Crypto credit cards The rise of a new payment method

Crypto enthusiasts know crypto’s value when compared to the traditional fiat. The vision of crypto like Bitcoin being used in everyday transactions is enticing because it shows the potential of the crypto space.

The path to cryptocurrency’s viability has been opened with the rise of crypto credit cards. They can grow into the bridge the crypto market needs to stand alongside the many traditional payment methods out there. Learn about crypto credit cards and why enthusiasts see them as the future of the financial world. 

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What is a crypto credit card?

A crypto credit card is perceived as the bridge between the traditional and decentralised financial worlds. The card integrates cryptocurrencies into users’ daily lives, making them viable for transactions. 

Similarities with traditional credit cards

Crypto credit cards share similarities with traditional cards. A crypto cardholder gets a line of credit from the issuer which they will pay back. 

At the same time, crypto credit cards offer rewards to users, similar to the reward programs offered by VISA or Mastercard. In this case, crypto cards will help their owner get cryptocurrency-based rewards alongside amazing rewards like a free trip or discounts on buying devices.

The distinct characteristics of crypto debit cards

Both crypto credit and debit cards are decentralised financial instruments that help users spend crypto in transactions. Here are the key differences that set them apart: 

• Crypto debit cards are usually for direct payments while credit cards are recorded as debt you will pay later on. 
• Crypto debit card transactions won’t affect your credit score, unlike crypto credit cards which function traditionally.
• Credit limits will depend on the institution in charge of setting a maximum spend for transactions while crypto debit cards will hinge on the amount contained in the account.
   

Why get a crypto credit card?: Key advantages

Cryptocurrencies have enticed people as they offer unique opportunities as potentially game-changing assets. Fiat currencies are still usable and with crypto card technology, other assets can be stored within the card too like Bitcoin (BTC) or Tether (USDT). That viability has resonated with those interested in the crypto market, enough to buy in.

Crypto credit cards started popping up, becoming the first step in making everyday crypto payments viable. Here are the cards’ biggest strengths and why people are drawn to them:

• Bridging traditional and decentralised finance: The concept of a Bitcoin credit card is a great leap forward for crypto enthusiasts. It merges the world of fiat and crypto into one card. By using this card, holders will get to see the benefits of having valuable assets like crypto on hand and ready to be used. 
• Opportunities to get crypto rewards: Traditional credit cards hand out rewards to their holders in the form of loyalty points for their transactions. Those points are used to get discounts or other perks. The users will get similar perks with crypto credit card rewards like more cryptocurrencies rather than fiat.
• The flexibility of crypto cards: While Bitcoin is the widely used crypto asset, crypto credit cards extend their use to thousands of cryptocurrencies available. Users have the flexibility to connect their card to various options which expands their payment choices. 
   

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What is the best crypto credit card?: The top options

The rise of crypto cards has made people interested in buying into them and striking while the iron is still hot. Pick out the best crypto credit card from these options: 

• Nexo: You deposit cryptocurrencies as collateral at first which you can then borrow from when you swipe your card. This is usable in most cases because the card itself is a Mastercard. The borrowable amount will be 90% of the initial collateral and is exclusive in the European Economic Area (EEA). 
  The rewards can reach up to 2% in NEXT tokens or 0.5% BTC, depending on your card tier. You will retain ownership of all the crypto on the card and there will be no minimum repayments or fees.
• Brex: Brex’s crypto credit card is mostly for business as you can earn points and redeem them for Bitcoin or Ethereum. Spend $1 and you get 1 point, earn 1,000 points and get $7 worth in crypto with the 0.7% cashback in crypto liquidity. 
  There are no annual fees and annual pay rate which helps with the transactions you want to make as additional fees won’t affect them. 
• Venmo: One of the most popular digital wallets in the United States, users can send money to others with just a few clicks. They have also become a solid option for a VISA-based crypto card. 
  Venmo’s card offers 3% cashback, 2% on the next, and 1% on the rest. There is no annual fee for Venmo’s card and rewards will keep improving based on how you spend your funds. 
• Gemini: The Gemini card has a tiered rewards system that pays 3% on cashback for dining, 2% on grocery shopping, and 1% for the rest. You can use the mobile app to manage your expenses.
  The rewards are handed out in the form of cryptocurrency and you can choose Bitcoin (BTC) and Ethereum (ETH) as the top choices out of the 60+ options. 
• Coinbase: The Coinbase Credit Card lets you spend your crypto just like your cash. This card does not require you to pay annual or crypto spending fees. The rewards for using the card can reach up to a 4% cashback.
   

How to get crypto VISA card?

To be eligible for a crypto card like Nexo, you must pass a Know Your Customer (KYC) verification process which requires a supported document by the EEA. You also have to meet the criteria set by Nexo: 

• Virtual cards: A portfolio balance of at least $50 
• Physical cards: A portfolio balance of at least $500 and a Gold Loyalty tier which requires your NEXO tokens to have a ratio of 5% against the rest of your portfolio.
   

After meeting those requirements, here are the steps to how to get a crypto credit card in Nexo.

• Open your Nexo App and log into your account. 
• Click the Card tab and scroll down until you see the Activate Your Next Card button. 
• Click the button and verify all the information displayed. 
• Choose the currency of your Nexo card then click I Confirm, Order Card.
• You can now use your Virtual Nexo crypto card. 
   

To get the physical card, here are the steps you should follow: 

• Click Order Nexo Card.
• Confirm your details are in order but if you need changes click Change Details.
• Select Order Nexo Card to confirm your order. It will arrive within the next four weeks. 
   

Potential challenges of getting a crypto credit card

Crypto credit cards may be useful and promising, however, it is important to take note of their potential downsides. These are:

• Restrictions for crypto credit cards: In some countries, companies prohibit the use of cryptocurrencies. Even if it’s mixed with fiat currency, an Ethereum credit card will still be blocked if the country prohibits its use. 
• Crypto credit cards aren’t as secure as traditional cards: Bank-issued cards will have protections against fraudulent charges. Some crypto cards offer protection like Crypto.com’s VISA card but it’s not the same as the zero liability you can see with traditional cards. You’ll have to look into crypto security measures to protect them.
• The system can get confusing: For potential card holders, the point of entry for these credit cards will be high. They will have to learn more about the crypto space before getting the card, a time-sink that can be unsavoury to some.
   

Use your crypto credit card to gamble at Gamdom

As you embark on a crypto card journey, you will discover plenty of opportunities including the potential world of gambling. Gamdom is the right place for you as the experience will be filled with exciting games, huge rewards, and lightning-quick transactions. 

Visit Gamdom today and use your crypto card to the fullest. Embrace the potential of cryptocurrencies by maximising the value with the best crypto credit card rewards you get.

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