Visa Reportedly Ends Card Rewards on Memecoin Purchases

A recent report from Crypto in America suggests that Visa may be ending card rewards on memecoin purchases. The move, which has not been publicly announced by Visa, reportedly challenges how Crossmint-powered purchases are classified.

An investigation by The Block found that a purchase of the WIF memecoin through Robinhood Wallet and Fomo earned ordinary card rewards. However, Chase reviewed one of the transactions and said it believed the digital-media category was inappropriate.

Visa has reportedly told at least one industry participant that MCC 5815 should not be used for memecoin purchases. The reported grace period is expected to expire during the week beginning September 21, although no exact date was disclosed.