Crypto credit cards are definitely not a completely new phenomenon, but they have definitely entered a new era of importance in the last couple of years. Although Bitcoin was originally advertised as a way to revolutionize the world of online payments, the reality is that most people only use crypto assets as stores of value or speculative trading today. In fact, there are scaling limitations that are inherent in public and decentralized blockchains, which have opened the door for credit debit cards to become a popular option whenever a cryptocurrency enthusiast wants to spend some of their holdings in the real world.
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Our Favorite Cryptographic Credit Card: Gemini
The Gemini Mastercard is a relatively simple cryptocurrency-based credit card that does many things right. The card offers up to 3% cashback in crypto rewards (3% restaurants, 2% groceries, 1% everything else). You can earn rewards in Bitcoin, Ethereum, GUSD, or any of the 60+ coins available on Gemini. It also doesn’t charge any annual fees, which makes it a very easy card to recommend to cryptocurrency enthusiasts.
Mastercard cufflinks
- Get Up To 3% Cashback in Cryptocurrency with No Annual Fees
- Available in all 50 U.S. states
- Most crypto cards are debit-based, but Gemini Mastercard is a real credit card.
- Backed by the world’s most regulatory compliant bitcoin exchange
SUPPORTED CRYPTOCURRENCIES BTC, ETH, SOL and all coins listed Gemini
REWARDS 1-3% cashback premiums denominated in cryptocurrency
VISIT GEMINILead review
Another Great Crypto Credit Card: BlockFi
The BlockFi Visa card is another solid choice when it comes to crypto credit cards. It was one of the first cards on the market and offers a simplified 1.5% cashback in crypto rewards on every purchase. You can earn rewards in BTC, ETH, and 15 other cryptocurrencies. There is no annual fee associated with the card.
Visa BlockFi Card
- A simple yet reliable way to earn 1.5% cashback in cryptocurrency
- Backed by BlockFi, one of the most reliable crypto lending services
- Most cryptocurrency-based cards are limited to charging, but BlockFi is a legitimate credit card
- New users earn free Bitcoins if they exceed the established spending amounts
SUPPORTED CRYPTOCURRENCIES Bitcoin
REWARDS 1.5% cashback rewards paid in bitcoins to your BlockFi interest account
A great crypto card for prizes: Crypto.com
The Crypto.com Visa Card is slightly different from other cryptocurrency-based cards. First of all, it’s a debit (not credit) card, which means you’ll need to load a balance before you start spending. In addition, most of its cards require a significant amount of CRO (the Crypto.com) to bet on the Crypto.com app.
On the other hand, the Crypto.com rewards are significantly better than anything else you’ll find in the industry. You can earn up to 5% in CRO while getting free access to Netflix, Spotify, Amazon Prime and airport lounges.
If you feel comfortable with a significant amount of CRO, the benefits of the Crypto.com Visa Card are huge.
Crypto.com Visa Card
- Up to 5% crypto cashback on all purchases
- Huge amount of benefits available including free Netflix, Spotify and Airport Lounge access
- Unique CRO staking model offers five different card levels
- High quality premium metal papers
CRYPTO SUPPORTED 20+
Rewards Up to 8% in crypto cashback
A good crypto debit card: Coinbase
The Coinbase Visa debit card is another solid addition to the crypto card market. It’s a debit card, meaning you’ll need to top it up, but it offers up to 4% rewards in a rotating selection of cryptocurrencies.
The Coinbase
Visa debit card doesn’t even have an annual fee, which makes it an easy recommendation (especially for anyone who already has a Coinbase account).
Coinbase Visa
- Visa card backed by one of the most trusted cryptocurrency companies
- Link to your Coinbase account
- Spend your cryptocurrencies wherever Visa is accepted
- Switch between cryptocurrencies on the fly
CARD TYPE Visa
SUPPORTED CRYPTOCURRENCIES 9
REWARDS None
The Competition
There are a large number of crypto credit cards on the market with varying degrees of success. Some cards are extremely simple and simply allow you to spend your cryptocurrencies with very few rewards.
