Comprehensive Guide to Crypto Credit Cards

Learn about various crypto credit cards, their rewards, features, and how they compare to traditional cards

Cryptocurrency has made its way into various aspects of financial transactions, including the way we use credit cards. Several companies now offer crypto credit cards, allowing users to earn rewards in cryptocurrencies for their purchases.

This article explores a variety of crypto credit cards, highlighting their features, rewards, and unique aspects to help you decide which card might be right for you. A good testing ground for many of the cards in the article might be some iGaming platform, many credit card casinos can be found at NonGamstopCasinos.

Understanding Crypto Credit Cards

Crypto credit cards bridge the gap between traditional financial systems and the burgeoning world of cryptocurrency. Operating much like their traditional counterparts, these innovative cards offer the unique advantage of cryptocurrency rewards.

Instead of earning miles, points, or cash back as one would with standard credit cards, users of crypto credit cards receive rewards in various cryptocurrencies for their purchases.

These cards are typically linked to a user’s account on a cryptocurrency platform or exchange, enabling them to seamlessly spend fiat currency or cryptocurrencies. The rewards earned are deposited as digital assets into the user’s crypto wallet, potentially appreciating over time, unlike static rewards points or cash back.

FTX Visa Debit Card

The FTX Visa Debit Card is a notable entry in the crypto card space, primarily for its no-frills approach to cryptocurrency spending. Designed to offer simplicity and ease of use, it allows cardholders to make purchases using USD or cryptocurrencies without incurring any fees.

Despite its straightforward nature, the card distinguishes itself by lacking traditional perks such as cashback or reward points. Instead, it focuses on providing a seamless bridge for users who want to spend their crypto holdings or fiat currency without additional costs or complications.

This card is the result of a partnership with Swipe, a company that Binance, a major player in the cryptocurrency exchange market, acquired. Binance’s debit card offers up to eight per cent cashback but is unfortunately not available to users in the United States, highlighting a gap that the FTX card aims to fill for American consumers.

Robinhood Cash Card

The introduction of the Robinhood Cash Card marked a significant shift for the investment platform, moving away from its previous cash management offering. The new Cash Card diverges from traditional reward structures, opting instead for an innovative auto-invest round-up feature.

This mechanism rounds up transactions to the nearest dollar and invests the difference into stocks and cryptocurrencies every week. Although it does not offer direct cash back or perks on purchases, users can benefit from a weekly bonus on these round-up amounts.

This bonus is variable and can go as high as 100% of the rounded-up total but is capped at a maximum of $10 per week. This unique approach encourages investment among its users, transforming everyday spending into an opportunity for financial growth, albeit in a more indirect manner than typical rewards cards.

Crypto.com Cards

Crypto.com offers a range of cards, starting with the Midnight Blue card, which gives one per cent back on all purchases without a staking requirement. The Ruby Steel card increases rewards to two per cent back and includes a Spotify subscription, with a $400 staking requirement.

Higher tiers like the Jade Green/Royal Indigo cards offer three per cent back, along with additional perks such as free Netflix and airport lounge access, for a $4,000 stake. The top-tier cards, Icy White/Rose Gold and Obsidian, offer up to eight per cent back on purchases but require a significant investment in Crypto.com’s native token.

Nexo Card

The Nexo Card presents an intriguing option for cryptocurrency enthusiasts looking for a versatile spending tool. Offering up to two per cent back in Bitcoin or Nexo tokens, it caters to users who prefer their rewards in the form of digital assets rather than traditional cash back.

Although specific details about the card are limited due to its current waitlist status, it is known that the card seamlessly integrates with the user’s Nexo account. This integration allows for direct spending from the credit limit provided by Nexo, eliminating the need for users to transfer funds between accounts or convert their crypto holdings into fiat currency before making purchases.

This feature not only simplifies the spending process but also enhances the liquidity of the user’s crypto assets, making the Nexo Card a potentially valuable tool for both everyday and online purchases.

