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US Banks and Credit Card Companies Are Reportedly Looking Into Monitoring Gun Purchases

May 04, 2018
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3 min read
Rows of Rifles in Gun Shop
US Banks and Credit Card Companies Are Reportedly Looking Into Monitoring Gun Purchases
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US banks and credit card companies are holding preliminary discussions about potentially monitoring consumers' gun purchases within their internal payment systems, according to a new report in The Wall Street Journal.

Sources familiar with the discussions tell the Journal that the companies have researched the possibility of creating a credit card purchase code for firearm vendors (the same way the companies code a restaurant or retail purchase). Another possibility would be creating a provision that requires retailers to report information on what gun-related products customers are buying.

The discussions are unfurling in the wake of the high school shooting in Parkland, Florida, which killed 17 teenagers in February and sparked a raucous firearm debate across the country. The ideas could foreshadow future restrictions on some gun-related transactions, according to inside sources cited by the Journal. Tracking consumers' gun purchases would likely create controversy among gun rights organizations, which have historically advocated against monitoring gun ownership. And under current law, it's illegal for the US government to track citizens' gun ownership.

After the Parkland shooting, Citigroup released a new code of conduct for doing business with gun manufacturers and vendors. As part of that new policy, its retailers must only sell firearms to people over the age of 21. That new code of conduct, according to CEO Michael Corbat, “is intended to preserve the rights of responsible gun owners like myself, while relying on best sales practices to keep firearms out of the wrong hands.”

A Citigroup spokesperson told the Journal that the policy would not affect customers' abilities to use Citi's cards to legally purchase firearms. TPG also reached out to Citi, and a representative provided this additional statement: “We are focused on implementing our firearms policy and not on conversations around identifying gun purchases.”

TPG also reached out to Chase, which declined to comment on the reported discussions.

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Amex told TPG in an email "American Express does not condone violence of any kind. We require merchants who accept American Express cards to adhere to all applicable laws, and Card Members are able to purchase firearms as long as they are sold legally."

Bank of America told the Journal that the institution will no longer make new loans to manufacturers of certain types of assault rifles sold to civilians. A Bank of America spokesperson told TPG that the bank is "not involved in the discussions referenced in the news stories."

Although it's not exactly clear what companies are involved in the discussions, the Journal, citing sources familiar with the talks, reports that at least one large US bank has had preliminary discussions with officials about a law requiring retailers to report information about some firearm-related products consumers purchase with cards.

Featured image by UIG via Getty Images

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  • Annual Fee

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  • Recommended Credit

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Why We Chose It

There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)

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  • 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
  • Packed with credits foodies will enjoy
  • Solid welcome bonus

Cons

  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
  • Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
  • Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
  • Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
  • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
  • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
  • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
  • No Foreign Transaction Fees.
  • Annual Fee is $325.
  • Terms Apply.