Best Crypto Credit Cards in 2022

Crypto credit cards are vital and innovative financial solutions that demonstrate the real-world applications and benefits of cryptocurrency while also driving greater adoption of the concept. They not only provide established crypto users with extra utility and use cases, but also provide crypto noobs with a simple, low-risk entry point into the very large, technical and volatile cryptocurrency market.

Let’s examine three (3) of the best crypto credit card currently available in the market that would interest you as a crypto lover: 

1. BlockFi Credit Card

The BlockFi credit card is a product of the New Jersey crypto exchange platform, BlockFi. This card is the first to offer rebates in the form of bitcoin for fiat purchases. This means that each fiat purchase you make with this card will earn you a certain percentage of return in bitcoin. The BlockFi credit card is currently available in qualified U.S. states and can be used at any merchant that accepts Visa. 

Rewards

New users get 3.5% back on purchases up to $100 during the first three months of membership (which implies you’ll need to spend around $2857 in the first three months to fully enjoy this advantage). Following that is the 1.5% bitcoin back on purchases guaranteed by Capital One, Chase Freedom Unlimited, and other card providers. Heavy spenders can additionally get 2% back on any purchases over $50,000 per year. 

These rewards are deposited into the BlockFi Interest Account (BIA), where they earn daily interest of up to 4% compounded monthly. For example, if you hold bitcoin valued $100 from $2857 for the first three months, you will earn an additional 4%. Other benefits include 0.25% back in bitcoin on qualified trades up to $500 each month and 2% more on stablecoin holdings up to $200.

Supported Cryptocurrencies and Fees

BlockFi Reward Card now supports eight coins: cryptocurrencies like Bitcoin, Litecoin, and Ethereum; stablecoins like USDT and USDC; and commodity-backed coins. USDT is not available to US clients. 

Users of the BlockFi credit card are not charged any annual or foreign transaction fees.

Pros

• A soft pull on credit has no effect on your credit score. 
• Coinbase, SoFi, and Fidelity Investments are among the investors. 
• There are no foreign transaction fees and no annual fees. 
• Passive income in the form of Bitcoin returns on purchases that rise in value as the market improves. 
• Profits from eligible trades and stablecoin holdings

Cons

• When compared to other card memberships that offer up to a $200 extra for spending $500 in the first month, the entry bonus rate is minimal. 
• Deposited funds are not SIPC or FDIC insured. 
• Cryptocurrency Volatility 
• Inability to benefit from pricing changes during the month because incentives are earned after a billing cycle.

2. Upgrade Bitcoin Rewards Visa Card

The Upgrade Bitcoin Rewards Visa card is the cryptocurrency version of the Upgrade Cash Rewards Visa card, which offers cashback on all fiat purchases. The Upgrade Bitcoin Rewards card is the first credit card to only offer cryptocurrency as a purchase reward, with a 1.5% bitcoin rebate on all purchases. Users who sign up for this credit card can get a credit line ranging from $500 to $25,000, depending on their credit score. 

Except for users from the District of Columbia, Hawaii, Iowa, New Hampshire, North Carolina, West Virginia, and Wisconsin, the Upgrade Bitcoin Rewards Visa card is now available to residents of the United States.

Rewards

The Upgrade Bitcoin Rewards Visa card provides 1.5% unlimited cash back on all bitcoin purchases. The amount of bitcoin earned on card purchases is deposited in the NYDIG wallet and can be redeemed for a statement credit or saved to accrue value. Credit card holders also get access to exclusive services like ID navigator, trip and baggage insurance, roadside dispatch, purchase protection, travel and emergency support services, and extended warranty protection.

Supported Cryptocurrencies and Fees

The Upgrade Bitcoin Rewards card supports only Bitcoin and does not charge any monthly or foreign transaction fees. When cardholders sell Bitcoin using the NYDIG platform, there is a 1.5% transaction charge.

Pros

• Percentage Bitcoin back on all purchases.
• Access to Visa Signature perks and benefits.
• Assets are insured by FDIC.
• Option to pre-check credit line without impacting credit score.

Cons

• There is no welcome bonus.
• ATM withdrawal option not available.
• Rewards are relatively lower than other crypto cards.
• Availability is largely restricted.

3. SoFi Credit Card

The Bank of Missouri’s SoFi credit card gives cash back on all purchases in the form of SoFi points. The card offers an entry-level, simple mechanism that is excellent for crypto beginners. The process is straightforward: earn cash back as SoFi points and redeem them for cryptocurrency or other options once you have amassed 500 SoFi points. SoFi services are currently available across the United States, with some trading restrictions in place for New York consumers.

Rewards

The SoFi credit card provides a 2% cash back on all purchases in the form of SoFi points. However, there is a current promotion that allows new users to get 3% cash back for a year when they set up direct deposit with SoFi and then earn limitless 2% rebates on subsequent purchases. Unlike the other cards on this list, SoFi also offers fiat, fractional investment shares, and payment on loan products in addition to crypto rebates. 

There is a welcome bonus for newly approved users to play for a chance to win between 1000 and 1 million SoFi points, which can be redeemed for between $10 and $1,000,000. SoFi credit card subscribers also receive exclusive incentives such as cellphone protection, MasterCard World Elite privileges, and SoFi Member benefits.

Supported Cryptocurrencies and Fees

The SoFi credit card currently supports redemption of SoFi points to Bitcoin and Ethereum. There are no annual and foreign transaction fees charged when using the SoFi credit card.

Pros

• Attracts Mastercard World Elite benefits, including cellphone protection, and savings with companies like Lyft and DoorDash.
• There are no foreign transaction fees and no annual fees.
• Rewards do not expire.
• There are no bonus category restrictions.

Cons

• When compared to other cards that offer more benefits when spending thresholds are fulfilled, the chances of getting a higher welcome bonus are slim.
• Welcome bonus is To keep the full value of the rewards, users must have a SoFi Checking, Savings, or Invest account.
• When redeemed as a statement credit, the point value is reduced to $0.5 per point.

Bottom Line

Finding the right crypto credit card that best satisfies your spending limits and investment preferences can be tough due to the wide range of membership costs, benefits, features, and availability; but, once you do, you’ll open up a world of financial opportunities.