FAQs About Buying Crypto with Credit and Debit Card on Coinhako

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.  

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 need to add your card details once. For subsequent transactions, simply select the “Credit/Debit Card” option and fund your trade instantly. Please note that cards with cardholder names that are different from the registered Coinhako account name are also accepted.


2. What kind of cards are accepted?

We currently accept cards issued by VISA and Mastercard. However, please note that these cards must be issued in Singapore – 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 or Mastercard. 

4. How long do card payments take?

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

5. Are there fees for card payments?

Card payments will incur applicable platform fees. The full fee breakdown will be reflected on the Trade page and you can review it before executing your trade.

6. Is there a limit for each transaction?

You can trade up to $10,000 SGD for each 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?)

As of 19th May 2021, Coinhako’s Merchant Company Code (MCC) was updated to 6051 - Quasi Cash Merchant. 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 categorize the type of business in which the merchant is engaged.

9. Can I accumulate credit card points?

This depends on your credit card issuer and how they handle transactions. You are encouraged to check with your credit card issuer to find out if you can accumulate credit card points when buying crypto via your card.

10. Can I accumulate miles?

This depends on your credit card issuer and how they handle transactions. Different 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?  


Your card-issuing bank may charge a Cash Advance fee for payments made to MCC 6051 - Quasi Cash Merchants like Coinhako.


Cash Advance fees can range from 5%-15% and are charged by the bank directly. These fees are not paid to Coinhako – you are advised to reach out to your bank directly to learn more about specific charges.


12. My transaction was 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 some common scenarios that may result in a declined transaction:


1. Your bank may not approve of such transactions

Your card-issuing bank may not approve of transactions made to Quasi Cash Merchants (MCC 6051). Contact your bank for further information and the next steps to take.


2. The credit/debit card information you entered was incorrect

Your transaction will not go through if the information entered is incorrect. Re-enter your information in the relevant fields and try again. Remember to ensure that the credit/debit card you are using is still valid, and that your CVV2* is entered correctly.

**The CVV2 is the three-digit number at the back of the card


3. Your transaction has timed out

You must enter your information and your One-Time-Password (OTP) within 25 minutes to authorise your transaction.


13.  A card that I used for previous transactions got declined. Why is this happening?

In the event that your card is declined despite having been used for a previous successful transaction, please do not be alarmed. This may be due to a variety of factors addressed above. Remember to check that your information is entered correctly and within the time limit and before trying again. 


14. I am unable to add my card. 

Your card issuing bank may not allow transactions to Quasi Cash Merchants (MCC 6051). 

Some card issuers may only allow such payments upon request – you are advised to contact your card issuing bank for further information. However, do note that some card-issuing banks may charge a Cash Advance Fee for such payments.


15. 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 your 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.


16. My transaction failed but I was charged for it. Can I get a refund?

Your card will not be charged for transactions that do not go through. In the event that you are charged for a failed transaction, please contact us at hello@coinhako.com for further assistance.


17. My card payment has been pending for a long time. Why?

Card payments should be completed within a minute. However, there are instances where payments are withheld by the card issuer for various reasons. In the event that this occurs, Coinhako will hold the order up to 30 minutes before it is canceled. If a transaction is canceled, you will not be charged for the order. 

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

When you make a credit card purchase on Coinhako, you will be directed to a new page to complete your purchase. This page will display the relevant trading fees and spot pricing. You may notice that the spot pricing shown on this page is higher than what is reflected on the “Buy” page. Pricing for different payment methods may differ based on execution costs and administrative charges involved with completing your order. Orders made using your user balance typically offer the best pricing.

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