Newbie, decided against mining, where is safest place to buy coins with visa

crazy-pilot

sr. member

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SmartFi - EARN, LEND & TRADE

Quote from: caga on October 14, 2014, 05:33:45 AM

Virowx was a good site for the same, but their fees are way high now. Circle.com, or sites like quickbt.com(which I use a lot), are good. However, quickbt also has a fees which is significant, but its very easy and hassle free.

Circle is probably the best option for you now, however it will be more expensive then if you used your bank account to buy bitcoin (and wait a few extra days) as you will pay interest right away to your credit card company and will be liable for a ~3% cash advance fee to your credit card company.

It is probably not a good idea anyway to be borrowing money to purchase a speculative asset like bitcoin

caga

full member

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www.secondstrade.com - 190% return Binary option

Virowx was a good site for the same, but their fees are way high now. Circle.com, or sites like quickbt.com(which I use a lot), are good. However, quickbt also has a fees which is significant, but its very easy and hassle free.

BTCfan668

member

Activity: 88

Merit: 10

Quote from: Driv3n on October 04, 2014, 08:19:24 PM

Quote from: a447513372 on October 04, 2014, 06:05:55 PM

Quote from: Driv3n on October 04, 2014, 11:00:54 AM

If you try buying more on Circle I'd like to hear how it goes, I'd like to buy some BTC there with a credit card but not if a cash advance fee gets charged.

Since the IRS has ruled that BTC is property and not currency here in the US is it even legal for a credit card company/bank to charge a cash advance fee for this kind of transaction?

When you buy bitcoin you are buying a cash-like product. The IRS does not govern contracts between borrowers and credit card companies

Thanks for the info, I bought $25 worth on circle today so I'll see if they charge it as a cash advance or not.

They most likely will. Another thing to note is that when you have multiple types of balances (for example both cash advances and purchases) the credit card company will credit your payment to the type of balance that carries the lowest interest rate

bezzz

newbie

Activity: 5

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Quote from: webfrontier on October 05, 2014, 10:30:08 AM

I have registered on locatbitcoins and I can say that you can find a lot of reputable and trusted traders there.

Sure you can. But, damn, the price is extremely high there. I guess, if you are interested in an investment for more that $100 you should find a cheaper place for your purchase.

webfrontier

newbie

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I have registered on locatbitcoins and I can say that you can find a lot of reputable and trusted traders there.

Driv3n

sr. member

Activity: 364

Merit: 250

Quote from: a447513372 on October 04, 2014, 06:05:55 PM

Quote from: Driv3n on October 04, 2014, 11:00:54 AM

If you try buying more on Circle I'd like to hear how it goes, I'd like to buy some BTC there with a credit card but not if a cash advance fee gets charged.

Since the IRS has ruled that BTC is property and not currency here in the US is it even legal for a credit card company/bank to charge a cash advance fee for this kind of transaction?

When you buy bitcoin you are buying a cash-like product. The IRS does not govern contracts between borrowers and credit card companies

Thanks for the info, I bought $25 worth on circle today so I'll see if they charge it as a cash advance or not.

a447513372

sr. member

Activity: 336

Merit: 250

DLISK - Next Generation Coin

Quote from: Driv3n on October 04, 2014, 11:00:54 AM

If you try buying more on Circle I'd like to hear how it goes, I'd like to buy some BTC there with a credit card but not if a cash advance fee gets charged.

Since the IRS has ruled that BTC is property and not currency here in the US is it even legal for a credit card company/bank to charge a cash advance fee for this kind of transaction?

When you buy bitcoin you are buying a cash-like product. The IRS does not govern contracts between borrowers and credit card companies

Driv3n

sr. member

Activity: 364

Merit: 250

If you try buying more on Circle I'd like to hear how it goes, I'd like to buy some BTC there with a credit card but not if a cash advance fee gets charged.

Since the IRS has ruled that BTC is property and not currency here in the US is it even legal for a credit card company/bank to charge a cash advance fee for this kind of transaction?

Itsumo

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Play Rock Paper Scissor Lizard Spock

How much are you going to buy sir?

toleng

sr. member

Activity: 261

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Quote from: Holysmoke on October 01, 2014, 02:37:01 PM

Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.

Holy cow, I will lose my ass.

edit: I just made a $1.00 deposit so I will see how that is charged.

Yes, they will most likely consider this to be a cash advance. One option would be to open a 2nd credit card that has a balance transfer promotion and transfer the balance onto the 2nd credit card, although you would need to pay high interest rates until the balance transfer is complete and need to pay the 3% cash advance fee.

Some credit card companies may have various promotions for cash advances but AFAIK they are not 0% APR but are still low

Holysmoke

newbie

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it was a very modest deposit, not enough to lose one minute of sleep over.

I really wanted to see how the credit card company would process it.

notlist3d

legendary

Activity: 1456

Merit: 1000

You are one brave person if you are willing to let it ride for a year without interest. I always suggest not investing more then your prepared to lose. And using a creditcard as a loan on bitcoin my hats off to you.

Holysmoke

newbie

Activity: 14

Merit: 0

Quote from: RustyNomad on October 01, 2014, 03:12:45 PM

Quote from: Holysmoke on October 01, 2014, 02:37:01 PM

Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.

Holy cow, I will lose my ass.

edit: I just made a $1.00 deposit so I will see how that is charged.

On their website they do state that its treated as a cash advance fee.

I was charged the exact amount I deposited plus circles fees. No cash advance fee from credit card company

pr472

newbie

Activity: 25

Merit: 0

Quote from: Holysmoke on October 01, 2014, 11:44:31 AM

started making an account with circle until they asked for my birth date and social security number

I would never give my social security number to a web site like this.

birtandco

newbie

Activity: 1

Merit: 0

I've used localbitcoins.com in the past flaw-lessly!

RustyNomad

sr. member

Activity: 336

Merit: 251

Quote from: Holysmoke on October 01, 2014, 02:37:01 PM

Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.

Holy cow, I will lose my ass.

edit: I just made a $1.00 deposit so I will see how that is charged.

On their website they do state that its treated as a cash advance fee.

Holysmoke

newbie

Activity: 14

Merit: 0

Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.

Holy cow, I will lose my ass.

edit: I just made a $1.00 deposit so I will see how that is charged.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: Holysmoke on October 01, 2014, 11:44:31 AM

started making an account with circle until they asked for my birth date and social security number

Assuming you are in US most will want this becuse of know your customer laws.

You can do localbitcoins without it, but you will pay a higher price.

Personally i suggest setting up a coinbase and have a bank account just for bitcoins.

Holysmoke

newbie

Activity: 14

Merit: 0

started making an account with circle until they asked for my birth date and social security number

newflesh

hero member

Activity: 630

Merit: 500

Depending where you live, you could try https://www.circle.com/

Haven't used them yet but they've had fairly good feedback so far, they've only just started accepting new members (used to be invite only)

Topic: Newbie, decided against mining, where is safest place to buy coins with visa (Read 2035 times)