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Anonymous
Does anyone know if this spending on Lets say UOB ONE and OCBC 365 will clock towards credit card spend every month? (To get cashback and rewards as if it’s like normal spending?)
Thanks!
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Bobby Lee
30 Jan 2022
Investor at Investor@Singapore
Which exchange are you referring to? And I'm pretty sure most credit cards and banks do not consider Cryptocurrency eligible for Cashback. I could be wrong though.
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3 things to take note when buying with credit card~ 1 is the visa/master fee, another one is the platform fee, then the credit card company
Buying crypto using credit card is recognise as cash advance, and it will charge an expensive cash advance fee ($15 for OCBC) ~
Cash advance normally mean withdrawing hard cash from ATM using credit card, and normally it will charge interest ( immediately from day 1, not the 0% interest before deadline), it applies to crypto too because crypto is an asset $$~
No cash back rewards for cash advance, and likely will show a bad record (not bad credit), because people might just cash advance to pay another credit card, and dont even talk about crypto as its a high risk investment :)
Thus, just use gemini to get usdc then send to crypto com , u skip all fees;)