Visa Merchant Category Rules Could Cut Rewards on Meme Coin Purchases
Test purchases of meme coins on Robinhood Wallet, processed via Crossmint, were posted on Visa and Mastercard as digital media rather than crypto. Visa’s rulebook ties crypto rewards to specific merchant category codes (MCC 6012 or 6051); reported tests of dogwifhat (WIF) used MCC 5815. Chase’s rewards agreement excludes cash-like spending and cites cryptocurrency, with SEC staff also likening meme coins to collectibles.