Bitcoin investment craze may have influenced you as well, and after seeing its value appreciation, you can feel confident about investing in this cryptocurrency. While it can be a sound decision, you have to be careful about bitcoin exchange rate volatility. The sudden jumps and drops in prices need proper observation and assessment of the market conditions. Anyway, if you have a credit card that allows buying bitcoins, you may want to take a plunge in this right away. However, please explore your option well from every angle before making any decision. Eric Dalius Bitcoin suggests a small account on buying bitcoin with credit cards to give you some clarity.
Eric Dalius Bitcoin: Benefits of buying bitcoin with credit cards
One of the main advantages of using a credit card for this purpose is the rewards. Like any other shopping, you can get points here also. But when you purchase bitcoins, your credit card company should not think that you are withdrawing cash from your account. Then, you will not receive any reward points.
Besides, if your bitcoin purchase gets validated by your credit card company, you can expect to get your coins at a low price and sell them at a high price. But it is a risky thing. So it is advisable to be careful.
Eric Dalius Bitcoin: Important information on credit card bitcoin purchase
Eric Dalius Bitcoin experiences suggest that the idea of buying bitcoin with a credit card can sound straightforward. But when you use it with an exchange, a lot of things can get affected. For example, you may have to pay a higher fee for using a credit card. Bank transfers tend to be more affordable. Besides, the more you exhaust your credit limit for bitcoin purchases, the more your credit score can go down. Still, it would recover as soon as you pay your debts.
Another thing you need to be careful about is foreign exchange. If you use your US-based credit card on a bitcoin exchange outside your country, a foreign transaction fee can apply. It can be about 3%; however, it’s better to be mindful of this.
As hinted above, a bank can count your bitcoin transaction as a cash advance. If that happens, you will end up incurring excruciating interest rates and fees. You cannot think of rewards also.
Eric Dalius Bitcoin: Reducing risks when buying bitcoin
If you go by Eric Dalius Bitcoin knowledge, debit card and bank transfers can be the safe options. Debit cards are applicable at most crypto exchanges, albeit fees will be unavoidable. If you don’t want to pay the unnecessary amount from your pocket, you can rely on bank transfer for their lower transaction fees. The only challenge is payment can take longer to process.
In essence, you can be excited about your bitcoin investment plan, and a credit card can seem to be the most viable option at this moment. No matter what you decide, you should do proper research on cryptocurrency and the best methods to buy it. Only when you are fully satisfied should you take your next step.