You need credit cards, not cash, to manage your spending in a fast-paced world. Even before you earn from a business, you need to put capital into it; that’s where a credit line comes in. Even when you are a salaried person, a credit card comes in handy to make it to the next month’s end.
Credit cards can provide emergency funds, help you finance big purchases, and protect you from fraud. Using a credit card responsibly is also a great way to build credit. The downside to a credit card is when you spend over your limit, you’ll be paying off the interest and never really zero out the principal for the rest of your working life. So, this precaution works both for the regular and the best crypto credit cards: Spend only what you can afford and what is necessary. Better yet, be judicious in earning from your spending.
The best crypto credit cards are those that offer the most features and benefits for users. Crypto credit cards work exactly the same as any other rewards credit card on the market: you’re rewarded as you spend on the card. But in this case, you’re given cryptocurrency for your purchases. However, keep in mind that each card differs in how they process and award the cryptocurrency to their cardholders.
Also Read:
- How Can I Use Cryptocurrency In The Real World? A Look Into Crypto Today, From ApeFest to Crypto Credit Cards
- Are cryptocurrency credit cards evolution of credit cards?
Selection Criteria
There are a few different types of cards available, so it is important to compare and find the best one for your needs. The most popular type of card is the prepaid debit card, which allows you to load funds onto the card in advance and use them to make purchases or withdraw cash from an ATM. These cards typically have low fees and offer a variety of different rewards programs.
Crypto credit cards enable cardholders to collect rewards in bitcoin, ether, and other cryptocurrencies rather than conventional points, miles, or cash back. These products enable you to either earn cryptocurrency directly through your spending or convert rewards into cryptocurrency.
Crypto credit cards are a new and exciting way to earn rewards for your spending. Although cryptocurrency’s rewards and other benefits may be appealing at first glance, it is crucial to remember that crypto comes with more risk and instability than earning US dollars or an issuer-branded currency.
At present, because of the numerous banking constraints on crypto transactions, there are no true cryptocurrency debit or credit cards available. Many cards are ideal for regular consumers since they function as purchase rewards cards, allowing you to get money back on your purchases.
While most cards do not allow you to earn interest on crypto deposited in the account, they almost all enable you to convert your digital currency into government-issued fiat currency immediately. You can also withdraw cash from ATMs and use it to pay for goods and services at any store that accepts Visa or MasterCard.
If you’re looking for a card that offers the most features and benefits, be sure to compare different cards and find the best one for your needs. We frequently study and evaluate several crucial elements in order to determine the finest crypto credit cards today. This includes the reward scheme and additional factors such as pricing and fees, cryptocurrency choices, payment options, and exchange possibilities.
Best Crypto Credit Cards
With the newfound popularity of cryptocurrencies, there has been a recent surge in the number of crypto credit cards. With so many options to choose from, it can be hard to decide which card is right for you. Here are six of our favorites currently on the market. While each person has their own requirements and expectations, you can’t go wrong by selecting one of the cards on this list.
1. BlockFi Rewards Credit Card
The BlockFi Rewards Card is the best Bitcoin rewards card available today. You’ll earn 1.5% rewards in Bitcoin on all purchases and 2% back after annual purchases reach $30,000
0.25% back on all eligible crypto purchases and trades, capped at $500 in Bitcoin per month. There are also no foreign transaction fees; you’ll get your rewards deposited directly into your BlockFi Interest Account each month. Unfortunately, the offer of 1.5% rewards on every purchase that automatically earned interest when held in a linked BlockFi Interest account has been eliminated by the Securities and Exchange Commission in the US.
The BlockFi card is a great choice for anyone who wants to earn rewards in Bitcoin, as it’s one of the few cards that allows you to do so. It’s also a good option for those who want to be able to easily convert their rewards into cash, as it has no foreign transaction fees and offers a great exchange rate.
You may select among 15 different cryptocurrencies, such as Bitcoin, Ether, Litecoin, and various fiat currency alternatives. You can update your reward selection once a month.
