Cryptocurrency has become a hot topic in the investment world thanks to its value fluctuations and the emergence of new coins. Recently, it has made its way into the realm of banking and payments through the introduction of crypto credit cards. Whether a beginner or a seasoned investor, you must know what a crypto credit card is and how to select the best crypto credit cards to succeed in crypto.
Crypto Credit Cards Explained
Crypto credit card is a credit card that involves the borrowing of money from the card issuer. When you make a purchase, the card issuer provides the required funds, increasing your balance. Crypto credit cardholders can earn crypto rewards based on their purchases.
Unlike traditional credit cards that limit rewards to cash back, travel perks, or discounts from selected retail partners, crypto credit cards allow users to choose the cryptocurrency they want to receive as rewards. This creates a highly customizable rewards program that enables users to spend and earn cryptocurrency according to their preferences while enjoying the advantages of a traditional bank-issued credit card.
Different crypto credit cards have varying methods of accruing and distributing rewards. Generally, crypto rewards credit cards offer 1.5-3% back in cryptocurrency. Some increase the accrual rate once certain monthly or annual spending thresholds are met, while others offer higher bonus rates for specific spending categories.
The frequency of distributing accrued crypto rewards also varies, with some providing monthly payouts and others offering rewards with each transaction.
13 Best Crypto Credit Cards 2023
SoFi Credit Card: Overall Best Crypto Credit Card
If you’re seeking a crypto-earning credit card that offers a low-risk and high-reward balance, the SoFi Credit Card is an ideal choice. The SoFi cardholders can earn SoFi Rewards Points, which can be redeemed for various purposes. These points can be converted to cashback and applied towards your SoFi money account, SoFi bank checking or savings account, shares in your SoFi invest account, or used to reduce the outstanding balance on your SoFi student loan refinance or SoFi personal loan.
Users can enjoy unlimited 2% cash back on purchases and an impressive 3% cash back on bookings. When redeeming your SoFi points for crypto, each point holds a value of 1 cent, and you have the choice between Bitcoin or Ethereum. The redemption process starts at 500 SoFi points. The card includes benefits such as up to $1,000 in cell phone insurance, no foreign transaction fees, and the added advantages and privileges of being a World Elite Mastercard holder.
Brex 30 Card: Best Crypto Credit Card for Businesses
Tailored specifically for well-funded startups, the Brex 30 Card presents an exceptional option. It boasts generous point earnings in diverse categories, mainly designed to cater to a startup’s expenses. Brex customers who use the company’s Brex Cash deposit account for monthly card payments can enjoy remarkable benefits. These include earning 7 points per dollar spent on rideshare services, 4 points per dollar on travel bookings through Brex Travel, 3 points per dollar at restaurants, 2 points per dollar on recurring software, and 1 point per dollar on all other purchases.
Although the Brex 30 Card is not explicitly classified as a crypto card, the rewards points earned through Brex can be redeemed for Bitcoin or Ethereum. Every 1,000 points can be converted into approximately $7 worth of cryptocurrency. Note that a network fee will be associated with purchasing crypto using Brex rewards. Besides converting points to crypto, the card provides exclusive savings and discounts on various business-related services. These include subscriptions to platforms like Slack, cash-back opportunities at Apple, credits for Google Ads, and more.
Venmo Credit Card: Best Crypto Card for Diverse Rewards
The volatility of cryptocurrencies can often leave even the most dedicated crypto enthusiasts uneasy. However, there is a way to mitigate this unease: diversification. The Venmo Credit Card offers a solution by providing reward flexibility, allowing you to choose between earning cash back or crypto and allowing you to switch between the two at any time.
With the Venmo Card, you can earn 3% cash back in the top spending category, 2% in the next category, and 1% on all other purchases. The categories eligible for 3% cash back are comprehensive and cover many expenses, including transportation, travel, grocery shopping, entertainment, dining and nightlife, bills and utilities, health and beauty, gas, and more.
Besides cash back, Venmo Cardholders can earn crypto rewards by using Venmo’s Cash Back to Crypto feature. This allows you to select from four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Note that earning crypto through this feature is free, but selling fees will apply if you convert your crypto rewards into fiat currency.
Gemini Credit Card: Best Credit Card for Category Spending
The Gemini Credit Card presents a rewarding opportunity for cardholders, offering 3% cash back on dining expenses (up to $6,000 in annual spending; after that 1%), 2% cash back on groceries, and 1% cash back on all other purchases. While there may be more lucrative cards for grocery rewards, the Gemini Credit Card provides a convenient option for individuals looking to grow their crypto accounts effortlessly.
