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A cryptocurrency credit card usually takes the form of a conventional credit card. Also, these credit cards can be used in any part of the world where Visa, Mastercard, or Amex cards are accepted. Using a credit card comes with some attractive strings of benefits, and they’re:
Users get to earn and get rewarded in crypto, similar to how people get cashback rewards.
Easily pay for goods and services with cryptocurrencies directly.
Making currency withdrawals from ATMs without having to convert them to currency first.
While these cards have advantages, wise investors should keep in mind to spend sensibly, be aware of tax responsibilities, and pay the balance in full each month to prevent hefty interest charges.
Comparing Bitcoin Credit Cards
Below are some of the best Bitcoin credit cards, arranged in order of how preferred they are.
Gemini Crypto Credit Card
The Bitcoin exchange Gemini also issues crypto credit cards. The card enables you to use your digital currency just like any other credit or debit card, anywhere in the world. The exchange offers more than 50 different varieties of cryptocurrencies, and rewards for deposits and active accounts are received instantly.
This credit card does not charge users for making ATM withdrawals or paying for goods and services. They also render round-the-clock customer care support and fraud protection services to their users.
Fees: Charges no yearly fees; zero ATM withdrawal fees; 17.74%–29.74% variable APR; charges $10 or 3% for cash advances.
Benefits: gives 2% for grocery purchases, 3% for dining, and 1% for daily purchases.
Available in: Cardholders may use the Gemini card anywhere Mastercard is accepted, but only by residents of the United States.
Upgrade Bitcoin Rewards Card
The product from Upgrade is a credit card that lets you make purchases and receive Bitcoin rewards. In exchange for a set interest rate, you can pay off your balance in equal monthly installments, which makes budgeting simpler.
The opportunity to utilize the Visa card to get a personal loan that is paid immediately into your account is another benefit of the card.
Fees: No fees, except for a 1.5% Bitcoin fee when users sell Bitcoin.
Benefits: unrestricted 1.5% cashback, insurance on baggage, payment protection, extended warranty coverage
Available in: Their services are not available in North Carolina and Hawaii.
Brex Corporate Credit Card
For business owners, the Brex corporate credit card is a smart option.
Exclusive benefits are provided to cardholders to enhance their businesses. Additionally, through Brex’s partner, TravelBank, cardholders can exchange their points for either Bitcoin or Ethereum. Additionally, they provide a Brex-only tier with the best cashback multipliers for cardholders. Business owners who want to simplify their spending and get the benefits of cryptocurrencies should consider it.
Benefits: Provides unique benefits with a focus on business effects, including the ability to use points to purchase billboards, off-site and event planning services, executive coaching, and mental health consultations with Spring Health.
Available in: Offers services in 50 countries
Comparing Cryptocurrency Credit Cards with Crypto Debit Cards
Generally, crypto credit cards are used as an overall nomenclature when talking about crypto debit cards. However, there is a notable variance between the two types of cards.
You can make purchases using a crypto debit card in the same way that you would with a standard debit card. These cards operate in one of two ways: prepaid, where you load cryptocurrency onto the card before spending it or linked to your cryptocurrency wallet, where spending cryptocurrency converts it to fiat currency. One can use a cryptocurrency debit card or an ATM to withdraw fiat currency.
Nevertheless, no matter what type of card one has, whether a debit or credit card, one can only spend the money in his or her account. By using a crypto credit card, you are effectively borrowing money from the card’s issuer to be repaid later. Bitcoin is used to pay out prizes.
Choosing the Best Out of All the Available Credit Cards
An excellent way to use your cryptocurrency without turning it into fiat is to use a crypto credit card. But how can you pick the best option when there are so many available? When selecting a crypto credit card, keep the following factors in mind:
Card Issuer
Well-established cryptocurrency platforms do issue crypto credit cards. So one will have to open an account with an exchange of her choice. Or if one already has an account with any of these crypto platforms (e.g., SoFi), one needs to find out if they issue credit cards.
Benefit rate
The amount of payback you will receive for each purchase is determined by your reward rate, which varies from card to card. Occasionally, the incentive rate could be conditional. For instance, with some cards, the highest level of cashback can only be earned if you have a qualified account.
Fees
Monthly charges: Not all crypto credit cards charge a monthly fee.
International Transaction Charges: Charges for transactions outside the United States can range from 3% to 5%.
Fees for using an ATM: These can range from $2.50 to $3, and occasionally much more.
Annual fees: These are fees that are assessed once a year to maintain a credit account.
Conclusion
For you to be using a credit card implies that you are already a cryptocurrency user. Consequently, you have only negligible reasons for not thinking of getting one of the cards that have been considered above. They have similar benefits to Visa or Mastercard, which you are already making use of. However, instead of getting cashback in normal currencies, you have the opportunity to get it in cryptocurrencies such as Ethereum, Bitcoin, and many other types of crypto.
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