The Best Crypto Credit Cards of 2022

Crypto credit cards (sometimes called bitcoin credit cards) are the next generation of credit cards. They look like a typical credit card and act like a typical credit card: you can generally use them anywhere Visa, Mastercard, or Amex are accepted.

(Don’t confuse crypto credit cards with crypto debit cards, which are more like a prepaid card. See our list of best crypto debit cards here.)

Typically crypto credit cards are issued by banks or financial institutions, who give you a credit line. Alternatively, you may have your credit limit linked to your cryptocurrency balance.

There are various benefits of crypto credit cards, including:

• Earning rewards in cryptocurrency (like cashback rewards, but in crypto)
• The ease of making purchases directly with crypto
• Withdrawing cash from an ATM without converting it back into fiat currency first

However, while these cards have benefits, smart investors must remember to spend responsibly, beware of tax obligations, and pay the balance off every month to avoid excessive interest fees.

Bitcoin Debit Cards Compared

We’ve rated and reviewed the best crypto credit cards on the market; read on for our top picks.

BlockFi Rewards Visa® Signature Credit Card

The BlockFi Rewards Visa® Signature Credit Card allows crypto-savvy individuals to earn cryptocurrency cashback on every purchase they make.

You apply for the card online by entering your name, email, and password. It’s open to U.S. residents with a BlockFi account, and you can use it at merchants that accept Visa.

Fees

14.99% – 24.99% APR. No annual fees.

Cryptos supported

Bitcoin

Rewards

3.5% Bitcoin rewards for the first 90 days; 1.5% after that.

Availability

United States

Pros and Cons:

Pros:

• You can check for pre-approval without affecting your credit record.
• Additional benefits such as no foreign transaction fees.
• Potential to earn passive income from bitcoin.

Cons:

• Limited availability (United States only).
• Only available to business accounts, not personal.
• Limited to bitcoin.

Conclusion: The BlockFi Rewards credit card is good for customers who’d like to earn crypto on every purchase.

Revolut Credit Card

Revolut is a digital banking company. It works alongside BitPay to enable payments in Bitcoin, Ethereum, and Litecoin, among others.

Users need to sign up for a Revolut Crypto credit card account, and they can buy crypto in three ways:

• Buy now (purchase crypto immediately);
• Auto exchange for future purchases (buy if/when the crypto hits a target price you set);
• Recurring buy (buy each month at a set time).

Each of these has different processes, which Revolut details on its website.

Fees

Depending on the pricing tier, Revolut may charge fees for exchanging cryptocurrencies, in addition to a monthly fee. Full details on their plan comparison page.

Cryptos supported

Bitcoin, Litecoin, Ether and two others. (Subject to change.)

Rewards

Rewards vary depending on the subscription. The top-tier Metal subscription ($16.99 a month) has a host of benefits, including up to 1% in cashback at eligible merchants in any of its supported fiat and cryptocurrencies, free airport lounge access if your flight is delayed, no-fee currency exchange, and many others.

Available countries

For personal users, Revolut supports EEA countries as well as the U.S., Japan, and Australia, among others.

Pros:

• Makes it easy to pay for day-to-day purchases using crypto.
• No hidden fees for foreign transfers.
• Accounts available for business and regular customers.

Cons:

• Account holders can’t use a third party app to make deposits, causing some restrictions.
• Additional fees for weekend withdrawals.

Conclusion: The Revolut credit card is good for cardholders who like to travel regularly and are looking for an easy-to-use card.

Gemini

Gemini is a cryptocurrency exchange that also offers a crypto credit card.

The company lets you spend your digital currency anywhere in the world just as you would with any other credit or debit card. The exchange provides over 40 types of cryptocurrencies, and deposits and account holders get their rewards immediately.

The card does not charge any extra fees for purchases or ATM withdrawals and offers other features like 24/7 customer support and fraud protection.

Fees

No annual fees. 12.99% – 23.99% variable APR. 3-10% for cash advances. No ATM withdrawal fees.

Cryptos Supported

Offers rewards in bitcoin and 40 other currencies. (Further details are unavailable as there’s a waitlist.)

Rewards

3% crypto rewards for dining, 2% for groceries, and 1% for everyday purchases.

Availability

United States residents only. Cardholders can use the Gemini card anywhere in the world that accepts Mastercard.

Pros:

• Cryptocurrency awards converted in real-time.
• Cashback on dining, groceries, and other purchases.
• No annual or exchange fees.

Cons:

• Limited information is available due to the current waitlist.

