As you may know, cryptocurrency is slowly becoming more popular. If you’re looking for a way to increase your digital holdings and use them as a means of payment in-store or online, consider applying for one of these cards. They now come with rewards, giving users even more reasons to keep their cryptocurrencies.
Here are some of the types of rewards available with crypto credit cards:
Points
Some consumers may prefer earning points for goods and services rather than exchanging them for gift cards, and cryptocurrency credit cards can provide that option.
Cash Back
While gift cards and points provide flexibility, cash may be more enticing for some consumers because they can use it anywhere.
Gift Cards
Fiat credit cards often provide consumers with points that holders can convert into gift cards redeemable at their favorite retailers. In some cases, cryptocurrencies may provide more options in terms of merchant selection.
Stocks
Some cryptocurrency cards allow users to trade in their points for stocks listed on major exchanges, giving them access to blue-chip stocks like Amazon and Apple without having to pay transaction fees typically associated with stock trades.
Discounts
A credit card with crypto rewards allows users to receive discounts on specific items rather than simply receiving an amount equal to a percentage of their purchases.
Private VIP Events
Some cryptocurrency cards provide special event invitations and access to behind-the-scenes gatherings that may otherwise be unattainable for consumers.
Sign Up Bonuses
The most common type of reward is an introductory sign-up bonus. In exchange for opening up your wallet, you can get between $50 and $200 in rewards cash, depending on which card you get.
Travel
Travel rewards give holders free flights, hotel stays, and rental cars. In fact, many consumers prefer travel points over a big sign-up bonus.
Annual Fees
Many cryptocurrency cards will come with fees, but you can waive by holding just as much cryptocurrency in your account as you do credit—the higher your balance, the lower your fees (in most cases).
According to the experts at SoFi ,
” By earning crypto rewards directly, you can circumvent some of the trading fees exchanges charge for converting U.S. dollars to crypto.”
Are There Specific Requirements for Earning Crypto Credit Card Rewards?
Reward dollars are usually issued as points or a percentage cashback, depending on your specific card’s terms and conditions. Some of the main requirements are:
- Some crypto credit cards offer zero percent introductory APRs and other perks, but this may involve fees or restrictions. Read over the terms carefully before applying for a particular card.
- Check your credit score before applying for any type of new credit. Your score will factor into whether you’re eligible for approval, how much you can borrow, and what interest rate your issuer will charge.
- Consider your spending habits before applying for a crypto credit card. If you’re likely to carry an outstanding balance, look for cards that offer lower interest rates and more attractive features.
As always, check your issuer’s website for full details about how your cashback will be calculated and how you can redeem it for products or services from that particular company.
And, it doesn’t stop there. A growing number of financial institutions and even government agencies are looking into using cryptocurrencies as collateral for loans.