With the Gemini Credit Card, you can earn crypto rewards in real-time. You can choose between earning rewards in Bitcoin, Ethereum, or over 60 other cryptocurrencies. It’s also flexible to switch your preferred earnings as frequently as desired. Note that while earning rewards is free of charge, converting or selling the earned rewards may incur fees imposed by the platform.
Crypto.com (Monaco): Best Crypto Credit Card for Cashback
Crypto.com, also known as Monaco, has introduced a crypto credit card that operates on an LTV (Loan-to-Value) model and offers unique advantages while using its proprietary cryptocurrency, ‘Monaco’ internally to facilitate credit card transactions.
Monaco credit cards are assigned a specific credit limit based on the cryptocurrency amount deposited. They have established partnerships with various outlets where cardholders can use the card, including cashback offers for staking Monaco tokens. Unlike Nexo, these credit cards do not require credit checks but mandate identity verification.
Crypto.com’s credit cards boast competitive industry fees of approximately 3.5%. The cashback opportunities on the card can also offset this fee when viewed from a long-term perspective.
Nexo Credit Card: Best Crypto Credit Card for High APR
The Nexo Crypto Credit Card has established itself as one of the top choices among crypto credit cards in the current market. It offers a unique opportunity to use your crypto holdings as collateral for credit lines, enabling you to enhance your liquidity without selling your assets. The credit line rates can range up to 13.9% APR based on individual circumstances. Even better, Nexo does not impose minimum monthly payments or annual or inactivity fees.
Nexo users can choose a virtual card that seamlessly integrates with Apple and Google Pay or request a physical card. Partnering with Mastercard, Nexo’s crypto credit card is widely accepted by over 90 million merchants worldwide. Additionally, cardholders can benefit from up to 10 free ATM withdrawals per month.
Furthermore, you can earn rewards when you make purchases using your Nexo crypto credit card. You can opt for either 2% cashback in NEXO tokens or 0.5% cashback in BTC, adding to the overall benefits and value of using the card.
TenX Card: Best Crypto Credit and Debit Card Mix
TenX gained significant recognition through its successful initial coin offering (ICO), which raised $80 million in cryptocurrency to fund its diverse range of products. Over a year and a half later, TenX has established itself as a prominent and reliable provider of credit cards within the industry.
TenX offers the flexibility of configuring their cards as credit or debit cards, catering to individual preferences. In the case of credit cards, they employ an LTV-based model, allowing users to access credit based on the value of their cryptocurrency holdings. TenX credit card users are subject to a monthly flat fee of $15, which decreases as card usage increases.
TenX implements a transparent fee structure for their cards, which includes a flat fee and an additional interest charge or APR, depending on the specific product and engagement. In the case of a cryptocurrency or Bitcoin credit card, TenX applies varying interest rates alongside the flat fee.
Wirex Mastercard: Best Crypto Card for Regular Altcoiners
The Wirex Visa Card is a versatile Mastercard used in 40 countries, including Australia, New Zealand, and most of Europe. Users can seamlessly manage both fiat and cryptocurrency accounts and exchange crypto for fiat without any intermediaries. Notably, this card supports the operation of multi-sig accounts.
When using your Wirex Card at any retailer, you can enjoy up to 1.5 percent cashback. Converting crypto to fiat does not incur any exchange fees, and no maintenance charges are associated with the card. The delivery of the card requires a fee ranging from SGD 5 to 25.
When topping up with a crypto account, there is a 1% fee, while topping up with an external credit or debit card is free. ATM withdrawals are free for up to 400 SGD monthly, with a 2% charge applied afterward. Each transaction can involve up to USD 10,000 for crypto transfers, and the daily limit is set at $50,000.
Unifimoney Visa Credit Card: Best For Diverse Benefits
The Unifimoney Premium Visa Signature Credit Card, launched in the first quarter of 2022 in collaboration with Railsbank, offers wide acceptance at Visa-enabled locations. However, this card’s unparalleled cash rewards program in the credit card industry sets this card apart.
With this card, you can earn 2% cash back on eligible purchases and have the flexibility to redeem your rewards in various forms, such as gold, Bitcoin, or even equity investments. This feature allows you to effortlessly contribute to your investment accounts by using your credit card for everyday transactions.
