Robinhood Wallet and Fomo Code Memecoin Purchases as Digital Media to Earn Card Points

Recent testing reveals that memecoin purchases made through Robinhood Wallet and the Fomo platform were classified as “digital media” rather than cryptocurrency. This labeling enabled users to earn credit‑card rewards points, effectively bypassing card‑network rules that typically prohibit crypto transactions.

How the transactions were processed

Both platforms recorded the memecoin buys under a digital‑media merchant category code. The classification allowed the purchases to be treated like standard online content purchases, which are generally eligible for reward points.

Implications for credit‑card issuers

Card networks have explicit policies restricting cryptocurrency purchases from earning rewards. By using a non‑crypto merchant code, the transactions avoided those restrictions, raising questions about compliance and potential policy adjustments.

Platforms involved

• Robinhood Wallet
• Fomo

Key observation

The approach demonstrates a method for users to obtain credit‑card incentives on crypto‑related purchases, which could prompt further scrutiny from card issuers and regulators.