Best crypto credit/debit cards (2023) with cashback
Crypto credit cards and crypto debit cards both rely on cryptocurrencies in different ways. A crypto debit card withdraws crypto directly from your wallet to make purchases, while purchases on a crypto credit card use a credit line issued in your local currency, but you may earn crypto rewards with every purchase.
Crypto credit cards are profitable alternatives to earning passively in the crypto space. The rising cryptocurrency-related payments have led to an increasing adoption of crypto credit cards which offers cashback rewards to customers together with other trading benefits. Most experts argue that crypto credit cards are a relatively low-risk way to get into crypto investing.
How does a crypto credit card work?
With crypto credit cards, you earn cryptocurrencies on every purchase made, however, every card differs in how they process and award cryptocurrencies to their cardholders. The important point to note while researching crypto credit cards is to be sure of the process for rewarding cardholders. It may require more advanced processes compared to more traditional credit cards. We have carefully listed below some crypto credit cards like BlockFi and Gemini, and how they're operated.
How does a crypto debit card work?
Crypto debit cards are used to make everyday retail purchases with cryptocurrencies. Unlike regular debit cards, they're issued by large cryptocurrency exchanges in partnership with merchants like Visa. One unique feature of crypto debit cards is that it automatically converts cryptocurrency to a registered local fiat currency, and the generous cashback program many providers offer.
Other benefits may include a waiver on ATM withdrawal fees, and reward programs for streaming service, shopping, and travel, depending on the card provider. Understand that each time you cash out your crypto holdings to spend via a debit card, it becomes a taxable event. For instance, Coinbase's debit card enables spending on any asset in a Coinbase portfolio (while earning rewards), as it automatically converts your crypto to USD when purchases are made.
What to consider with a crypto credit card/ debit card
Crypto credit and debit cards have gained mainstream attention since their inception. According to Coindesk, Visa has partnered with up to 50 leading crypto platforms on card programs that processes seamless conversion of digital currency to fiat currency globally, while Mastercard offers real-time use of digital currencies across over 90 million accepted locations.
Both crypto debit and credit cards allow ATM withdrawals and are widely accepted worldwide. Having a crypto card is a bit more complex than having a traditional credit card, so here are a few things to consider before you apply:
Taxes
Crypto card has a unique ability to earn rewards that have the potential to rise in value, whereas cash back and travel rewards are likely to lose value due to inflation and devaluation, respectively. However, these rewards are not taxable, whereas if you earn crypto, it's considered an asset that is taxable if you decide to sell it.
Flexibility
Each crypto card have different portfolios of cryptocurrencies you're able to earn rewards. If you're to invest in specific coins, be sure to first find out if the card, and the exchange supports it.
Benefits
Many crypto cards are bare-bound when it comes to benefits, so avid travelers may find more value in a travel rewards credit card. If you are trying to save money each month on your purchases, a cashback credit card may be more effective.
Limitations
Due to regional laws, not every crypto card is available to everyone. So before applying, be sure to confirm your eligibility status. Be sure to not violate international laws when you're operating your crypto card outside the region of initial registration.
There are a large number of crypto credit/debit cards on the market with varying degrees of success. The Following are the Best Crypto Credit/debit Cards to HODL in 2022
1. Wirex Card
The Wirex card is a U.S based crypto credit card with up to 8% cashback rewards in cryptocurrencies with free standard delivery and zero maintenance fees. It also comes with a virtual card to make purchases. Wirex bitcoin wallet and crypto debit card support multiple currencies like bitcoin and other altcoins as well as fiat currencies like USD, GBK, or Euro.
With Wirex debit cards, you can carry out a wide range of crypto transactions which enables you to send cryptocurrencies directly from a different crypto account and also request a crypto loan with no credit check.
Wirex Card
Spend your crypto and fiat currencies wherever Visa and Mastercard are accepted.
2. Crypto.com visa card
Crypto.com visa card is a visa rewards card that offers cashback rewards for every purchase made with crypto through the Visa card. It can pay for goods and services, stake cryptocurrencies to get staking rewards, and withdraw money via Visa and MasterCard ATMs.
Crypto.com Visa Card rewards up to 5% crypto cashback on all purchases with great benefits like free Netflix, Spotify, and Airport Lounge access. This Visa debit card has no annual fees for use.
There are 5 tiers of prepaid debit crypto cards to deposit fiat currency on CRO tokens, with different functions. With Midnight blue, you get 1% cash back on every purchase. To qualify for the Ruby Steel tier, there must be $500 worth of CRO deposits. Royal Indigo and Jade green members are entitled to free airport lounge access and free Netflix or 4% cash back on any purchase. The Rose gold card is a private membership that offers benefits such as high-quality customer care, and discounts for major OTC trading.
3. Coinbase Visa debit card
The Coinbase visa debit card is connected directly to the Coinbase crypto account, which automatically converts cryptocurrency to fiat currency. Coinbase crypto credit card users can either choose from 1 to 3 points of rewards in bitcoin or 3 to 5 points in Stellar Lumen.
The Coinbase Visa Debit Card uses intuitive technology to process fast payments, however, there's a 2.49% charge to convert crypto to USD for daily spending. Users are entitled to a 4% cash back in crypto rewards for every purchase made, with no annual fees required.
The Coinbase Visa Debit Card is another solid addition to the crypto card market with which you can spend any crypto assets in your portfolio and earn rewards for every purchase. Bonuses are available to customers with up to 3% cash back on XLM and 1% cash back on Bitcoin.
Coinbase
A Visa debit card funded by your Coinbase balance. The easiest, quickest way to spend your crypto worldwide.
