This is especially useful for those people who want to step into the crypto world but do not want to take on a lot of risk. These cards have a high growth potential and play a vital role in the crypto movement.
However confusing it may sound, these crypto rewards cards are pretty similar to the traditional credit cards that offer rewards in fiat currency.
This means that these cards are also very easy to use and will be accepted anywhere that accepts Visa or Mastercard payments.
There are lots of crypto rewards cards available in the market but you should go for the best ones so that it presents a simple solution to the problems you may face while making any payment with crypto assets.
This mode of payment is faster, smoother, and a safer mode of payment.
- 5 Best Crypto Rewards Cards 2021
- Arguments in Favor and Against Crypto Rewards Cards
5 Best Crypto Rewards Cards 2021
The trend of providing crypto rewards on credit cards is comparatively new but it is gradually becoming a popular one.
There are lots of crypto cards that have started offering such rewards but all may not be good one to own.
If you do not know anything about it or do not want to take the pain of researching them, here is the list of some of the best crypto rewards cards that you should look for in 2021.
1. BlockFi Visa – Lots of Useful Features
This is the earliest crypto rewards credit card that comes with a lot of features.
The card comes with standard offers as you will find in traditional credit cards issued by the banks.
You will be able to earn cashback up to 1.5% in Bitcoin This amount that you earn as your reward will be deposited in your account every month.
On the other hand, if you spend more than $50000 a year, you are entitled to win 2% cashback in bitcoins. And, after you sign up, you will get a bonus of 3.5% Bitcoin rewards for the first three months.
Some of the useful features of this crypto credit card are:
- It charges no fees for foreign transactions
- It will not affect your credit score if your application is disapproved
- It offers interest on your rewards
- It offers 2% APY Bitcoin bonus additionally if you have stable coins and
- It offers Bitcoin bonus of 0.25% on every eligible trade
It also comes with a Refer a Friend Program wherein you get an additional Bitcoin reward worth $30 for every friend you refer.
The bad news is that this card is not yet available but you can add your name in the waitlist.
However, to get approved you will need a FICO score of 690 or more. The good news is, there is no annual fee, yet.
2. Brex Cards – A Smart Business Card
In addition to that, it also comes with a series of useful options that include:
This is the first business crypto card of its kind and comes in two different forms such as:
- One that is paid monthly which lets the well-funded businesses to have a quick access to capital and
- One that is paid daily with no requirement of a minimum balance which allows the companies to charge up to 80% of the limit.
No matter whichever Brex card you hold, you will be able to redeem your rewards Bitcoin or Ethereum. Each of these cards are designed for different types of companies.
The other notable features of the Brex card include:
- A sign-up bonus of 30,000 points on $3,500 spent and 50,000 points on $9,000 spent in the first month
- No annual fees charged and
- A reasonably good redemption ratio of 100 points earned for crypto coins worth 70 cents.
The baseline rate of the Brex card is 1 point per $1 spent. However, you are eligible to earn a much higher rate than that if you make it the only card for your company by using the exclusive rewards program. This includes:
- 7 points for every dollar spent on taxi or share rides
- 4 points for every dollar spent on travel booking via its portal
- 3 points for every dollar spent on restaurants or for buying any Apple product
- 2 points for every dollar you spent as your recurring expense on software and
- 1 point for every dollar spent on any purchase.
All crypto rewards are exchanged through Coinbase.
3. Gemini Credit Card – Real-Time Rewards
Pretty similar to BlockFi Visa card, the Gemini credit card also offers handsome rewards to the cardholders in Bitcoin but it also does so in 30 other forms of crypto coins as well.
You can make your purchases in USD but you will get rewards in crypto coins.
The card details and its features are:
- It will allow you to earn cashback of up to 3% on dining, 2% on groceries and 1% on all your purchases
- It will charge no exchange fees on your rewards and
- It is available and can be used in all of the 50 US states.
The rewards are provided by this credit card in real time so that you can avail the benefits of price appreciations, if any.
Once again, it is still not available but you can always add your name in the wishlist by visiting the official website of Gemini credit card.
However, it offers no sign-up bonus but then it will not charge any annual fee either.
