The convenience of credit cards has fuelled their popularity as a means of payment for buying Bitcoin and other cryptocurrencies. Speed is of the essence in a market that can move wildly within minutes, and speed is the main advantage of buying crypto with credit card as opposed to other methods of payment.
In this article, we’ll walk you through the process in more detail, and give you some tips on how to maximize your chances of successfully using your credit card to purchase cryptocurrencies. Whether you’re buying Bitcoin, Ethereum, or any of the other Coinmama-supported coins with credit card, you’ll gain some valuable insights by following along with this article.
Buying Bitcoin Instantly with Credit Card The Right Way
Since launching in 2013, Coinmama has been an industry leader when it comes to buying Bitcoin, Ethereum, and other cryptocurrencies with credit card. The main advantage of buying Bitcoin with a credit/debit card is speed and convenience. While bank transfers usually take a couple of days to clear, credit card transactions usually complete instantly.
If you’ve decided that it’s time to buy Bitcoin with credit card, here are some common pitfalls to watch out for.
- Firstly, make sure you’re buying directly from Coinmama’s official site so that you don’t fall prey to scammers out there that can take advantage of your eagerness to buy crypto with credit card. One way to do so is by bookmarking our domain.
- Pay attention to your debt levels and credit utilization. Taking on large debt to buy Bitcoin might be unsuitable for your situation.
Now for the main event, how to buy Bitcoin with a credit card. If you’re new to Coinmama, the first step is to register your account.
Congratulations! You’re now a Coinmama user. Next up is the verification process. Have your ID ready for this step. Our verification process is simple and seamless, and once you are verified, you’ll be able to start buying Bitcoin instantly with your Mastercard or Visa credit cards. American Express and Discover are not accepted at the moment.
Tips for Success: Buying Bitcoin with Credit Card
Credit cards aren’t always as simple as we’d like. Unlike the peer-to-peer nature of cryptocurrencies, credit card transactions involve a complex web of parties and counterparties. Whenever you swipe your card, Visa, or Mastercard, your bank, the merchant’s bank, and various clearinghouses are all involved.
Crypto’s value proposition lies in simplifying the flow of transactions and removing the hassle of numerous intermediaries. Yet, users that wish to use a credit card to buy crypto must play by the rules
- Make sure you have sufficient funds on your card to cover not just the Bitcoin you buy but also the commission, processing fee, and any surcharge the bank may impose on you.
- While banks have taken giant strides to embrace Bitcoin this year, there is still some lingering suspicion on their part when it comes to crypto. As a result, some banks are quick to decline payments for generic reasons. Most of these can be rectified by simply calling your bank and telling them you are the one initiating this payment and that you authorize it.
Coinmama Heroes Are Here to Keep You Happy
If you’ve made it this far, then you’re more equipped to buy Bitcoin successfully with a credit card. However, we all know that unforeseen circumstances can pop up from time to time and cause friction in your buying process. That’s why the world-renowned Coinmama Happiness Heroes are on hand to assist you and move heaven and hell to get you those Bitcoin you desire. If your credit card transaction didn’t work for whatever reason, contact Coinmama Support, and one of our Happiness Heroes will take care of you in no time.