Q: What is a Credit Account?
A: A Credit Account allows you to transfer crypto assets from your Funding Account to receive a credit limit for spending.
Q: What are the benefits of spending from the Credit Account?
A: You don't need to spend your own crypto. Instead, you can use the available credit in your Credit Account to make purchases with your RedotPay crypto card.
Q: What is Assets Transfer?
A: Assets Transfer lets you freely move assets between your Funding Account and Credit Account.
Q: Which cryptocurrencies are supported for converting to credit?
A: You can currently use BTC, ETH, USDT, and USDC to get credit.
Q: Can I set the Credit Account as my default payment method?
A: Yes. When set as default, your spending will be deducted from your credit limit first. You can adjust the priority under Account > Account Priority in the app.
Q: How is the Credit Limit calculated?
A: Credit Limit = Asset Value × Asset LTV.
Q: What is LTV?
A: LTV (Loan-to-Value) is the percentage of your asset's value that can be converted into credit. Please refer to the LTV rates for each supported asset:
Q: How is Available Credit calculated?
A: Available Credit = Credit Limit – Used Credit.
Q: Why does my Available Credit keep changing?
A: Because the value of assets in your Credit Account fluctuates with the market, your credit limit adjusts accordingly.
Q: What is collateralization?
A: Collateralization means pledging crypto assets to obtain a credit limit.
Q: What is collateral?
A: Collateral refers to the crypto assets pledged as security for borrowing. BTC, ETH, USDT, and USDC can all be used as collateral.
Q: How is the value of my collateral calculated?
A: Collateral value is based on real-time prices from leading exchanges.
Q: Can I directly deposit crypto into my Credit Account?
A: No, direct deposits to the Credit Account are not supported.
Q: Is there a maximum transfer limit for the Credit Account?
A: There's no limit on transfers from your Funding Account to your Credit Account. Transfers from the Credit Account back to the Funding Account are limited based on your used credit. The more credit you've used, the lower the amount you can transfer out — this helps manage account risk effectively.