Is it smart to max out all credit cards months to buy BTC? - page 4.

eann014

hero member

Activity: 1078

Merit: 501

Quote from: lestat2k7 on December 02, 2017, 01:19:26 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.

It is also good to make profit in a Month if the bitcoin price rise but what if the bitcoin price fall down? I don't think it is still good to use your limit in your CCs just to buy some bitcoin to make profit. We will lose money if we are not careful to use our credit cards. Maybe if you have a lot of money that you can use to pay for the limit of your card then I think it is okay to sacrifice your limits but if there's none then just shut up. LOL.

criticoflife

full member

Activity: 353

Merit: 101

I actually did that when i saw a really good ICO a while back and it payed off for me bigtime. There are a few places that take credit cards but they all have rather high fees. CoinMama was what i used when i did it, but if you live in the right country you can just use coinbase to do it ( i couldn't because they don't take customers from my country unfortunately ). Changing it back into fiat was the big hastle for me, using localbitcoin is a hastle.

bitkanu

hero member

Activity: 2184

Merit: 513

Moonbet.io | Web3 Casino

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.

FunnyAttitude

newbie

Activity: 33

Merit: 0

They always say that buy only when you afford to lose. So by doing that, it already have shown that you are not a wise investor with proper cash flow management. However, having said that, i also have seen some examples where they did that but they end up super rich. Lol.

Ck1234

newbie

Activity: 55

Merit: 0

If Bitcoin price goes to the moon, then you are a genius, a rich genius. But if Bitcoin price falls... well....then.... maybe not so much. A more sound strategy would be just to put some money in little by little from every paycheck, it would certainly limit your risk exposure. As they always say... Don't invest more money than you are willing to something... I forget... something like that.

blue_id69

full member

Activity: 266

Merit: 104

Yeah you can buy btc with your CC but i guess it have high fee. Anyway the price of bitcoin is unpredicable how if at that time when you buy btc have high price and when you want to sell it the price go down?
And when you use all of your CC limit to buy bitcoin what you gonna do with it ? Trade it or make an Investment to some ICO or what ?
So my point is, that not a smart move of you not have some special skill to do that. You still can do that but profit not guaranted

lestat2k7

newbie

Activity: 68

Merit: 0

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.

Topic: Is it smart to max out all credit cards months to buy BTC? - page 4. (Read 905 times)