In addition to its exceptional rewards, the card provides valuable benefits, including auto rental insurance (which has become increasingly rare in the credit card industry) and identity theft protection.
Upgrade Bitcoin Rewards Visa: Best for Higher Credit Lines
The Upgrade Bitcoin Rewards Visa Credit Card is one of the several cards provided by the financial startup Upgrade and issued by Sutton Bank. Combining the features of a credit card and a personal loan allows you to make purchases and conveniently pay off your balance in equal monthly instalments over a fixed period, accompanied by a set interest rate.
Most merchants widely accept this card, which does not involve annual fees. However, monthly minimum repayments are required based on a predetermined repayment schedule with a variable APR ranging from 14.99% to 29.99%. The credit line offered depends on your credit score, ranging from $500 to $25,000.
A welcome offer awaits new cardholders, with a $200 bonus provided upon opening a Rewards Checking account and completing three transactions within 60 days. This card also allows you to earn 1.5% back in the form of Bitcoin when you make your monthly payments.
SALT Credit Card: Best Crypto Card for Low Credit Scores
The SALT Card goes beyond simply providing crypto rewards; it offers a unique feature where your spending power is determined by the amount of cryptocurrency you use to secure the card’s line of credit. This concept is akin to traditional secured credit cards and crypto-backed loans, allowing you to utilise your crypto holdings as collateral. Through SALT Lending, cardholders can access a line of credit of up to 60% of their Bitcoin.
Like crypto-backed loans, the SALT Card enables crypto enthusiasts to use it for everyday expenses without selling cryptocurrency. Users also have the opportunity to earn rewards. The card’s secured nature allows SALT Lending to offer it to new applicants without requiring a credit check. This is particularly beneficial for individuals who demonstrate responsible money management but may have a relatively low credit score.
eToro Money Card: Best Crypto Card for Low Fees
eToro crypto card enables users to use their cryptocurrency balance for transactions like traditional fiat currency. The card is connected to your eToro Money account, which operates separately from your eToro trading account. To use the card, eToro users must set up an eToro Money account, a seamless digital process.
The eToro Money cardholders can spend their crypto holdings at any establishment that accepts Visa. There are no initial setup costs or monthly fees associated with the card. Moreover, the card can be used worldwide, offering highly competitive exchange rates. eToro users with realised equity of up to $25,000 can make fee-free withdrawals of $850 per month, while those with over $25,000 of realised equity can enjoy fee-free withdrawals of up to $1,300 per month.
Crypterium Visa Crypto Card: Best For Regular Shoppers
Crypterium offers virtual and plastic prepaid cards that can be quickly funded with cryptocurrency from the Crypterium wallet. These cards enable you to convert your crypto holdings into fiat currency, allowing you to purchase goods and services at any merchant that accepts VISA, including thousands of global stores and outlets. Additionally, you have the convenience of withdrawing fiat currency from ATMs worldwide.
The Crypterium card incurs a monthly maintenance fee of $3.56, which can be waived if you load the card at a minimum of $356 monthly. For those opting for the physical plastic card, there is a delivery fee of €14.99. With a Crypterium VISA card, users can withdraw up to $2,976 monthly. Cash withdrawals can be made in over 200 countries, and online and offline shopping is available at more than 42 million retailers.
How to Select the Best Crypto Credit Cards
Selecting the best crypto credit card requires considering specific factors differentiating them from traditional credit cards. Here are the key aspects to consider when choosing the right one:
Card Issuer
Crypto credit cards are typically issued by platforms that facilitate cryptocurrency trading. These cards are often exclusively available to users of the respective platforms. For example, if you want to obtain the BlockFi Rewards Visa Signature Credit Card, you need an account with BlockFi. However, most top-tier credit cards do not have such restrictions.
If you are already a user of cryptocurrency apps and exchanges, check if they offer their credit cards. This can be the most convenient option since you are already a platform customer. But it is worth comparing all available card options if you are willing to create accounts with other platforms.
Coins Supported
Every crypto credit card offers a unique selection of cryptocurrencies you can earn as rewards. While most cards provide several options, the number of supported cryptocurrencies can vary significantly. For instance, Crypto.com allows rewards in BTC, ADA, ETH, DOGE, and 13 additional cryptocurrencies, whereas Nexo supports 18 cryptocurrencies, offering greater flexibility and purchasing power.
