Best Crypto Credit Cards of November 2022
Cryptocurrencies are constantly evolving into a widely accepted medium of financial exchange, and as such, many financial institutions now offer crypto-based services similar to those provided by traditional banks. One of these services is the crypto credit card service.
These cards are connected to your crypto account, but they work like regular credit cards since they facilitate transactions and allow you to earn rewards on your spending.
Many crypto credit cards are available, but choosing the right fit can be difficult. Fortunately, we have researched for you, so keep reading to learn about the best crypto credit cards available right now.
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Also Consider: Best Crypto Debit Cards
The Best Crypto Credit Cards Reviewed
If you are unsure which crypto credit card to use, this review will help you make an informed decision by providing the necessary details about the best ones available.
Gemini Credit Card: The Best Overall Crypto Credit Card
Nexo Card: Great rewards in their native tokens
Venmo Credit Card: Backed by Paypal for peace of mind
Gemini Credit Card
The Best Overall Crypto Credit Card
The Gemini Credit Card was announced in January 2021. The card runs on the Mastercard payment network and provides lots of bonuses, including getting up to 3% cashback on all purchases.
Cardholders earn 3% back on dining on up to $6,000 spent, 2% back on groceries, and then 1% on everything else. The different spending categories allow users to maximize their earnings and encourage the use of credit card for everyday purchases.
Receive rewards when the transaction occurs, not months later
Not everything is 3%
Up to 3% back on dining,† 2% back on groceries, 1% back on all other purchases
Available to use anywhere Mastercard is accepted
For now, the Gemini Credit Card is only available in the US
two-factor authentication process protects every account from unauthorized access. To confirm that authorized persons carried out transactions, users receive real-time alerts based on transaction size or type.
The card allows cardholders to earn various crypto assets available on the platform. Rewards are now available in Bitcoin, Ether, or 60+ other cryptocurrencies.
The Gemini card can be used with little to no fees for most transactions. There are no foreign transaction fees, no annual fees, or exchange fees to acquire your rewards
Pros & Cons
Available in every US state
Highly secure crypto platform
High trading fees
Frequently asked questions
Venmo Credit Card
Backed by Paypal
The Venmo card provides rewards in different categories. The percentage reward you earn depends on the spending category. You earn 3% cashback on your top spending category. Then you can earn 2% cashback on the next category, and 1% on the others.
As a Venmo credit cardholder, you can earn 3% cashback on your top spending category, which can be any of these:
Health and beauty
Bills and Utilities
Afterwards, you will earn 2% cashback on your second top eligible spending category and 1% cashback on other purchases.
Venmo gives you customized cashback rewards that help you maximize your earnings based on what you spend. This means you would still maximize your earnings when your spending categories change. Rewards earned on the Venmo credit card never expire as long as the account is open and in good standing.
When you sign up for Cashback to Crypto for your Venmo Credit Card, Venmo will use the cashback from your Venmo account to buy the cryptocurrency of your choosing. You can choose to convert your cashback to crypto automatically, but this won't be possible if your earnings are less than $1.
Cardholders can make payments using the custom QR code. This makes the card more convenient as your friends and customers can pay you by simply scanning your QR code. Furthermore, the rewards earned can be used in various ways, such as making payments, buying crypto, and paying off the credit card balance.
You can use this card anywhere Visa is accepted
Up to 3% crypto cash back
There are no limits on how much you can earn in rewards
There are no annual fees attached to the Venmo card. The conversion of your earnings to any crypto of your choice also attracts no fees.
Since the Venmo Card is backed by Visa, the card comes with Visa Traditional Credit Card benefits and protection.
Pros & Cons
Nexo Credit Card
High Credit Rewards in Native Tokens
The Nexo card is one of the best crypto rewards cards available because It allows you to spend while retaining ownership of your crypto assets. With this card, you can spend up to 90% of your crypto assets' value without selling them.
The Nexo card has unique features and benefits, so let's discuss some of them.
As explained earlier, the Nexo card is only available to Nexo users who use their crypto assets as collateral to borrow fiat currencies. This allows them to spend the fiat equivalent of their crypto holdings without selling their crypto. Here are the essential rewards it provides.
First off, the Nexo card allows users to earn up to 2% cashback in crypto rewards. If you earn your rewards in Nexo tokens, you will get 2%. But, if you choose to earn in Bitcoin, you will only get 0.5%.
Beware of the interest calculations
Interest accrues on that balance as soon as you make a purchase. The interest accrues and compounds daily.
The interest rate depends on your Nexo loyalty level. The loyalty level increases as the percentage of Nexo tokens you hold in your account increases.
For example, platinum members need to hold at least 10% of their portfolio in Nexo tokens. As a result, they have a 0%-6.9% interest rate depending on their card balances and collateral.
