Here’s the list of the best crypto credit card offers on the market
Bitcoin and other crypto-assets are getting stronger positions in the financial industry each day. Today, buying something with crypto is no longer a ridiculous make-believe. Moreover, most influential fintech providers want to add crypto on their product list.
BlockFi Rewards Visa Signature Credit Card
This year, Visa and BlockFi partnered to release a credit card offering Bitcoin rewards. The introductory rewards rate is 3.5% for the first 90 days of card ownership, beginning on the date of card activation. This offer is capped at $100 dollars in Bitcoin. In 90 days, card owners start earning 1.5% on every purchase. The rewards rate increases from 1.5% to 2% after you’ve spent $50,000 annually and resets on the card anniversary date every year. Eligible trades may bring you 0.25% back in Bitcoin, up to a maximum of $500 per month. There are no annual fees or foreign transaction fees attached. The fee for cashing out bitcoin is 0.075%.
The card is available to U.S. residents in all states except for New York (due to regulatory restrictions). Getting a card requires a BlockFi crypto interest account or a non-interest-bearing crypto custody account. According to the company, the number of BlockFi cardholders has grown to over 50,000 in the last three months.
Upgrade Bitcoin Rewards Visa Credit Card
Issued in partnership with Cross River Bank, the card offers 1.5% back in Bitcoin when you make payments. Available credit limits range from $500 to $25,000. The received rewards are held by the NYDIG trading platform and you can either keep your earnings there or redeem them toward a statement credit. There’s no minimum redemption amount for cashing out. However, if you choose to sell your Bitcoin and take the statement credit option, you’ll have to wait a minimum of 90 days and be subject to a 1.5% transaction fee. There is also no option to take direct cash from the proceeds.
The card is available in the US except for Hawaii, Indiana, Iowa, Louisiana, Nebraska, Nevada, New Hampshire, North Carolina, Washington, West Virginia, Wisconsin and the District of Columbia. There are no annual fees or foreign transaction fees involved. Another advantage of the offer is that it’s available even to those applicants with fair credit scores, unlike other competitor products.
SoFi Credit Card
With this card, the cashback points you earn on purchases are easily converted into crypto with the help of a SoFi active invest account. When you spend money on eligible products made for personal, family, or household use, you earn 2 SoFi Rewards Points for each dollar ($1.00). Each SoFi Reward Point may be redeemed for $0.005 when redeeming for a statement credit to your SoFi Credit Card Account, or $0.01 when redeeming for digital currencies, shares, cash deposited to SoFi Money Account or applied to the outstanding SoFi loan balance.
You need both SoFi Invest and SoFi Crypto accounts to redeem points into digital currency. You also must have a minimum balance of 500 points in order to redeem. Currently only Bitcoin and Ethereum are available as redemption options. Digital currency redemption is unavailable in Hawaii, Nevada, and West Virginia. The standard variable APR for purchases and balance transfers is 12.99% to 24.99%, based on your creditworthiness. The APR is higher for cash advances.
Gemini card brings crypto rewards that are paid out via Bitcoin or another cryptocurrency accepted by the platform (more than 40 different cryptocurrencies). The rewards rate is 3% back on dining, 2% back on groceries, and 1% back on all other purchases. No annual fees are applicable. Fees on transactions range from 0.5% to about 4%, depending on your specific card. The crypto rewards earned through the credit card can be used for growing your crypto wealth further. You can transfer crypto cashback directly into Gemini Earn, the platform’s interest-earning lending program. This way, you can receive up to 8.05% APY on your cryptocurrency, including stablecoins.
The Gemini card is not available yet, but you can join the waitlist to be the first to get the product once it’s released. WebBank, a leader in digital lending, will be the issuing bank for the Gemini Credit Card. The offer will work in all 50 US states. The card itself comes in a sleek metal design in your choice of black, silver, or rose gold. To enhance security, all sensitive information, like the card number, is removed and accessible only to cardholders via the Gemini app.
Venmo Credit Card
The Venmo Credit Card is a Visa branded contactless credit card, so it’s accepted practically everywhere. Owners of the Venmo Credit Card can automatically purchase cryptocurrency using cash-back rewards earned from their spendings, with a feature called Cash Back to Crypto. You can turn Cash Back to Crypto on and off in the Venmo Credit Card section of the Venmo app. The company waives the normal crypto transaction fees for Cash Back to Crypto auto-purchases made from your Venmo account. Venmo supports four cryptocurrencies at present: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC).
Getting a card requires using the Venmo App. Each card comes with your own unique QR code on the front, which can be scanned for quick P2P payments in-app. The rewards rate varies depending on the spending category. You earn up to 3% cash back on your top spend category, 2% on the next, and 1% on the rest of purchases. P2P transactions also bring 1% cashback. At the same time, the card is subject to Venmo’s standard 3% fee when used to make person-to-person payments.