FAQs About Buying Crypto with Credit and Debit Card on Coinhako

Need to get instant access to crypto? Find out how you can buy bitcoin and other digital assets with card payments.

Table of Contents

1. How do I add my card to Coinhako?
2. What kind of cards are accepted?
3. Can I use debit cards to buy bitcoin?
4. How long do Card Payments take?
5. What are the fees for card payment?
6. Is there a limit for each transaction?
7. What cryptocurrencies can I buy with card?
8. What is the Merchant Company Code?
9. Can I accumulate credit card points?
10. Can I accumulate miles?
11. Are payments made to Coinhako treated as regular transactions or cash advance?
12. My transaction got declined. Why is this so?
13. Can I withdraw crypto and cash to my card?

1. How do I add my card to Coinhako?

To add your card, follow these 3 steps: 

1. Go to the ‘Settings’ tab
2. Under Account, select ‘Credit/Debit Cards’
3. Select the “Add New Credit/Debit Card” option

You only have to add your card details once. For subsequent transactions, simply select the “Credit/Debit Card” option and fund your trade instantly.

For a clearer picture of how to do this, refer to our process video below: 

2. What kind of cards are accepted?

We currently accept cards issued by VISA and Mastercard. Do note that these cards have to be issued in Singapore, and foreign cards are not accepted.

3. Can I use debit cards to buy bitcoin?

Yes, both credit and debit cards are accepted on Coinhako as long as they are issued in Singapore by VISA and Mastercard. 

4. How long do card payments take?

Card payments are instant and there is no waiting time required. However, if you are new to Coinhako, you need to verify your account first before making any transactions and this may take 1-2 days if you opt for manual verification.

5. Are there fees for card payments?

Our card payment service provider charges a 3% processing fee per transaction. These fees are not paid to Coinhako and we do not earn from these fees. 

You can view the fee breakdown on the Trade page before executing your trade.

6. Is there a limit for each transaction?

You can trade up to $10,000 SGD for every transaction made with card payments.

7. What cryptocurrencies can I buy with a card?

Card payments are enabled for the full range of supported cryptocurrencies on Coinhako. For more information about which cryptocurrencies are supported on Coinhako, click  👉 HERE.

8. What is the Merchant Company Code (MCC?)

The Merchant Company Code (MCC) is 6051. The purpose of an MCC is to identify the business in which the merchant is engaged

The MCC is a four-digit number assigned by major credit card networks (e.g VISA) to every business that accepts credit card payments. MCCs are used to identify and categorise the type of business in which the merchant is engaged with.

9. Can I accumulate credit card points?

This depends on your credit card issuer and how they handle transactions. We strongly recommend checking with your credit card issuer to find out if you can accumulate credit card points when buying crypto with a card.

10. Can I accumulate miles?

This depends on your credit card issuer and how they handle transactions. Do note that various banking providers have different terms and conditions, and we strongly recommend checking with your respective banking providers for more information.

11. Are payments made to Coinhako treated as regular transactions or cash advance? This depends on your card issuer and we advise you to check with them for further information.

12. My transaction got declined. Why is this so?

In the event that your card is declined, don’t panic. This can be attributed to a variety of factors. Here are a few scenarios which may result in a declined transaction:

13. Can I withdraw crypto and cash to my card?

No, withdrawals to your credit card are currently not supported. However, if you are using a debit card to fund your trades and have linked it to your Coinhako account for withdrawals, funds will be withdrawn to that account.

To withdraw funds from Coinhako account, you should connect a Singapore bank account to your Coinhako account. Funds will be credited to this account whenever you request a withdrawal.

👉 Try card payments now