Is it smart to use credit to buy crypto?

Viewing 4 reply threads
  • Author
    • Kitty Davis

        I realize this can be in either section but since it applies more to credit cards, I am putting it here.

        I read how a lot of people have used credit cards and loans to buy crypto as a means to gain money without “gambling” your actual money. There is a system to it, which I have yet to fully understand but it has me curious.

        Is this a smart thing to do?

      • Sammy

          It is basically gambling like you said so I would say it is not a good idea. I don’t know much about crypto aside from what a few family/friends have said so I can’t really speak much on the topic. I do know that this sound like a bad idea though!

        • Lilly Anne

            I wondering this and did look into it but it seems like most crypto does not allow you to use cards, if any. I think the way people do this is by taking out a loan. They don’t use credit cards but credit loans.

          • Kitty Davis

              Oh, really? I was not aware that you can’t buy crypto with credit cards. Do they only accept banking cards then? I wish I had knew this sooner. I would not have been looking into these options. I didn’t know you could use loans either but I guess that makes sense. You get a personal loan and just have the money in your bank account.

            • Vince

                Yeah, this is not allowed. If you go into a wallet and try to buy crypto, your bank credit card will get declined. Only a small percentage of credit cards are allowed to be used for something like this.

            Viewing 4 reply threads
            • You must be logged in to reply to this topic.

            Join a vibrant community with the sole mission to achieve financial independence.

            The journey to financial freedom doesn't have to be lonely.

            Pitch an idea

            Contribute an article, share a story, join a group, or chat on the discussion board with similar frugal savvy individuals like yourself. Quality over quantity. Always.

            Build great relations

            Build connections, converse, and join the vibrant personal finance community. The journey to financial independence is just around the corner, and it doesn’t have to be lonely.

            Become a FangWallet Insider

            Get free access to becoming a FangWallet Insider, the personal finance community that has your best interest in mind.