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Cryptocurrency credit and debit cards are currently countable because of serious banking restrictions happening on crypto transactions. Many crypto credit cards are suitable for regular shoppers as they work as reward cards. And few cards allow you to earn your money back on purchases whereas, a few cards will allow you to earn interest on the crypto held in your account. However, almost all kinds of cards instantly allow you to convert crypto to fiat, withdraw crypto in the form of fiat at ATMs, and pay for services and goods at merchant stores that accept Master Card and Visa cards.
Money is earned in form of Cryptocurrency. Most cashback rewards are not deposited immediately after purchase but can be redeemed later. They do not support all cryptocurrencies. Let’s review some of the credit and debit cards.
Best for regular shoppers and merchants.
As of July 2022, Crypto.com supports the purchase and exchange of over 100 cryptocurrencies and has a global user base of approximately 10 million people. As a user of the metal prepaid Visa card, you can earn up to 8% cash back on purchases made with this Visa-supported card.
Best for instant rewards.
The crypto credit card has yet to be launched, but it may do so this summer. This card will be accessible to all users worldwide and will be linked to MasterCard. Unlike other crypto cards, which restrict access to real-time rewards for purchases, Gemini promises real-time rewards for purchases of Bitcoin or other cryptos on Gemini.
Best suitable for institutional-minded crypto investors.
Coinbase Card is a plastic-based debit card which has yet to be released globally. This card will allow users to spend any crypto assets in their portfolio while earning rewards for each purchase. The card will allow users to spend cryptocurrency anywhere and also allows Visa debit cards to be accepted. The users of this card can earn up to 4% cash back on purchases made with them.
Best for Bitcoin holders
The BlockFi credit card will be available to US residents in qualified states beginning in Q2 of 2021. This is a credit card that works like a cashback card, earning rewards for spending your cryptocurrency and reinvesting the earnings.
If you keep stable coin assets on your BlockFi Interest Account (BIA) account, you can earn up to 2% APY with the credit card. The card does not allow you to convert your Bitcoin rewards to other crypto forms. And the rewards are also not instant, so you cannot time your earnings when the Bitcoin price is high.
Best for altcoins and regular shoppers.
The Wirex Visa Card allows users to operate both fiat and crypto accounts, as well as exchange crypto for fiat without the use of a middleman. Users can earn cashback rewards when they use the card to spend or buy anything. This card also enables you to manage multiple accounts.
Best for those interested in crypto loans.
The Nexo MasterCard physical crypto credit card allows users to borrow up to US$2 million in crypto loans against their crypto holdings. You secure or insure the loan with the crypto you currently have in your wallet, which means you can only take out loans that are less valuable than your crypto holdings. It currently supports about 20 cryptocurrencies.
It is ideal for frequent shoppers.
Crypterium offers virtual and physical prepaid debit cards that can be topped up with cryptocurrency from the Crypterium wallet. You can use them to convert crypto to fiat and easily spend it anywhere. VISA is accepted, which includes thousands of global merchant stores and outlets, as well as ATMs around the world.
Best for holders & Investors
Users of the SoFi Credit Card can earn rewards on purchases they make. It currently supports only Ethereum and Bitcoin. There are no annual or foreign transaction fees but, penalties for late payments and a returned payment fee of up to $39.
Best for regular crypto-fiat spenders.
This debit card also allows you to instantly spend Bitcoin, Ether, and Litecoin at merchant stores, ATMs, and outlets that accept Visa. That means you can either withdraw cryptocurrency in fiat or use it to pay for goods and services anywhere Visa is accepted.
Best suitable for regular spenders
The Swipe Visa debit card is a dual interface NFC/EMV physical card with three ATM cash withdrawal options. Users can earn cashback when they shop at Netflix, Apple Music, Hulu, and Amazon Prime. You can earn extra cashback rewards available for Travala, Starbucks, Uber, and Airbnb.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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