Personal finance

Dollar Scholar asks: Can credit cards prohibit certain purchases? | Personal finance

“The risk they see is facilitating an illegal transaction,” says Shipper. “I don’t know if there are any [dispensary] locations can really accept credit cards or whatever today. They manage a lot of money because the networks are suspicious of these companies. “

Gambling purchases and transactions in sanctioned countries like Iran and Syria are also generally prohibited. Outside of legal requirements, some financial institutions are also blocking cryptocurrency purchases, largely because “customers fear customers will understand what they’re getting into – a more protective approach,” says Tony DeSanctis, director principal of payments at Cornerstone Advisors.

There is also a reputational risk to consider with items like firearms.

There is a difference, however, between what I can’t and what I should not put on a map. Steele had an immediate response to my second question: “The one thing you should never buy with a credit card?” Never, never make a cash advance, ”he says.

It has nothing to do with the law – it is just not good financial practice. Not only do cash advances usually have a fee of 3% to 5% when I withdraw, but they also usually have exorbitant interest rates. Because they represent short term loans, we are talking about an APR of around 30%.

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