Doesn’t receiving back rewards from something as simple as using your credit card sound all too wonderful? This will be even more of a delight if you’re an avid investor and trader of all of the cryptocurrencies in the market – since you can earn cryptocurrency from using your credit card too. However, you’re going to need to get the correct credit card in the first place.
Getting a credit card with crypto rewards is one of the better and safer ways to get into the world of cryptocurrency – if you’re still a little less knowledgeable and experienced about investing and day trading. In addition, it’s relatively low-risk, so you’re not going to have to worry about losing much. Here are the five credit cards you could get that give crypto rewards.
SoFi Credit Card
In 2021, SoFi introduced its credit card to the market as a flat cashback card which had an option to redeem rewards to a SoFi account. Also, they have recently added an option, namely SoFi Invest, which makes it possible for its users to invest their rewards in cryptocurrency.
You can earn 2 points per 1 dollar that you spend with your SoFi credit card. In addition, you can redeem 1 cent each when you deposit the points you earned into an eligible SoFi account. Currently, you can redeem only Bitcoin and Ethereum coins with your points which is still a good thing since those are the two most substantial coins in the cryptocurrency market.
Brex Credit Card
Brex offers other options for point gaining, which is a huge positive for them – but like SoFi, you can specifically redeem Bitcoin and Ethereum. However, the rate at each point can redeem only 0.7 cents. So a taxi ride paid with a Brex card can earn you 7 points, 4 points for travels booked via a Brex portal, restaurants and Apple products get you 3 points, 2 points for recurring software subscriptions and 1 point on other expenses, all per dollar, of course.
Venmo Credit Card
What’s great about the Venmo credit card is that you’re more open to cryptocurrencies that you can redeem. Of course, Bitcoin and Ethereum are still on the list, but there’s Litecoin and Bitcoin Cash as well. Although this time, you get cashback with your purchases, and you can use that to purchase your selection of cryptocurrency then.
BlockFi Credit Card
BlockFi credit cards will earn cryptocurrency as the default rewards option. However, you won’t need to earn points to redeem them later on, unlike SoFi and Brex credit cards. Instead, 1.5% of the cashback you get from purchases gets converted to Bitcoin straight away. About the BlockFi credit cards, though, you’re going to need an excellent credit score – a FICO score equivalent to or greater than 690.
Gemini Credit Card
The Gemini credit card functions the same as the BlockFi card, where the rewards will go directly into cryptocurrencies. For example, you get a 3% cashback on restaurant expenses, 2% on groceries, and 1% on every other purchase. You’ll have a selection of over 30 different cryptocurrencies to choose to earn from your cashback. Gemini hasn’t officially released their credit card yet, although the company had already given a schedule of its release and already has a long waitlist.
Some of these credit cards may not have come out yet, but if you’re willing and very interested in securing yourself one of these cards, then you can apply for a waitlist. It’ll be worth it for you if you’re sold on the whole cryptocurrency trend but don’t want to go spending big bucks on the investments. It’s an excellent method of just earning the coins on the side.
In addition, if you are new to cryptocurrency and decide to start investing and trading, there are tons of cryptocurrency exchanges such as Bitcoin Circuit that can help you start. Also, since cryptocurrency’s value is highly volatile, the use of an exchange is a good way to help you get familiar with the risks of investing in cryptocurrency.