase".

As per reports, these purchases will no longer qualify for earning credit card points as well.

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