Cryptocurrency Credit Cards are Disrupting Traditional Banking

Cryptocurrency credit cards are a relatively new concept that has been gaining traction in the last few years. They are a type of credit card that allows users to spend their cryptocurrency holdings as if they were cash. The idea behind these cards is to make it easier for people who have invested in cryptocurrencies to spend their holdings without having to convert them into fiat currency and then use them.

What is a Cryptocurrency Credit Card and How Does it Work?

Crypto credit cards work the same as any other credit card. As you spend fiat via your credit card, you will be rewarded in cryptocurrency for regular transactions like gas and groceries. This reward replaces the common “1% cash back on gas” reward that many companies do. Crypto credit cards really just provide an easy and convenient way to earn rewards, via crypto.

Cryptocurrency debit cards will allow you to spend your crypto as you shop, all right from your card. Many of these crypto debit cards will let consumers spend the cryptocurrency held in their account, automatically selling it at the market rate based on the purchases made. These debit cards actually offer one of the simplest ways to spend cryptocurrency, although only something like USDC can be spent without paying any tax.

How Crypto Credit Cards can Help

Crypto and the digital asset space are driving financial inclusion around the globe, and crypto cards could be a big part of that. Cryptocurrency credit cards make it much easier on both sides of the transaction, for the consumer to spend crypto and for the business to accept crypto.

Visa and Mastercard are two traditional financial institutions that dove head first into crypto credit cards. As some of the most widely accepted and used institutions, these two offer a perfect starting point for any cryptocurrency card.

What are the Best Crypto Credit Cards in the Market?

The best cryptocurrency credit cards are… Visa – is a popular choice for cryptocurrency credit cards due to the options available. Five different cards are available based on how much $CRO token the user has staked on With $400 USD in $CRO staked, a consumer can earn 1% back on the BlockFi Ruby Steel card. With $400,000, an Obsidian card brings 5% in rewards and comes with merchandise, a private jet partnership, Netflix and Spotify subscriptions and more. Use this link to sign up for and get $25 free!

BlockFi Visa – With no foreign transaction or annual fees, BlockFi offers 1.5% back in over 15 different cryptocurrencies. 0.25% back on crypto purchases, 2% back after spending $30,000 annually and up to 10% back in crypto rewards at thousands of different retailers.

Shakepay Visa – Offering up to 1% in Bitcoin rewards at all Visa-accepting stores and an extra 1% for the first $5,000. Spend dollars or crypto with this service available to all of Canada.

WireX Visa – No exchange fees, real-time point-of-sale conversion and the power to spend US dollars and cryptocurrency. Up to 8% back is available in X-Points, one of the highest options among any cryptocurrency credit card.

Gemini Mastercard – Gemini offers instant rewards of up to 3% on dining, 2% on groceries and 1% on everything else. There is no annual fee and Gemini offers crypto credit card rewards in Bitcoin or over 60 alternatives.

Nexo Mastercard – Nexo uses the cryptocurrency credit card slightly differently. Instead of selling the crypto for purchases, the crypto is used as collateral, allowing users to keep their assets. Up to 2% crypto back in NEXO or 0.5% back in Bitcoin with low APR and no minimum monthly payments.

The best cryptocurrency debit cards are…

Coinbase Visa – The Coinbase Visa card is a simple-to-use debit card that offers 1-2% crypto back for all cash spent. Crypto on the card is turned into cash by Coinbase prior to purchase. Coinbase is one of the most reputable exchanges in the world and offers a great service in debit cards. Use this link to sign up for Coinbase and get a free $10!

BitPay Mastercard – The BitPay card allows users to load cryptocurrency on to it, offering instant reloads and crypto rewards on every purchase.

How to Choose Which Crypto Credit Card Fits Your Needs?

Most of these cryptocurrency credit cards are very similar to each other, with the biggest difference being the reward amounts. The Nexo crypto card is an interesting one, using digital assets as collateral instead of selling and spending cash. Gemini and BlockFi both have solid cryptocurrency products in terms of rewards and WireX seems to offer the highest rewards around.

Deciding what cryptocurrency credit, or debit, card to get is a largely personal question. After evaluating the options for reputable cards, decide where you spend the most money. What reward aspects are most important to you? Is having no foreign transaction fees a big benefit for you? Choose your cryptocurrency credit card based on what will work best and most convenient for you.

Using a Crypto Credit Card Today to Supercharge Your Crypto Bags

Cryptocurrency credit cards are gaining popularity due to the rise in the adoption of blockchain technology. These cards can assist investors in building up their holdings and compounding gains quickly. Crypto cards will make any avid crypto investor’s life easier, providing convenience to both sides of the transaction.

Large companies like Samsung, Netflix, Budweiser and Visa have all begun exploring the digital asset space, anticipating much broader adoption in the future. With CBDCs incoming, make sure to have cryptocurrency handy!

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