With the BlockFi Rewards Visa® Signature Credit Card, you’ll earn crypto as your default rewards option. Plus, it’s super easy and convenient to use! To get approved for the card, you must have good or excellent credit (FICO scores of 690++).
2. Venmo Credit Card
The Venmo Credit Card allows you to redeem points for cash back, gift cards, or travel. You can also use your points to pay for items in the Venmo app, which is a great way to get discounts on your everyday purchases.
The Venmo credit card lets you earn rewards on your everyday spending: 3% back on your top spending category, 2% on your next spending category, and 1% on everything else.
There’s no annual fee, and you can get your rewards as cash back or use them to pay for items in the Venmo app. You’ll need good or excellent credit to qualify for the card.
The main downside to using Venmo is that you can’t transfer your cryptocurrency from their platform into an exchange or your personal wallet. For some people, this may be a make-or-break detail. You may pay bills, purchase, and withdraw crypto in the form of fiat at any VISA merchant, outlet, or ATM using.
How to earn crypto with the card
Users who use the Venmo Credit Card can choose to purchase cryptocurrency using their cash-back rewards, with a feature called Cash Back to Crypto. You can pick from four cryptocurrencies to buy: bitcoin, Ethereum, Litecoin, or Bitcoin cash. After that, users will be able to opt to sell or keep their crypto through the Venmo app.
You avoid additional transaction fees by opting to enable the auto-purchase feature of the Cash Back to Crypto option. Keep in mind that a cryptocurrency conversion spread is factored into each monthly transaction. This implies that Venmo will add a little spread (or margin) to the conversion rate between crypto and fiat currency. You have the power to choose which cryptocurrency you’d like to buy, and you can deactivate the auto purchase function whenever you want.
3. Gemini Crypto Credit Card
The Gemini Credit Card is a way to earn rewards on your everyday spending and redeem them for cash, gift cards, or travel. You can also use your points to pay for items in the Gemini app, which is a great way to get discounts on your everyday purchases.
Gemini card offers 3% back on dining (up to $6,000 in annual spending, then 1% back),2% back on groceries, and 1% back on all other purchases. The drawbacks of this card are that the fees can add up anytime and no guaranteed exchanges for Gemini.
The Gemini card, which WebBank issues, runs on the Mastercard network. This gives users access to any merchant that accepts Mastercard. This app also helps you manage your account, like freezing and unfreezing your card. In addition, 24/7 live customer support will be available if needed.
With an eligible purchase, you can receive rewards that are paid out in Bitcoin or another cryptocurrency through Gemini. You will also get access to Mastercard deals, like savings on Lyft, DoorDash, and Hello Fresh, as well as a ShopRunner membership. The benefits Mastercard offers–such as ID Theft Protection, Zero Liability, and Price Protection–are also included in this signature Mastercard.
4. Upgrade Rewards Card
The Upgrade Bitcoin Rewards Visa is a crypto credit card that offers nothing particularly special, but it’s a decent option if the other cards don’t suit your needs.
With the Upgrade Bitcoin Rewards card, you’ll earn an unlimited 1.5% back in Bitcoin every time you use your card to make a purchase. Upgrade also offers occasional bonus rewards for our cardholders, like a $200 bonus just for opening a Rewards Checking account and making three debit transactions. Plus, with credit lines from $500-$25000 available, it’s easy to qualify for this great reward Credit Card!
You may use the Upgrade Bitcoin Rewards Visa at any location where Visa is accepted. Still, you can’t move your bitcoin from the custodial Upgrade platform to your own wallet, limiting your “ownership” to price exposure.
After you sell your cryptocurrency, you’ll pay a 1.5% transaction fee, and the money will only be sent to you as a statement of credit. The Upgrade card has no annual charge and no foreign transaction fees. It also offers benefits comparable to those found on the BlockFi crypto card.
While it’s limiting that the only thing you can do with your bitcoin rewards is to hold them in the custodial account or sell them to redeem as a statement credit, it’s still one of the most straightforward crypto rewards cards publicly available.