Meanwhile other cards have significant rewards but require significant effort to unlock those rewards. Here’s a look at some of the important cards on the market:
Nexo Mastercard
- Allows you to spend while keeping your cryptocurrency
- Solid 2% cashback across the board
- No cost
- Accepted wherever Mastercard is available
CARD TYPE Mastercard
SUPPORTED CRYPTOCURRENCIES 17
PRIZES 2% cashback
Club Swan Mastercard
- Concierge services are available 24/7 to help you with travel, accommodation, and more
- The largest coverage among any card provider, with over 180+ countries.
- No commission for financing your card with fiat
SUPPORTED CRYPTOCURRENCIES BTC,
ETH, LTC, BCH, USDT, BAT, PAX, USDC, EOS
DISCOUNTS ON travel rewards, cash prizes
CARD TYPE: Mastercard Debit
Shakepay visa
- Get Up To 2% Cashback in Bitcoin
- Available to all Canadians
- No annual fees
- Extremely fast set-up times
SUPPORTED CRYPTOCURRENCIES BTC, ETH, Zcash and all coins Gemini
REWARDS 1-3% cashback premiums denominated in cryptocurrency
Wirex Visa
- Earn up to 8% cryptoback in X-Points
- One of the oldest crypto card companies
- Available in all 50 states (except New York)
- Can be used wherever a visa is accepted
CARD TYPE Visa
SUPPORTED CRYPTOCURRENCIES 37+
PREMIUMS up to 8%
Bitpay Mastercard
- Simple and easy-to-use Bitcoin-based Mastercard
- Available in the U.S.
- The card costs $10 very reasonable
- No need to invest in proprietary tokens
CARD TYPE Mastercard
SUPPORTED CRYPTOCURRENCIES BTC
REWARDS None
What is a cryptocurrency credit card?
While traditional debit cards are usually linked to a bank account, a crypto debit card allows the user to access the spending power of their holdings in Bitcoin and other cryptocurrencies. And yes, there are now also crypto credit card options available for those who wish to borrow against their cryptocurrency assets and have the option to spend them anywhere Visa or Mastercard is accepted.
Let’s take a closer look at the crypto credit card ecosystem to see if this merger of the legacy financial system and the digital money of the future could be a good option for your situation.
Do I need a cryptographic bank card?
There are a number of different reasons why someone would decide to opt for a crypto debit card. And for some people, the reality is that a crypto prepaid card is one of the only options available to access the global economy.
For most people, crypto debit cards will only simplify the process of turning crypto assets into money that can be spent in the real world. Yes, you could keep your crypto funds on an exchange, sell those holdings, and transfer them to your bank account when you need some money to spend, but this can be a time-consuming process with a hard-to-understand user interface that doesn’t make sense in the age of digital money. Crypto debit cards give you the ability to turn your crypto assets into your local currency in minutes, and you’ll be able to redeem that money at a merchant who accepts Visa or Mastercard right away. You can even withdraw physical cash from ATMs with crypto prepaid cards.
While turning cryptocurrency into cold money is the main selling point of crypto debit cards, there are also other benefits to consider, such as the ability to instantly access a loan backed by your crypto asset holdings or the ability to earn cashback rewards denominated in Bitcoin or another cryptocurrency.
What is the difference between a cryptographic credit and debit card?
Before we go any further, it’s important to distinguish between credit cards and debit cards. A debit card is a card from a financial institution such as Visa or Mastercard that allows a user to make card-based payments that withdraw money from an account where a user has already deposited funds such as a bank account. With a credit card, the user does not necessarily need to have funds deposited with a bank or other financial institution to start spending money. The user is able to spend up to a certain limit each month and should refund all money spent at the end of the month.
While crypto debit cards have
been around for years, crypto credit cards are a relatively new phenomenon that allows users to instantly spend money they have borrowed against their crypto-denominated collateral. There are also a number of crypto credit cards that work in the same way as traditional credit cards, with the key difference being that cashback rewards are paid in Bitcoin.
What to look for in a crypto credit card
There are nine key attributes to look for in a crypto credit card.