4. BlockFi Rewards Visa Signature Card
The BlockFi Rewards Visa Signature Credit Card is a zero-fee card that lets users earn in cryptocurrencies supported by BlockFi, including bitcoins and other altcoins. This rewards credit card earns 0.25% cashback in crypto on all eligible trades, 1.5% cashback in crypto for every purchase, and the ability to earn 2% cashback in crypto after $30,000 of annual spending.
With BlockFi, you deposit various cryptocurrencies like Bitcoin and Ethereum to earn passive income. These rewards are issued on a monthly basis (2nd Friday of every month), and Cardholders can keep their crypto rewards in their BlockFi wallet or withdraw to an External wallet.
BlockFi
You earn 0.25% cash back in crypto on all eligible trades and 1.5% cash back in crypto for every purchase.
5. Nexo Mastercard
The Nexo Card is a crypto-backed Mastercard that lets users borrow against the crypto from their Nexo Instant Crypto Credit line and spend it through the card. It is one of the best crypto credit cards to hodl with great investment benefits. The Nexo Card charges anywhere from 0% to 13.9% APR, but to get the lowest APR of 0%, you need to borrow at 20% LTV.
Nexo rewards a 2% cashback in Nexo tokens or 0.5% cashback in BTC rewards on every purchase made with the card depending on the loyalty tier. Nexo card is tied to Nexo’s Instant Crypto Credit Lines which enables all purchases to be deducted automatically from the available credit line while the portfolio remains intact. The Nexo Card supports 39 different cryptocurrencies including Bitcoin, Ethereum, and Ripple.
6. Gemini credit card
With the Gemini rewards card, users are entitled to rewards in bitcoin, Ethereum, or over 60 other cryptos currently available on Gemini. It has the potential to be one of the best crypto credit cards available. This cryptocurrency card does not specify any amount of credit needed with no foreign transaction fees, and no exchange fees to acquire your crypto rewards.
This platform has no annual fees charge, and users earn 10% cashback on gas at the pump and EV charging, 3% cashback on dining (up to $6,000 in annual spend and 1% after that), 2% cashback on groceries, and 1% back on every other purchase. For the Gemini credit card, your crypto rewards are automatically credited to your account, without waiting for a month's period.
Gemini
You can earn rewards in bitcoin, Ethereum, and over 60 other cryptocurrencies.
7. Upgrade bitcoin rewards Visa Credit card
Upgrade credit card is one of the best alternatives to getting Bitcoin rewards cards. It is compatible with any Visa account with a reward of 1.5% bonus cashback in Bitcoin and a 1.5% transaction fee to sell BTC. Users are entitled to a bonus of 1% in bitcoins for every withdrawal. To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card account opening.
The Upgrade Bitcoin Rewards card is a simple crypto credit card, and the only thing you can do with your bitcoin rewards is to hold them in the custodial account or sell them to redeem as a statement credit at a time of your choosing.
The Upgrade credit card is used wherever Visa is accepted and can pay down balances from each month at a fixed rate with equal monthly payments. It has a fixed rate and payments so you're informed on when to pay off balances and save on interest.
Upgrade
Earn a $200 bonus when you open a Rewards Checking account and make 3 debit card transactions.
8. Uphold Crypto debit card
With the Uphold crypto debit Card, users are entitled to 4% cashback in XRP with 0% foreign transaction fees, and no annual fees. It supports at least 40 different kinds of crypto assets. The user experience is intuitive as it enables users to conveniently select which asset to spend, track spending with real-time analytics, and a "Freeze your card" protection option. All Uphold users are eligible for the card, and virtual cards are completely free and can be activated from within your Uphold app. Physical cards are yet to be released.
Uphold card users are entitled to $10,000 USD worth of transactions per day (even on a single transaction) with a maximum of 50 transactions per day. And there’s a maximum cap of $50 / €50 / £50 worth of XRP rewards per month, depending on your location, which is credited to the user's uphold account on the 15th of the next month.
9. Binance Visa Card
The Binance visa card is a debit card connected to the Binance account, it is famous for its cash back rewards. With this card, users are entitled to 8% cashback in BNB on all eligible purchases which are automatically deposited in the Funding Wallet. There're no foreign exchange fees and annual fees applicable to this card, however, third-party fees may still be applicable.
The Binance card can be used in over 60+ million merchants worldwide and the Card is denominated in EUR with all related transactions processed in EUR. Therefore, refunds of any kind will always be credited in EUR. Binance charges up to a 0.9% transaction fee for transactions and ATM withdrawals.
10. Sofi credit card
Sofi credit card is one of the best crypto credit cards to hold in 2022. This credit card not only earns you rewards but also lets you redeem them for cryptocurrency straight into your Sofi Active Invest account. Whether you're looking to save, invest or pay down debt, a Sofi credit card might be a good fit.
Like most cryptocurrency rewards card, there are no annual fees or foreign transaction fees, but you will pay a fee for cryptocurrency transactions other than rewards redemption. The card earns 2 points per $1 spent, equal to 2% cash back on every eligible purchase, and 3% cash back rewards for a year when you set up direct deposit with SoFi.
SoFi
You earn up to 3% cash back rewards redeemable into cash, stock investments, or statement credit with no annual fee.
Bottom Line
The crypto cards listed above come with legit perks and cash back on all purchases. Some crypto debit cards on the market like the Crypto.com Visa Card, the Binance Visa Card, and the Coinbase Card allow users to spend their crypto at public merchants and earn crypto rewards on their expenditures. Crypto debit cards do simplify the process of turning crypto assets into cash that can be spent in the real world. All of these cards allow you to spend your crypto at public merchants and earn crypto rewards on your expenditure.
