Buying XRP with a Credit/Debit card. The Hard Truth

[bajungadustin]

When i first started looking into XRP i came across Coinbase. I used it for a while and for Direct Credit/Debit card transactions it was the only one i could find that didnt require me to jump through hoops. So i used it.. Then i found out today that Changelly actually has a similar feature to let you buy XRP directly with your debit card. but the numbers seemed way off so i decided to look at the math and see the yield % for some simple methods of buying XRP. Hopefully this can save some new people some money. 

 (At the time of this post the price of XRP is $0.221 XRP/USD... Given that figure. $500 dollars of ripple would be worth 2262.44 Ripple Coins.)

Changelly

A $500 purchase using Changelly with a Credit/Debit card will net you 1,512.62 XRP. 

• XRP Loss =  749.82 XRP.    
• Total Fee =  $165 USD
• Total Yield = 66%  

Coinbase

A $500 purchase using a Credit/Debit card on Coinbase will net you 2,034.77 XRP.
(500 dollars worth of litecoin = 6.17 LTC transferred out of Coinbase to Changelly)

• XRP Loss = 227.67 XRP
• Total Fee = $50 USD
• Total Yield = 89%

When Transferred to Kraken instead of Changelly

Transferring the 6.17 LTC to Kraken  and converting it to Bitcoin will net you 0.10622 XBT.

Transferring the BTC to XRP will net you with 2167.75 XRP

• XRP Loss = 94.69
• Total Fee = $21 USD
• Total Yield = 96%

The biggest fee here is the $19.18 from Coinbase's Credit/Debit Card fee. This fee is a lot less if you use USD deposit from your bank account but i dont recommend doing this on Coinbase because the process takes 5 to 8 days. 

Needless to say... Using Changelly for a credit card transaction or really probably any transaction is just wasting your money. This information may be fairly obvious to some of you but it wasnt to me when i first started and maybe this can save some people some money and net them some more RIPPLE

 

 

 

Edited December 14, 2017 by bajungadustin

[Rob12]

Thanks for this!  As I gain wisdom about the process I'm learning to focus more on where I'm losing money (other than ill-advised mistimed swing trades!) I've been eyeballing Coinbase and see other issues:

1) the price you are paying is always higher than the price on the dashboard (not counting the card fee)

2) I've been buying BTC and only recently tried switching it to LTC. The fees to send BTC to an exchange have been ridiculously high lately. LTC transfer fees are much lower. 

Just got to keep paying attention to get the most for my money. So thanks for your info!

[Sharkey]

If you can be patient enough to get approved, there are a few other alternatives.  You can open an account on either ItBit or Gemini, then either transfer or wire funds from your bank account there and purchase BTC (on Gemini, you can also purchase ETH), at market prices.  Then, transfer the BTC or ETH to Kraken and trade to XRP.  Since it takes time for each of the exchanges to verify your identity, it's a good idea to open all accounts at the same time, so that once you have your trades completed on, say ItBit, you can transfer the coins immediately to your approved account at Kraken.  Definitely pay attention to the fees.  If you plan ahead just a bit, you can make your trades with minimal excess costs.  

[bajungadustin]

bumping this because im seeing a lot of new blood asking how and where to buy XRP with cards.. hopefully this will save them some money. 

[Cryptoripple]

Where can you buy XRP with cards? Or, should I use Kraken? (I don't have a Kraken account yet). I bought 403 XRP a few weeks ago from transferring LTC to Changelly from my Coinbase account, then buying XRP. Changelly charged me 2.017 XRP as a fee. But, I don't think Changelly is able to purchase XRP now. Any advice?

Edited December 14, 2017 by Cryptoripple

[bajungadustin]

2 minutes ago, Cryptoripple said:

Where can you buy XRP with cards? Or, should I use Kraken? (I don't have a Kraken account yet). I bought 403 XRP a few weeks ago from transferring LTC to Changelly from my Coinbase account, then buying XRP. Changelly charged me 2.017 XRP as a fee. But, I don't think Changelly is able to purchase XRP now. Any advice?

the transfer fees through changelly dont add up for me. i was getting less returns than what they said they were charging.. i will NEVER use them again. 

If i wanted to buy right now... i would use Coinbase to buy LTC with my bank card (4% fee roughly).

transfer LTC to kraken... .2% fee (iirc)

transfer LTC to USD .2% fee

transfer USD to XRP .2% fee

the biggest fee is coinbase.. the rest are negligible and i might even be high on the .2% but the total you get with a %100 purchase is about 95 dollars worth of XRP.. vs changelly where even if i buy from coinbase and transfer through changelly i only end up with about 89% so changelly is hiding a good 5% to 7% worth of charges in there somehow. 

[Cryptoripple]

2 minutes ago, bajungadustin said:

the transfer fees through changelly dont add up for me. i was getting less returns than what they said they were charging.. i will NEVER use them again. 

