Visa Closed Loophole Ending Memecoin Card Rewards
Credit card users can no longer earn rewards on memecoin purchases after Visa updated how these transactions are classified.
Updated on Sept. 19, 2026 in Credit Cards
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Visa has directed payment processors to end the use of merchant category code 5815 for memecoin transactions, effectively closing a loophole that allowed users to earn credit card rewards on crypto purchases. The change follows reports that purchases were incorrectly categorized as digital goods rather than crypto assets.
Why it matters
The reclassification prevents users from earning standard credit card rewards on memecoin buys, aligning these transactions with existing policies that exclude crypto purchases from cashback and point-earning programs. Visa took action after Chase identified the coding anomaly to ensure consistent enforcement of transaction rules.
Users were previously able to process up to $1,000 per day in memecoin purchases without KYC verification under a $1 million total volume cap. These transactions will no longer qualify for rewards under the new crypto-specific coding requirements.
The players
Visa
A global payments technology company that sets transaction classification standards and manages consumer credit card networks.
Chase
A major consumer bank providing credit cards and financial services that alerted Visa to the coding anomaly.
Crossmint
A company that facilitated memecoin sales and utilized digital goods classification codes to process these transactions.
Checkout.com
A payment processor working with Visa to implement the updated transaction classification requirements.
The details
Previously, Crossmint facilitated memecoin sales through platforms like Robinhood Wallet and Fomo by classifying them as digital goods under merchant category code 5815. This allowed transactions to bypass typical crypto restrictions, enabling users to earn credit card rewards. Visa has now mandated that these purchases must use crypto-specific transaction codes, ensuring they are correctly identified and excluded from standard rewards programs.
Timeline
September 1, 2026: The Block reported on the transaction classification loophole.
September 19, 2026: The Visa directive for reclassification was confirmed.
Next week: The compliance grace period for payment processors is set to end.
Money Landscape
This move signals a tightening of payment network rules regarding how emerging digital assets interact with traditional rewards programs. It reinforces Visa's existing policy of excluding crypto-related purchases from standard credit card incentives.
If you have relied on credit card rewards for crypto-related spending, these purchases will no longer generate points or cashback under the new classification system. Review your recent transaction history to see if your preferred platforms have updated their processing codes.
The takeaway
Visa is effectively ending the ability to earn credit card rewards on memecoin transactions by mandating specific crypto-asset coding. Consider checking your credit card rewards portal to confirm the status of past crypto transactions if you have concerns about pending rewards.
Further reading
For more information on how payment networks handle rewards, visit Credit Cards.
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