I had to find out the hard way that Visa and Mastercard now charge an additional fee for buying cryptocurrency on Coinbase. My Mint account alerted my that I had been charged for multiple cash advances. I have been using my Chase card to purchase through Coinbase for awhile with no issues. So I called Chase and spoke to a rep and they informed me that Coinbase changed their MCC code, which is what triggering the fees. The first rep was unable to help so I called back and followed these easy steps to get the transaction fees refunded.
- Be respectful.
- Explain that you have made this purchase in the past without fees.
- Tell them you are unaware of the change and never would of made the purchase if you knew there was a fee.
- Explain your credit history and show them you are a valuable customer.
Follow these steps and they should refund the fees like they did for me.
Good information! :) This is exactly why I just use my bank account for this... with credit cards, unless its a debit cards, coins should not be purchase with money you do not have when its a volatile market.
I preferred credit because it was instant. I believe you can use credit responsaibly as I do. I know most do not use it responsibly, but it eerks me that someone is trying to protect me from myself. We live in a world that is over regulated.
I tried this with my credit card issuer but they won't refund the fees even though I've a long history of paying my account in full and on time every month. They say the fee is issued by Mastercard and not the credit card issuer. I'm dumping them as soon as I use up my remaining loyalty points.
This is not the experience I had. Make sure you ask for a manager because the first rep said there was no way they could refund me, but they transferred me and it was taken care of in less than 30 seconds.
Ok, might try again tomorrow.
Good luck.