4. Crypto.com Rewards Visa – Loads of Benefits and Perks
The Crypto.com Rewards Visa card will offer you a lot of benefits and perks which vary according to the five different forms that it comes with.
The tier levels offered for your card will depend on the amount of coins you ‘stake’ or ‘loan.’
The good thing is that you can manage the card with the app.
As for the perks, you can enjoy the following:
- Amazon Prime
- Spotify subscriptions each month
- Access to the airport lounge and more.
According to the policy of this crypto card the tiers, rewards, and staking rewards are different. It can be summarized as:
- Obsidian – This is the highest tier that needs a CRO stake worth $400000 with a reward of 8% and free ATM withdrawal limit of $1000.
- Frosted Rose Gold and Icy White – This needs staking CRO worth $40000 only and offers a reward of 5% with the same monthly ATM withdrawal limit as Obsidian.
- Royal Indigo and Jade Green – This is the middle tier that needs a CRO stake worth $4000 and offers a reward of 3% with a monthly ATM withdrawal limit of $800.
- Ruby Steel – This needs you to stake only $400 worth CRO but get rewards up to 2% with an ATM withdrawal limit of $400.
- Midnight Blue – This is the lowest tier that does not need staking any CRO and offers a reward of 1% and allows withdrawing $200 from an ATM in a month.
Seeing all these differences, it seems that going for the middle tier is the most logical and prudent decision since it has low staking requirements and enticing rewards.
5. Tomo Credit Card – No Need of Credit Score
You can get this card easily even if you have a low credit score because your credit score is not required to obtain this crypto credit card.
This card comes with other useful features as well that makes it quite popular among the crypto enthusiasts. These are:
- There will be no pulling down of your credit.
- They charge no fees or interest.
- They offer quite a wide range of credit limits.
They are pretty different in approach when it comes to credit and have designed their card to offer weekly auto pay.
This will ensure that you grow your credit score quickly and confidently since Tomo reports to all of the three major credit bureaus.
You can control your finance in a much better way and you can redeem your rewards earned in three major cryptocurrencies
- Litecoin and
However, you can redeem them only after 28 days after you pay the amount due in the statement of the previous month in full.
Arguments in Favor and Against Crypto Rewards Cards
There are lots of advantages and disadvantages of using crypto rewards cards. Some of its top benefits are:
- Easy accessibility – You can use one single card to access different crypto assets of the world as well as your base fiat currency. This means that you will not have to rummage through all your credit cards to make any payment.
- Low fees – Most of these cards can be used against low annual fees, if not none, in comparison to the credit cards issued by the traditional banks. Moreover, based on the amount of transactions made in a year, your fees can even be waived off.
- Easy – It is very easy and hassle-free to get started and use these crypto rewards cards since you do not need different currency exchanges to get the rewards offered by these cards.
- Rise in value – There is a high chance of appreciation in crypto rewards value which as of now is much more than the conventional cashback offered by traditional credit cards.
- Stash value – Since these cards allow passive investing, you can stash value by investing in them without worrying too much about it.
As for the downsides of the crypto rewards cards, it can be enumerated as follows:
- Choices – You will get more options with a traditional credit card than a crypto credit card.
- Value – The reward value offered by these crypto cards is not certain. This is due to the fact that the crypto market itself is extremely volatile.
- Timing –The timing to get reward through the crypto cards is not accurate. You may get it when the price is high or have changed dramatically by the end of the billing cycle.
- Flexibility – You may not be able to buy the currency you wish to because with most of the crypto credit cards you will be locked into a single or just a handful of currencies.
- Spendability – You may not be able to spend or sell crypto freely because most of the day to day purchases need to be made in dollars and therefore you will need to convert them first into dollars to spend.
- Taxes – There may be tax implications on the rewards you receive on your crypto credit cards especially when you sell them off. This is because it is considered as your capital gains which is calculated on the difference between the selling and acquisition price.
Finally, availability of these crypto rewards cards is a major issue.
The crypto rewards cards are not available easily in a few states and in those where it is available, you may not get all the varieties of it.
The crypto credit cards provide an exceptional opportunity to the consumers to win rewards.
These cards are strengthening the crypto industry and are showing no signs of slowing down. Choose one from the list above and enjoy the benefits.