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Cryptocurrency has taken the world by storm and it has revolutionalized the financial sector and further laid an argument for cryptocurrency as the future global currency. There are now several things you can do with cryptocurrencies. You can trade, invest and exchange for goods and services. Another innovation that cryptocurrency has brought about is crypto credit cards.
Crypto credit cards operate more like fiat currency credit cards as they allow you to spend cryptocurrencies and earn rewards in cryptocurrency. They are the latest innovation that has followed the advent of cryptocurrency. The credit card rewards serve as incentives for using the crypto credit cards and have allowed them to gain more acceptance in the crypto space. The benefits of crypto credit cards are enjoyed by various crypto enthusiasts. From the cryptocurrency person who is finally ready to try his hands on cryptocurrency but does not have enough risk appetite to try it out, to those already into crypto who believe in the longevity of digital currency and its potential growth in relevance and value.
While the crypto cards concept is similar to that of fiat currency cards, they have some distinguishing features you must understand to be able to differentiate how they both work. Here are some of the differences:
Cryptocurrency is now an accepted form of currency in the financial market. It has been recognized by big firms and some of the cryptocurrencies are now being accepted for products and services.
One of the ways in which you can make payments for your purchases is through crypto cards. There are crypto credit cards, just as there are crypto debit cards. Both have their functions and features that separate them but they are similar in that they can be used to purchase products and services, provided the product or service provider recognizes and accepts the cryptocurrency you want to use in paying. Both types of cards are similar to the traditional cards used for fiat currency. Like the traditional cards, there are differences between the two cards that should help you decide on which to go for. Some of the differences include:
For every advantage, there is a disadvantage. Here are some of the pros and cons of a crypto credit card that will guide your decision in getting one.
There are several crypto rewards you can earn with your crypto credit card. It all depends on the type of card you own. Here are some of the best crypto credit card rewards you can earn with your card:
To enjoy the benefits of crypto credit cards, you need to apply for one. You can apply for your crypto card from a cryptocurrency exchange. The prerequisites for getting your crypto credit card are a digital wallet and an account, usually of the cryptocurrency exchange. Some terms and conditions apply, as well as fees.
The answer is Yes, you can buy cryptocurrency with your crypto credit card. The essence of a credit card is to get an advance for whatever you want to purchase, in this case, cryptocurrencies. An advantage of using a crypto credit card is that you can always pay it back with your crypto earnings. You may not be able to purchase every cryptocurrency with your crypto card. It all depends on your crypto credit card issuer. There are other transaction fees you should be aware of before purchasing.
There are numerous crypto credit cards you can apply for in order to continue your spending while you earn interest and other rewards. Here is a list of the best crypto credit cards you can own. These cards are also rated on a scale of 1 to 5.
This is one of the first crypto credit cards to ever surface. There are several rewards that you can get from the use of this card. ATM withdrawals are free, with no annual fee and a 100% cashback return on some of your favorite subscriptions such as Netflix and Spotify. It is available in the UK and it gets a rating of 5.
With a Gemini crypto credit card, you earn rewards on up to 30 different cryptocurrencies. It is created by MasterCard and issued by WebBank. There are no exchange fees and no annual fees charged on a Gemini crypto card. It is available in the UK and it gets a rating of 5.
Coinbase is a leading cryptocurrency exchange that launched its crypto credit card in 2012. It charges no annual fee and you get to earn rewards in Bitcoin and XLM. It is also compatible with 9 other cryptocurrencies. It is available in the UK and it gets a rating of 4.
This crypto credit card is compatible with more than 150 cryptocurrencies and is accepted in more than 54 million outlets worldwide. It is regarded as an international credit card and one of the best crypto credit cards you can own. You get to enjoy free international ATM withdrawals and no annual fees. It is available in the UK and it gets a rating of 5.
BlockFi is one of the best crypto credit cards you can own. It has a $0 annual fee with Bitcoin rewards. It offers you the opportunity to accumulate interest on your Bitcoin holdings. You also get a sign-up bonus and no transaction fee. It is available in the UK and it gets a rating of 4.
You can use the Bitpay credit card anywhere Visa is accepted. No monthly fee is charged and you are charged 2% on ATM usage. It is only available to US users. Bitpay card gets a rating of 3.
This is a Visa crypto credit card that can be used anywhere Visa is accepted. You can get up to 5% interest on your Bitcoin holdings with no issuance fee or ATM withdrawal fees. It is available in the UK and it gets a rating of 4.
This is a crypto credit card that supports 12 of the top cryptocurrencies. You get to earn TERN tokens when you purchase with the card. There are cashback rewards of up to 6%. It attracts ATM withdrawal fees as well as a monthly fee if you spend more than $750. It is not available in the UK and it gets a 3 rating.
This is a Visa card you can use anywhere that Visa is accepted and it is compatible with 6 cryptocurrencies. You are charged a monthly fee and an issuance fee on your card. It is not available in the UK and it gets a rating of 2.5.
This is a Visa-supported credit card that also has a virtual card. It currently supports 4 cryptocurrencies and offers no crypto rewards. It is accepted in over 200 countries, excluding the US. It is not available in the UK and it gets a rating of 2.
With SoFi, you get a 2% cashback on your purchase with no annual fee or international transaction fee. You earn 2 points on every dollar spent on your card and each point is worth $0.01. It is available in the UK and it gets a rating of 4.
This is a MasterCard issued crypto credit card that charges no annual fee. You get 8 points per dollar on your transport spending. There are no personal guarantees required to use this card. It is available in the UK and it gets a rating of 5.
This is a crypto credit card that offers 3% cashback rewards on your top purchase for the month. Although there is no sign-up bonus, there is no annual fee charged. It is compatible with only four cryptocurrencies. Venmo card is not available in the UK and it gets a rating of 3.5.
This is a relatively new crypto credit card. It offers no sign-up bonus and charges no annual fee. Those priority beneficiaries of this crypto card are Unifimoney customers. It is available in the UK and it gets a rating of 3.
This type of card offers you cashbacks in Bitcoin with a transaction fee on a sale of your Bitcoin. It charges no annual fee and offers no sign-up bonus. It is available in the UK and gets a rating of 3.5.
You can use your crypto rewards credit card wherever your credit card issuer’s services are accepted. For example, if your credit card issuer is Visa, you can use your crypto credit card rewards with a merchant that accepts Visa card services.
Some of the things you put into considerations when picking your crypto credit card include:Reward structure;Number of compatible cryptocurrencies;Required stake;Compatible fiat currencies; andAccount linking protocols.
If you are looking for a low-risk way of getting into the crypto space, crypto credit cards offer you the opportunity to test the waters. If you are already into crypto. It is a sure way of solidifying your investment.
Crypto credit cards are largely safe, considering it is a new concept gradually gaining acceptance in the crypto space. The blockchain foundation of the cryptocurrency concept has ensured that it is largely safe.