5. SoFi Credit Card
SoFi is one of the most rewarding credit cards on the market, allowing customers to earn back rewards on their purchases. SoFi Credit Card was created as a means for more people to get access to it. SoFi’s credit card is created to assist customers in saving, investing, and paying off debts through various SoFi accounts.
Features of SoFi Card
- The card offers 2% cash back on purchases with the Card
- SoFi offers a card with no annual fee that gives you 3% cash back for setting up a direct deposit.
- Best for investors and holders.
- Earn 2 points per $1 spent
- If you open a SoFi Money or Invest account, you can earn $100.
- SoFi allows cash in on your crypto
The points you earn can be redeemed for cash towards your SoFi Money account, paying down your SoFi loan balance, or investing in crypto through the SoFi Invest account.
Although SoFi does not sell real cryptocurrency, it offers an IOU that tracks the value of the cryptocurrency you purchase.
The IOU can be redeemed for cash or used to buy more cryptocurrency.IOUs are not subject to the same volatility as cryptocurrencies, so they provide a way to get exposure to the market without risk.
In order to withdraw your SoFi crypto earnings, you must first convert them into cash. You can’t trade or convert your assets elsewhere, and they won’t let you withdraw them and send them to an exchange like Coinbase. According to our research, this makes the SoFi significantly less appealing for those seeking to earn crypto incentives.
6. Nexo Card
Nexo is a company that has been offering crypto credit cards for quite some time now. The Nexo Card is a Mastercard that you can use anywhere in the world that Mastercard is accepted. The Nexo Card is the only card that allows you to spend your digital assets without selling them first, getting rid of common credit card fees such as monthly or annual charges, and foreign exchange fees.
The Nexo Card is one of the most user-friendly crypto cards available, and it is accepted by over 40 million merchants worldwide. With no monthly fees or inactivity fees, users can obtain up to 2% cash back on all purchases. The fantastic aspect of Nexo is that users are able to pick between two different forms of cashback- either BTC or NEXO, which is Nexo’s own token.
The Nexo wallet app allows you to access crypto credit lines and a high-yield earn interest account, all while your cashback is automatically deposited in your Nexo account. The card’s accompanying smartphone app makes the card easy to use, giving you access to quickly change your notifications, and pin, and freeze the card if necessary. Your Nexo wallet is equipped with military-grade 256-bit encryption and 24/7 fraud monitoring mechanisms to protect your funds and transactions.
If you’re looking for an appealing option that doesn’t include a large-scale loan, the Nexo Mastercard is still a great choice. With more than 40 million global merchants accepting it, you can pay by card with a few swipes, and the payment is taken out of your available funds.
Best Crypto Debit Cards
Crypto debit cards are a good way to use your cryptocurrency while also getting some benefits from it. These cards function similarly to regular debit cards, but they’re linked to your cryptocurrency account instead of a bank account. This means you can spend your crypto without selling it first or converting it into fiat currency.
Coinbase Visa Crypto Credit Card
Coinbase, a leading cryptocurrency exchange, has introduced a Visa crypto credit card that allows users to spend their cryptocurrency at any online or physical store that accepts Visa. The Coinbase Visa crypto card is currently acceptable everywhere Visa is accepted, which is over 40 million merchants worldwide, and also the Coinbase Visa card is issued by Metropolitan Commercial Bank (MCB). The card functions like any other debit or credit card, allowing you to make purchases and get cash back from your Coinbase account.
According to the company, its partnership with Shift Payments provides a secure platform for issuing best-in-class Visa cards. The new product from Coinbase is available to U.S.-based customers who have finished an identity verification and linked their Coinbase account with their Shift Payments account.
Coinbase Visa Crypto card has these features:
- No annual fee
- Spend crypto or US dollars from your Coinbase account
- Earn 4% back in crypto rewards
- No credit pull to apply
- It makes crypto as spendable as paper money.
- World-class security with 2-step verification; PIN protection.
- Withdraw your Crypto securely by paying with contactless methods.
- Up to 6% back in rewards for travel and dining.
The Coinbase Visa crypto credit card supports up to 9 cryptocurrencies and has a quite reliable security. Coinbase’s bitcoin card provides security and convenience features, including mobile wallets, instant card freeze, spending monitoring, and more.
