Crypto credit card use is charted to rise 40% annually, but many customers still have lingering questions about what they are and how they work.
So in this article, we are going through the basics, explaining the ins and outs of how they function, and walk you through some of the best cards available on the market to help get you started.
We would also explore some of the best crypto credit cards in the market. So without further ado, let’s jump right in!
What is Crypto Credit Card?
A crypto credit card is a physical or virtual card that allows you to purchase goods or services either online or in person. They work pretty much the same as a standard card, you simply tap, scan, or swipe your card, and you are good to go!
The main difference between a crypto credit card and a standard credit card is that a crypto card allows you to earn crypto rewards as you spend.
On top of that, crypto cards, generally speaking, don’t have annual fees and offer lower interest rates.
So for people who love crypto and want to earn crypto rewards as they spend, these cards can be really useful.
How Does a Crypto Credit Card Work?
With a crypto credit card, your provider will extend you a line of fiat credit that you can use for all kinds of goods and services.
Then, at the end of the month, you pay off that line of credit, plus some interest and a few other fees here and there.
This is all standard credit card stuff, but where things get different with crypto cards are the rewards.
Typically, credit cards offer cashback, discounts, or other similar rewards, but crypto credit cards offer percentage rates of crypto cashback.
Details vary between providers, but generally, rewards are in the 1%-3% region, with providers offering different selections of cryptos available.
Different crypto card providers will offer different spending limits, sign-up bonuses, referral bonuses, and offer per purchase rewards or monthly total rewards.
There’s a lot of variety in the world of crypto credit cards, so we will be going into more detail about some of the top providers in a section later on.
The Best Crypto Credit Cards in 2023
According to Forbes, 28% of all purchases are made with a credit card, and it’s becoming more and more common for people to want to earn crypto as they spend.
Customers want to make crypto rewards a part of their daily financial lives, but many might not know where to start.
So now that we’ve got to grips with what crypto credit cards are and how they work, let’s go through some of the top providers on the market, and help you find the right card for you!
Venmo Visa Card
Great convenience with good crypto rewards
|Fees: No Annual Fee|
Rewards: up to 3%
The Venmo Visa Card is an especially convenient crypto credit card. Offering seamless synchronization with the handy Venmo app, as well as three different categories of custom rewards.
|Pros ✅||Cons ❌|
|No foreign transaction fees||Requires Venmo account for 30 days|
|Custom reward categories||Cash Out only through Venmo account|
Gemini Credit Card
Earn crypto rewards in 50+ cryptocurrencies
|Fees: No Annual Fee|
Issued by WebBank and Mastercard, the Gemini Credit Card offers different rewards for different kinds of spending. Verified users can receive their crypto bonus in a good selection of cryptos, including Bitcoin, Ethereum, and Litecoin, just to name a few.
|Pros ✅||Cons ❌|
|No exchange fee getting crypto rewards||No welcome bonus|
|Easy account management via app||No first-time entry APR|
Nexo Credit Card
Earn respectable crypto rewards, with a low barrier to entry
|Fees: No Annual Fee|
The Nexo Credit Card is a decent crypto credit card that offers mid-tier rewards but with a competitive APR and a very low bar for entry. Offers higher rewards in its native Novo token, and lower rewards for BTC. Only available to customers in the EU region.
It requires a minimum balance of $50 to get the Nexo card
|Pros ✅||Cons ❌|
|Low barrier for entry||Relatively low rewards|
|Integrate with Google and Apple Pay||0.5% fee for foreign transactions|
Crypto Credit Cards vs. Crypto Debit Cards
Many customers can be unsure about the main difference between Crypto Credit Cards, and Crypto Debit Cards. So let’s get into it!
A crypto credit card lets you earn crypto rewards as you spend fiat funds via a line of credit, lent to you by your provider.
A crypto debit card, on the other hand, lets you spend crypto you already have stored with your provider.
Crypto debit cards convert the crypto you have in your account, instantly at the point of purchase, so you are spending your crypto, but the merchant is being paid in crypto.
CryptoWallet.com Crypto Card
We’ve talked a lot about crypto credit cards, but to be honest, they are not for everyone. Many people prefer to be able to spend their crypto directly, so let’s talk about our very own CW Card.
The CW Card, which is being launched in Q4 of 2023, offers customers the ability to spend hundreds of cryptos virtually anywhere with nothing more than a tap, scan, or swipe of their card.
Check out some of these amazing features:
- 3% cashback when you shop online or in-person
- 800+ cryptocurrencies, which is 14x any competitor
- Earn SPEND tokens that let you vote on upcoming crypto hostings
- All kinds of community rewards and referral bonuses
- Manage your crypto with ease from our handy app
Here at CryptoWallet.com, we know that crypto is money, which is why we are committed to offering you the best ways to spend it.
So why not check out our Whitelist here for more info.
How to Choose the Right Crypto Credit Card?
Choosing the right crypto credit card is about two things:
- Knowing what’s available on the market
- Figuring out what you need from a crypto credit card
Well, we have already covered some of the best cards available on the market right now, so now the next step is helping you identify what suits you best.
Start by finding out what kind of limitations you can work with. Remember, not every crypto credit card is available in every region.
Next, ask yourself what kind of cryptos you would like to be rewarded in. Some crypto cards will offer really impressive varieties of cards, and with different cashout options, that can be really handy. On the flip side, some providers can be a little limited in their crypto options and a bit difficult when it comes to payment options.
Then ask yourself what kind of financial limits you have. Some companies do require extensive credit checks and have a high barrier to entry, while others can be much more forgiving. Not every company offers the same rates or credit lines.
Finally, make sure that you really understand the fee structure of these cards and look out for hidden fees. Penalty fees, maintenance fees, and foreign transaction fees can really add up, so make sure you DYOR before signing up.
Once you have all that figured out, you might want to check out our article to learn about some of the best crypto cards available on the market.
Crypto Credit Card FAQs
Now let’s go through some of the crypto credit card FAQs
Are crypto credit cards safe?
Crypto credit cards are generally very safe. These days, most cards will offer 2FA authentication for all security measures and are often backed by some of the biggest card issuers in the world.
How to apply for and get a crypto card?
Generally speaking, most crypto cards are issued by crypto management platforms like CryptoWallet.com. So to apply for a card, all you have to do is register an account via their main page, pass a KYC check, and apply.
What can I buy with crypto credit cards?
Virtually anything. Crypto credit cards are accepted in pretty much any store that accepts cards, and therefore you can buy virtually anything either online or in-person.
Which cryptocurrencies can I spend with a crypto credit card?
With crypto credit cards, you’re not actually spending crypto. Instead, you earn rewards in crypto as you spend fiat. If you’re looking to spend crypto, then you might want to check out something like our own CW Card, which will allow you to spend crypto in virtually any store, either online or in person.