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Are Crypto Rewards Credit Cards A Good Idea?
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Although on the surface they sound confusing, crypto rewards credit cards are really no different than most traditional rewards credit cards. So if your crypto rewards card is issued by Visa, your card will be accepted everywhere Visa credit cards are accepted. Depending on their processing network, Crypto rewards cards can also be eligible with the benefits and card protections offered by Visa or Mastercard, but as of now, those specific benefits have not yet been released to the public.
The next similarity lies in how to actually use crypto rewards cards for purchases. Just like traditional credit cards, crypto credit card holders will be issued a line of credit depending on their creditworthiness. These funds can then be used to make purchases in USD. When you spend, you will be responsible for paying back what you borrowed and potentially charged interest on purchases if they are not paid back before your billing cycle ends.
Lastly, each time you spend with your crypto rewards credit card, you will be eligible to earn rewards.
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While some credit cards offer airline miles or cash back, crypto credit cards reward you with Bitcion and other cryptocurrencies. The rise in cryptocurrency popularity has simultaneously created a need for crypto holders to be able to quickly access their funds for spending. Up until recently, the only options for cryptocurrency owners was to either invest and hold long term HODL or speculatively trade.
In order to cash out their crypto to fiat currency for day-to-day spending, holders need to convert their coins to a fiat currency and then wait for their funds to hit their bank account. This is a slow and inefficient way to access funds. To meet this need, crypto debit cards began popping up on the market. Their launch revolutionized the movement, helping to drive interest and ultimately, public adoption. Crypto rewards debit cards can be used at merchants just like a standard debit card is used, but instead of being backed by a bank account, it is backed by your own crypto wallet.
Think of it as more of a prepaid debit card than a traditional debit card. Once loaded and ready to use, purchases are processed in that specific currency. Rewards, however, are given as a specific digital coin depending on the debit card. Many of these crypto debit cards also earn rewards in the form of cryptocurrencies on day-to-day spending.
Some cards can even offer pretty lucrative rewards, depending on how you value digital currencies. Crypto debit cards, similar to crypto credit cards and other traditional payment options run on the major payment processing networks like Visa and Mastercard. If your crypto rewards debit card is issued by Visa, the card will work anywhere Visa is accepted.
You can even withdraw cash from ATMs worldwide with crypto debit cards. Despite running on major processing networks and having the ability to earn rewards in the form of cryptocurrencies, crypto rewards credit cards are actually quite a bit different than the prepaid debit options available.
The main difference is that with crypto credit cards, cardmembers make purchases on credit via the credit line allowed by the issuing institution and are responsible for paying back the balance. One pitfall of the crypto prepaid debit cards when compared to crypto rewards credit cards is that they generally earn rewards in a bank specified crypto, which is usually significantly less valuable than some of the more popular cryptos like Bitcoin and Ethereum.
The Crypto. Another essential difference is the proof of stake obligation of many prepaid debit cards. Proof of stake, in its most basic form, is when a crypto holder contributes some of their digital coins to a specific blockchain network in order to support said network. Some debit cards require proof of stake as a term of card membership. These requirements can be quite significant and tying up your money with the issuing financial institution may not be worth the opportunity cost.
Is earning Bitcoin with each swipe the credit card reward of the future? These cards think so
Rewards may not compensate for the loss incurred from tying up your capital. The BlockFi Visa credit card is unique in that it is one of the only rewards cards that earns Bitcoin cashback, which is currently the most valuable and sought after cryptocurrency. Purchases earn 1. More details have yet to be released.
Some card companies won’t allow it; Citigroup, Bank of America review their policies
If you want to snag a BlockFi Visa when it becomes available, make sure to get on the waitlist. Cardholders use USD to make purchases but can earn rewards in cryptocurrencies. It will also offer zero exchange fees on crypto rewards and will be available in all 50 states of the U. Scheduled to be released sometime in , you can hop on the waitlist for the Gemini card now. The lowest tier requires no staking, but the rewards are minimal. The highest tier requires a 5,, CRO, the digital token of Crypto.
Buying Crypto with Capital one credit card in the US? : Crypto_com
Perks include free Amazon Prime, Spotify monthly subscriptions, Netflix, airport lounge access and more. No doubt, cryptocurrencies are here to stay, but are they the way of the future? How you feel about this question could very well decide if a cryptocurrency rewards credit card is right for you. More established crypto enthusiasts may find that crypto rewards credit cards as a great addition to their wallet and offer help growing these digital assets. However, given the relatively low risk of crypto rewards credit cards, they may appeal to those wanting to finally take their first steps into the world of crypto.
Toni Perkins-Southam is a points and miles enthusiast who has been leveraging credit card rewards programs to travel around the world, for nearly free, with her husband and their four young children. Together, Toni and her kids have spent the last 4 summers living in Europe, Central and South America and have encountered countless adventures throughout their travels. Her passion is to inspire other big families by showing and teaching them that traveling with kids is not only logistically possible, but with the right knowledge, financially feasible for even the smallest budgets.