Credit, Meet Crypto: Pay Off Your Existing Credit Card with Crypto | BitPay (2024)

FAQs

Can I pay off my credit card with crypto? ›

Pay your credit card with crypto directly

The Spritz bill-pay feature lets you connect billing accounts like your credit cards to be able to pay for your credit card with crypto in a single transaction. To connect your credit card to Spritz, open an account and head to the billing section to add your bill.

Exchange Fees

A typical example is Coinmama. Every purchase incurs a fee and making payment with a credit card requires an additional fee of 3.24% to 3.34%. 9 This means purchasing $1,000 worth of Bitcoin using credit cards will attract an extra fee of $33.40, excluding platform fees.

To transfer crypto to your bank account via BitPay, select your cryptocurrency in the BitPay Wallet app or on BitPay.com, choose direct bank transfer as your payout method, and complete the transaction.

You can easily sell cryptocurrency for cash on MoonPay. We offer customers multiple payout options including bank transfer and Push-to-Card for credit/debit cards in more than 80 countries.

It's like a regular debit or credit card, but you spend your cryptocurrency holdings instead. For those new to cryptocurrency, navigating how to use a crypto card might seem daunting. However, it's a simple process that allows you to make purchases, earn rewards, and even withdraw cash from your wallet.

Crypto credit cards work exactly the same as any other rewards credit card on the market: you're rewarded as you spend on the card. But in this case, you're given cryptocurrency for your purchases. However, keep in mind that each card differs in how they process and award the cryptocurrency for their cardholders.

Among the credit card issuers that allow crypto purchases, these transactions are typically treated as cash advances, which involve fees and high interest rates. Cash advances don't earn rewards, either.

You can use your Crypto.com Visa Card to pay in over 40 million Points of Sale (POS) worldwide (look for the VISA logo) and countless online retail shops. Bear in mind, the Crypto.com Card is a Visa prepaid debit card.

Does investing in crypto affect credit scores? Not directly, no. Your credit report doesn't hold any information about the money you hold in cryptocurrencies, like Bitcoin, Ethereum or Tether. In fact, your credit history doesn't have any information about your current accounts, investments or savings accounts.

To withdraw money from crypto to your bank account, first, sell your cryptocurrency on a crypto exchange that supports fiat currency withdrawals (like Mudrex). Link your bank account to the exchange, initiate a withdrawal request, and the converted funds should arrive in your bank account within a few business days.

What is the minimum withdrawal from BitPay? ›

BitPay has a $6 USD minimum withdrawal amount, and you will also incur a payout fee.

Cryptocurrency exchanges typically charge several fees for each transaction, including a 1% to 2% transaction fee. But when you use a credit card, they add a credit card processing fee as high as 3.75% and you might pay an additional fee based on your pairing.

Benefits of using crypto to make payments

Whether you're a consumer or a merchant, there are multiple benefits to making Bitcoin payments or paying with other cryptocurrencies. For starters, cryptocurrency holders are able to make secure, low-cost financial transactions without a bank intermediary.

No, we block any payment we identify as a crypto asset transaction. If you try to make a bank transfer or card payment to a crypto exchange, we'll decline it and no money will leave your account.

Capital One does not allow you to buy cryptocurrency directly, but it is possible to do using a crypto exchange. You just need to connect your account to the chosen platform, and you will be able to pay directly on it. Let's take a step-by-step look at the process of buying Bitcoin with a Capital One credit card.