Visa Is Closing a Meme Coin Credit Card Points Loophole
Visa is adjusting the transaction category for purchases made with meme coin credit cards. Previously, some checkouts from Robinhood Wallet and Fomo were completed via Crossmint, Apple Pay, or Google Pay, but were recorded as “digital media” rather than crypto transactions—allowing users to earn regular credit card points or cash back.
Visa has notified the relevant payment processors that the digital media merchant category codes will no longer apply to these purchases. The processors are currently in a brief transition period. Meme coin credit card purchases won’t disappear, but going forward they will need to be processed as crypto transactions and will be subject to the corresponding rules.
Robinhood Wallet is one of the entry points discovered to be using this route. For users, the purchase entry point is still available for now. The most direct change is that points or cash back may disappear, and the issuing bank will recognize the spend as a crypto transaction.
#Robinhood #Crypto Payments
Visa is adjusting the transaction category for purchases made with meme coin credit cards. Previously, some checkouts from Robinhood Wallet and Fomo were completed via Crossmint, Apple Pay, or Google Pay, but were recorded as “digital media” rather than crypto transactions—allowing users to earn regular credit card points or cash back.
Visa has notified the relevant payment processors that the digital media merchant category codes will no longer apply to these purchases. The processors are currently in a brief transition period. Meme coin credit card purchases won’t disappear, but going forward they will need to be processed as crypto transactions and will be subject to the corresponding rules.
Robinhood Wallet is one of the entry points discovered to be using this route. For users, the purchase entry point is still available for now. The most direct change is that points or cash back may disappear, and the issuing bank will recognize the spend as a crypto transaction.
#Robinhood #Crypto Payments