More and more people are buying bitcoin with their credit cards, and the good news is it is safe. However, make sure you do not go overboard with spending too much of your credit on bitcoin as this again is dangerous. Experts say that you should be aware of how to use your credit card wisely when it comes to buying bitcoin so that you can get the optimal value from them easily.
Can you buy bitcoin with a credit card, and why should you choose reliable exchanges?
When it comes to the question as can you buy bitcoin with a credit card, you can do so safely with some education and awareness. You need to choose a good exchange that takes your credit card. Make sure you choose a digital currency exchange that is credible in the market. Ask experienced users of bitcoin to guide you. In case you do not know anyone, personally, you can always register on forums online to get suggestions from bitcoin users from across the globe. Ask them questions, and they will recommend to you the best digital currency exchange you can use for buying bitcoin with your credit card.
Not all credit cards are accepted- know their terms and conditions before purchase
Most credible platforms will accept Visa and Mastercard only so your American Express Card might not work for you. These websites will also charge you a convenience fee, so make sure you are aware of it before you carry out the transaction. This convenience fee not only applies to credit card purchases, but it also applies to debit card purchases as well.
Be aware of the banks and credit cards that support cryptocurrency
Once you have discovered a platform from where to buy bitcoin, this is just half of the task done. You must ensure that your credit card company or bank will verify your purchase, or else you will land up with nothing.
Currently, for credit cards, both Visa and Mastercard accept cryptocurrency transactions, and American Express does too. However, for American Express cards, the monthly transactions are about $200 per day and $1000 per month. You should be aware of this information before you start making bitcoin purchases with your credit card. Again, Chase, too, will allow you to make credit card purchases for bitcoin; however, finding a digital currency exchange that supports the Chase credit card can be quite challenging. Again, Discover is the sole credit card company that has banned purchases for bitcoin and other cryptocurrencies in 2015. So, before making any purchase with your credit card, you must be aware of this information.
Note that the bitcoin market is volatile, so never make too many purchases with your credit card. When it comes to the question, can you buy bitcoin with a credit card, always keep safety in mind. You should never make purchases that you cannot lose. Be prudent and when you are searching for good digital currency exchange, check its background and ensure you read its terms and conditions carefully before making any bitcoin purchase with your credit card.