FAQs About Buying Crypto with Credit and Debit Card on Coinhako

FAQs About Buying Crypto with Credit and Debit Card on Coinhako

Want to buy crypto fast? Here's how you can use your credit or debit card to get Bitcoin and other digital coins on Coinhako.

1. How do I add my card?

It's easy! Just follow these steps:

  1. Go to 'Hub'
  2. Under 'Do more', select ‘Profile & Settings’
  3. Select 'Credit/ Debit Cards'
  4. Tap 'Add New Credit/Debit Card'
You only need to do this once. For future transactions, just select 'Credit/Debit Card' when you want to buy crypto.
Please note that cards with names different from your Coinhako account are also accepted.

2. What cards are accepted?

We accept Singapore-issued VISA and Mastercard. We don't accept cards from other countries. 

3. Can I use a debit card to buy Bitcoin?

Yes, both credit and debit cards are accepted on Coinhako as long as they are from Singapore.

4. How long do card payments take?

Card payments go through instantly. If you're new to Coinhako, you will need to verify your account first, which can take 1-2 days if done manually.

5. Are there any fees for card payments?

Yes, applicable platform fees apply. You will see the full fee breakdown on the Trade page before confirming your order.

6. What's the transaction limit?

Each card transaction can be up to $10,000 SGD.

7. What cryptocurrencies can I buy with a card?

Card payments are available for all supported cryptocurrencies on Coinhako.

8. What is MCC 6051?

MCC stands for Merchant Category Code. Coinhako’s code is 6051, which means we are a Quasi Cash Merchant.
This helps banks know the type of service we provide.

9. Can I earn credit card points?

Maybe! It depends on your card issuer. Please check directly with your bank.

10. Can I earn miles?

This also depends on your card provider. Please check with your bank.

11. Are payments made to Coinhako treated as regular transactions or cash advance?

Some banks treat transaction to MCC 6051 as a Cash Advance, with fees ranging from 5%-15%. These charges are imposed by your bank, not Coinhako. 

12. Why was my transaction declined?

There are a few common reasons:

  1. Your bank blocked MCC 6051 transactions.
  2. You enter incorrect card details (e.g card number, expiry date, CVV2)
  3. It timed out. Payment must be completed within 25 minutes.

13.  Why was a previous used card declined?

Even if a card worked before, it can be declined for reasons mentioned above. Double-check your details and retry.

14. Why can't I add my card?

Some banks block or restrict transactions to MCC 6051 merchants. Contact your bank to check if such payments are allowed.

15. Can I withdraw money to my card?

No, withdrawals to credit card are not supported.

If y​ou are using a debit card and have linked a Singapore bank account, you can withdraw to that bank account. 

16. I was charged for a failed transaction. What should I do to get a refund?

You shouldn't be charged for failed transactions. If charged, please contact us at hello@coinhako.com for further assistance.

17. Why is my payment still pending?

Most payments complete within a minute. If it takes longer, Coinhako will cancel the order after 30 minutes, and you won't be charged. 

18. Why is the price different when I use my card? 

Card payments may show slightly higher prices because of extra processing fees. You'll often get better price if you use your Coinhako wallet balance instead.

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