One of the challenges many people face with buying crypto is the long process involved. When you want to invest in crypto, you must buy it from an exchange. But with many financial institutions not being crypto-friendly, purchasing crypto can be quite a process. However, if you live in Israel, this is about to change as two Israeli credit card issuers are revolutionizing how you buy Bitcoin or other cryptocurrencies. The brains behind this development are the MAX and Isracard credit card issuers. This article will discuss who these credit card issuers are and the benefits of their service.
Who are the MAX?
MAX, formerly known as Leumi Card, is an Israeli payment and credit card issuer that has been in the industry since 2000. With over 20 years of experience, they are regarded as the second-largest credit card issuer, with over 3 million credit cards issued. Recently, this credit card giant announced it signed an agreement with Bits of Gold to offer its users bitcoin services. For those who don’t know, Bits of Gold is a cryptocurrency platform where you can buy and sell cryptocurrency.
MAX’s partnership with Bits of Gold will launch a new VISA credit card MaxBack Crypto. With this credit card, users can buy bitcoin and other cryptocurrencies from Bits of Gold. This card will also open doors to other benefits for its users. For example, users of this card will not have to worry about tax deductions as Bits of Golds is regulated by the Capital Market Authority and has signed an agreement with the Tax Authority to ease the bureaucratic burdens on Israelis who want to buy crypto.
Who are the Isracard?
Formed in 1975 by Bank Hapoalim, Isracard is a financial institution offering several financial services such as credit card issuing, loans, credit solutions, etc. Isracard is a company with four different branches: American Express Israel, Aminit LTD, Europay LTD, and Isracard LTD. Recently, Isracard announced it would be working with a crypto-focused subsidiary, Horizon. According to the report, this partnership will be under the banner of the Altshuler Shaham. With this partnership, users of Isracard can buy bitcoin and other cryptocurrencies from the Altshuler Shaham platform.
To ensure this service operates smoothly, Isracard clears services through Visa, MasterCard, Isracard, and American Express, making it one of the leading financial services in Israel. Overall, Altshuler Shaham will allow Isracard cardholders to buy Bitcoin and other cryptocurrencies directly from their credit card.
Benefits of using a credit card to buy bitcoin?
With these two credit card issuers increasingly moving into cryptocurrencies, users are up to enjoy several advantages. Here are some of what users benefit from when using these two giant’s credit cards to buy bitcoin.
Easy way to buy bitcoin
The aim of these credit card issuers is to increase the awareness of cryptocurrencies and make it easy for its users to get into the action. When you own either the MAX or Isracard credit card, you can easily buy bitcoin or any other cryptocurrencies of your choice. And the best part is that you wouldn’t have to incur extremely high bank charges to buy your favorite cryptocurrency. Since these credit companies are directly linked with the exchanges, charges tend to be reduced to encourage users to use the service.
Ability to buy crypto when you don’t have cash
Another benefit of using a credit card to buy crypto is investing in cryptocurrencies even when you do not have cash. After all, it is a credit card institution, and, provided you have a good credit score, you can always take extra cash when needed. However, if you use this feature, ensure to read the terms of service the financial institution attaches to it to ensure you are comfortable with it before signing any agreement.
Finally, unlike when you buy bitcoin with your bank account, using a credit card like the one from MAX or Isracard puts you in a position where you are eligible for a cashback reward. MAX and Isracard are offering this reward as an initiative to create more awareness and encourage people to use this service. Hence, it is in your best interest to take advantage of it now that it is available to make more money in the long run.