Topic: Is it smart to max out all credit cards months to buy BTC? - page 3. (Read 881 times)
This might seem like a good idea, until bitcoin drops even a tiny bit. You'll have to fork ut fees to convert btc back to fiat to repay the bank, followed by more debts from btc price dropping. This will lead to more interest, and leads to financial difficulties from one minor slip up. Definitely not a wise idea to go maxing out our card. It might seem safer than using your own cash, but it is the same in the end.
It's not a smart idea mate. It's like you are suggesting to loan money with high interest and invest to btc, in which today's price are ridiculously high. Volality will oy make you worry. And there will be no such sure profits.
I say invest what you can only lose and not by loaning money. Always remember that when you are willing to invest in BTC try to wait for a dip. Assurance of a recovery and a pump will happen.
I say invest what you can only lose and not by loaning money. Always remember that when you are willing to invest in BTC try to wait for a dip. Assurance of a recovery and a pump will happen.
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.
I will not do that because we all know that credit card interest are high. Besides if you have the money why will you not pay it using debit card, your paypal or other payment methods that pays as good as cash. Plus it will continue to add up the interest incase you will not be able to pay it.
I think this is unwise. Because if bitcoin goes up and you increase your income, then you are lucky. If bitcoin falls, then you're bankrupt. This is a very unwise choice. You are gambling. I do not recommend you to do this. 
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
I think it won't be a good idea for me.If you really want to buy bitcoin,then you have to work for it,earn it through participating in signature and bounty campaigns.In this way,you can start earning all by yourself without touching any of your savings or credit cards.If you got enough funds already,then it's time for you to buy.So is better to have caution when you invest, don't invest your last money or savings
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
I think it won't be a good idea for me.If you really want to buy bitcoin,then you have to work for it,earn it through participating in signature and bounty campaigns.In this way,you can start earning all by yourself without touching any of your savings or credit cards.If you got enough funds already,then it's time for you to buy. So is better to have caution when you invest, don't invest your last money or savings
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
So is better to have caution when you invest, don't invest your last money or savings
We mind find some months to go forward and sometime we use to find the dump also in the price chart. I do not know why op is looking into buying bitcoins with the credit card. I am sure that this is completely risky idea of him.
Instead he can sell his any small asset to buy the bitcoin as much he can. Then there are many altcoins in the market you can any coins in that top rated coins list.
While it might play out well for you, this is almost akin to gambling with someone else's money. It's your life though.
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
So is better to have caution when you invest, don't invest your last money or savings
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.
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.
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.
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.
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.
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
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.
That's just real stupid and could run you into trouble and most likely will dont do this only buy what you can afford.
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.
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..
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..
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.
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!!!!
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.
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. 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.
Jump to: