For those interested in crypto, these cards let users make Bitcoin and other currencies through their daily spending. If you're new to crypto, this kind of reward credit card can be a safe option to start. If you're already investing, you could use it to add to your cryptocurrency wallet.
How Do Crypto Credit Card Rewards Work?
Credit cards linked to your investments aren't a new concept, such as the Fidelity Rewards Visa Signature Card; for instance, it provides a 2% cash return on every purchase when you pay the earnings into an eligible Fidelity savings account. The Crypto Rewards cards function similarly. The card can be used to make purchases that you typically make using a credit card, and you earn a certain percentage back. Like typical rewards cards, certain cards earn the same amount on each purchase, while other cards provide bonus rewards in specific categories like dining or grocery.
Since these cards function like all other credit cards, they have the potential of high-interest debts if you don't pay the balance on time when your monthly statement is due. They have similar variable rates that are offered by the other types of credit cards, generally with rates ranging from 10% to 20 percent APR. The rewards offered by crypto cards could be of benefit over time; however, they could also be eliminated through any balances that earn an interest rate at these high rates.
The major distinction between a crypto rewards credit card and the other reward cards is in the process of redemption. Instead of cashback or credit on your statement, you'll earn the percent back in cryptocurrency. If, for instance, you make a purchase of $1,000 per month with a card that offers the 2% reward for crypto and you are eligible to exchange the rewards to purchase the equivalent of $20 in Bitcoin. Since these cards are co-branded with an investment or exchange platform, your crypto will generally be deposited into your account.
· Crypto.com Visa
It integrates into your lifestyle seamlessly, offering a wealth of benefits that are appropriate for your daily routine. You earn 100% of the most popular subscriptions you have, like Amazon Prime, Netflix, and Spotify. Suppose you get the bug of travel. There are rewards, too, and 10% off Airbnb or Expedia purchases. Also, you can enjoy exclusive access to the airport lounge. Rewards are contingent upon the credit card that you select; most cards will offer 3 to 5% CRO back, as well as other benefits. There are no ATM withdrawal charges for most cards and special exchange rates for currency for those who have a larger limit per month.
· Brex 30 Card
In contrast to the other cards mentioned in this article, The Brex 30 credit card is the only small-sized business card that offers crypto rewards to its clients. If you're unfamiliar with this Brex 30 card, it is fascinating in the sense that it doesn't require applicants to guarantee their card's balance instead of relying on a credit score; a company's creditworthiness is assessed by its cash balance as well as spending patterns. Brex customers can cash in their rewards either as a statement credit or crypto rewards with TravelBank at an amount which is 0.7 cents for each point. At present crypto rewards are restricted only to Bitcoin and Ethereum.
· Gemini
Gemini earns rewards for crypto, which are compatible in conjunction with over 30 cryptocurrencies. Although there aren't any fees for exchanges, it's important to remember that exchanges cannot be 100% guaranteed. Customers will be happy to know that there's no annual fee; however, there's no sign-up bonus. The fees for transactions vary between 0.5 percent to 4.4%, depending on the card you have. A Gemini credit card was issued by WebBank and was created using MasterCard, which allows customers access to any merchants who accept MasterCard. A convenient app will help users manage their accounts, such as freezing or unfreezing their cards. In addition, 24 hours live customer support is accessible.
· Nexo Card
It is a platform that lets users store their digital assets to pay a return on or get an investment against the assets without having to sell the assets. Nexo provides a credit card of its own which lets users earn 2 percent back on their entire purchases made using any of the more than 15 Digital assets supported by Nexo. The Nexo card has no annual cost and includes certain features worth mentioning, such as the capability to freeze or unfreeze your Nexo card with just a single tap and create free virtual cards to make secure online transactions.
