Binance Promo: 3% Cashback on Credit Card Purchases

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The world’s largest crypto exchange, Binance, has launched a limited promotion that allows you to receive up to 3% cashback if you pay by credit card. Is the Binance Cashback Deal worth it?

Binance Cashback Promotion

The cashback campaign runs from today, June 23. 2020, to June 28. 2020. So if you want to take part in the campaign, you have to hurry.

Cashback conditions at a glance:

2% cashback when buying cryptocurrency with credit card
Additional 1% cashback if you recommend a friend to Binance and they make a purchase
Only Visa card transactions are eligible for this promotion
The cashback bonus will be paid to the participant’s wallet within 5 working days after the end of the campaign period (you can see the bonus by clicking on “Account Center > Wallet > Distribution History”)

Is the deal worth it?

The advantage of buying cryptocurrency with a credit card is the speed of execution. According to Binance, it takes an average of around 10-30 minutes for the cryptocurrency to be credited to the account. If you compare this with a bank transfer, which can take days, it is a huge time saver.

However, the back of the coin is: the cost of credit card payments is much higher than that of bank transfer. For example, Binance costs 3.5% of the transaction volume or USD 10, whichever is higher. This is still relatively low compared to some other stock exchanges.

The reader has to decide for himself whether the deal is worthwhile. In our opinion, it is an optimal way to quickly get bitcoins and co. without having to pay the high fees.