Denied for credit card, which I attempted to get to get rid of Coinbase's delay

Argwai96

legendary

Activity: 1036

Merit: 1000

Thug for life!

Quote from: haploid23 on November 01, 2014, 02:57:50 AM

Quote from: PA992 on October 30, 2014, 08:15:39 AM

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

If you can't get a single credit card, then your credit score is pretty bad. Every time you keep trying to apply for a card and get denied, it's hitting your credit score even more.

And for your situation, adding a credit card isn't going to fix what you're hoping for it to do. It's merely a BACKUP source of funds in case coinbase tries to debit your bank account and it has insufficient funds, it'll get charged to your credit card instead. You still have to wait a week to get your coins since funds come from your bank account, and there's no way to make the credit card as your primary source of payment.

If you have a credit card as a backup payment method (they probably will put a "hold" on the amount of the transaction on your credit card until the funds "clear" your bank account) then you are potentially able to use coinbase's "instant purchase" feature that allows users to purchase smaller amounts of bitcoin "instantly" meaning they have near instant access to the funds.

PA992

full member

Activity: 208

Merit: 100

Quote from: haploid23 on November 01, 2014, 02:57:50 AM

If you can't get a single credit card, then your credit score is pretty bad. Every time you keep trying to apply for a card and get denied, it's hitting your credit score even more.

Just because a certain company denied me for a credit card, that doesn't mean that my credit score is "pretty bad." You can't just assume that a certain company's decisions is representative of the entire pool of credit card companies. That's absurd.

Quote from: haploid23 on November 01, 2014, 02:57:50 AM

And for your situation, adding a credit card isn't going to fix what you're hoping for it to do. It's merely a BACKUP source of funds in case coinbase tries to debit your bank account and it has insufficient funds, it'll get charged to your credit card instead. You still have to wait a week to get your coins since funds come from your bank account, and there's no way to make the credit card as your primary source of payment.

Coinbase specifically says that if you add a credit card, the 5-day delay is removed and your purchases of bitcoins become instantaneous. Don't think that what I'm conveying in my first post is based on my own assumptions...

ipoop2much

newbie

Activity: 16

Merit: 0

Circle has been great with my debit card...no problems.

haploid23

legendary

Activity: 812

Merit: 1002

Quote from: PA992 on October 30, 2014, 08:15:39 AM

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

If you can't get a single credit card, then your credit score is pretty bad. Every time you keep trying to apply for a card and get denied, it's hitting your credit score even more.

And for your situation, adding a credit card isn't going to fix what you're hoping for it to do. It's merely a BACKUP source of funds in case coinbase tries to debit your bank account and it has insufficient funds, it'll get charged to your credit card instead. You still have to wait a week to get your coins since funds come from your bank account, and there's no way to make the credit card as your primary source of payment.

BayAreaCoins

legendary

Activity: 4004

Merit: 1250

Owner at AltQuick.com

Coinbase got really shitty for me too Sad

I don't use them any more.

ScryptAsic

hero member

Activity: 647

Merit: 501

GainerCoin.com 🔥 Masternode coin 🔥

Quote from: brian_23452 on October 30, 2014, 05:20:09 PM

Quote from: PA992 on October 30, 2014, 04:07:13 PM

Quote from: Icon on October 30, 2014, 01:07:35 PM

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

No, they know and they know immediately. Already tried that.

Of course they know, (not sure why that guy thought different). In any case, your best bet will probably be a secured credit card. I obviously don't know how bad your credit is but it probably isn't all that good based on what you said. Anyone can get a secured card though. They tend to be very expensive but it may be your only option if you simply have to have a CC. I don't know of any that carry the visa logo off the top of my head but google it.

Many major banks issue secured credit cards, but do not market them as heavily to most consumers as they are very expensive, they generally suggest them to people who get denied credit from their traditional credit cards

Icon

hero member

Activity: 821

Merit: 503

Quote from: PA992 on October 30, 2014, 04:07:13 PM

Quote from: Icon on October 30, 2014, 01:07:35 PM

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

No, they know and they know immediately. Already tried that.

Well i am lvl 3 is it? or lvl 2 which ever is the highest using the same bank debit card thats linked to my btc bank account

but did it like 6 months ago..

Icon

ANTIcentralized

full member

Activity: 210

Merit: 100

Quote from: Icon on October 30, 2014, 01:07:35 PM

Quote from: PA992 on October 30, 2014, 08:15:39 AM

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

Certain digits on a credit card number will determine who issued the credit card. I would theorize that a bank that issues a debit card would have a different number then the same bank issuing a credit card. Also I believe the fee structure for credit verses debit cards are different even if a debit card is used for "credit" so I would think that someone processing a transaction would be able to tell the difference

brian_23452

sr. member

Activity: 350

Merit: 250

Quote from: PA992 on October 30, 2014, 04:07:13 PM

Quote from: Icon on October 30, 2014, 01:07:35 PM

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

No, they know and they know immediately. Already tried that.

