In this guide, we’ll walk through everything you need to know about buying cryptocurrency with a credit card — including the best cards and the best exchanges that accept credit!
Where can you buy crypto with a credit card?
Let’s walk through a few exchanges that allow you to buy cryptocurrency with a credit card.
Coinbase
Kraken
Uniswap (through MoonPay)
Binance
Crypto.com
eToro
Which credit cards allow you to buy cryptocurrency?
Unfortunately, it’s difficult to find credit cards that allow customers to buy cryptocurrency.
While Mastercard and VISA technically allow customers to buy cryptocurrency, most banks that partner with these companies don’t allow cryptocurrency purchases via credit cards.
At this time, even credit cards issued by cryptocurrency exchanges like Gemini don’t allow cryptocurrency purchases.
One popular option for a credit card to buy cryptocurrency is American Express.
American Express cards: Cards issued by American Express do allow customers to buy cryptocurrency. However, you may pay high fees on crypto transactions (4% or more). In addition, many vendors do not accept American Express.
What credit card providers don’t allow me to buy crypto?
Here’s a list of credit card providers that don’t allow cardholders to purchase crypto.
Bank of America
Barclays
Capital One
Chase
Citibank
Discover
TD Bank
Wells Fargo
Policies vary, so check with your card provider before making a purchase.
What are some alternatives to buying crypto with a credit card?
Here are a couple of alternatives to buying crypto with a credit card.
Debit cards: Typically, debit cards do not have the same restrictions on buying cryptocurrency that credit cards have.
Bank transfers: Most cryptocurrency exchanges support the ability to transfer USD from your bank account to buy cryptocurrency.
Why is it not recommended to buy crypto with a credit card?
Buying cryptocurrency with a credit card is not recommended for most investors.
In the case of a sudden crash in the crypto market, you may not be able to pay off your credit card payments. In addition, using a credit card to buy cryptocurrency typically comes with high fees.
Purchasing cryptocurrency with a credit card comes with the following drawbacks:
Volatility: The cryptocurrency market is highly volatile. In the case of a sudden market crash, you may have trouble paying off your credit card bill.
High fees: Cryptocurrency exchanges that support credit cards typically charge cash advance fees (higher than regular fees).
Credit utilization: Using your credit card to make large cryptocurrency purchases may increase your credit utilization — in other words, the portion of your total available credit that you’re currently borrowing. High credit utilization can negatively impact your credit score.
What fees do I pay when I pay for cryptocurrency with a credit card?
When you buy cryptocurrency with a credit card, you may pay the following fees:
Cash advance fees: Buying cryptocurrency with a credit card is typically considered a cash advance subject to cash advance fees from your credit card provider. Generally, these fees range from 3-5%.
High interest on cash advance: When you make a cash advance, you start accruing interest from the day the purchase is made. Cash advances are subject to a high APRs — ranging between 17.99-29.99%!
Low limits/ no rewards: Unfortunately, purchases for cash advances typically are not subject to rewards. In addition, cash advances have low limits compared to other types of purchases!
How to buy crypto with a credit card (step-by-step)
Here’s a step-by-step process to buying cryptocurrency with a credit card.
Step 1: Research Credit Cards and Exchanges: Identify whether your credit card supports cryptocurrency purchases. Next, select a trusted exchange that supports credit cards (such as Coinbase).
Step 2: Link Your Credit Card: Create an account with an exchange that supports credit card purchases. It’s likely that you’ll need to complete the KYC process before adding your credit card and other payment methods.
Step 3: Purchase Crypto: Navigate to the buying section, select the cryptocurrency you wish to purchase, enter the amount, and choose credit card as your payment method. Carefully review the transaction details and relevant fees before confirming your purchase.
How to buy crypto with a credit card with no KYC?
It’s very difficult to buy cryptocurrency with a credit without providing Know Your Customer (KYC) information.
Typically, centralized exchanges require you to verify your identity to start trading cryptocurrency.
While decentralized exchanges like Uniswap offer the option to pay in credit cards through third-party applications like MoonPay, these applications typically require users to submit KYC information.
