People often ask can I buy bitcoin with credit card? Here we are to give you details on whether you can buy bitcoin with a credit card and the steps to follow while buying a credit card. Also, look at different platforms that accept payment through credit card transactions.
You can buy crypto with credit cards, but it can be difficult to buy bitcoin with credit cards from some platforms. But it can work smoothly on some platforms such as ChangeHero, Coinmama, Paxful, Kraken, etc. All these exchange platforms allow using credit cards to buy bitcoin. Few sites, such as Coinbase, Gemini, and WeBull, don’t accept credit cards to buy bitcoin.
Step-by-Step Guide to Buying Bitcoin
Make sure your credit card allows crypto purchases.
The first step for buying bitcoin with your credit card is to ensure whether your credit card issuer allows you to buy cryptocurrencies using a credit card. Read the details in the card agreement regarding this; otherwise, the credit card issuer could block your purchase. You can also call your credit card customer service regarding the allowance to buy cryptocurrency using a credit card.
Find an exchange that allows credit cards.
As mentioned in the above paragraph, only some exchanges allow the purchase of bitcoin using a credit card. Check the platform’s reputation, transaction fees, and customer service before initiating the transaction. After that, choose one perfect platform that fits all your needs.
Purchase the bitcoin currencies
Once you are done choosing the right platform next step is to visit the website of that platform and follow the process of purchasing bitcoin using a credit card. Some of the platforms require you to create an account before you can buy bitcoin. But platforms like ChangeHero directly allow you to buy cryptocurrencies online using your credit cards.
Pay off your credit card.
As with any other purchase using a credit card, you should pay your credit card bills on time. It would be unpleasing to pile off the interest amount.
Fees associated with Buying crypto with a credit card
There are fees associated with the purchase of bitcoin using a credit card for buying. You should not stack up a debt on the credit card that you can’t pay at the end of the month. Listed below are the fees type and amounts you might face while using a credit card for the purchase.
Cash advance Fees
Your credit card issuer might treat your crypto purchase as cash in advance, and thus, you might require to pay the cash advance fees. You will require to pay this fee each time you make a transaction. So, buy a maximum of crypto coins in one transaction to save yourself from paying this amount again and again. On some credit platforms, such as creditors, you have to pay about $10 as a cash advance, which makes up about 3% of the payment amount. The cash-in-advance payment method might also affect your credit score.
No credit card rewards
If you use a credit card to purchase the crypto coins, you may not reap the credit card rewards that accompany the typical purchase.
Foreign transaction fees
You might be charged foreign transaction fees based on the location where your crypto belongs if you belong to another country from the origin and location of the crypto, you will have to pay foreign transaction fees.
You can easily buy crypto using credit cards online, and it gives you access to quick funds to invest in crypto. So, you could invest in crypto even when you don’t have cash. You can take benefit of the market by investing at the right time in the market. It could also be a plus point for you if your credit card gives a reward for purchasing crypto.
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