Crypto Cards: The Top Contenders Available Today!

Credit cards offer users both convenience and flexibility in addition to rewards. As long as you pay all your bills every month, you don’t need to worry about the interest charges either. And now, because cryptocurrency is quickly becoming a valuable asset in investment portfolios, projects and companies are building similar financial services for crypto users.

What is a Crypto Card?

A crypto card acts like a regular debit card, where you spend money and earn rewards. This new incentive-style payment option rewards you via the ability to earn cryptocurrency. This is perfect for people curious to get into investing and trading crypto. Furthermore, crypto cards are useful for those who are already deep in this world and believe in the potential of digital currencies.

How Do Crypto Cards Work?

A crypto card works like any other standard card, but instead of being backed by a traditional financial institution, it’s backed by your crypto wallet. So if you wanted to purchase a coffee using Bitcoin (BTC), you would have to convert BTC to a fiat currency of your choice and load it into your card. When you start swiping your card, purchases are processed in that specific currency.

By using crypto cards, you have the advantage of spending your digital coins like fiat currencies without limitations, and you incur lower foreign conversion fees when spending your money abroad. These perks also depend on which platform you sign up for with your card: some offer more bonuses, like significant cash-back rewards in crypto.

Which card should you opt for? Here are four of the most popular crypto cards to consider in 2022!

1) Crypto.com’s Visa card

Crypto.com is one of the first-ever crypto cards, and it uses its own CRO tokens. You would need to purchase the tokens and stake them in your Crypto.com wallet, and you’d have to stake them for 180 days before you can apply for a card.

How much CRO you stake will determine what card you receive; they have options ranging from the Obsidian ($400,000 worth of CRO staked), the Jade Green ($4000 worth of CRO staked), all the way down to Midnight Blue ($0 worth of CRO staked).

There is no maximum allotment per month for exchanges, and some cards offer 1% to 8% CRO back as a reward. The problem, however, is that the card is limited, so you are required to use CRO tokens, and it’s a complicated platform to navigate if you’re new to it.

2) Gemini credit card

Gemini’s card automatically earns crypto rewards compatible with over 50 cryptocurrencies. You pay no annual fee or exchange fees, however, there are still transaction fees, and exchanges are not guaranteed.

You can also conveniently manage your account, freeze or unfreeze your card, and get 24-hour live chat support via the app, and you have access to all merchants that accept Mastercard. Their unique reward system is paid in real-time, allowing you to redeem the amount by getting 3% back on dining, 2% back on groceries, and 1% on all your purchases.

3) Binance

It only makes sense for one of the world’s most popular go-to cryptocurrency exchange platforms to have its own crypto card! In 2020, Binance partnered with Swipe to offer a Visa debit card that offers its users up to 8% cash-back on all eligible purchases made with their card, which is the highest compared to any other crypto card besides Crypto.com.

That said, there is a catch: card holders need a balance of 600 Binance tokens (BNB) to be eligible to receive their 8% cashback. At this time, a single Binance token is $376.71, bringing a 600 BNB wallet to $226,026.

 4) CryptoLife Card Powered By Ledger

The CryptoLife Card powered by ledger and provided by Baanx is a card the Ledger community has been excited for and can expect to come out soon. The CryptoLife card by Ledger allows you to spend your crypto directly from your Ledger Nano with the use of Ledger Live. Ledger Live allows you to store, exchange, send, and now spend your crypto with the CL card, all from the security of your cold wallet. The CL Card can be used anywhere in the world with no exchange fees, and the Cryptodraft unlocks interest-free stablecoins for its users.

This feature is provided by Baanx, a company founded in 2018 by people who realized the true potential of digital assets in the banking sector. They are now replacing fintech services with their more efficient models, bringing transparency into the process.

CL cards by Ledger allow you to withdraw cash from any ATM in the world, select a spending order for your CryptoLife wallets, and spend directly from your crypto wallet without needing to load your debit card every time.

Conclusion

Seasoned traders and established crypto enthusiasts might find crypto cards to be a great addition to their wallets, and it’s a good opportunity to grow their portfolio and assets. The relatively low risk associated with these cards also makes them the more attractive choice, so crypto cards may very well be the future!