Chip Lupo, Credit Card Writer
@CLoop
Yes, you can buy Bitcoin with a credit card, though it’s not a good idea to do so, given the volatility and high costs associated with cryptocurrencies. Anyone wanting to use a credit card for Bitcoin purchases must do so through a platform called a cryptocurrency exchange. They must also choose one that accepts credit cards for cryptocurrency transactions.
It’s important to note that aside from American Express, most large U.S. credit card issuers don’t allow Bitcoin purchases. But there are still a few credit cards from other issuers that will let you buy Bitcoin. Contact your credit card company’s customer service department to know for sure if you can use your credit card to buy Bitcoin.
How to Buy Bitcoin with a Credit Card
- Make sure your credit card allows you to make Bitcoin purchases.
- Find a cryptocurrency exchange such as Paxful or localbitcoins.com that accepts credit cards for Bitcoin transactions.
- Create an account with the cryptocurrency exchange, then enter your credit card info to link the card to your account.
- Find the exchange’s Bitcoin option and enter the amount you want to buy.
- Place the order and follow the exchange’s instructions to verify the transaction.
- Store your Bitcoin in the exchange’s Bitcoin wallet, or use a third-party hardware wallet or offline crypto wallet.
Ultimately, there are good reasons to avoid making cryptocurrency purchases with a credit card. For starters, cryptocurrency exchanges will likely charge you a percentage of the transaction amount, along with an additional fee just for using a credit card. Plus, credit card issuers that permit Bitcoin purchases often consider them cash advances, meaning the card’s cash advance fee and APR will apply in addition to the exchange’s fees.
But most importantly, before you buy Bitcoin with a credit card, consider the volatile nature of cryptocurrency purchases. If Bitcoin’s value tanks, you’re still stuck with the credit card debt, the interest charges, and all the other fees from your initial Bitcoin purchase, making the debt even more expensive to pay back.
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The amount of time it takes to buy Bitcoin with a credit card depends on the platform and network conditions. Once you complete your purchase, Bitcoin is typically delivered to your wallet within minutes, though in some cases, especially during periods of high demand, it can take a few hours for the transaction to fully process.
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You can use a credit card to buy Bitcoin on a number of online crypto platforms, like crypto.com or bitcoin.com. Just keep in mind that your credit card issuer may treat the purchase as a cash advance, which often comes with higher fees and interest charges.
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