SoFi World Elite Mastercard

SoFi has made a significant entry into the crypto card market with the SoFi World Elite Mastercard. This credit card distinguishes itself by offering unlimited two per cent back on all purchases, which can be redeemed for either cryptocurrency or cash, providing flexibility for the cardholder’s reward preferences.

In addition to its competitive rewards rate, the card boasts a suite of World Elite Mastercard benefits. These perks include comprehensive cell phone protection against damage or theft, as well as valuable credits for popular services such as Lyft, DoorDash, and more.

The combination of these benefits with the option to earn crypto rewards makes the SoFi World Elite Mastercard a compelling choice for consumers looking to maximize their spending rewards while enjoying a range of premium services.

Gemini Credit Card

The Gemini Credit Card merges the traditional appeal of metal credit cards with the innovative rewards structure favoured by crypto users. It offers a tiered rewards system, providing up to three per cent back on dining (subject to a $6,000 annual spending cap), two per cent back on grocery purchases, and one per cent back on all other transactions.

One of the card’s standout features is the immediacy with which rewards are paid out; users receive their cashback in Bitcoin, Ethereum, or a choice of other cryptocurrencies instantly upon purchase.

This not only allows cardholders to potentially benefit from the appreciation of these digital assets but also integrates seamlessly with their existing Gemini accounts, making the management of rewards straightforward and efficient.

Venmo Credit Card

The Venmo Credit Card is designed with the social spender in mind, offering a dynamic rewards structure that adjusts according to the cardholder’s spending habits. Users earn three per cent back on their highest spending category, two per cent on the second highest, and one per cent on all other purchases.

This flexible rewards system is complemented by the option to receive rewards in cash or select cryptocurrencies, catering to a wide range of user preferences. Additionally, the card features a unique QR code design, enabling easy Venmo payments directly from the card itself. This design not only enhances the card’s functionality but also solidifies Venmo’s reputation as a forward-thinking financial services provider.

Voyager Card

The Voyager Card stands out in the crowded field of crypto credit cards, not for its transaction-based rewards, but for its unique approach to account balances. Advertised with a headline-grabbing nine per cent APR, the card applies this rate to the balances maintained in the user’s account, rather than offering cash back on purchases.

This feature, while potentially valuable for those looking to earn interest on their account balances, may be less appealing to users seeking direct rewards for their spending. As a result, the Voyager Card occupies a niche position in the market, appealing more to users interested in the passive income potential of their account balances than the immediate gratification of transaction rewards.

M1 Finance “Owners Rewards” Card

M1 Finance introduces a novel concept to the crypto card arena with its “Owners Rewards” Card. This card incentivizes users to align their spending with their investment portfolio by offering up to ten per cent back on purchases made with select brands that the user holds as investments.

This unique reward structure encourages a synergy between investing and spending, potentially increasing the cardholder’s investment returns. However, the rewards are subject to a monthly cap of $200, and the card carries a $95 annual fee. While the fee can be waived for users with an active M1 Plus membership, the rewards cap and the fee may limit the card’s appeal to those who are heavily invested in the brands eligible for the highest reward rates.

Choosing the Right Card for You

When selecting a crypto credit card, consider the following factors:

Rewards Rate: Higher rewards are attractive but may come with requirements such as staking or high fees.
Staking Requirements: Some cards require you to lock up a significant amount of cryptocurrency to access the best rewards.
Annual Fees: Evaluate whether the benefits outweigh any annual fees.
Perks: Additional benefits like free subscriptions, airport lounge access, and no foreign transaction fees can add value.
Flexibility: Consider how easily you can use rewards and whether you’re restricted to certain cryptocurrencies.

Conclusion

Crypto credit cards offer an innovative way to earn digital assets on everyday purchases. With various options available, from simple no-fee cards to high-stake, high-reward cards, there’s likely a card that fits your spending habits and investment goals. By carefully considering each card’s features and requirements, you can maximize your rewards and potentially enhance your crypto portfolio.