Hi everyone, we’re making a change to our Credit Cards I wanted to let you all know about. Customers won’t be able to use their card to buy cryptocurrency, or to invest in cryptoassets from 14 July 2021.
While interest in cryptocurrency is at an all-time high, the market is largely unregulated and more people are falling victim to scams involving cryptocurrency.
We’ve made the decision to protect Tesco Bank customers from these scams. The most effective way of doing this is to block credit card payments to companies dealing in crypto purchases or trading activities.
If you have any questions or feedback you can post in the comments below, send Tesco-Bank a private message, contact us on Facebook or Twitter, or call us on 0345 300 4278
05-08-21, 16:33
jellison
How very authoritarian of you. We are not children who need our spending habits scrutinised by corporations. I will be cancelling my credit card immediately.
06-08-21, 09:56
M81162
Quote:
Originally Posted by RossM
We’ve made the decision to protect Tesco Bank customers from these scams. The most effective way of doing this is to block credit card payments to companies dealing in crypto purchases or trading activities.
This is pathetic from Tesco. The decision shows that Tesco are uneducated, ignorant and lazy and don't understand cryptocurrencies. How does stopping us using legitimate exchanges protect us from scams? It will actually drive people into the arms of scammers who will offer to help find other ways of investing.
Why doesn't Tesco block users from making payments to banks such as HSBC and Barclays as they have been found guilty of illegal and fraudulent activities?
This won't stop me investing in crypto because I will use other methods to move "my own money" around.
06-08-21, 10:14
RossM
@M81162 Hi, this article is not in relation to moving money between accounts and is in relation specifically using a Tesco Bank Credit card to invest in cryptocurrency's.
06-08-21, 13:26
M81162
@RossM As I said what gives Tesco the right to tell me where I can and cannot invest? Tesco don't understand cryptocurrencies.
14-08-21, 19:39
IAMANADULT
You are my credit card provider. Nothing more. You have absolutely zero right to tell me what I can or cannot invest in as long as what I am doing breaks no laws. And guess what, investing in cryptocurrencies breaks no laws. All you are doing is making your business less relevant. Do you imagine that adults will let you treat them this way? What will happen is that people will simply close their accounts and find places that serve their financial needs.
The hubris of this decision is astonishing.
15-08-21, 10:41
KellyT
Hi @IAMANADULT, sorry to hear about your disappointment surrounding this. We'll feed back all your comments to our Customer Insight team to review.
16-08-21, 02:59
NicolaRiley5
very shortsighted!
I don´t think this move has anything to do with protecting customers from scams, rather that every bank has invested in a new Crypto themselves and wants to protect their own assets!! They can´t bear to see customers succeed themselves. The agreement nationwide/worldwide to reveal Bank/central Bank Crypto is not ready they are panicking and using authoritarian measures to shut we their customers down.
Agree with other customer on review of Tesco card usage.
16-08-21, 17:55
IAMANADULT
I suggest that we all vote with our sterling and take our business elsewhere. Revolut, Metro, there are a few others that do not treat their customers like children and let them make their own financial decisions.
17-10-21, 17:01
dinnadoit
Yeah definitely, I assume we will no longer have the ability to use our cards for gambling websites.
03-03-22, 03:41
Cinthya98
I still cannot understand this decision. I mean, as someone said above, we are not some kids who have to be monitored on our spending habits. It's more than just pathetic, and it's stupid! Considering how popular cryptocurrencies are nowadays, they are missing an awesome feature. And know, if I only have their credit card, I cannot buy invest trade crypto because the Tesco bosses think it's risky for their customers? Seriously? Back when this decision was taken, I wanted to invest in this token. I would have won an insane amount of money already.
09-03-22, 12:27
AnthonyHHHHH
@RossMWell it looks like I'm in a minority of one but I think this is a good idea. If I've learnt one thing after 60 years of life on planet earth it is that people are stupid, really stupid. If this protects the idiots that's great if it inconveniences others tough, suck it up and get on with life.
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