Crypto Rewards Credit Cards You Might Want To Use
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Want to earn more crypto? Perhaps you’re a long-term crypto investor who has enjoyed Bitcoin gains for the last 10 years. Maybe you’re a novice investor who is looking to dip their toes into the world of crypto. In either case, using a crypto rewards credit card is one of the easiest ways to passively rack up more cryptocurrency.
Since you might shop with a credit card anyway, why not earn some extra Bitcoin while you’re at it? Check out these two that will allow you to earn crypto on your everyday purchases!
1. Upgrade Visa® Signature Bitcoin Rewards Credit Card
If you’re looking for a no-fuss way to earn Bitcoin on your credit card spending, be sure to check out the Upgrade Visa® Signature Bitcoin Rewards credit card.
With this card in hand, you’ll earn an unlimited 1.5% back on all eligible purchases. As you pay off your balance, the Bitcoin will be deposited right into your account each month!
What’s more, the Upgrade Bitcoin Rewards credit card comes with no annual fee, foreign transaction fees, or balance transfer fees. You’ll enjoy affordable monthly payments and a modest interest rate.
You can check if you’re pre-approved for the Upgrade Bitcoin Rewards credit card without impacting your credit score today!
Note: The Upgrade Bitcoin Rewards card is available to all U.S. residents except for those in Iowa, West Virginia, Wisconsin, and Washington, D.C.
What Are Crypto Rewards?
Crypto rewards are percentages of cryptocurrency that customers can earn by making purchases with their crypto rewards credit cards.
Depending on the card, rewards might be for a specific type of cryptocurrency — such as Bitcoin, Ethereum, or Litecoin — or for the user’s choice of cryptocurrency. When crypto rewards are redeemed, they are deposited in an investment account.
How Do Crypto Rewards Credit Cards Work?
Much like other rewards cards, crypto rewards credit cards allow users to rack up rewards whenever they use these cards to make purchases. Rather than being awarded cash back or statement credits, however, users are given a percentage of cryptocurrency for their investment accounts.
Aside from the type of reward, crypto credit cards work similarly to most other credit cards. As users spend money, they will need to work towards paying off their balance each month or else they may incur interest fees.
Is a Crypto Credit Card a Good Idea?
All credit cards have their inherent dangers and crypto rewards credit cards are no different. If you spend irresponsibly and don’t pay off your card balance on time, you will be subject to the card’s interest rate and accumulate credit card debt.
If you spend and repay money responsibly, on the other hand, a crypto rewards credit card can be a great way to add another line of credit, rack up crypto rewards, and build good credit.
Why Would You Choose a Crypto Rewards Card Over Other Rewards?
One of the unique advantages that a crypto rewards credit card provides is the ability to earn cryptocurrency without needing to invest any of your own money.
For those who are hesitant to dive headfirst into the world of cryptocurrency and put their own money on the line, this can be a more conservative, low-risk way to get into cryptocurrency and build your own portfolio.
What Crypto Rewards Card Is Best?
As is the case with most types of credit cards, there is no definitive “best” crypto rewards credit card. The card that is best for you will depend on your own spending needs and habits.
When choosing a crypto rewards card, be sure to review the details of each card to determine which one is the best fit for you. As interest rates, fees, reward amounts, and cryptocurrency types vary from credit card to credit card, the card that is best for you might not be the same card that is best for someone else.
What’s the Difference Between a Crypto Credit Card and a Crypto Debit Card?
A crypto credit card, like any other type of credit card, gives you access to a line of credit that you use to borrow money and pay it back each month. As you spend and pay off your balance, however, you earn a percentage of cryptocurrency rewards in return.
A crypto debit card, on the other hand, is a prepaid card that you can load up with your cryptocurrency holdings. As you use your crypto funds on everyday purchases, the crypto is converted to a fiat currency that merchants accept — such as the U.S. Dollar.
One of the advantages of a crypto debit card is that you can use your crypto funds in foreign countries and avoid the costly foreign transaction fees that are charged when you convert from one fiat currency to another.