Can You Buy Cryptocurrency With A Credit Card in binance? (Part 1)

The answer is yes, many people often ask me, how can i Purchase or buy crypto, you can use your credit card, or you can buy from peer to peer, which also involve your send money to the seller of the crypto coin.

In this article, you’ll understand the pros, cons, and fees associated with using a credit card to purchase crypto.

Many users prefer credit cards for a variety of reasons. Here’s why you should consider using one to buy crypto, 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.

In bianace , 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.

If you’re interested in buying crypto with a credit card, check if your card issuer and payment network allow the transaction type. Credit card issuers that block crypto purchases have varying reasons. For example, decided to decline cryptocurrency purchases to protect cardholders from fraud, losses, and market volatility. 

What Are The Different Types of Credit Card Fees?

Credit card fees are varies. Below, we’ve outlined the most common fees you might incur, depending on your situation

1) Transaction fees

Cryptocurrency exchanges charge a small fee for credit or debit card transactions. This is usually higher than other popular payment methods like bank transfers. At Binance, we charge one of the lowest fees of up to 2%. Any additional fees will come from the bank and credit card provider’s side.

2) Cash advance fees

A cash advance is when you borrow cash directly from your credit card provider. You’ll pay 3-5% of the amount in fees. For instance, a $200 cash advance would incur $6-10 in fees.

Note: Credit cards provide a 20-day grace period to pay off purchases if you are timely with your monthly balance. Cash advances, however, accrue interest from day one

3)Foreign transaction fee

Users who buy crypto with USD Via a credit card on a platform based outside the US are likely to incur a foreign transaction fee. Foreign transaction fees are typically around 3% of the transaction amount. For example, if you purchased $1,000 in cryptocurrency, you would pay a $30 fee.