HOW TO BUY CRYPTO VIA CREDIT CARD ON BINANCE

TABLE OF CONTENTS

  • Introduction
  • Different types of credit card fees
  • Why you should buy crypto with a credit card
  • Risks of buying crypto with a credit card
  • How to buy crypto with a credit card
  • Conclusion

INTRODUCTION

Some users prefer wallets or bank transfers to buy crypto. These methods incur the lowest fees, but they can be slow for someone that likes convenience and speed. In this case, credit cards are the best option. At Binance, you can buy crypto with everyday fees using a VISA or Mastercard credit card. Alternatively, Binance also provides crypto purchases via bank transfer, fiat deposit, and e-wallet.

DIFFERENT TYPES OR CREDIT CARD FEES

Credit card fees come in all shapes and sizes. Below, we’ve outlined the most common fees you might incur, depending on your situation.

  • Transaction fees
  • Cash advance fees
  • Foreign transaction fee

WHY YOU SHOULD BUY CRYPTO WITH A CREDIT CARD

Now that you understand the fees associated with using a credit card, here are all the benefits of using one to buy crypto — which often outweigh the cons.

1. Credit cards allow you to invest without having cash on hand.

Every crypto user knows the market moves fast. A few days could be the difference between buying a coin at the bottom or, even worse, its peak. Perhaps your salary might arrive next week. You won’t need to worry if you have enough cash on hand with a credit card. Just pay your bills at the end of the month to avoid accruing interest from your credit card provider.

2. Fast and instant

The speed of credit cards makes it easy for first-time buyers or investors to purchase crypto with fiat currency. Credit card transactions are completed in a matter of seconds.

3. Beginner-friendly

Credit cards are an ideal payment method for beginners who don’t want to wrestle with the confusing methods on more advanced crypto exchanges. For crypto beginners especially, checking out with a credit card is familiar. Simply enter your card number, expiry date, and CVV, and you’re all set. Plus, credit-card-friendly crypto exchanges and platforms are often very intuitive and user-friendly.

4. Earn rewards via staking

“All the transaction fees accumulated will wash out rewards earned from credit card crypto purchases” — this is a common misconception and depends on how you use your crypto. Today, many crypto financial products such as staking provide attractive yields. For some, these products are a powerful passive income vehicle. For example, you can easily buy crypto with your credit card, then stake it on Binance Earn and earn up to 20% APY.

RISKS OF BUYING CRYPTO WITH A CREDIT CARD

Now that you know the benefits of using a credit card for crypto, you should also be aware of the potential risks associated with the process.

HOW TO BUY CRYPTO WITH A CREDIT CARD

Step 1: Log in to your Binance account and click [Buy Crypto], then [Credit/Debit Card].

CONCLUSION

A credit card is just one of many ways to buy crypto. Although credit cards incur higher transaction fees, they are simple, instant, and don’t require cash on hand. Users who prefer a more cost-effective approach can consider using a bank transfer. However, unlike credit cards, bank transfers often take days to process. Before you pick a suitable payment method, it’s crucial to educate yourself on the pros and cons of each one.

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