Bitcoin enthusiasts looking to get more out of their cryptocurrency investments can look forward to the launch of several new bitcoin credit cards in the coming months. These cards will allow cardholders to earn cashback in bitcoin and other digital currency currencies when they make purchases with their cards.
Some credit card providers are even offering 0% introductory interest rates on balance transfers and purchases, providing an excellent opportunity to save money on your everyday spending while also earning bitcoin rewards at the same time.
1% cashback on all purchases
According to experts at SoFi Invest, “Some cashback credit cards now let you rack up 1% on all purchases.” Although that isn’t much, it can add up over time. Unlike other rewards credit cards, you won’t need to meet spending requirements to redeem your rewards. And there are no limits on how much cashback you can earn.
Crypto Transferable Points
Although cryptocurrency rewards don’t let you directly use points to purchase goods and services at retailers, some issuers award you points that are then transferable for merchandise. This makes crypto rewards points valuable for anyone wanting to trade them in for products through an online marketplace.
Earn APR on Certain Coins
As of right now, it’s possible to receive up to 12% APR on select coins for holding them with a Bitcoin rewards credit card. Depending on how you use your credit card and which credit cards you use, you can potentially earn as much as 12% in rewards each year when using a cryptocurrency credit card. However, many questions remain about these types of rewards programs, namely whether or not they’re truly worthwhile and can compete with cashback rewards.
Exclusive Spending Bonuses
Many crypto credit cards reward you with crypto in exchange for making purchases through their network. For example, a company might give you $20 worth of Bitcoin when you make a purchase on Amazon. If that sounds like a good deal to you, check out these exclusive spending bonuses and consider applying for one of these cards.
Special Financing Offers
Some cryptocurrency credit cards give users a chance to take advantage of special financing offers, like promotional zero-percent APR rates. These are beneficial for consumers who don’t pay off their balance in full every month or want to take advantage of an interest-free period. The downside is that paying late could result in an increase in your rate.
The Actual Process of Applying
Applying for a credit card with crypto rewards is pretty straightforward, but it helps to know what to expect before you go through with it. In general, you can expect your application to undergo a quick review, at which point you’ll either be approved or denied. Approved applicants will have their cards shipped within a few days.
Based on our research, most crypto credit cards offer rewards in various forms. These rewards can