Many people are looking for methods to use cryptocurrencies in their daily lives as they continue to acquire widespread appeal. One method is to use crypto credit cards, which allow users to spend their crypto assets in the same way that they would spend regular currency. This article will go through the best cryptocurrency credit cards for April 2023.
What is a Crypto Credit Card?
A crypto credit card pays you with cryptocurrency for your spending. It functions similarly to a cash-back credit card in that it earns a fixed percentage on purchases, such as 1.5%. The distinction is that crypto credit cards can then utilize the cardholder’s cash to acquire Bitcoin.
Here’s an example of how this would function with a cryptocurrency rewards credit card that offers 1.5% back on purchases:
- During a billing period, you spend $1,000 on purchases.
- That amount of money would be worth $15 in prizes.
- The card company would use it to purchase $15 in cryptocurrency.
Most crypto credit cards allow you to select from a variety of cryptocurrencies, however, some cards only provide one or a few.
It’s important to note that not all crypto credit cards simply offer cryptocurrency rewards. Some also provide additional possibilities, such as cash back. As long as cryptocurrency is one of your reward alternatives, they are still termed crypto credit cards.
Types of Crypto Credit Cards Available
Each crypto credit card offers a different cryptocurrency as a reward. Most cards provide at least a few possibilities, but the amount varies greatly.
If you don’t mind which cryptocurrency you receive, you can choose any crypto credit card. However, if you want to earn a specific cryptocurrency, look for a credit card that allows you to do so.
Rewards Rate
The rewards rate is the amount of money a cryptocurrency credit card earns on purchases. Some cryptocurrency cards offer a single flat rate across all purchasing categories. Other cards provide higher rates in bonus areas while charging a lesser rate on purchases made outside of those bonus categories.
The most important thing is to choose a crypto credit card with a high reward rate. Flat-rate cards work well for almost everyone, but if you spend a lot in some categories, you can profit more from a bonus category card.
Fees
These factors can make a significant impact in determining which crypto credit card has the greatest value. The following are the most typical sorts of fees to look for when comparing credit cards:
- Annual Fee: A yearly fee is charged for the card. The majority of crypto cards are no annual fee credit cards, therefore there are plenty of free possibilities. This is a significant positive since if your credit cards aren’t costing you money every year, you’re less likely to end up with too many credit cards.
- Foreign transaction fee: A fee levied on transactions conducted in foreign currencies or through foreign banks. It’s a good idea to have a credit card that doesn’t charge foreign transaction fees, and if you travel internationally frequently, it’s essentially a requirement.
- Cryptocurrency sales commission: Some cards charge a commission when you sell your crypto rewards. While this does not always rule out those cards, one without such a fee may be a better offer.
5 Best Crypto Credit Cards of May 2023
- Blockfi Credit Card
- Upgrade Bitcoin Rewards Card
- Gemini Credit Card
- Binance Visa Card
- Crypto.com Card
1- Blockfi Credit Card
The BlockFi Credit Card is an excellent solution for anyone seeking a crypto credit card. This card allows users to earn up to 3.5% back in Bitcoin on every transaction they make, with no annual charge. The card also comes with a significant sign-up bonus of $250 in Bitcoin after spending $3,000 in the first three months. Cardholders can also earn extra Bitcoin incentives by recommending friends to the card.
Pros –
Earn Bitcoin rewards.
There is no annual charge.
There are no foreign transaction fees.
Cons –
You must be a member to redeem your rewards.
2- Upgrade Bitcoin Rewards Card
The Upgrade Bitcoin Rewards Visa is a straightforward crypto credit card – or should we say a Bitcoin card? Though it does not provide any advantages over other cards, it is a suitable substitute if the other options are not suitable for you.
You’ll only get Bitcoin rewards, but the rewards rate is the same as BlockFi: 1.5% back on all purchases. The Upgrade Bitcoin Rewards Visa can be used anywhere the Visa is accepted, but you cannot transfer your Bitcoin from the custodial Upgrade platform to your own wallet, restricting your “ownership” to price exposure.
Pros –
Bitcoin incentives.
1.5% cash back on an unlimited basis.
There are no card fees.
Fixed APR with simple approval criteria.
Cons –
Bitcoin cannot be transferred.
Charges for immediate interest.
There is no sign-up bonus and no 0% introductory APR offer.
3- Gemini Credit Card
The Gemini Credit Card is another excellent alternative for consumers who want to use their cryptocurrency assets for everyday shopping. With no annual charge, this card allows users to earn up to 3% back in Bitcoin or other cryptocurrencies on every purchase. The card also comes with a $20 Bitcoin sign-up incentive after completing a purchase during the first 30 days. Cardholders can also earn added points by recommending friends to the card.
Pros –
There is no annual charge.
Personalized cash back.
Earn up to 3% back in cash.
There is no earnings ceiling.
Personalized card with QR code.
Cons –
No Welcome Bonus.
4- Binance Visa Card
The Binance Visa Card is a popular option for those who utilize the Binance cryptocurrency exchange. This card allows users to spend their crypto assets anywhere Visa is accepted, with no yearly charge. Users can earn up to 8% cashback in Binance Coin for every purchase they make. The card also comes with a $50 sign-up bonus in Binance Coin when you make a qualified purchase. Cardholders can also earn additional benefits by recommending friends to the card.
Read Also –
- How to Sell Cryptocurrency – 2023
- What is blockchain and how can it affect interoperability
- Top 10 Cryptocurrencies in India for May 2023
5- Crypto.com Visa Credit Card
The Crypto.com Visa Card is a well-known crypto credit card that provides users with a variety of incentives. With no yearly cost, members can earn up to 8% cash back on all purchases. Other benefits of the card include free ATM withdrawals, airline lounge access, and money on Spotify and Netflix subscriptions. Cardholders can also earn added points by recommending friends to the card.
Pros-
Cryptocurrency awards
Allows you to spend your cryptocurrency
There are no monthly or annual fees.
Reimbursement from specific merchants
Access to airport lounges
Cons –
The majority of advantages necessitate risk.
There is no sign-up incentive.
Reward restrictions
Cryptocurrency volatility
Conclusion
Crypto credit cards provide consumers with a handy option to spend their crypto assets in their daily lives. For individuals seeking a crypto credit card, the BlockFi Credit Card, Gemini Credit Card, Binance Visa Card, and Crypto.com Visa Card are all excellent choices. To discover the ideal card for your needs, examine elements such as rewards, fees, and advantages when selecting a card.
