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Author Topic: Getting a credit card, want to buy bitcoin- need some advice.  (Read 665 times)
rdbase
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January 11, 2017, 11:39:03 AM
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Anyway, I just got approved from a bank to get a 2,000 dollar credit card from a major bank. (My credit score is 756) I'm getting it in the mail this week.  I've heard horror stories about banks closing accounts when it comes to red flag spending.  So I was thinking about linking my credit card up to paypal and using it for Virowx (I'm level 3 there). I know the fees are high but it's instant and i'm using it as a loan.  So do you think if I make 3 or 4 paypal virwox purchases for around 400 dollars each.........the bank who issued my credit card will have a problem with that?  Do you think there is a better way of going about this without the bank locking my account?  I of course intend to make all of my payments on time (more than the minimum but I will keep a high balance probably). 
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January 11, 2017, 12:20:55 PM
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Credit cards are some of the most expensive ways to borrow money. I always pay mine before the due date, and even overpay sometimes. Using PayPal and another service is just introducing more fees. Add that to the cost of buying Bitcoin, and you are down quite a bit. If you are doing it to speculate on the price of Bitcoin, my advice is to find some other way of doing it. Now is a bad time to go into/increase debt. With interest rates certain to increase, and economic difficulties on the horizon, the banks are going to take a hard line to try to reduce toxic debt.

It would be better to sell some items for Bitcoin, rather than lose money and wait for the banks to take them away.

Of course this advice comes from someone who believes that debt is slavery, and who wants to remain a free spirit. Smiley

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January 11, 2017, 12:33:54 PM
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Thanks for your advice Jet Cash. You make great points about debt. That being said, I'm more concerned weather the bank who issued the Visa card will have issues with me almost maxing out my card at Virwox. 
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January 11, 2017, 12:37:20 PM
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Thanks for your advice Jet Cash. You make great points about debt. That being said, I'm more concerned weather the bank who issued the Visa card will have issues with me almost maxing out my card at Virwox. 

It depends on your bank, some banks has some online purchase limit to protect their users from fraud. its better to inform them about the purchase so they are properly notified about your purchase. Based on my experience, i went shopping on amazon and nearly spend my 50% Credit limit and the next banking day and bank representative call me to inform me abou the purchase and advise me to change my card. i just told them it was me who purchase online



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January 11, 2017, 12:43:38 PM
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Yeah I figured if I was spending a bunch of money on Amazon, I would have to confirm that it's really me making the purchases. I was just thinking because it's Virwox, the Bank will think it's shady because it's used to make financial transactions like bitcoin. It shouldn't matter to them but I just have a feeling that they will give me some resistance. 
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January 11, 2017, 12:53:55 PM
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You mention your credit score, so I guess your credit rating is important to you. Are you aware that to maintain a good credit rating, you should avoid letting your purchases total go above 25% of your credit limit. I make early partial payments to keep below this.

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January 11, 2017, 01:21:09 PM
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Yeah I figured if I was spending a bunch of money on Amazon, I would have to confirm that it's really me making the purchases. I was just thinking because it's Virwox, the Bank will think it's shady because it's used to make financial transactions like bitcoin. It shouldn't matter to them but I just have a feeling that they will give me some resistance. 

Is there no other way than to spend it on Virwox? Seems like there could be better ways to do this. Could you by any means get your hands on some cash and buy bitcoin with that? You could try Localbitcoins etc.

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January 11, 2017, 03:04:37 PM
 #8

Yeah I figured if I was spending a bunch of money on Amazon, I would have to confirm that it's really me making the purchases. I was just thinking because it's Virwox, the Bank will think it's shady because it's used to make financial transactions like bitcoin. It shouldn't matter to them but I just have a feeling that they will give me some resistance. 

Is there no other way than to spend it on Virwox? Seems like there could be better ways to do this. Could you by any means get your hands on some cash and buy bitcoin with that? You could try Localbitcoins etc.

i will give suggestion to buy in localbitcoin rather than using virwox because i don't have any experiences using virwox, but in localbitcoins i am sure that we can found recommended sellers. but the other best option is to buy bitcoin with your friends that you know so you won't have to be afraid to get scam.

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January 11, 2017, 03:38:35 PM
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in 2010-2013
banks were very high risk towards bitcoin when they find out what people were doing payments for.
but the majority of the time it was chargeback scammers screaming that the seller was a hacker/did not deliver and so the scammer got their funds back. while making the seller (falsely) look bad and stigmatised by the chargeback scammer mentioning 'bitcoin' si banks would automatically accept a chargeback scammers claims if bitcoin was mentioned. and the sellers account got frozen..


in 2013+
banks started to be more accepting of bitcoin.. they began wising up that bitcoin is not the problem due to media and their own banks exploration of bitcoin.

banks would flag the seller, not due to "bitcoin" being mentioned but just 'breach of consumer contract' (non delivery, not fit for purpose) or hack stories.
where the buyers account may get frozen aswell as the sellers purely due to risk history of the accounts used..

2015+
this is why exchanges and localbitcoin sellers, although maybe not regulated or licenced, still request the bitcoin buyer to supply ID and photo evidence of owning the credit card legally..
this has reduced the amount of chargeback scams and reduced how many victims are treated as a red flag.

so banks are less likely to freeze accounts based purely on this.

there hasnt really been any bank freezing cries in direct response to "bitcoin" in years.

but if you are using a credit card. dont expect an easy time using it without validating who you are

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January 11, 2017, 03:40:32 PM
 #10

Buying Bitcoin with credit card costs more than actual conversion rate of exchange. So my suggestion will be use you fiat currency to buy bitcoin from exchanger or seller within your area.

And buying Bitcoin with credit card means lending money from bank to buy some sort of asset which user have to payback to bank. So its always better to buy bitcoins with fiat currency at lower price then stake them to price increase at exchanger and then sell them for getting ROI.

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January 11, 2017, 04:08:29 PM
 #11

Don't invest with a credit card only if you can pay it back immediately the same month in order to acquire the bitcoins that you intent to buy. The best should simply buy it with fiat money you have in your possession. If you don't have the immediate cash flow, you could find some way to acquire them with your skill or other stuff on the internet.

Please don't go into debt if you don't have the money in your hand today.

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January 11, 2017, 07:05:23 PM
 #12

If there are plenty of fees you'll incur might as well just buy bitcoin straight up with fiat. Each additional step in your transaction just increase the amount of debt you have.

I personally only use my card for buying supplies and for our monthly needs (no interest there, unless you missed the payment date). Because of this setup I can afford to not use my cash.

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