Conclusion: The Gemini credit card is good for United States residents who dine out regularly, want to earn rewards in real-time and earn cashback for everyday spending.

Crypto.com Visa (formerly known as MCO)

Formerly known as the Monaco or MCO credit card, the Crypto.com card is a physical card that lets you convert your crypto into fiat currency and use it to make purchases anywhere that accepts Visa.

The card has several tiers available for rewards, and access to these is related to the amount you have invested in their native token called CRO. For example, if you invested in a $500,000 CRO stake, you’d qualify for 8% cashback in CRO rewards, while a free CRO stake earns 1%.

Please do your research before investing in CRO, including its price history. The value of CRO is likely to mirror the perceived value of Crypto.com; while the company is investing heavily in marketing its brand, the company is still fairly new.

Fees:

Spend anywhere with no fees. ATM fees: free up to $200 a month for Midnight Blue cardholders, then 2% thereafter.

Cryptos supported:

Bitcoin and up to 90 others.

Rewards:

1% for every purchase, paid out as CRO rewards. The higher the tier, the bigger the rewards.

Availability:

Singapore and the United States

Pros:

• Easy to exchange crypto to fiat

Cons:

• CRO price could be volatile (think of it like buying stock in Crypto.com).

Conclusion: The Crypto.com Visa credit card is good for users that want to limit fees, or for those who believe that Crypto.com is going to be a serious long-term player.

Bluebird

You can use the Bluebird card at merchants accepting American Express.

To get started, open an account, and add funding. You have several funding options, including:

• Direct deposit
• Cash
• Checking or savings accounts
• Check
• Debit card
• Money request

 Fees

No annual or foreign exchange fees.  A $2.50 withdrawal fee at non MoneyPass ATM’s and other withdrawal fees apply.  Cash pick up at Walmart, fees start at 3% for $500.

Cryptos supported

Bitcoin is available through P2P exchanges.

Rewards

No cashback, but cardholders joining American Express card membership qualify for purchase and fraud protection, emergency and roadside assistance, and other benefits.

Availability

Open to U.S. residents but cardholders can access it globally from MoneyPass.

Pros

• Accessible from MoneyPass locations around the world.
• Suitable for families.
• Add cash at Walmart free of charge, but withdrawal fees apply.

Cons

• Surcharges

Conclusion: The Bluebird credit card is good for people who don’t have a bank account or credit.

Nexo Swipe

The Nexo credit card links to your Nexo account; it’s currently accepted by 40 million retailers worldwide that accept Visa.

Cardholders can use Nexo Swipe alongside their Nexo wallet. To set up your account, enter your email and password. Next, read through:

• Terms and conditions;
• Wallet, exchange, and earn terms,
• And the privacy policy.

Alternatively, you can set up an account through the Nexo app.

Nexo has several built-in features, including:

• Viewing and changing your PIN at an ATM.
• Transaction notifications.
• Real-time transaction monitoring.

Fees

• No monthly, annual or foreign exchange fees.

Cryptos supported

17, including bitcoin and XRP.

Rewards

• Two percent cashback in BTC or Nexo Tokens, which is the company’s own cryptocurrency.
• Earn 6% interest on stablecoins and 10% on altcoins if you choose to take interest in Nexo Tokens.

Availability

Although Nexo has broad availability, there are restrictions including Iran, Cuba, and Estonia.

Pros:

• Nexo makes payments in local currencies.
• Cashback rewards can be converted into NEXO tokens or bitcoin.
• Order and manage your card from the Nexo app.

Cons:

• Requires a Nexo account.

Conclusion: The Nexo Swipe credit card is good for people who already have a Nexo account and want easy access to their fiat and crypto funds.

Celsius

The Celsius crypto credit card allows you to spend in multiple cryptocurrencies and comes with many of the same benefits as traditional cards. For example, if you have your paycheck deposited onto your Celsius account, they can be exchanged at any time for USD or converted to any of the accepted digital currencies on the platform.

Plus, you get a 0% foreign transaction fee for any purchases made outside of the U.S. and Canada. (Note that some of these details may change as the card has not yet launched.)

Fees

Celsius pledges no fees ever.

Cryptos supported

The Celsius Network itself offers 14 cryptocurrencies, including Bitcoin, Ethereum, Gemini dollar, and Litecoin.

Rewards

Full details of rewards are unavailable at the time of writing, but Celsius plans to offer cashback when you spend, and weekly rewards on any crypto coins you hold.

 Availability

Full details are yet to be made available.