Of course they know, (not sure why that guy thought different). In any case, your best bet will probably be a secured credit card. I obviously don't know how bad your credit is but it probably isn't all that good based on what you said. Anyone can get a secured card though. They tend to be very expensive but it may be your only option if you simply have to have a CC. I don't know of any that carry the visa logo off the top of my head but google it.

PA992

full member

Activity: 208

Merit: 100

Quote from: Icon on October 30, 2014, 01:07:35 PM

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

No, they know and they know immediately. Already tried that.

segvec

full member

Activity: 196

Merit: 100

The cheddar breed jealousy

Does Circle allow you to buy any amount of btc instantly?
If so, I have been in the dark for quite some time now.

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

Quote from: axel2078 on October 30, 2014, 09:57:49 AM

Quote from: Q7 on October 30, 2014, 08:43:20 AM

Just use circle and link your bank account to make payment. Can't see why insisting on using coinbase which is obviously not the only option available.

I'm not very familiar with Circle. How does it compare with Coinbase? What are the major differences?

Sounds to me like they're pretty similar. Linking up one's bank account is about as easy as it gets for a new person to get themselves some coinage. CB even has their new vault feature that provides cold storage for folks.

Icon

hero member

Activity: 821

Merit: 503

Quote from: PA992 on October 30, 2014, 08:15:39 AM

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

You don't really need a CC just use a debit card with the visa/~~mastercard~~ logo.. they act just like a cc and coinbase will never know.

PA992

full member

Activity: 208

Merit: 100

Quote from: axel2078 on October 30, 2014, 09:57:49 AM

Quote from: Q7 on October 30, 2014, 08:43:20 AM

Just use circle and link your bank account to make payment. Can't see why insisting on using coinbase which is obviously not the only option available.

I'm not very familiar with Circle. How does it compare with Coinbase? What are the major differences?

I was just about to ask this question.

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

Not sure why they would do that: reversible and irreversible payment systems don't mix. They think it is somehow harder to dispute the charges on a VISA cash advance? Maybe I should re-read my credit card agreement Tongue

I only got it after learning you can't rent a car with cash.

axel2078

full member

Activity: 532

Merit: 100

Quote from: Q7 on October 30, 2014, 08:43:20 AM

Just use circle and link your bank account to make payment. Can't see why insisting on using coinbase which is obviously not the only option available.

I'm not very familiar with Circle. How does it compare with Coinbase? What are the major differences?

Q7

sr. member

Activity: 448

Merit: 250

Just use circle and link your bank account to make payment. Can't see why insisting on using coinbase which is obviously not the only option available.

axel2078

full member

Activity: 532

Merit: 100

With Coinbase, if you don't add a Visa credit card as a backup funding source, you don't get your bitcoin immediately after purchase....it takes 4-5 business days. If you add a Visa credit card as a backup source, you do get your Bitcoin immediately after purchase, even though your bank account might not be debited for 2-3 days afterward.

Magicman420

sr. member

Activity: 309

Merit: 250

Quote from: PA992 on October 30, 2014, 08:15:39 AM

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

I don't get what you mean? I use coinbase but never have any delays? Does This make since yes I see how I doesnt come out of my bank account for a day or 2 but what do you mean?

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Coinbase only accepts Visa credit cards. Don't apply for a new Mastercard or you will have to hit your credit twice.

franky1

legendary

Activity: 4410

Merit: 4788

if coinbase delays are peeing you off... dont use coinbase.. try other methods to get bitcoin such as local bitcoins or circle

PA992

full member

Activity: 208

Merit: 100

Coinbase says they don't truly receive your money from you immediately when they debit your account, so they institute a 5-day delay. This delay can be removed by adding a credit card. So I tried to get a credit card for this purpose and I was denied. I had also tried to get Paypal BillMeLater recently and I was denied for that too. I don't think BillMeLater would have worked for Coinbase, but it's obviously worth mentioning. My history: I got into debt with credit cards once, which I neglected for about a year, and eventually my parents paid it all off over the course of about 3 years.

Anyway, I was hoping to get a credit card that I could strictly use as an add-on for Coinbase and I would never use it. Does anyone have any suggestions for what cards to apply for?

Topic: Denied for credit card, which I attempted to get to get rid of Coinbase's delay (Read 2074 times)