Visa Blocks Credit Card Purchases of Meme Coins via Points and Cashback

Visa has reportedly restricted a method allowing users to buy meme coins with credit cards while still earning points or cashback rewards as if it were a regular purchase. The move addresses a loophole that arose after meme coin transactions were classified as 'digital media' purchases rather than digital asset transactions. According to The Block, citing Crypto in America, Visa plans to prevent payment processors from applying digital media merchant category codes to meme coin purchases. A grace period for this change is expected to end next week.