How to Buy Crypto with a Credit Card in Australia

In this article, you will be given a list of credit cards that allow crypto in Australia, how to buy crypto with a credit card in Australia, the cheapest places to buy crypto with a credit card, and how to fund your crypto account with a credit card and lots more.

Cryptocurrency credit cards are a new genre that allows the users to earn rewards in crypto like bitcoin, ether, and other cryptocurrencies, rather than traditional points, miles, or cash back. 

buy crypto with a credit card in Australia
Photo credit: ETF Trends

List of Credit Cards that Allow Crypto in Australia

Below is the list of the credit card that allow crypto in Australia:

  • The BTC.com ATM/EFTPOS Card

BTC.com is a privately owned start-up based in Sydney; it allows users to buy cryptos, pay bills, and spend and withdraw cryptocurrency funds via its ATM/EFTPOS card.

Using BTC.com you can:

  • Purchase Bitcoin (BTC) and Ethereum (ETH).
  • Transfer funds to Australian bank accounts, pay BPAY bills, and top up your BTC.com.au ATM/EFTPOS Card with Ethereum, Bitcoin, Litecoin (LTC), Bitcoin Cash (BCHABC), OmiseGO (OMG), and Ripple (XRP).

The company advises it is looking to support more currencies soon.

  • The CoinJar Card

The CoinJar Card is Australia’s first Mastercard-backed cryptocurrency debit card, released in 2021.

You can choose which cryptocurrency you want to spend for instantaneous conversion into cash or online.

This Card can be added to digital wallets and has a rewards program that you can enjoy and no monthly fees.

  • The Crypto.com Visa Debit Card

The Crypto.com Visa Debit Card is a prepaid debit card that you can top up using crypto or fiat currency via bank transfer or debit/credit card.

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After preloading the Card, you can use it the same way as any other prepaid debit card, covering transactions online and in-store or accessing cash at the ATM.

The Card supports over 20 fiat currencies (including AUD, USD, EUR, and GBP) and over 250 cryptocurrencies (BTC, ETH, XRP, and CRO). You can manage all your fiat and cryptos within your account using the Crypto.com App.

  • The Multicurrency Wirex Card

The Multicurrency Wirex Card is a multicurrency card designed to make cryptocurrency accessible to everyone.

Using the Card, you can hold, buy, exchange, and spend cryptocurrency and fiat currencies wherever Visa is accepted, with real-time conversion at point-of-sale.

 As a rewards earner, the Card allows its users to earn Crypto back rewards, paying out up to 2% in WXT every time the Card is used online and in-store.

The Card has zero exchange fees, so you can instantly switch between your cryptocurrency and fiat currencies at over-the-counter and interbank rates, with zero fees to pay.

  • The CryptoSpend Card

The CryptoSpend Card is a prepaid card that links to your CryptoSpend wallet released in 2021; it allows you to load and spend Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.

CryptoSpend touts its ability to allow users to transfer funds to Aussie bank accounts and pay bills, with transfers made in less than a minute.

In terms of card features, CryptoSpend offers its users control over their Card, making it easier to activate, lock and unlock the card, and change the PIN using the CryptoSpend app. Users can also see all their transactions in one place in-app.

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Best Way to Buy Crypto with a Credit Card

  • Select the Payment Option. Click on the “Add Funds” option on your Dashboard and click on “Credit/Debit Card.”
  • Enter Details. Click on the asset you want to buy and enter your credit card details.
  • Complete Purchase. Preview your transaction details and confirm your purchase. 

Credit Card Fees for Buying Crypto in Australia

The options in Australia are few for using a credit card. Swyftx is my 1st pick, as it is user-friendly, has a Live Chat, and has low trading fees of 0.6%. 

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The platform does not charge fees for using a credit card to make a deposit, but the third-party payment provider charges a 1.99% card fee. 

How to Buy Crypto with a Credit Card in Australia

  • Choose a Cryptocurrency Exchange that Accepts Credit Card Deposits 

The first step is to choose a cryptocurrency exchange that’s suitable for you and, importantly, one that accepts credit cards.

The options in Australia are few for using a credit card. Swyftx is my 1st pick, as it is user-friendly, has a Live Chat, and has low trading fees of 0.6%. 

The platform does not charge fees for using a credit card to make a deposit, but the third-party payment provider charges a 1.99% card fee. 

  • Create an Account with a Crypto Exchange

Opening an account on Swyftx is easy. All you need to do is fill out the form on this page: https://swyftx.com.au/register/

After filling out the form, you will see your account. Your account will need to be verified in other to gain full access.

Tap on Profile in the menu on the left. Then click on Verification, and verify your email address, mobile, and ID by following the instructions. This process will only take less than 3 minutes to complete.

  • Deposit AUD into the Created Account with your Credit Card

 After the account has been verified, deposit funds into your account using your credit card; click Quick Deposit in the menu on the left-hand side; You will see the Deposit page; when you scroll down, you will see the Deposit Methods.

The 4th option is what you will use to purchase with a credit card which will expand a dropdown menu, then tap on Deposit AUD.

 After clicking on the Credit Card option, the toggle will expand. Click on the button indicating Deposit with Credit Card. Enter the amount of crypto you want to purchase in AUD, then select Start Deposit.

A popup from Swyftx’s third-party payment provider will appear. Fill out the details there to begin the KYC verification process.

Once you verify your identity, you can make a deposit using your credit card by following the instructions. 

  • Buy Crypto

Credit card deposits will take between 25 to 45 minutes to clear. While waiting, look at what cryptos you want to buy.

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After you have researched and your funds from your credit card are in your account, it’s time to purchase some cryptocurrency! 

Select Trade at the top of the menu and then click on Buy. Enter the amount of crypto in AUD you want to buy, then tap on the blue Instant Buy button. 

Cheapest Place to Buy Crypto with a Credit Card

  • Crypto.com
  • Binance
  • Bybit
  • CoinSmart
  • Coinmama
  • Bitpanda
  • Coinbase
  • Paybis

How to Fund your Crypto Account with a Credit Card

Fund your cryptocurrency account by inputting your credit card information and linking the Card to the forex exchange account.

It’s similar to filling out the checkout payment form at online merchants when purchasing a product or service.

Does Buying Crypto with a Credit Card Count as a Cash Advance?

Buying cryptocurrency with a credit card is possible only if your credit card issuer and your cryptocurrency exchange allow it.

Using a credit card to buy cryptocurrency can be expensive because the transaction is considered a cash advance.

Crypto purchases are treated as cash-equivalent transactions, which fall under the scope of a credit card cash advance.

So, on top of the crypto exchange’s credit card fee, you will likely be charged a cash advance fee, which can mean another 3% to 6% charge per transaction.

The cryptocurrency market is unproven and turbulent, with cryptocurrency prices recently plunging in response to stimuli like the collapse of the luna cryptocurrency.

Tax laws and regulations continue to evolve in this market, and enforcement agencies and legislators are applying high levels of scrutiny to institutions offering crypto products.

You will need good credit to be approved for one of these crypto cards, and you will be able to use them anywhere other credit cards are accepted.

 Watch the video below to know how to buy crypto with a credit card in Australia:

buy crypto with a credit card in Australia
buy crypto with a credit card in Australia

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