2. Crypto.com Visa Crypto Credit Card
The Crypto.com credit card is also a fantastic choice and comes with one of the most popular cryptocurrency apps that exist, permitting users to trade over 250 digital currencies.
The Crypto.com Visa is the world’s first free, metal, and crypto-linked debit card, with no transaction fees and a simple top-up approach that lets you quickly add Bitcoin and other digital currencies. It’s clear why many investors are fans of it, with no charges, a straightforward top-up model that makes it easy to load your account with Bitcoin and other digital currencies, and an aggressive marketing campaign that has involved Lebron James and Matt Damon, among others.
The Crypto.com Visa card is a prepaid debit card that was one of the first to give cryptocurrency incentives. Depending on your tier, you may earn 100 percent cash back on popular services, such as Netflix, Spotify, and Amazon Prime. Upper-tier cardholders earn a 10% discount on Airbnb and Expedia bookings for travel. The card includes unlimited airport lounge access, interbank exchange rates, and no foreign transaction fees at certain levels.
Rewards
The benefits of the Crypto.com card – purchases rebates and subscription reimbursements – depend on which level of service the cardholder picks.
The following are the tiers, staking cost, ATM withdrawal limit (per month), and rewards:
Midnight Blue: $0 stake, 1% rebate, $200 withdrawal limit
Ruby Steel: $400 stake, 2% rebate, $400 withdrawal limit
Royal Indigo & Jade Green: $4,000 stake, 3% rebate, $800 withdrawal limit
Frosted Rose Gold & Icy White: $40,000 stake, 5% rebate, $1000 withdrawal limit
Obsidian: $400,000 stake, 8% rebate, $1000 withdrawal limit
Up to a 2% cash back bonus on bigger withdrawals, as well as other perks like Spotify, Netflix, Amazon Prime, Airbnb, Airport lounge access, and extra reward points depending on your card level.
Crypto.com makes it easy for you to use your crypto card at any merchant that accepts Visa payments and in over 90 different cryptocurrencies. Metal is used to make the card, and certain tiers allow cardholders to choose their own color. Your Crypto.com account may be managed through an Android or iOS app, and you may use your card anywhere Visa is accepted.
3.BitPay Mastercard
Bitpay is another popular crypto debit card that has a strong following in the digital currency community. The Bitpay Mastercard lets you reload your Card from your crypto wallet with no conversion fees charged by BitPay. When you use the BitPay Card for in-store or online purchases, you may automatically get the best exchange rate possible with no additional fees.
The card also doesn’t have foreign transaction fees, so it’s a good choice if you frequently travel outside the United States. You can use your card anywhere MasterCard is accepted and withdraw cash from any ATM that accepts Mastercard.
Features in BitPay Mastercard
- Let’s you spend your Crypto like cash
- It offers an option of paying with a contactless PIN or withdrawing cash from any compatible ATM
- Instantly reload your Card with no conversion fee
- You can convert Crypto into dollars with zero fees using the BitPay prepaid debit card
The Bitpay Card is a good choice for those who frequently travel or shop online, as it has no foreign transaction fees. The card is linked to your crypto wallet, so you can avoid paying conversion fees when reloading your card balance. You can also get the best exchange rate possible on all purchases.
4. Binance Visa
The Binance crypto Visa card gives its holders immediate and constant access to digital funds, putting them ahead of the game in a quickly-growing industry. It’s still one of the best crypto debit cards for international customers, despite its absence in the United States. Because this card can be used anywhere in the world, has low spending fees, and has high withdrawal limits, it’s a fantastic choice for users.
The Binance Visa card is only functional if it is linked to a Binance account. This Bitcoin debit card would be ideal for you if you already have an account and are based outside of the United States.
Features of Binance Visa
The Binance Visa card has a number of features that make it one of the best cards on the market:
Features:
- You will not be charged any administrative or processing costs.
- Binance’s highest security standards are available to help you protect your assets.
- You can hold cryptocurrency and exchange it only when you need to.