Pros:

• Pay your balance three ways: fiat, rewards, or stablecoins.
• Weekly rewards.
• No fees

Cons:

• Full details regarding the card are unavailable.

Conclusion: The Celsius credit card may be good for cardholders looking for a no-fee card and regular rewards, as well as flexibility in how they spend their money. (More information to come.)

Embily

Embily describes itself as “the easiest way to spend crypto worldwide.”

Cardholders can use it as a card for online shopping, POS payments, ATM cash withdrawals, and person-to-person payments.

Opening an account takes just six minutes, and cardholders top up by transferring cryptocurrencies to a valid email address. To top-up, go to the blue “Add Crypto” button in your account, view the currency cryptocurrency rates, and click the currency’s name.

Fees:

Several fees apply, including:

• Card loading $1.00
• Monthly service charge EUR 2.0
• Successful Point of Service Transactions 0.25 EUR/trx
• Foreign transaction fees may apply.

Cryptos supported:

Six coins, including BTC, ETH, USDT, USDT, TRON and BNB.

Rewards:

The referral program pays bonuses and referral fees.

Availability:

Embily is available to UK and European residents and cardholders can make withdrawals from  ATMs worldwide, but there’s a list of restricted countries, including Afghanistan, Iraq, and Iran. The complete list is available on the website.

Pros

• Make contactless payments with Apple Pay..
• Additional security.
• Instance and trackable payments.

Cons

• Each currency has its own address, which can be confusing or lead to mistakes topping up.

Conclusion: The Embily credit card is good for people receiving regular monthly payments or looking for a low-fee secure account to invest their cryptocurrencies.

Tips on Using Bitcoin Credit Cards

At Bitcoin Market Journal, we’re all about helping you make smart financial decisions using crypto. This goes double with bitcoin credit cards, which come with their own set of cautions.

Read the Fine Print

Problem: Crypto cards have complicated fee structures and lack of consistency between cards. This is because the “bridge” between digital and traditional payment systems (e.g., VISA and crypto) is still being built.

Solution: Do your homework. Some of these cards don’t have the same perks as traditional credit cards. They also have higher annual fees. As sexy as it sounds to earn bitcoin rewards, you may still be better off with a traditional credit card (once a year, you can still use your cashback rewards to buy bitcoin).

Make Sure It’s Really a Credit Card

Problem: Although many companies label their products as “crypto credit cards,” they don’t work the same way as traditional credit cards. Many are really crypto debit cards, where you’re taking funding from the crypto in your account rather than establishing a credit line.

Solution: Credit card companies should be clear about what is a “crypto credit card” and a “crypto debit card,” and educate investors on the pros and cons of each (as we’re doing here).

Be Sure It’s Available in Your Country

Problem: Because this industry is new, most cards are only available in certain jurisdictions, and all cards have conversion fees if you want to use them internationally. These international fees can be confusing; sometimes it’s cheaper to just pay cash.

Solution: Bitcoin credit card apps and websites should auto-detect your country and just give you clear language on where it can be used and the fees to use it internationally.

Beware of Processing Delays

Problem: Consumers are used to credit cards making instant transactions, but crypto doesn’t work that way. A single crypto transaction can vary from a few minutes to over an hour, or even a few days.

Solution: Bitcoin credit card apps should include clear communication on the transfer process and a constantly-updated “tracking number” (like FedEx tracking) that shows what’s happening.

Beware of Volatility and Fees

Problem: If you’re holding your native assets in crypto, understand that it can swing wildly in price from day to day. (As mentioned above, some “bitcoin credit card” providers convert you into a native token, which means now you have volatility and a different token.)

Solution: Bitcoin credit cards should have an easy three-swipe “tutorial” that walks you through how digital assets work, clarifying how your holdings may change over time.

Why Use Bitcoin Credit Cards?

For most investors, the best deal is a credit card that allows you to pay off your monthly balance in dollars, while giving you cashback rewards denominated in bitcoin.

In this way, you get the best of both worlds: it behaves like a regular credit card, but with the added bonus of earning crypto, which has delivered eye-popping returns over the last three years.

TLDR SUMMARY: Gemini is our pick for best crypto credit card as it meets the above criteria and provides one major benefit that other cards may lack: instant crypto rewards in real-time, which go straight to your Gemini account.

For more crypto tips, don’t forget to sign up for our free blockchain investing newsletter.

The post The Best Crypto Credit Cards of 2022 appeared first on Bitcoin Market Journal.

The Best Crypto Credit Cards of 2022

Please follow and like us: