Reply to post: Re: Accessorize...

Lloyds Bank bans Bitcoin purchases by credit card customers

Anonymous Coward
Anonymous Coward

Re: Accessorize...

"So the credit card companies admit that they can control what people buy or don't buy with their product?"

No.

It is a loan.

The bank doesn't have to lend you money; it can decide you are a bad credit risk. It can decide what loans can be used for (in the early days of credit cards they could not be used for hire purchase agreements, for instance.) This doesn't make it an accessory to anything. If it decides that spending money on X affects your credit rating, whether it's hookers, cocaine, Bitcoin or bulk Toblerone, it can refuse to lend you money for that purpose, reduce your card limit or terminate your card.

"Does that mean they are accessories for every illegal online purchase?"

That does not make them an accessory if they unknowingly lend you money to do something illegal.

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