Myles G. Watkins-How can I buy Bitcoin using a credit card? Credit card purchases are similar to those made through debit cards or automated clearing house transfers. With an exchange or online trading firm, you will have to enter your credit card information and authorize the transaction. Generally, it is not a good idea to purchase bitcoin with credit cards suggested by experts like Myles G. Watkins. There are several reasons for this.
Due to associated processing fees and fraud risks, not all exchanges allow you to purchase bitcoin with a credit card. Customers may benefit from such a decision. Such transactions can be charged additional fees because of credit card processing. Therefore, in addition to paying transaction fees, you may be charged processing fees by the exchange. Another cause is that credit card investments can be quite costly. Credit card companies charge hefty fees and interest rates on bitcoin purchases made with credit cards. American Express and Chase both count cryptocurrency purchases as cash advances. Consequently, if you purchase Bitcoin with an American Express card, you will pay plus a 25% annual percentage fee. Additionally, the credit card company limits bitcoin purchases per month.