Comparing Crypto Credit Cards
Here are our editorial picks for best crypto credit cards in each category.
Top Crypto Credit Card for Rewards
Winner: BlockFi Bitcoin Rewards Credit Card
With 3.5% in bitcoin for the first 90 days, and regular, special offers for new users, the BlockFi card stands out.
Ongoing, BlockFi offers up to 2% cashback. Also, its Rewards Flex program allows cardholders to choose Ethereum, Litecoin, Chainlink, PaxGold, Basic Attention Tokens (BATs), or Uniswap, or to select from a range of stablecoins if they prefer.
Top Crypto Credit Card for Crypto Support
Winner: Gemini
Gemini offers incredible flexibility with over 50 cryptos for users who want more than bitcoin or Ethereum.
Top Crypto Credit Card for Low Fees
Winner: Upgrade Bitcoin Rewards Card
The Upgrade Bitcoin Rewards Card has no annual, FX, or draw fees.
Best Crypto Credit Card Overall
Winner: Venmo Credit Card
Venmo has over 77 million mobile payment users. The Venmo Credit card is a sensible extension to serve existing users while allowing them to enjoy the added perk of cashback in the form of crypto rewards.
Tips on Using Bitcoin Credit Cards
At Bitcoin Market Journal, we’re all about helping you make smart financial decisions using crypto. This goes double with bitcoin credit cards, which come with their own sets of cautions.
Read the Fine Print
Problem: Crypto cards have complicated fee structures and, there's a lack of consistency between cards. This is because the “bridge” between digital and traditional payment systems (e.g., VISA and crypto) is still being built.
In an ideal world: Do your homework. Some of these cards don’t have the same perks as traditional credit cards. They also have higher annual fees. As sexy as it sounds to earn bitcoin rewards, you may still be better off with a traditional credit card (once a year, you can still use your cash back rewards to buy bitcoin).
Make Sure It’s Really a Credit Card
Problem: Although many companies label their products as “crypto credit cards,” they don’t work the same as traditional credit cards. Many are really crypto debit cards, where you’re taking funding from the crypto in your account rather than establishing a credit line.
In an ideal world: Credit card companies should be clear about the differences between a “crypto credit card” and a “crypto debit card” and educate investors on the pros and cons of each (as we’re doing here).
Be Sure It’s Available in Your Country
Problem: Because this industry is new, most cards are only available in certain jurisdictions, and all cards have conversion fees if you want to use them internationally. These international fees can be confusing. Sometimes, it’s cheaper to just pay cash.
In an ideal world: Bitcoin credit card apps and websites should auto-detect your country and give you clear language on where the cards can be used and their international fees.
Beware of Processing Delays
Problem: Consumers are used to credit cards making instant transactions, but crypto doesn’t work that way. A single crypto transaction can vary from a few minutes to over an hour, or even a few days.
In an ideal world: Bitcoin credit card apps should include clear communication on the transfer process and constantly-updated “tracking numbers” (like FedEx tracking) that show what’s happening.
Beware of Volatility and Fees
Problem: If you’re holding your native assets in crypto, understand it can swing wildly in price from day to day. As mentioned above, some “bitcoin credit card” providers convert you into a native token, meaning you now have volatility and a different token.
In an ideal world: Bitcoin credit cards should have easy, three-swipe “tutorials” that walk you through how digital assets work, clarifying how your holdings may change over time.
Why Use Bitcoin Credit Cards?
For most investors, the best deal is a credit card that allows you to pay off your monthly balance in dollars while giving you cashback rewards denominated in BTC.
In this way, you get the best of both worlds. It behaves like a regular credit card, but with the added bonus of earning crypto, which has delivered eye-popping returns over the long term.
However, like regular cards, crypto credit cards are subject to interest if you don’t pay your balance monthly. This can impact your credit record. Annual fees, monthly fees, and charges for ATM withdrawals may also apply.
Pay off your balance each month and watch for fees. | 