Ease of use
An encrypted credit card must be easy to use. After all, the whole point of combining cryptocurrency with the traditional financial system is to make it easier to start using Bitcoin and other crypto assets for everyday payments as quickly as possible. Some crypto debit cards come with attractive rewards and benefits programs that are combined with new cryptoeconomics experiments that are hard to understand. For many people, finding a card that simply allows Bitcoin to be converted into a spendable prepaid Visa card is all it takes.
safety
It should come as no surprise that security is an extremely important issue for everything related to the cryptocurrency world. Crypto assets work differently from the traditional payment binaries that most people have used in the past. More importantly, transactions made on Bitcoin and other cryptocurrencies are, in general, irreversible. This means that there is no one you can ask for help in a situation where you have lost your password or been hacked. For this reason, it is of utmost importance to choose a crypto credit card that allows you to store your cryptocurrency safely.
reliability
Reliability is another key concern in the cryptocurrency space. The ability to spend money can be extremely important, especially when it comes to tasks such as buying groceries or paying rent. You need to make sure that you work with a trusted brand when choosing a crypto debit card, as you don’t want to be in a situation where you can’t access your funds.
taxes
While fee structures shouldn’t be the only thing you consider when choosing between different crypto debit cards, it’s no secret that everyone wants to spend as little as possible on things like processing fees and the cost of withdrawing cash from an ATM. There are a wide variety of fee structures used in the crypto debit card space, so be sure to take a look at the terms and service before making a decision on which card to get. If you’ve found it difficult to find the fees associated with a particular card, then that card provider may be trying to hide the true cost of using their services.
features
The additional features included in most crypto debit
cards are still a bit limited right now, as most crypto card providers are interested in nailing the simple process of converting crypto assets to fiat currency held on a debit card before moving on to other features. That said, most card options have at least one differentiating feature that allows them to stand out from the rest of the options on the market. When looking at different crypto debit cards, think about your personal situation and see if there are crypto debit cards that best suit your specific needs.
app
Having an app associated with a crypto credit card is basically a requirement at this point. You want to be able to keep track of your balance, transactions, and every other aspect of your crypto debit card at any time, which means you need an app to manage everything while you’re on the go. One of the most beneficial features found in crypto debit card apps these days is the ability to instantly freeze the card in a situation where it is lost or stolen.
Incentives and rewards
It should be noted that the level of incentives and rewards offered for crypto credit cards is quite limited at this time. There are some crypto debit cards that offer cashback rewards of 5% or more, but these offers are usually packaged with the obligation to buy and hold a large amount of a proprietary token (this carries a certain amount of risk). Other programs that allow cashback rewards in Bitcoin keep coming online, but it might make more sense to think more deeply about other factors for now.
availability
Availability is a big issue in the crypto credit card world because regulations on cryptocurrencies themselves seem to change from week to week. Not only are laws changing, but companies like Visa and Mastercard will also change their internal policies on how their partners can handle crypto assets from time to time. Finding a globally available card is a bit of a difficult question right now, so make sure your Bitcoin card is actually available in your local country before making a commitment.
Conversions between cryptocurrencies and local currencies
There are several factors to consider when it comes to how you will be able to load a crypto credit card with your favorite cryptocurrency. What crypto assets are supported by the cryptographic debit card? Are there different fee structures that are activated when different cryptocurrencies are used to top up the prepaid card? How fast are funds available after a deposit has been made? These are the types of questions you should ask yourself when it comes to going back and forth between crypto and fiat via a debit card.
How do I fund a cryptographic credit card?
While crypto credit cards are obviously focused on making cryptocurrencies more easily spendable on a daily basis, the reality is that these cards often have a variety of different funding methods that can be used. Yes, for the most part, you’ll try to convert your Bitcoin, Ether, or other favorite cryptocurrency into your local currency on your Visa or Mastercard debit card, but it doesn’t hurt to have other options, such as direct deposit and bank transfers, at your disposal as well.
When there are a variety of different methods to top up your crypto debit card, it makes it easier for that card to somehow become a replacement for a bank account because you don’t have to worry about having that bank account available to receive certain types of payments.
How do all crypto credit cards compare?
At one time there weren’t many cryptocurrency-based credit cards to choose from, but these days there are a number of different options with some interesting advantages.
