Visa Blocks 'Loophole' for Meme Coin Credit Card Rewards

Global payments company Visa has announced it will close a payment processing loophole that previously allowed credit card reward points for purchasing Meme Coin via Crossmint, according to Crypto In America citing sources familiar with the matter. Earlier, purchases of Meme Coin through Crossmint were classified under merchant category codes (MCC) for digital goods and media like e-books, movies, and music, enabling standard credit card rewards such as points and cashback. Visa has informed payment processors that applying this MCC to Meme Coin transactions is inappropriate, and future transactions will be processed as cryptocurrency trades subject to Visa's crypto regulations and restrictions. Payment processors have been given a grace period to end the current practice, with an expected deadline of next week.