If you are open to receiving any cryptocurrency as rewards, you can choose any crypto credit card. But if you prefer earning a specific cryptocurrency, seek out a credit card that offers explicitly that cryptocurrency as a reward.
Fees Structure
These factors can significantly impact the value of a crypto credit card. Here are the key fees to consider when comparing credit cards:
- Annual fee: This is a yearly charge for holding the card. Most crypto cards do not have an annual fee, which is advantageous as it helps you avoid accumulating excessive credit cards and their associated costs.
- Foreign transaction fee: This fee is imposed on transactions conducted in foreign currencies or processed through foreign banks. Opting for a credit card without foreign transaction fees is beneficial, especially if you frequently travel internationally.
- Cryptocurrency sales fee: Some cards impose a fee when you sell your crypto rewards. While this fee doesn’t make these cards unfavourable, choosing a card without such a fee may offer better deals.
Considering these fees when evaluating crypto credit cards can help determine which card provides the best overall value.
Rewards Structure
Different cards employ varying strategies for rewards. Some cards offer a consistent flat rate for all purchase categories, while others provide higher rates for specific bonus categories and lower rates for purchases outside those categories. Thus, choose a crypto credit card with a rewards rate that suits your needs. Flat-rate cards are suitable for most individuals, but if you have significant expenses in specific categories, a bonus category card may offer more benefits.
Additionally, the accessibility and redemption process of rewards balances can vary among credit cards. We recommend crypto cards that automatically redeem rewards into linked accounts, ideally in real time. Alternatively, cards with seamless redemption processes are preferred, as they reduce unnecessary costs and complexities.
Card Security
Security is of utmost importance in the world of cryptocurrencies, where incidents of coin theft are widespread, and victims often face little chance of recovering their stolen funds. Despite every crypto credit card claiming to be secure, it is challenging for ordinary individuals to assess the validity of these claims independently.
However, there is one non-technical measure that crypto cards can adopt to mitigate the risk of loss: enabling the real-time redemption of rewards and facilitating easy transfers from a hot wallet to cold storage. Users who remove their holdings from the public internet significantly reduce the likelihood of theft compared to those who store large amounts of crypto in hot storage.
When all other factors are equal, we recommend cards and issuers that offer this flexibility. Conversely, approach cards cautiously if they require users to maintain substantial crypto balances in linked wallets.
Crypto Credit Card FAQs
Are crypto credit cards safe?
Indeed, most crypto credit cards are typically developed in collaboration with prominent payment processors such as Visa or Mastercard. As these partnerships often involve renowned crypto exchanges like Gemini or Coinbase, users also benefit from industry-leading security practices in the crypto space. However, note that the safety of your funds ultimately relies on your actions. Be cautious and refrain from disclosing personal details or banking information to unfamiliar individuals.
Are crypto credit card rewards taxable?
Typically, when you spend crypto and generate a capital gain from the transaction, it may be subject to Capital Gains Tax (Read our Australia Crypto Tax Guide for further details). However, certain crypto credit cards, such as the Nexo Crypto Credit Card, operate differently. Using crypto as collateral to secure a credit line can enhance liquidity without triggering a taxable event. Nevertheless, it is advisable to consult a qualified tax professional in your jurisdiction to receive personalised advice regarding your potential tax obligations.
Are there any crypto debit cards on the market?
Several crypto debit cards are available, such as the Crypto.com Visa Card, Robinhood Cash Card, Binance Visa Card, and the upcoming Coinbase Card. These cards offer the convenience of using your crypto to purchase at various merchants while also providing opportunities to earn crypto rewards based on your spending.
How much can I earn with crypto credit cards?
The returns offered by crypto credit cards vary depending on the specific card. Some cards provide high returns on spending, such as 5% or even 8%, which surpass the rewards rates of most traditional credit cards. Others offer slightly lower but still attractive rates of return. However, note that crypto cards with higher returns often have specific requirements. For instance, you may be required to maintain a minimum crypto balance in your associated wallet or fulfil other conditions that could be challenging or impractical based on your budget.
Can I get a crypto debit card if I have bad credit?
Yes. It is possible to get a Bitcoin or debit card even with bad credit. In the case of a Bitcoin credit card, the loan amount is determined solely by the collateral you provide, eliminating the need for any credit checks. If you can purchase Bitcoin using a credit card, you can qualify for a crypto credit or debit card.
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