Is it smart to use credit to buy crypto?

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    • Kitty Davis
      Participant

        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
        Participant

          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
          Participant

            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
            Participant

              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
              Participant

                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.

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