How To Buy Crypto With a Credit Card: The Ultimate Guide

Written By
I. Mitic
July 08,2023

Purchasing options available to anyone who wishes to invest in cryptocurrencies are certainly not lacking, but can you buy crypto with a credit card? 

In short, yes, you can. If you have an account in a bank favorable toward crypto, you can use your credit card for completing transactions on crypto exchanges that accept such means of payment. 

While buying crypto with a credit card is certainly possible, it can be a bit complicated and sometimes expensive. In this article, we’ll walk you through the process of choosing a cryptocurrency exchange and making the purchase - step by step.

Finding Places Where You Can Buy Crypto With a Credit Card

To successfully purchase crypto with a credit card, you need to ensure two things: That you have the right card and that the exchange of your choice accepts credit cards as a payment option. 

Does Your Card Issuer Allow Crypto Transactions?

Unfortunately, this information is not always clearly displayed on the card issuer’s website. 

Since cryptocurrencies are still far from becoming mainstream in the world of finance, different card issuers have different rules about purchasing crypto with their credit cards. For example, Citibank banned users from using its credit cards for buying crypto altogether in 2018. On the other hand, American Express does allow it but under strict terms, while Bank of America’s stance is still undefined. 

Probably the quickest way to find out if you can buy crypto with your credit card is to contact the card issuer and ask them. If their answer is yes, then the next step would be to find a reputable exchange that accepts your card. 

Does Your Exchange Accept Credit Cards?

Once you’ve determined that your credit card issuer allows crypto transactions, you’ll need to find an exchange that accepts credit cards. There are several ways to go about this.

Some of the exchanges that accept credit cards are Coinmama, Bitpanda, Wirex, Coinbase,, and Paxful, so if you don’t already have another go-to exchange you trust and regularly use, paying one of these a visit might prove fruitful.

If you already have an exchange of choice, you can check with its customer support team which cards are accepted. Alternatively, just try using the credit card to buy crypto - the exchange will either accept it or display an error message.  

Buying Crypto With a Credit Card in 2024 - a Step-by-Step Guide

Now that you have sorted out both unknowns in the equation, it’s time to purchase some crypto at the exchange. To do so, just follow these three simple steps:

1. Sign up at the exchange (or log in).

Creating an account or logging into an existing one is the common first step for shopping online, and purchasing crypto is no different. Typically, exchanges implement KYC procedures, so you’ll likely be asked to verify your identity by uploading documents such as your government-issued ID or driver’s license before being allowed to buy cryptocurrency with a credit card.  

Once you have a profile at the exchange, the next step would be to link your credit card to prep it for purchases. Oftentimes, you’ll find the option to add the payment method in your profile page or account. Most of the time, all you have to do to link your credit card is to enter the credit card number and other details - a similar process to any other online shopping.

3. Set up a purchase order.

Now, depending on the exchange, you’ll either have the option to deposit fiat for buying crypto using a credit card or set up a purchase order for your card to be charged after some time. The exchange will likely show you this information at the checkout, so you can calculate your expenses accordingly.

Can You Buy Cryptocurrency With a Business Credit Card?

The process of purchasing crypto with a business credit card is slightly more tricky than buying crypto with your personal card, as you’ll have a narrower choice of both credit cards accepted and exchanges willing to sell to businesses. On top of that, the crypto tax requirements for businesses are more complex than those for individuals. 

Some crypto exchanges will allow you to create a dedicated corporate account for your business. It’s important to go with a corporate account rather than a personal one if you want to use your business card because otherwise, you risk complicating tax matters in the future (specifically, tax gains and losses reporting).

Some of the most renowned exchanges that allow you to purchase crypto as a business are Gemini, Kraken, Coinbase, and River. Gemini has its own Gemini Credit Card and won’t accept other credit cards. Coinbase, on the other hand, allows you both to create a business account and to purchase cryptocurrency with a credit card.

