While there are several ways to buy Bitcoin with a credit or debit card online, Coinmama is specialised in this type of transaction. Debit card or credit card purchases of Bitcoin are efficient, reliable and safe. They work just like using your card for online shopping.
Bitcoin (and the other altcoins we support) can be confusingly complex for newcomers, so we’ve designed our process to be both simple and familiar. Coinmama aims to provide the easiest and safest point of entry into the exciting possibilities of cryptocurrency.
Differences between a Debit Card and Credit Card
While our process to buy Bitcoin with your debit card or credit card is fairly straightforward in itself, there are distinct differences between each type of card which can change your overall experience of buying Bitcoin. It’s important to know which type of card is best suited to your current financial situation.
Debit and credit cards both allow you to purchase goods and services in the real world or online, without any significant delays. The branding of the issuer, such as MasterCard or VISA, appears on both types of cards, as does your own personal information and unique identifier codes. What ultimately differentiates debit and credit cards is the source from which funds are drawn.
Whenever you make a purchase with a credit card, you’re borrowing money from your bank or credit card company. Every purchase gets added to your personal tab, which you need to settle by the end of the month. It’s best to settle the tab promptly and entirely, as a high rate of interest will be charged on any outstanding amount. In other words, credit cards allow you to go into debt by running a negative balance.
When you buy something with a debit card the money is drawn straight from your own account. The funds are reserved for that purchase. The merchant will send the details of the payment to the bank and the money from your account will be paid to them.
Using Credit Cards Responsibly
Credit cards can be extremely convenient, for example they allow you to make purchases prior to receiving income, such as your monthly salary. However, they do have their downsides.
Interest payments from uncontrolled credit card spending can quickly become a serious drain on your finances. Unpaid credit card debt is also something which will negatively impact your credit score, making it harder for access loans or financing.
We understand that Bitcoins can be a very desirable asset, particularly when its price is soaring. However, for your own financial security, you should never buy more Bitcoin than you can afford - and especially not with a credit card.
Remember that cryptocurrency prices are notoriously volatile. If you’re buying crypto on credit in the hopes of making an easy profit, you could find yourself in the unfortunate position of not being able to cover your debts if prices crash unexpectedly.
The Safer Alternative: Buy Bitcoin with a Debit Card
To avoid the risk and expense of lending money, debit cards are another popular option which we support. To get you started, we’ve provided all the information you need to buy Bitcoin with a debit card.
Before using your debit card to purchase Bitcoin, you should understand just what a debit card is and how it works. As described above, debit cards only allow you to spend money you have in your bank account. This prevents you from spending money you don’t have (yet).
Remember, with both types of card, security is paramount. Always your card safe and under your personal control and keep your banking and card details secret. While Coinmama makes every possible effort to prevent fraud, you also have the responsibility to use your card only in the safe manner recommended by your bank or credit card company.
Which Cards does Coinmama Accept?
Unlike most Bitcoin exchanges, Coinmama is happy to let you buy Bitcoin using either a debit card or credit card. However, we are limited by our banking partners when it comes to the brand of cards which we can accept. At this time, we only accept cards from the two largest card companies; Visa and MasterCard.
If you don’t have either a Visa or MasterCard credit or debit card, then regrettably we won’t be able to process your order. Please note that we also do not accept payments via PayPal or other such payment services.
A further note is that we do not accept and payments from PayPal either.
Acceptable Types of Debit Cards
Debit cards have become a very popular means of payment internationally and, as such, they come in many specialised varieties. Coinmama will let you buy Bitcoin with any debit card which can be used for online purchases.
This excludes certain types of debit card, such as ATM-exclusive cards, which cannot be used for making online payments. If you’re unsure whether your card can be used online, it’s recommended that you query this with your bank or card company. Given the wide variety of cards available around the world, it’s likely that the issuer of your card will be able to provide this information more quickly than we can.
Finally, be aware that certain restrictions on the use of debit cards may apply, depending on your region. This is again something which is best to follow up on through your card issuer.
Which Regions does Coinmama Support?
Coinmama’s Process to Buy Bitcoin with a Debit Card
Coinmama makes your Bitcoin purchase nice and easy. Here’s how it all works:
Step 1: Create and Verify your Account
- Before you purchase any bitcoin with Coinmama, you need to create an account and verify your identity.
- For more information on how to create an account with us, click here.
- For more information on how to verify your account with us, click here.
Step 2: Create your order
- Once you’ve logged into your new account, select the Buy Bitcoin tab from the menu. Decide how much Bitcoin you wish to purchase from our amount options. You can also make your selection straight from our Home page.
- Supply the wallet address with which you intend to receive your bitcoins.
- Next, hit the “Proceed to checkout” button to initiate your purchase!
Step 3: Enter your Debit Card Details into our Checkout Page
- Complete the form with all relevant details. Make sure that your card details correspond with the details you supplied when verifying your Coinmama account.
- Finally, confirm the purchase by clicking on the “Pay now” button.
Once your payment has been made, the order status will display as “In Process.” This means that your order is being processed by the card company. After a few moments, the order should be successfully processed and the Bitcoin will be released. It will then take some time for your Bitcoin wallet to confirm receipt of your new bitcoins. While you should see the amount incoming to your wallet within a few minutes, it could take a little longer for the incoming transaction to confirm and become spendable.