Do you want to start earning cryptocurrency rewards with your credit card? If so, you're in luck! Several different credit cards offer cardholders bitcoin rewards for every purchase.
This article will discuss what Bitcoin credit card rewards are and how they work. We will also investigate the best bitcoin rewards credit cards on the market today, including the unique dash.fi business rewards card. Whether you're looking for a new card or just want to learn more about these earning cryptocurrency rewards from a credit card, follow along for the details.
What are Bitcoin Credit Card Rewards?
So, what are Bitcoin credit card rewards? Simply put, these are rewards that you earn in the form of Bitcoin for using your credit card. These rewards can be earned on all types of purchases, from groceries to gas to travel.
Unlike traditional credit card rewards, which are typically earned in the form of points or cash back, Bitcoin rewards are paid out in the form of cryptocurrency. In addition to Bitcoin, some credit cards allow redeeming for Ethereum, Dogecoin, Avalanche, Solana, Stellar Lumens, and many other digital currencies.
The features of bitcoin rewards credit cards can vary, including different rewards rates, bonus categories, annual fees, foreign transaction fees, and account management features. When looking for Bitcoin credit card rewards, it's important to consider the overall costs of the card and your potential rewards to ensure you make the best decision.
How Bitcoin Credit Card Rewards Work
Now that we know what Bitcoin credit card rewards are, let's look at how they work. Typically, when you use a credit card to earn rewards, you will get a percentage of every purchase back as cash, points, miles, or other rewards currencies.
For travel rewards, redemptions popularly come in the form of Chase Ultimate Rewards points, American Express Membership Rewards, Capital One Venture Miles, or rewards currencies specific to a partner airline or hotel. With cash back, you typically get rewards as a statement credit to your credit card bill or withdrawal to a bank account.
Bitcoin rewards cards combine travel rewards and cash back rewards features. Earnings are typically done in the form of cash back or points. When redeeming, you can choose to have rewards paid as a favorite cryptocurrency, such as Bitcoin.
What to Look for in Bitcoin Credit Card Rewards
In most cases, a crypto rewards credit card will look a lot like other credit cards, debit cards, and charge cards. It will show the Visa, Mastercard, or Amex logo we’re all familiar with. But behind that plastic or metal card is a powerful tool to pay yourself back for every purchase you make. When you pick the right card for your spending patterns, you can turn your credit card into a serious source of income. For businesses, that can pad your bottom line, help lighten your next credit card payment, or play a role in building your cryptocurrency portfolio.
Key features of a Bitcoin credit card to consider include:
Rewards rate: The rewards rate is how much you earn for each purchase with the card. Rewards are often around 1% to 5% of the transaction value, with higher rewards for new customers or in bonus purchase categories.
Redemption process: Rewards may be redeemed automatically or require you to jump through hoops. It’s best to have an easy-to-understand rewards program. You may prefer flexible redemption options, including crypto rewards, cash back, and other options.
Annual fee: Did you know some cards charge $700 per year or more just to have an account. If you use a card like that, you’re going to have to earn at least that much per year in rewards just to break even. A card with no annual fee or a low annual fee may be best for some users.
Foreign transaction fee: If you regularly use the card outside of the United States, you’ll want a card with no foreign transaction fee. Debit cards and credit cards with a foreign transaction fee often charge an extra 3% more on those purchases.
Other costs and fees: If you don’t pay the card off in full every month, the interest rate may be significant to you. Also, late fees, returned payment fees, cash advance fees, and balance transfer fees are common but easily avoidable.
When applying for a new credit card, your credit score and credit report are likely considered as important factors in your approval. The owner’s credit score and a personal guarantee may or may not be required with business credit cards, depending on the card issuer’s rules.
Types of Bitcoin Credit Card Rewards
With cryptocurrency rewards, you’ll earn a set amount of cryptocurrency for each purchase you make with the card. The cryptocurrency is deposited into a digital wallet that’s linked to the card.
Once deposited into your account, you'll want to know if you can withdraw and use the currency or if it's stuck with that specific account provider. Every cryptocurrency exchange and wallet is different. It would be a shame to think you're building a useful crypto portfolio just to find you can't withdraw or use your rewards the way you want.
Whether it's Bitcoin or any other cryptocurrency, look into how rewards are calculated and redeemed before signing up.
The Best Bitcoin Rewards Credit Cards
Coinbase, Gemini, BlockFi, and other exchanges sometimes offer their own crypto rewards cards, but those are often limited to consumer cards, like the BlockFi Rewards Visa. There are also some crypto-specific consumer cards, like the Upgrade Bitcoin Rewards credit card.
If you want the best Bitcoin rewards credit card for businesses, look no further than dash.fi. The dash.fi card is the first cryptocurrency rewards card for business. In addition to Bitcoin rewards and no annual fee, the card comes loaded with valuable features for small to large businesses with bonuses focused on online advertising purchases, such as with Facebook, Google, Instagram, and other online platforms.
If you use dash.fi as intended, your credit card pays you, with up to 3% cash back paid in Bitcoin, not the other way around. That’s how business rewards cards should work, and that’s exactly what you get when earring Bitcoin rewards with dash.fi.