News Like You News Like You
  • Business
  • Education
  • Finance
  • Health
  • Technology
  • Travel
  • More…
    • General
    • fashion
    • Lifestyle

Archives

  • March 2025
  • July 2024
  • January 2024
  • October 2023
  • July 2023
  • June 2023
  • April 2023
  • March 2023
  • February 2023
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • April 2022
  • March 2022

Categories

  • Business
  • Education
  • Finance
  • General
  • Health
  • Lifestyle
  • Sports
  • Technology
  • Top Post
News Like You News Like You News Like You
  • Business
  • Education
  • Finance
  • Health
  • Technology
  • Travel
  • More…
    • General
    • fashion
    • Lifestyle
Xbox Series
  • Finance

How Do You Buy Cryptocurrency With a Credit Card?

  • June 29, 2022
  • newslikeyou
Total
0
Shares
0
0
0

Cryptocurrencies have become increasingly popular. As investors become more interested in digital assets, many wonder how to buy Bitcoin, Ethereum, Dogecoin, or other crypto coins.

Once upon a time, you’d have to go through a thorough process to buy crypto. You’d need a hardware wallet and often navigate complex transactions. However, you can buy your digital assets quickly and easily with a credit card. But is this the right thing to do?

While the convenience appeals to many novices, the reality is that there are also downsides. These include the fact that most financial institutions will not allow you to buy crypto with their credit card. 

American Express is one of the few companies that will allow you to do so. However, then you hit another problem – many crypto exchanges won’t accept credit cards and the few that do often don’t accept American Express.

How does a credit card work to buy cryptocurrency?

Therefore, using a credit card to buy cryptocurrency involves verifying the terms of both your exchange and your card. The general process is as follows:

• Open an account with a cryptocurrency exchange that accepts credit cards.

• Make sure that your credit card company allows you to use their card to purchase cryptocurrency.

• Go through the process to verify your account. You will typically need to upload a valid ID such as a passport or driver’s license.

• Once your identity has been verified, you can deposit money into the account. Some exchanges accept only the money deposited from a bank account, but some accept credit card deposits. This is why, if you want to use a credit card to buy cryptocurrency, you must choose an exchange that will allow you to do so.

• Go ahead and make your purchases using your credit card.

While the process seems pretty simple once you have set up a membership with an exchange, in reality, this strategy has plenty of pitfalls.

For example, the fees are often relatively high when using a credit card to purchase crypto. That is because most major credit cards treat this transaction as a cash advance with high fees. And interest rates can be pricey as well. But, of course, you also typically have no grace period, and the money used to buy crypto won’t count towards your rewards program. On the other hand, these transactions may also have lower credit limits.

An alternative to this approach is to use a credit card to accumulate crypto through a crypto rewards program.

For example, SoFi offers the first bitcoin rewards credit card that allows you to redeem purchases into crypto. It gives you 2% cash back that you can redeem directly into crypto using your SoFi investment account.

As the crypto market evolves, there is a good chance that investors won’t face such draconian penalties for buying their favorite digital assets with a credit card. However, for the time being, your best bet is innovative credit cards such as the one offered by SoFi that allow you to earn a little every time you use the card. SoFi also has a mobile app to make transactions painless.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
newslikeyou

Previous Article
Online Learning for Kids
  • Education

Online Learning for Kids

  • April 22, 2022
  • newslikeyou
View Post
Next Article
F2Movies
  • General

F2Movies -2022, Free Full Movies Streaming Full HD – Watch Movies

  • June 29, 2022
  • newslikeyou
View Post
You May Also Like
View Post
  • Finance

How Blockchain is Transforming Digital Identity

  • newslikeyou
  • March 18, 2025
Tax Compliance Challenges How a Tax Attorney Can Keep You on the Right Track
View Post
  • Finance

Tax Compliance Challenges: How a Tax Attorney Can Keep You on the Right Track

  • newslikeyou
  • July 8, 2024
Thе rolе of dividеnds in mutual funds and ETFs
View Post
  • Finance

Thе rolе of dividеnds in mutual funds and ETFs

  • newslikeyou
  • January 23, 2024
Here’s how Activ Money Savings Account can help you reach your financial goals
View Post
  • Finance

Here’s how Activ Money Savings Account can help you reach your financial goals

  • newslikeyou
  • July 5, 2023
What factors to check before hiring a law firm for your company or case?
View Post
  • Finance

What factors to check before hiring a law firm for your company or case?

  • newslikeyou
  • June 27, 2023
Can Housewives Generate Income from the Comfort of Their Homes
View Post
  • Finance

Can Housewives Generate Income from the Comfort of Their Homes?

  • newslikeyou
  • June 6, 2023
View Post
  • Finance

4 Most Common Types of Car Accidents in Orange County

  • newslikeyou
  • February 23, 2023
6 Hidden College Costs You Should Know About
View Post
  • Finance

6 Hidden College Costs You Should Know About

  • newslikeyou
  • August 27, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

Recent Posts

  • How Blockchain is Transforming Digital Identity
  • Tax Compliance Challenges: How a Tax Attorney Can Keep You on the Right Track
  • What Can You Do If You Doubt Nursing Home Abuse?
  • Thе rolе of dividеnds in mutual funds and ETFs
  • Tips For Staying Safe Around Commercial Truck on the Road

Recent Comments

No comments to show.
Featured Posts
  • How Blockchain is Transforming Digital Identity
    • March 18, 2025
  • Tax Compliance Challenges How a Tax Attorney Can Keep You on the Right Track 2
    Tax Compliance Challenges: How a Tax Attorney Can Keep You on the Right Track
    • July 8, 2024
  • What Can You Do If You Doubt Nursing Home Abuse? 3
    What Can You Do If You Doubt Nursing Home Abuse?
    • January 31, 2024
  • Thе rolе of dividеnds in mutual funds and ETFs 4
    Thе rolе of dividеnds in mutual funds and ETFs
    • January 23, 2024
  • Tips For Staying Safe Around Commercial Truck on the Road  5
    Tips For Staying Safe Around Commercial Truck on the Road
    • October 5, 2023
Recent Posts
  • Here’s how Activ Money Savings Account can help you reach your financial goals
    Here’s how Activ Money Savings Account can help you reach your financial goals
    • July 5, 2023
  • What factors to check before hiring a law firm for your company or case?
    What factors to check before hiring a law firm for your company or case?
    • June 27, 2023
  • Can Housewives Generate Income from the Comfort of Their Homes
    Can Housewives Generate Income from the Comfort of Their Homes?
    • June 6, 2023
Categories
  • Business (12)
  • Education (3)
  • Finance (13)
  • General (15)
  • Health (6)
  • Lifestyle (3)
  • Sports (1)
  • Technology (4)
  • Top Post (58)
News Like You News Like You
  • [email protected]
Copyright © 2021 Newslikeyou.com All rights reserved.

Input your search keywords and press Enter.