What credit cards offer cryptocurrency as a reward?
Some exchanges offer credit and debit cards that allow you to earn cryptocurrency as a reward. The Gemini Card is a popular credit card that allows users to earn cashback rewards up to 4%!
It’s important to note that these cards often do not allow users to purchase cryptocurrency on credit.
Step 1: Research Credit Cards and Exchanges: Identify whether your credit card supports cryptocurrency purchases. Next, select a trusted exchange that supports credit cards (such as Coinbase). Step 2: Link Your Credit Card: Create an account with an exchange that supports credit card purchases.
MEXC: Best place to buy Bitcoin with a credit card in 2024. It offers a user-friendly interface, competitive fee structure, and innovative features like savings and copy trading. OKX: Offers low fees, a wide selection of cryptos, and advanced trading options. Earn passive income and utilize advanced trading tools.
You can buy coins in many ways, including with a credit card. Make sure you have your credit card number, card verification value, and expiry date if you want to buy Bitcoin with your credit card. You'll have to enter these details on the checkout page of an exchange to get your desired Bitcoin value.
If your credit card has a Mastercard logo, for example, there's a chance your purchase could be blocked. “Many card issuers won't let you use credit cards to buy crypto, but you can always circumvent the process by taking a cash advance from your card and using the cash to buy whatever you like,” Ulzheimer says.
Several platforms and exchanges offer this service, allowing customers to purchase Bitcoin immediately using their credit cards. These platforms usually require customers to create an account. However, they do not need any KYC verification process.
Which credit card companies allow you to buy crypto? Chase, Capital One and Citi all allow you to buy crypto with one of their cards. Even American Express allows it, although no U.S.-based exchanges currently accept Amex.
Though there are some crypto exchanges and services that allow crypto purchases with credit cards, you will be charged exorbitant fees for the privilege. Credit card issuers usually code crypto purchases as a cash advance—which tacks on a flat cash-advance fee and extremely high interest charges that start immediately.
There Are Credit or Debit Card Errors -> Check Card Details
When you provide incorrect details, it is impossible for Crypto.com to contact the issuer and complete the transaction. So, when you want to buy crypto using this payment method, try to double-check the card number, expiration date, and CVV (when needed).
Credit card policies tend to be stricter on crypto than debit cards which is why we highly recommend using a debit card. We only support Visa/Mastercard credit and debit cards that are enrolled in a 3D Secure program.
For starters, major issuers such as Bank of America, Capital One, Citi and Wells Fargo do not permit their credit cards to be used to buy cryptocurrency. Among the credit card issuers that allow crypto purchases, these transactions are typically treated as cash advances, which involve fees and high interest rates.
If you are looking to trade on a highly secure, regulated crypto exchange that offers a large number of supported cryptocurrencies, Gemini is your go-to choice. If you are looking to trade a wide range of new and small-cap crypto tokens, BitMart is arguably the best choice.
Trust, Rainbow, and Metamask don't require KYC. That's common to non-custodial wallets. Coinbase, Binance, & Bitmex are custodial. Coinbase runs their wallet as a non-custodial, but its users are Coinbase KYC'd customers.
Halvings reduce the rate at which new coins are created and thus lower the available amount of new supply. Bitcoin last halved on April 19, 2024, resulting in a block reward of 3.125 BTC. The final halving is expected to occur in 2140, when the number of bitcoins circulating will reach its maximum supply of 21 million.
Known as a Bitcoin halving, such events happen roughly every four years. With the 2024 halving complete, the block reward that miners collect now stands at 3.125 BTC — down from 6.25 BTC.
You can use numerous Bitcoin ATM maps to see where the nearest one is, or whether you have them in your town. Then put cash or a credit card in the Bitcoin ATM to buy crypto. After confirming a transaction, bitcoins will be transferred to your crypto wallet or an account on one of the crypto exchanges.
When presented with supported payment methods, pick “Other” to pay with Cash App. In addition to Cash App, you can buy crypto with a credit card, debit card, Apple Pay, Google Pay, or ACH (plus other local banking methods).
Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.
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