If i wanted to buy right now... i would use Coinbase to buy LTC with my bank card (4% fee roughly).

transfer LTC to kraken... .2% fee (iirc)

transfer LTC to USD .2% fee

transfer USD to XRP .2% fee

the biggest fee is coinbase.. the rest are negligible and i might even be high on the .2% but the total you get with a %100 purchase is about 95 dollars worth of XRP.. vs changelly where even if i buy from coinbase and transfer through changelly i only end up with about 89% so changelly is hiding a good 5% to 7% worth of charges in there somehow. 

Thank you for the advice!!

[bajungadustin]

2 minutes ago, Cryptoripple said:

Thank you for the advice!!

NP man

[cwhyte]

Sorry, tagging on here.

On a related note, I've been trying to jump into XRP for a week now (when it was .22/coin) but I live in WA so it comes with some severe challenges due to WA's cryptocurrency laws. Fortunately, I was able to open an account on Gatehub. However...

So I've already purchased ETH and LTC using ACH on Coinbase but the money takes forever to get into my account. I'm just trying to get money into my account immediately so now I'm trying to buy ETH/BTC on my CC just using the maximum limit of $750. I was then planning to send that to my ETH or BTC wallet on Gatehub so I can exchange ETH/BTC for XRP. However, when I try to purchase anything using my CC on Coinbase now, I get the following error message:

"As a new user, you many only purchase up to $750 initially. Please wait until your first purchase completes or try a smaller amount."

This doesn't make any sense as I'm under the impression that the $750 limit should apply to CC only. I purchased way more than that using ACH already. Am I dead in the water until my coins arrive in my ETH and LTC wallets (which appears to be 2 more days). Meanwhile, XRP is doing exactly what I knew it would do. Now almost .90. Sighhhh...

[Guest]

Buy ltc wait for it to go up swap for xrp losses covered by ltc gain...

[bajungadustin]

yeah i did the ACH transaction ONE TIME.... and it took 8 days,,, EIGHT... i was freaking out and the price went from 0.16 to 0.23 in that 8 days.. so i lost out on some gains. 

i think the 750 limit does only apply to credit cards. My limits seem to be higher but i may have used it more than you. I dont know how to get you rolling faster than you are now. some people said bitstamp allowed CC useage to buy XRP but i am not 100% on that. but all of them requires some form of authentication period and jumping through hoops to get confirmed. its annoying but just go through the major exchanges and do it.. then when one of them adds a feature you are looking for you will be ready to go.. Like the supposed leak from Coinbase saying they are adding XRP to their system.. that will be BIG news for XRP

[Guest]

7 minutes ago, cwhyte said:

Sorry, tagging on here.

On a related note, I've been trying to jump into XRP for a week now (when it was .22/coin) but I live in WA so it comes with some severe challenges due to WA's cryptocurrency laws. Fortunately, I was able to open an account on Gatehub. However...

So I've already purchased ETH and LTC using ACH on Coinbase but the money takes forever to get into my account. I'm just trying to get money into my account immediately so now I'm trying to buy ETH/BTC on my CC just using the maximum limit of $750. I was then planning to send that to my ETH or BTC wallet on Gatehub so I can exchange ETH/BTC for XRP. However, when I try to purchase anything using my CC on Coinbase now, I get the following error message:

"As a new user, you many only purchase up to $750 initially. Please wait until your first purchase completes or try a smaller amount."

This doesn't make any sense as I'm under the impression that the $750 limit should apply to CC only. I purchased way more than that using ACH already. Am I dead in the water until my coins arrive in my ETH and LTC wallets (which appears to be 2 more days). Meanwhile, XRP is doing exactly what I knew it would do. Now almost .90. Sighhhh...

Ive spent 1k out of my 750  this week ? i noticed even after i spent the 750 every day i log back in it says i have a lil bit more left to go till my 750. Lol

last 3 days it said 99, 137, 37 ?

[bajungadustin]

thats pretty vague for new commers. are you saying Coinbase? then Kraken? also.. it seems that the best bet right now to make your gains back is XRP.. with a 111.23% growth in the last 4 days

[Guest]

3 minutes ago, bajungadustin said:

yeah i did the ACH transaction ONE TIME.... and it took 8 days,,, EIGHT... i was freaking out and the price went from 0.16 to 0.23 in that 8 days.. so i lost out on some gains. 

i think the 750 limit does only apply to credit cards. My limits seem to be higher but i may have used it more than you. I dont know how to get you rolling faster than you are now. some people said bitstamp allowed CC useage to buy XRP but i am not 100% on that. but all of them requires some form of authentication period and jumping through hoops to get confirmed. its annoying but just go through the major exchanges and do it.. then when one of them adds a feature you are looking for you will be ready to go.. Like the supposed leak from Coinbase saying they are adding XRP to their system.. that will be BIG news for XRP

I think the 750 is for the first 30days i signed up last week and it says wait 30 days for limit increase

[Cryptoripple]

17 minutes ago, bajungadustin said:

 

I have Coinbase too. I bought BTC/ETH yesterday again and my Coinbase says it will be in account on Dec 20th. A full week to complete transaction. I also opened a GateHub account but my gateway to USD has been showing pending for over a week now. Any suggestions? I did email GateHub support. Now, I am trying to open a Kraken account based upon bajungadustin's advice.