You’ll typically have to deposit the funds you’re looking to purchase crypto with on the exchange and place your order. You can set up a market order, which will allow you to purchase cryptocurrency at the current price, or go with a limit order if you want to buy it at a specific price. 

Benefits of Buying Crypto With a Credit Card

Credit cards are one of the most popular methods of payment today. They’re convenient, widely accepted, and offer a high level of protection for consumers. They also have a few distinct advantages when used for purchasing cryptocurrencies. 

  • Fast and easy - In most cases, the purchase can be processed instantly, and you’ll have your coins in no time. This is vital in cases when there are coins available on the market that you’re looking to purchase but don’t have cash on hand. Furthermore, some credit cards offer cashback rewards you can reap if you use a credit card to buy crypto.
  • Earning rewards for purchases - There are also some credit cards that’ll allow you to earn rewards in cryptocurrencies when using them for your regular shopping. For example, the Upgrade Bitcoin Rewards Visa® credit card will help you earn 1.5% back on all purchases in Bitcoins, while the Gemini Credit Card will allow you to exchange your rewards for more than 30 cryptocurrencies on its exchange. Binance, one of the most prominent exchanges, offers a Visa credit card that allows you to pay for your purchases with crypto and automatically deposits up to 8% cash back on all eligible purchases in your wallet on the exchange.
  • Protection against fraud - Using a credit card to buy crypto offers users additional protection against fraud. If you make a purchase with a credit card and something goes wrong, you can dispute the charge with your issuer and potentially get your money back. 

Downsides of Using a Credit Card To Buy Crypto

Due to the volatile nature of crypto, investing in it is always fraught with risks. When purchasing crypto with a credit card, these risks are still prominently there - but they’re combined with the specific risks of using a credit card to buy crypto.

  • You may end up paying a lot in interest - Many credit card issuers consider purchasing crypto as a cash advance. This cash advance typically entails a fee, starting from 3% and going up to 5% of the total transaction amount. The average interest rate for a cash advance is 24.8%. When you combine this cash advance fee with other fees, such as foreign transaction or the exchange transaction fee, this can add up to being quite costly. Make sure to calculate all fees before you go ahead and buy cryptocurrency with a credit card. Otherwise, you could end up paying a lot more in fees and interest, making your crypto investment significantly more expensive. 
  • Credit card debt can pile up - On top of the cash advance fees, consider potential cash advance penalties and the fees you’d pay to exchange dollars for crypto - all this combined can accrue interest and lead to racking up credit card debt. 

So while buying crypto with a credit card can be convenient, it’s important to be aware of the risks and costs involved.

Wrapping Up

So, can you buy cryptocurrency with a credit card? Yes, you absolutely can. Is it a good idea to buy crypto with credit cards? It depends. 

Credit card companies are always looking for ways to make money, and they may charge you so much interest and fees to render your crypto investment cost-ineffective. On the other hand, if you have a high credit score and can easily pay off your balance each month, using a credit card could be a smart move. 

In any case, be sure to do your research first and always remember to practice safe spending.


How does buying crypto with a credit card work?


When you buy cryptocurrencies with a credit card, the process is similar to making any other purchase. Once you choose the exchange you’d like to use and that accepts credit cards - simply enter your payment information and the amount of cryptocurrency you want to buy. The transaction is then processed by the exchange and your coins will be deposited into your crypto wallet.

Are there any drawbacks to using a credit card to buy crypto?


The main drawback of using a credit card to buy crypto is the high interest rates, which means you could end up paying significantly more for your crypto than you would if you had just bought it with cash.

What are the best ways to buy cryptocurrencies?


The best way to buy cryptocurrencies depends on what your preferences are. If you’re looking to maintain your anonymity, purchase cryptocurrency for cash by using a peer-to-peer exchange like LocalBitcoins. If you’re looking for the most convenient way to buy crypto, using a credit card to buy crypto on a major exchange like Coinbase could be a good option. Lastly, those who already have some digital coins can always exchange crypto for crypto on an exchange like Binance.

About author

For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.

More from blog