In conclusion, if you want to buy cryptocurrency with a credit card it comes down to if you can versus if you should. Can you buy crypto with your card? If you find a card issuer that allows you to buy crypto and find an exchange that accepts credit cards, you definitely can. But should you buy crypto with your card? It’s not a great idea as the downsides of buying cryptocurrency with a credit card outweigh the potential advantages.
If you still want to carry out the process, it is recommended to carefully understand the terms of your card issuer and look for the best site to buy cryptocurrency with a credit card.
Best Crypto Credit Card FAQs
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Why Won’t Many Credit Card Issuers Allow You To Buy Crypto?
Let’s have a look at the reasons why credit card issuers don’t allow crypto purchases.
Compared to most financial assets, cryptocurrency is known to have very limited regulation. This dearth of regulation adds to the volatility to make it riskier.
Crypto markets are notoriously volatile. If you’ve researched crypto trends, you must’ve noticed the extreme highs and lows that have been experienced by Bitcoin over the past few years. Similar trends have been experienced by other cryptocurrencies, even though their histories are less publicized. This volatility prevents the issuer from letting you use their credit line.
Cryptocurrency can be swapped for fiat currency. Credit card issuers are not big fans of this because it can bring up cases of evasion of tax, money laundering, and other illegal activities.
But not all credit card companies are the same. There are many credit card issuers who will allow the purchase of crypto using their card. So, if you get hold of one that supports the crypto purchase, here’s how you should go about with it.
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WARNING ABOUT GO2Bank REFERRAL PROGRAM: Unfortunately, GO2Bank DOES NOT seem to be honoring their referral bonuses for new customers who meet the qualifications, so we cannot confirm that you will definitely receive your bonus payout if you meet the qualifications. Please proceed at your own risk. We’ve contacted GO2Bank about these occurrences, and their customer service has not been helpful in regards to honoring their referral program.
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The GO2Bank Refer-A-Friend Program is currently available through December 31, 2022.