Is it smart to max out all credit cards months to buy BTC? - page 2.

crypto4lambo

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Quote from: lestat2k7 on December 02, 2017, 02:19:26 AM

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.

I don't think it is a good idea. Maxing your credit cards just to invest into something is not a clever move. Though bitcoin gain its momentum every now and the, you cannot predict what will happen next. If you invest it in one shot and it doesn't go as planned then you will be stucked at holding or take the courage to cut loss. Have a good money management before doing so, and ask yourself what is your plan B if it doesn't work. Always have aback up plan and don't try to messed up because your emotions will hinder your trading plan. Always plan your trade then trade your plan.

CoinChili

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Might be a good idea actually, I am more inclined for doing this rather than buying Stuff or expensive gadgets with no returns, see the charts, you need a lot guts and bravery, it is better than doin nothing and useless spending.

luke.watson

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Quote from: family934 on December 04, 2017, 04:22:01 AM

Yes it is smart but it need a good sense of the bitcoin market and proper knowledge about the bitcoin value in the market and the other fiat currencies value in the market, so that you can make your decision what to max and what to not. The maxing is very beneficial but need a good sense

No it is not smart to max out your credit line for anything, let alone a speculative investment

#1 rule of investing is never to invest more than you can afford to lose, if you're investing the banks money via credit then I'm pretty sure you can't afford to lose it and so should not be touching it!

There's a lot of Bitcoin success stories, but there's also a lot of stories about people losing everything in the flash crashes

ghonkz

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dont ever try to do that, i mean max all CCs limits to buy bitcoin ? nonsene, you know that the price of bitcoin him self very volatile, different thing if you a wizzard and can predict the price of bitcoin in the future and buy it at the right time

family934

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Yes it is smart but it need a good sense of the bitcoin market and proper knowledge about the bitcoin value in the market and the other fiat currencies value in the market, so that you can make your decision what to max and what to not. The maxing is very beneficial but need a good sense

Aiga7phoiy

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Quote from: lestat2k7 on December 02, 2017, 02:19:26 AM

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.

No, you will only waste your time, pay most for fee and may cause banned your card because banks have problem with bitcoin

moooonu

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Risk is too high in this as continuous growth isn't guaranteed in case of bitcoin. If you see recently bitcoin took at dip from 11K+$ to around 10K$ but it recovered back in short time so there is a chance of it going down again but as seeing its growth its going crazy high since past month and we can see btc reach around 14K$ by the end of this month.

Just be aware of the facts if you couldn't pay all the amount you took from credit card then you have to face the consequences.

trecore4

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Okay may be that’s not good idea to play with your CC like this, the fees are really high for the credit use and also interest rates are enough to kill your profits in the long term use of bitcoin. I know very well that bitcoin price is increasing somehow fast but we are not sure until when this will happen and what might be the future of it.

Ask yourself a question, what is your back up plan if the prices for bitcoin fell all the way down to 2-5k range from the current price of 11k or just consider it dropping by even 2K over 11k. What would be your plan then? You will loose lot of money in the process and you may need to pay more than what you invested and can afford to loose in first place. So make the wise decision and consider all the good and bad facts about it.

muraqaba

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i was thinking about doing this but the problem i had with it was paying the credit cards back. bitcoin goes up in value fast but the taxes you pay on the money would almost cancel out any gains you get if you were to pull out to soon. credit cards also charge crazy fees when buying cryptocurrencies.

wiser

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Quote from: lestat2k7 on December 02, 2017, 02:19:26 AM

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.

This will only work when Bitcoin price is climbing. If you were to buy BTC on credit today and next week it were to drop down to around $8000, this strategy would not work so well.

Only invest what you can afford to lose. Probably best to use your own funds rather than the credit cards' funds.

rodel caling

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Quote from: lestat2k7 on December 02, 2017, 02:19:26 AM

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.

there's nothing wrong if you have plan to buy bitcoin using your cridet card, i always suggest learn 3x before decide to avoid risk where is the best way for your investment become profitable, bitcoin investing for my opinion is great opportunity as investment especially today bitcoin keep increasing the price, continue the price into the moon.

pooya87

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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.

xreex

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A bit surprised to see this thread title because i just did it a month ago.

Quote from: Kingofbitcoin12345 on December 02, 2017, 11:44:13 PM

It needs perfect timing if you have done that in November then you must have big profits out of this week when bitcoin price reach at 11400$.. This might not be done on daily basis or simultaneously,, it can be a big risked and that is to much to handle 7 credit cards means 7x the debt and that alone is alarming.. Take your time and do it when bitcoin price is in dip/decreased and that should work..

And it was exactly happened like you said

But to do that again, I'll think twice. I agree it is not very wise.

cpfreeplz

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Obviously that's stupid. The whole point of bitcoin is to get out of that stupid old timey way of using money by having debt that you owe someone. It's not needed and it's a fabrication from banks and mostly actually central banks. Just buy what you can afford. Better yet, earn it. It's money.

The Sceptical Chymist

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Uh...I'll put it very bluntly: It's fucking stupid to do that unless you can somehow buy the bitcoin with no interest, and even then you're taking a huge risk. None of us have any idea where bitcoin is headed. Yes, we're at a crazy-stupid all-time high, and yes we could go much higher--but we could easily crash, too. Credit cards charge insane amounts of interest, and what it amounts to is straight up usury. There's no way in hell I'd use a credit card to buy crypto.

People were doing that in 2010-11 when precious metals were in a raging bull market, and a lot of them got burned badly. You'd basically be buying on margin, and that's extremely risky. And keep in mind that you'd be buying something that's currently at its peak. That's how suckers get nailed, dude.

Ctn

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Not sure where you leave but in my country or in my local currency the charges and interest as per government regulations are too high to use the credit card that effectively. I mean there is no way I can actually think about this strategy and buy bitcoin immediately with it. For me it might happen that I may never reach the threshold with bitcoin profits or the price incriminations. This could be bad for me and I might end paying more interest rates than whatever profits I might be getting. So it’s better I will drop the idea of it in the first place.

Kingofbitcoin12345

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It needs perfect timing if you have done that in November then you must have big profits out of this week when bitcoin price reach at 11400$.. This might not be done on daily basis or simultaneously,, it can be a big risked and that is to much to handle 7 credit cards means 7x the debt and that alone is alarming.. Take your time and do it when bitcoin price is in dip/decreased and that should work..

ammo121810

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Well that would depend on the person if the bitcoin value goes up and you had bought it at a lower price that is a good thing but if the price goes down and you had bought it at a high price that is not a good idea. But if you feel you will earn a good profit go ahead with the investment and make sure you can pay the credit card you use in purchasing bitcoin.

Tony_Nguyen

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Quote from: lestat2k7 on December 02, 2017, 02:19:26 AM

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.

No strategy is good or bad in my opinion. However, the best is to divide your eggs in several baskets. The chance for loosing or winning is equal. Good luck

entrepmind23

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What you are planning is quite risky but given the current demand of bitcoin now and the increasing price then your plan might just work. You may end up swimming in debt in the near future or might be the opposite in which you'll become debt free. You should invest only what you can afford to lose and obviously you can't lose in this situation because if such things happen then the creditors will just hunt you.

I actually read a post in facebook that he did something like this. He use his credit card to buy bitcoin months ago and we know what happen months ago. The bitcoin increase in such a crazy rate so he is very happy now with his decision and yes it is very risky but very rewarding as well. If you plan to do this, you can do so but at least maybe have some plan B if the plan doesn't work.

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