Topic: Is it smart to max out all credit cards months to buy BTC? (Read 905 times)
I think max-all credit cards months to buy BTC is a bad thing, because bitcoin is something very unstable, and very volatile, we will never know what will happen with bitcoin in the future
Max out your credit history is no where good as per financial aspect. Maybe just my thinking as banks monitor your financial history and see you to be under credit all the time
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.
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.
Actually it is the dumbest idea I have ever seen or heard, maybe with the exception of taking mortgage for the house you and your family live in and buying bitcoin with that money.
Ideas like this may me consider selling all the bitcoin I have...
Buying bitcoins with credit cards has never been a good idea and i am strictly against it in every regards. There are going to be a lot of charges from the bank and from the credit card. I honestly think you should just close your bank account and withdraw your savings to buy the bitcoins rather than max out your cards.
Nothing ventured nothing gained. It might be late for doing this with solely bitcoin it is a calculated risk only you can decide looking back I should have done that myself earlier this year but it could also have gone the other way.
You're too late to withdraw your balance in credit cards just to invest it in bitcoin. Bitcoin's price as of now would remain stable on it and might slowly breakdown because many would withdraw their bitcoins as they were scared that bitcoin is accused as a bubble. So dont ever convert it just for bitcoin.
.This.
Too late to get good ROI on bitcoin, maybe through altcoins, but thats an another story.
You're too late to withdraw your balance in credit cards just to invest it in bitcoin. Bitcoin's price as of now would remain stable on it and might slowly breakdown because many would withdraw their bitcoins as they were scared that bitcoin is accused as a bubble. So dont ever convert it just for bitcoin.
Not a wise move for me because what happens if the bitcoin failed to increase during the following day then what will happen to you you'll suffer a great amount of loss due to your loans. I am not saying it is wrong to loan some money to buy bitcoin but not to the point that you will maximize your credit in your credit card because you'll have to consider the worst case scenario.
Only an idiot would actually do this.
But there are many idiots in the world....!
Now that is an example of gambling if I ever heard one.
I wouldn't do it, but hey, to each his/her own.
I wouldn't do it, but hey, to each his/her own.
I don't prefer doing this because just like stocks, BTC is still risky. A wiser thing to do is to put your EXTRA money to BTC for it to grow. Investments for me is for extra income only. When you invest to BTC using credit card, BTC might fall down and you have 0 profit and a lot.of debt.
in my opinion, is too risky to buy bitcoin using money from debt like credit card. because bitcoin movement no one can predict it and not recommended for short-term investment for bitcoin and cryptocurrency.
maxing your credit card it's never a good move because that's like a debt and trust somebody who's still paying his debts for years now it's a neverending story, putting on the table the volatility of BTC it adds another level of risks.. think always about long term and not just now, you never know whan can happen tomorrow, better be safe than sorry.
Well it depends if you think you can profit from your trade as by doing so because as of right now Bitcoin is still on a uptrend and it is still unsure when it will correct. Keep in mind that you are making your credit rating on the line in which if you can't pay at the end will put you in a bad position, it is better of to only use what available money you have.
Number one rule for an investor would be to never gamble what you don’t even have, because if you do you not only would go broke but also in depth. It would be wise to only invest what you currently have right now.
I think both are good, but I would prefer to use paypal. why? because credit cards usually take advantage greater than paypal. and of course it makes me lose.
Due to the unpredictable nature of the price of bitcoin it is not at all advisable to max out you credit cards to buy bitcoin.
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.
Profit is possible but too risky. You are dealing with a double risk on the interest of the credit card against the potential value of the profit you will earn in bitcoin. However, with the recent trend of the value of bitcoin, we can say that you can really pay your credit card in the shortest time possible but still you need to manage the exchange of paying little by little of the credit card interest and the outstanding capital debts. 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.
I think it's not good because if something happens to bitcoin then you will not have a backup plan, my suggestion is to divide your bitcoin purchase time into sections in a month so if something bad happens you will not lose it completely
methods like these are considered highly risky. you need to be one of those people who love taking big risks like this in their lives in order to perform this, otherwise it will wreck you. this is something similar to going all in, in my opinion. you may earn a huge amount of money but also you may go bankrupt too!
additionally you need to be familiar with bitcoin price movements and also its market to be a good trader. you shouldn't be taking the money just because you hope price is going up or think it has gone up so far so it should continue to do so. instead you should be nearly sure based on your speculation and analysis.
Yes it is smart but it need a good sense od the bitcoin market and proper knowldage about the bitcoinvaule in the market and the other fiat cuurencies value in the market, so that you can make your decission what to max and what to not. the maxing is very beneficail but need a good sense. additionally you need to be familiar with bitcoin price movements and also its market to be a good trader. you shouldn't be taking the money just because you hope price is going up or think it has gone up so far so it should continue to do so. instead you should be nearly sure based on your speculation and analysis.
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