Category Archives: credit cards

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John McAfee Launches Visa Bitcoin Debit Card

Antitrust Watchdog Investigates Brazil Banks for Restricting Fintech Firms (1)

The ubiquitous John McAfee, needing no introduction to crypto converts, is never far from the news and his latest piece of that is a McAfee crypto debit card.

The card, naturally adorned with the cryptocurrency entrepreneur’s photo, just so users know exactly who created it, has been issued by Visa, and will enable users to use their crypto for purchases or to obtain cash.

A teaser for what is coming soon: The first crypto credit card accepted EVERYWHERE! pic.twitter.com/ARBIAcLQOf

— John McAfee (@officialmcafee) April 26, 2019

Originally advertised, and since corrected by McAfee, as credit cards, they clearly are not, but such debit cards play an essential role in enabling holders of cryptocurrency to use their Bitcoin as originally intended; as a source of purchasing power and convenience.

As a reminder, unless newsreaders have forgotten, McAfee is up as a 2020 presidential candidate, if only to offer himself a platform for talking about cryptocurrency and its place in the world. A further reminder is offered with each issued card with the 2020 presidential run logo, along with his photo is printed on each card; a very clever piece of canvassing. However, he did add that only the first 12,000 of such debit cards would carry his photo on them. After the first batch of 12,000 cards have been released, the others will be without his images.

Sorry – “Credit Card” was a misnomer. More like a debit card. You load it with Bitcoin then use it anywhere. We convert to local currencies. pic.twitter.com/0MRmh1PslW

— John McAfee (@officialmcafee) April 26, 2019

It is unclear which financial institutions will honor the cards at present, given his lack of popularity with the US authorities in general, particularly the IRS, who would reportedly like to talk to him about several millions of dollars in unpaid returns backdated to 2010. However, his popularity is assured with an impressive crypto community following, who hope that this is another little push designed to drag Bitcoin into the mainstream rather than a nonstarter publicity stunt.

 

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Wells Fargo to Pay out $575 Million for Scamming Customers After Rejecting Crypto Credit Card Transactions

wells fargo, cryptocurrency, credit card, payouts

In what could be the most ironic case for cryptocurrency investors in 2018 Wells Fargo, the third largest bank in the US has been hit with a $575 million settlement after scamming its customers over a period of 15 years.

The settlement will be of particular interest to cryptocurrency investors who have been repeatedly told by the banking giant that customers couldn’t use their credit cards to purchase cryptocurrencies due to them being a risky investment. In a statement, Wells Fargo cited the “multiple risks associated with this volatile investment.”

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank rep said in a statement. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.”

After a nationwide investigation, it has been revealed that Wells Fargo employees opened unauthorized credit cards and bank accounts using customers names between 2002 and 2017. The fraud occurred according to employees as they were worried about losing their jobs if they didn’t meet Wells Fargo sales targets.

The result was that many bank clients were illegally charged for financial services they didn’t receive, having not actually signed up for them, including life insurance and protection insurance on millions of auto loans. California attorney general Xavier Becerra commented on the company’s violation of consumer protection standards:

“Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products — from bank accounts to insurance — that they never wanted.”

The settlement is to be distributed amongst all 50 US states and the District of Columbia, followed by a restitution review to ensure all customers illegally charged for services are reimbursed.

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