In other words, while using the Nexo card, try to keep your LTV low and repay your card balance as soon as you can.
You can use this card anywhere Mastercard is accepted
There is no annual fee associated with using the Nexo card. Also, there are no foreign transaction fees of up to 20,000 euros.
Unlike some other cards, the Nexo card requires no credit checks.
Nexo currently accepts various cryptocurrencies, including Litecoin, Bitcoin, Ethereum, Stellar, EOS, and many others. In total, about 17 cryptocurrencies are supported by Nexo.
Unconventional interest calculations
You need to make sure you repay daily to avoid huge interest fees. Furthermore, Nexo require NEXO staking in order to get their best rates.
Pros & Cons
Low cashback for cardholders who choose to earn rewards in Bitcoin
Regulated and licensed to operate across the world
Frequently asked questions
The Difference between Crypto Debit Cards and Crypto Credit Cards Explained
Also known as a Bitcoin debit card, a crypto debit card is a physical card that allows you to access supported crypto from your digital wallet. The card enables you to access your crypto holdings whenever you’re shopping at a store that accepts payment using Visa cards.
The card platform converts your crypto into the accepted currency as you make your payment. You have to maintain a crypto assets or fiat balance in your digital wallet to use a crypto debit card.
What is a Crypto Credit Card?
Users of crypto credit cards use the money borrowed from the card issuer. The card company provides funds to increase your balance every time you buy. And like your traditional card, a crypto credit card allows you to earn rewards, though they are in the form of the cryptocurrency you use.
One key benefit of using crypto credit cards is that it’s a risk-free way for users to earn more cryptocurrency as they spend their crypto. Despite the volatility affecting the cryptocurrency market, crypto credit cardholders only risk their rewards, not their savings. This now is an excellent option for anyone who admires cryptocurrencies but is still a risk-averse skeptic.
What is a Crypto Debit Card?
A Crypto debit card works similar to a traditional debit card. However, unlike your regular card that draws from your bank account balance, a crypto debit card draws funds from your cryptocurrency account. And just like your usual card, you can use it to make purchases or ATM withdrawals.
In addition to helping convert your crypto holdings into fiat currencies, using some crypto debit cards lets you save on foreign transaction fees. The only would-be drawback involves geographical restrictions and potential taxation in some jurisdictions.
How to Choose the Best Crypto Debit Cards
The following are a few significant factors you need to give consideration when you’re choosing the best debit crypto cards:
The next consideration when comparing the best crypto credit cards is the crypto rewards they offer. As a rule of thumb, the higher the reward rate, the more cryptocurrency you will earn. You also want to be sure that the crypto coin they use as a reward isn’t too risky or volatile.
While some cards offer flat reward rates for all purchases, others offer varying rewards for different categories. Choose a card that offers higher rewards in areas with your spending habits.
The best crypto debit cards should be affordable. However, be careful about specific fees. Some cards are free to use, but they charge various other fees here and there. The different hidden fees you need to interrogate include foreign transaction fees or crypto sales fees that show up after you’ve earned some crypto rewards.
Ease of Use
The best thing about having a Bitcoin debit card in your wallet is being able to convert your crypto tokens to fiat currency. You don’t want crypto debit cards with complicated processes that make you feel like you’re studying rocket science. Locate an easy-to-use card that is in line with your personal cryptocurrency needs.
What’s the need for a crypto debit card that you can’t use? Go for a crypto debit card you can use in your current location or places you love to visit. As long as a card is issued by Visa or Mastercard, it will definitely be accepted in most places. It’s the only way you can access your crypto assets 24/7.
The Best Debit Crypto Cards
Whether you’re interested in a crypto debit card that offers crypto rewards, one with the smallest fees, or one that supports many cryptocurrencies, there are different crypto debit cards to choose from. There are also different types of cards that don’t charge transaction fees or others that run intuitive mobile apps.
Whatever your definition of the best crypto debit cards, be careful to choose from the available options based on your spending and investment lifestyle. That’s because there will always be a crypto debit card based on your fees, perks, and other preferred features.
And here, we address a few nagging concerns.
Where can I use a Crypto Debit Card?
Since most Bitcoin debit cards are Visa or Mastercard branded, you can use them anywhere those brands are accepted. You can also use your crypto debit card in online stores and make free international ATM withdrawals.
Are Crypto Debit Cards Safe?
Crypto debit cards are safe as they are designed with security features. They include security codes, two-factor authentication (2FA), and biometric scanning like fingerprints. And like the traditional debit cards, you can freeze or cancel the card once you suspect fraud.
What is the Best Method for Picking a Card?
After making comparisons, interrogate different card providers to ensure security and trustworthiness. Most importantly, select a card that addresses your personal needs and is easy to use and fund.