Is it smart to max out all credit cards months to buy BTC?

[lestat2k7]

Hi,

Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.

Is this smart?

Anyone does this?

And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?


Thanks in advance.

[1715239119]

1715239119

[1715239119]

1715239119

[1715239119]

1715239119

[1715239119]

1715239119

[blue_id69]

Yeah you can buy btc with your CC but i guess it have high fee. Anyway the price of bitcoin is unpredicable how if at that time when you buy btc have high price and when you want to sell it the price go down?
And when you use all of your CC limit to buy bitcoin what you gonna do with it ? Trade it or make an Investment to some ICO or what ?
So my point is, that not a smart move of you not have some special skill to do that. You still can do that but profit not guaranted

[Ck1234]

If Bitcoin price goes to the moon, then you are a genius, a rich genius.  But if Bitcoin price falls... well....then....   maybe not so much.  A more sound strategy would be just to put some money in little by little from every paycheck, it would certainly limit your risk exposure.  As they always say... Don't invest more money than you are willing to something... I forget... something like that.

[FunnyAttitude]

They always say that buy only when you afford to lose. So by doing that, it already have shown that you are not a wise investor with proper cash flow management. However, having said that, i also have seen some examples where they did that but they end up super rich. Lol.

[bitkanu]

That actually sounds nice but not that really wise, as many people mentioned above, only lose what you can afford, using all these credit cards just if you lose will leave you debt and you will struggle to pay for it.
This plan also really risky considering at the current time the price of bitcoin fluctuating a lot. Just use some money that you don't really need only to invest to bitcoin.

[criticoflife]

I actually did that when i saw a really good ICO a while back and it payed off for me bigtime. There are a few places that take credit cards but they all have rather high fees. CoinMama was what i used when i did it, but if you live in the right country you can just use coinbase to do it ( i couldn't because they don't take customers from my country unfortunately ). Changing it back into fiat was the big hastle for me, using localbitcoin is a hastle.

[eann014]

Hi,

Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.

Is this smart?

Anyone does this?

And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?


Thanks in advance.

It is also good to make profit in a Month if the bitcoin price rise but what if the bitcoin price fall down? I don't think it is still good to use your limit in your CCs just to buy some bitcoin to make profit. We will lose money if we are not careful to use our credit cards. Maybe if you have a lot of money that you can use to pay for the limit of your card then I think it is okay to sacrifice your limits but if there's none then just shut up. LOL.

[Lykslyks]

That actually sounds nice but not that really wise, as many people mentioned above, only lose what you can afford, using all these credit cards just if you lose will leave you debt and you will struggle to pay for it.
This plan also really risky considering at the current time the price of bitcoin fluctuating a lot. Just use some money that you don't really need only to invest to bitcoin.

I agree! It's much better if he keeps some money so that he will be able to buy more bitcoins than using credit cards that has a big charge fees and he wouldn't be in debt.

[Catch-22]

Of course not. The interest you have to pay while waiting for your purchased bitcoin to get a profit might be more. That the smartest of ideas.

[Denker]

Hi,

Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.

Is this smart?

Anyone does this?

And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?


Thanks in advance.

Doesn't sound smart to me to be honest. More like being greedy! And the CC providers will thank you for all those nice payment fees.
Buy with spare money! Money you don't need and can afford to lose. Which won't wake up at night with heavy breathing when the price suddenly drops 50% and doesn't bounce back up immediately. We're in a territory where the air is already pretty thin. Expect some bigger correction sooner or later. I can assure we will see 4 digits still for quite some time. This is just a first taste of 5 digits for a short moment.
Buy in when we build some new solid basis. But again, with money you don't need for anything else!!!!

[bill gator]

This is a terrible gamble that I wouldn't take; earn some money and invest it into bitcoin.. don't max out your credit cards, you might as well go buy chips at a casino and bet all on double-0 in roulette.

If it works, you're good to go! If it doesn't you're in tons of debt, could ruin your credit score and negatively affect your life for years..

[stompix]

Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.

Worse move ever.
You say 20k "between" 7-8 credit cards. That  leads me to think your credit line is around 3000$ per card.
That means you have either a low credit score or if you leave outside the US a low annual income of around 12k$.

Not a smart idea.
If the BTC price doesn't go up as planned the interest will deal a blow to your finances.

Well, I am always opposed to credits and debts but maxing your cc looks like the worse of all.

[No Checks, Czechs Welcome]

That's just real stupid and could run you into trouble and most likely will dont do this only buy what you can afford.

[Dudeperfect]

Maybe I might have a different opinion on this but I don't think that it is a wise idea to invest in the volatile market having wild behaviour by raising the loan. However, one can definitely try margin trading with comparatively high leverage because, in that way, one can restrict the loss within the limits unlike loan + interest amount payable to the credit card service provider. When it comes to the long-term investment, I would invest using a credit card without maxing out but will also re-pay the debt on a monthly basis to avoid huge burden.

[machinek20]

I dont think that is a good idea, why you need to force yourself in a debt to buy bitcoin, how if the price go down significantly, are you going to be able to pay your credit card? Even though bitcoin seems very profitable but it cointain a very high risk of losing money, dont go on debt to buy bitcoin, bitcoin is unpredictable things

[paolo099]

buy with your own money not with "loan" with credit card due to fee.
Every month you should be able to take some of your earning (without starving to death) to invest into BTC, in this way it will be kind of invisible to you and you will see your BTC wallet getting richer and richer besides the market value.

[charlotte04]

Hi,

Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.

Is this smart?

Anyone does this?

And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?


Thanks in advance.

Yeah, that is not a bad idea, just make sure you study the charts and trends first before buying to make sure you can get a profit from it. It is always wiser to buy low and sell high.

[Ilegendph]

Yes it is, because you just use other's people money to invest and earn. Compared to rate of credit card which is 3% per month, investing in bitcoin is much greater as I see it in the last few months. The only risk I see in this method is that bitcoin is volatile and you may not paid the dues of that credit card if there is bad news appears.

[mondobitcoin]

Maybe is a good idea, but always remember that is it an investment, and can be risky, nobody can give you the guarantee of success
So is better to have caution when you invest, don't invest your last money or savings

[PMmesexycoins]

While it might play out well for you, this is almost akin to gambling with someone else's money. It's your life though.