I deposited 100000 INR on Bitbns using my credit card and bought BTC. Paid 1.77% fee. The credit card bill is to be paid in 45 days.
Let me start this article by saying that I do not recommend buying cryptocurrencies with credit cards. I do these experiments with proper risk management. I also do these experiments knowing that it could back fire 99% of the times. So you can learn from my experience without taking a risk.
My experiment series is a reflection of what Crypto traders desire to do but shouldn’t. So please, I reiterate, do not try this yourself without proper risk management. If you want it to be spoon fed, it means that don’t invest more than you can afford to lose.
Earlier, users were easily able to buy crypto with credit cards across various international merchants. Now, most such merchants are black listed by Indian banks and hence the credit and debit cards don’t work. So this is not an article to bypass the existing laws and conditions, this is also not an opportunity to arbitrage. Infact, it is more expensive to buy crypto using credit cards than it is to buy directly from your bank account in India. Now let’s see how I did it.
Deposit INR on Bitbns with Credit Card
Bitbns is one of India’s popular crypto exchanges. Users can buy or sell crypto with INR on the exchange. To buy crypto, users must deposit INR using one of the several methods available. Some are free, some have a fee.
To deposit using credit card, user must use Mobikwik as payment method. When depositing with Mobikwik, the platform acts as a payment gateway between Bitbns and your card. They charge a 1.5% fee plus GST for the transaction, which totals to roughly 1.77%.
While depositing 100000 INR, I received 98230 INR on Bitbns.

All the exchanges that have a Mobikwik partnership can practically allow Credit card based deposits. Some other exchanges include BankOfHodlers, BuyUCoin, Unocoin, colodax and a couple more.
What is the Experiment in this?
I got a new metal credit card from OneCard, which is gorgeous to be honest and I wanted to use it somewhere. The credit cycle is from 1st of each month, the last date of payment is 18th of each month.
This means I had somewhere around 45 days of interest free loan from my credit card. Last time I took a loan for three months to buy BTC, this time I am taking an interest free risk of 45 days. Consider this to be a flash loan but the block forms in 45 days – if you did not get this joke, its because you’re slightly more clueless about DeFi than I am.
So I charged my card for 100000 INR, I received 98230 INR after fees, and I bought 0.11577368 BTC at a price of Rs. 846344.6 with this money.
To break even, I have to sell BTC at Rs. 857000 on Bitbns. I am planning to close my position if BTC goes down to Rs. 750000 and take a loss of Rs. 12500. If BTC price appreciates, I will close the position at above Rs. 10,00,000, trying to take 18000-25000 profit.
Date of Charge | September 04, 2020 |
Amount Charged on Credit Card | Rs. 100000 (1365 USD) |
Amount received in Exchange | Rs. 98230 |
BTC bought | 0.11577368 |
Due date to pay back | October 18, 2020 |
As someone who is into crypto from a long time, I can assure you that it is a terrible idea to buy BTC with credit card. However, I took the risk because I can pay back the credit card bill even if I lose 20-30k in this trade.
Do not risk the money you don’t have. This is for educational purposes only.
I sold the BTC at 907463 INR a few days before the bill payment, making a very tiny profit.
What do you think about this experiment? Let us know in the comments below.
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