Top Crypto Reward Credit Cards of 2023 for Bitcoin Enthusiasts
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Crypto credit cards, often referred to as Bitcoin credit cards, represent the cutting edge in credit card technology. They possess the appearance and functionality of conventional credit cards, allowing you to make payments at any location that accepts Visa, Mastercard, or Amex.
Typically issued by banks or financial institutions, crypto credit cards offer a credit line to cardholders. Alternatively, your credit limit may be linked to your cryptocurrency balance.
The advantages of using crypto credit cards are manifold:
Cryptocurrency Rewards: Earn rewards in the form of cryptocurrency, akin to traditional cashback rewards.
Direct Crypto Purchases: Enjoy the convenience of making direct purchases using cryptocurrency.
ATM Withdrawals: Access cash from ATMs without having to convert your cryptocurrency back into fiat currency.
However, it’s essential for prudent investors to exercise responsibility when using these cards. Remain mindful of your tax obligations and strive to pay off your balance in full each month to avoid incurring excessive interest fees.
Gemini Crypto Credit Card
Gemini, a prominent cryptocurrency exchange, introduces a dedicated crypto credit card, granting global access to your digital assets similar to traditional cards. With over 50 cryptocurrencies in its portfolio, this card offers prompt rewards for account holders and deposits.
Key Features:
- Fees: No annual fees; variable APR between 17.74% and 29.74%; cash advances (>$10 or 3%, whichever is greater); no ATM withdrawal fees.
- Cryptos Supported: Reward options include bitcoin and 50+ other cryptocurrencies.
- Rewards: Earn:
- 3% crypto rewards on dining (up to $6,000 annually, then 1%)
- 2% on groceries
- 1% on everyday purchases
Availability: Exclusive to U.S. residents, but usable worldwide wherever Mastercard is accepted.
Pros:
- Instant cryptocurrency reward conversion.
- Cashback benefits for dining, groceries, and everyday spending.
- No annual or exchange fees.
- Flexible cryptocurrency choice for rewards.
- Accessible in all 50 states.
Cons:
- Substantial cash advance fees.
- Initial rewards are held in your Gemini exchange account, requiring extra steps for self-custody enthusiasts.
Conclusion:
Ideal for frequent diners and those seeking real-time rewards, the Gemini credit card caters to U.S. residents, offering cashback incentives for routine expenses. Its standout feature is the ability to switch preferred cryptocurrencies for reward redemption, accommodating diverse crypto preferences.
Upgrade Bitcoin Rewards Card
Upgrade offers a bitcoin rewards credit card, enabling you to earn bitcoin with each purchase. The card provides the option to pay down your balance through fixed monthly payments with a set interest fee, facilitating easier budgeting.
Additionally, this Visa card grants access to a personal loan directly credited to your account. Your earned bitcoin rewards are stored on the NYDIG platform, and upon sale, they’re applied as statement credit. Please note that there’s a 90-day holding period for these rewards.
Highlights:
- Fees: No fees, except for a 1.5% bitcoin fee upon sale.
- Cryptos Supported: Bitcoin
- Rewards: Enjoy unlimited 1.5% cashback, along with benefits like baggage insurance, purchase protection, and extended warranty coverage.
Availability: Not accessible in Hawaii and North Carolina.
Pros:
- Lower monthly payments and no annual fees.
- Flexibility in spending crypto at Visa-accepting merchants or transferring funds to your bank account.
- Fixed-rate monthly payments.
Cons:
- Not suitable for cash withdrawals from ATMs.
- 5% fee incurred upon selling your bitcoin rewards.
- Inability to transfer rewards to your crypto wallet.
- Rewards are granted only after card purchases are paid off.
Conclusion:
The Upgrade Bitcoin Rewards Card offers an accessible entry point into cryptocurrencies. However, it may not be the optimal choice for individuals looking to have direct control over their BTC transfers.
Brex Corporate Credit Card: Simplify Business Spending, Enjoy Crypto Rewards
The Brex corporate credit card is tailor-made for business owners, offering exclusive rewards designed to boost their enterprises. Cardholders have the option to redeem their points for bitcoin or Ethereum through Brex’s partner, TravelBank.
This card also presents a Brex-exclusive tier with top-tier cashback multipliers, making it an ideal choice for business owners seeking streamlined spending and crypto incentives.
Highlights:
- Fees: No annual fee.
- Cryptos supported: Bitcoin and Ethereum.
- Rewards: Exclusive rewards aimed at enhancing businesses, including billboard purchases, offsite and event planning, executive coaching, and mental health sessions through Spring Health.
Availability: Accessible in all 50 states. Businesses must be U.S.-based and registered as C-corp, S-corp, LLCs, or LLP.
Pros:
- Available to residents in all 50 states.
- Business-centric rewards, including executive coaching services.
- Additional discounts for various business services.
Cons:
- Rewards are limited to bitcoin and Ethereum.
- Designed primarily for business owners.
Conclusion:
The Brex Corporate Credit Card offers a compelling choice for business owners seeking crypto rewards. The added discounts on business services make it an even more enticing option for entrepreneurs looking to optimize their spending.
Key Considerations for Bitcoin Credit Cards:
- Read the Fine Print: Understand the intricate fee structures and variations between different crypto cards. Some may not offer the same advantages as traditional credit cards and might come with higher annual fees.
- Ensure it’s a Credit Card: Differentiate between “crypto credit cards” and “crypto debit cards. Some cards labeled as credit cards function more like debit cards, drawing funds directly from your crypto account.
- Check Availability in Your Country: Due to the industry’s novelty, these cards may have limited availability based on jurisdictions. Additionally, be aware of conversion fees for international use.
- Beware of Processing Delays: Unlike traditional credit cards, crypto transactions may not be instant. Provide users with clear updates on the transfer process, akin to a tracking system.
- Consider Volatility and Fees: Recognize the potential price fluctuations in holding assets in crypto. Some providers convert to native tokens, introducing added volatility.
Why Opt for Bitcoin Credit Cards?
For most investors, an ideal option is a credit card that enables payment in dollars with cashback rewards in bitcoin. This offers the convenience of a traditional credit card along with the potential for significant crypto returns over time.
