The Best Crypto Rewards Credit Card

Cryptocurrencies are a hot financial topic these days. You don’t have to look far to find a cryptocurrency enthusiast ready to chat your ear off about blockchains and the future of money, and headlines are filled with stories of crypto millionaires. If you’re looking to build a cryptocurrency portfolio of your own, credit card rewards are one of the best ways.

Because you likely already use a card for most purchases, you might as well get something in return. Crypto rewards credit cards pay cardholders in digital currency every time they use the card to pay for a purchase. Here’s a look at the best crypto rewards credit cards available today.

What are Crypto Rewards Credit Cards?

Crypto rewards credit cards are a type of rewards credit card. But unlike cash back and travel miles and points rewards cards, these cards reward you in Bitcoin, Ethereum, Dogecoin, and other popular cryptocurrencies.

When using a cryptocurrency rewards credit card for payment, you will typically receive a percentage of each purchase back in cryptocurrency. Most cryptocurrency rewards cards today are consumer-focused, though there is one noteworthy business crypto rewards card to know about.

Tip: Credit cards offer many benefits, including unlimited zero liability fraud protection, that you won’t often get with debit cards.

How Crypto Rewards Credit Cards Work

When getting paid cryptocurrency rewards, you’ll generally receive a specific cryptocurrency. Some allow you to choose between a list of rewards currencies, while others only offer Bitcoin or another single digital currency. The top cryptocurrencies by market capitalization are Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, XRP, Solana, Terra, Cardano, and Avalanche.

For example, let’s say a card features a 1% rewards rate paid in Bitcoin. After making a $100 purchase, you would get $1 in Bitcoin rewards. Most cards aggregate your purchases and give credit for new rewards monthly when the statement closes. Depending on the reward program terms and conditions, rewards can be redeemed automatically, require a specific minimum redemption balance, or involve clicking a cash-out button.

While $1 in Bitcoin on a $100 purchase may not sound like much, consider the value of rewards over time. If you spend $100,000 on a card over a year and earn 1.5% back in Bitcoin, you would have $1,500 in crypto every year. Plus, if you buy the right currency, it may also go up in value, provide you with staking rewards (like bank account interest), or both.

What to Look for in a Crypto Rewards Credit Card

If you’re searching for a crypto rewards credit card, these are the most important features to review for your new Visa or Mastercard:

  • Rewards rate: The first place to look is how you earn rewards. Most cryptocurrency cards offer a percentage back on purchases, sometimes with higher rates on bonus categories like online advertising or travel.

  • Cryptocurrencies available: While some crypto users are happy with just a few options, others want a long list of cryptocurrencies when redeeming.

  • Rewards terms: Is there a limit to what you can earn or a maximum you can make from the bonus? Are rewards paid automatically? Is there a minimum rewards balance to redeem? It’s not always fun, but reading the fine print helps you understand if the card makes it easy to use and redeem your earned rewards.

  • Annual fee: Paying for a credit card makes sense in some situations, but high yearly fees can take a big chunk out of your earnings. Make sure you’re earning at least enough to cover the annual fee if one is required.

  • Credit score requirements: Some business credit cards want the founder’s credit score and a personal guarantee. For personal cards, a certain minimum credit score is almost always required for a new account.

  • Other fees: Foreign transaction fees don’t matter if you only spend in the United States, but anyone who travels or makes regular purchases from vendors abroad should look for a card with no foreign transaction fees. Also look out for balance transfer fees, cash advance fees, late payment fees, and returned payment fees.

Types of Crypto Credit Card Rewards

Bitcoin is the largest and most popular cryptocurrency, but not everyone wants to hold Bitcoin or get more of it. Every cryptocurrency is unique, and it can be wise to build a diversified crypto portfolio, just like your stock market portfolio.

Crypto rewards programs may enable you to choose a new currency any time you want for a monthly redemption. Others may include many redemption options and allow you to pick your cryptocurrency when you’re ready to cash in your balance.

Some cards come from an exchange like Gemini or Coinbase, while others are independent rewards credit cards that let you redeem to an account with a cryptocurrency partner or wallet provider.

The Best Crypto Rewards Credit Cards

Here’s a look at some of the best crypto rewards credit cards on the market today:

Business

  • dash.fi card: The dash.fi card is perhaps the only business cryptocurrency rewards credit card (we couldn’t find any others when writing this article). With dash.fi, you can redeem rewards in flexible ways, including statement credits and cryptocurrencies. Earn bonus rewards for online advertising purchases and a competitive percentage back everywhere else.

Personal

  • BlockFi Rewards Visa: The BlockFi Rewards Visa offers 1.5% back in the cryptocurrency of your choice with no annual fee. There’s a higher rate for the first 90 days. BlockFi supports a list of more than a dozen currencies and pays high interest rates on currencies in your account in some situations.

  • Gemini Credit Card: Gemini gives you 3% back on up to $6,000 in annual dining purchases, 2% back on groceries, and 1% everywhere else with no annual fee. Choose from more than 60 currencies to redeem rewards. Many also support staking rewards, where you can earn interest for holding the currencies in the Earn section of your account.

  • SoFi Credit Card: SoFi offers a rewards credit card that allows you to redeem rewards for cash back, stocks, ETFs, cryptocurrencies, and loan payments. The no annual fee card offers 2% back on all purchases with no limits.

Do You Have to Pay Taxes on Crypto Rewards?

Cryptocurrency taxes can be confusing and are quickly evolving. As for currency requirements, you don’t have to pay taxes on cryptocurrency rewards, but you do have to track the rewards for taxes on cryptocurrency sales.

To ensure you do everything right, it’s best to track your cryptocurrency portfolio, including rewards transactions, using cryptocurrency tax software. When you sell the currency in the future, the tax software will automatically calculate any capital gains taxes owed (or capital losses) to use for your taxes. If your crypto becomes more valuable, you will have to pay taxes on those gains. You won't owe any taxes if your crypto goes down in value.


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