- Hold crypto in your Binance Funding Wallet
- The highest security standards protect Binance Card to ensure that your funds are safe.
The Binance Visa card supports 12 digital currencies, including Bitcoin and Ethereum. The Binance Visa Card stores cryptocurrency in your wallet and only transforms what is required at the time of purchase, much like Coinbase. The card can be used to make in-store and online purchases wherever Visa is accepted.
5. Brex Credit Card
Brex is a fintech company that offers a variety of services for business owners, including business bank accounts, corporate credit cards, and expense tracking tools. The Brex corporate card is one of the best crypto debit cards for business expenses, as it offers a number of perks and rewards for businesses that spend on the card.
The Brex card, designed mainly for business startups, offers cryptocurrency rewards with no annual fees. You may exchange your Brex points for Bitcoin and Ethereum at a ratio of $7 per 1,000 Brex points. You can also get cash, travel, gift cards, or statements of credit by redeeming your Brex points. There is no annual charge on the BREX Credit Card.
The Brex Credit card is a charge card that requires you to pay your balance in full every month. It actually earns points, which can be converted to Bitcoin or Ethereum, rather than crypto rewards. However, it has some very impressive reward rates:
- 8 points for every $1 you spend on rideshares
- 5 points for every $1 you spend on travel
- 4 points for every $1 you spend on restaurants
- 3 points for every $1 you spend on eligible Brex Rewards purchases
- 3 points for every $1 you spend on recurring software costs
- 1 point for every $1 you spend on all other transactions
New cardholders who spend at least $3,000 in their first three months and link payroll to their Brex account can also earn up to 40,000 free points. However, you need to open a Brex Cash Account and switch to daily payments to receive the highest reward rates.
The Brex card’s requirements differ depending on whether you pay off your balance in daily or monthly installments. Neither plan has an annual charge, and Brex does not conduct a credit check. However, it should be noted that only C-corps, S-corps, LLCs, and LLPs are eligible for Brex.
The Brex rewards system gets overly complicated when all is said and done. However, gaining access to a monthly credit line might help business owners expand more quickly. Plus, earning up to 8% back as Bitcoin or Ethereum is a fantastic benefit if you’re a crypto entrepreneur who loves it.
So, how do these crypto cards work?
Users of crypto cards use them just like traditional credit or debit cards. Users of crypto cards get a physical card (either Visa or Mastercard), with a card number, expiration date, and CVV/CVC number on it. This ensures that the card can be used online, in person using a card machine, and contactless.
However, unlike regular bank cards, crypto cards are backed by the cryptocurrency stored in your account with the card provider. If you choose an eToro Money card, your eToro Money account’s assets will be used to make purchases. With this app, you can buy Bitcoin and other supported cryptos, then use your digital currency to pay for goods or services.
The merchant does not get paid in crypto, as is the case with other options. Rather, when you make a purchase using your crypto card, the card provider instantly converts necessary funds into FIAT currency in real-time. As a result, the merchant receives payment in his or her preferred currency, while you may still utilize cryptocurrency to pay for it. In the end, this results in a ‘win-win’ situation for all concerned.
Aside from streamlining the purchasing process, crypto cards also offer other benefits. Most cards will give cashback on crypto purchases to persuade people to use them; this rate is often higher than what traditional bank cards provide. Many providers also have fee-free ATM withdrawals up to a certain limit or lower FX fees.
Final Thoughts
Do crypto credit cards have a chance of catching on when 70% of people already use traditional bank cards? It’s hard to say. However, if more businesses start accepting cryptocurrency as a form of payment, we could see a surge in the use of these cards.
Crypto credit cards give attractive crypto rewards, but these incentives must generally be converted back into fiat money in order to be utilized. Because cryptocurrency is not yet widely accepted by many merchants, utilizing it has some disadvantages compared to traditional alternatives.
If you’re a cryptocurrency investor who is looking for an easy way to use your digital assets to make purchases, a crypto credit card could be a good fit for you. However, if you’re not interested in using cryptocurrency or taking on its risk, you might want to stick with traditional bank cards.
