Credit Cards Offering Crypto Rewards
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As digital currency becomes normalized in commerce-based transactions, financial institutions are doing everything they can to keep up. Enter the newest product on the market: crypto rewards credit cards.
Crypto rewards credit cards work just like “traditional” rewards credit cards. Each card member is issued a line of credit (based on their creditworthiness), and then the funds can be used to make purchases in USD. Card users must pay back the amount borrowed and may be charged interest on purchases if the total amount owed isn’t paid in full before the billing cycle ends.
The only difference between the two is that instead of offering miles or cash-back rewards, these brand-new incentive-style cards give users the option to earn Bitcoin and other crypto-based rewards. The best part? You don’t need to be a crypto enthusiast to reap the benefits.
Related: A Beginner's Guide to Cryptocurrency
Jump To
Overview of the best credit cards offering crypto rewards
Card Issuer | Best for |
Gemini Credit Card | Everyday spenders who want real-time rewards |
Brex Card | Small business owners, startups |
SoFi Credit Card | Budgeters who are trying to save and pay down debt |
PayPal Cashback Mastercard | Everyday spenders who want cashback rewards |
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Best credit cards offering crypto rewards
Gemini Credit Card
The Gemini Credit Card is a sleek, metal card that allows members to earn crypto-based rewards automatically. It comes in three colors (black, silver, and rose gold) and requires potential members to join a waitlist.
The Gemini Credit Card does not require cardholders to pay an annual fee; anyone, including non-Gemini customers, can apply for the card. Those who are approved, however, will receive a Gemini cryptocurrency trading account. According to the company’s website, the Gemini Credit Card is issued by WebBank and will run on the Mastercard payment network.
The card offers rewards based on the transaction category — 3% back on dining, 2% back on groceries, and 1% back on all other purchases. Unlike most rewards cards, the Gemini card provides users with real-time rewards. This means rewards earned in real-time are automatically deposited into their Gemini account at the time of transaction. Cardholders can earn in Bitcoin or one of Gemini’s other cryptocurrencies, including Litecoin and Ethereum.
Gemini cardholders will also receive several benefits from Mastercard.
Related: Best Rewards Cards
Brex Card
The Brex Card joined the crypto bandwagon on May 12, 2021, by offering Brex cardholders the option to redeem points for Bitcoin or Ethereum via Coinbase, an online cryptocurrency exchange platform. The company’s website describes the card as the “first-ever crypto rewards program for businesses.”
Points are accrued through purchases made with the card. Those who choose to use Brex earn:
- 7 points per $1 spent on rideshares
- 4 points per $1 spent on Brex travel
- 3 points per $1 spent on restaurants
- 2 points per $1 spent on software
- 1 point per $1 spent on everything else
Brex card members can redeem miles, gift cards, cash, or travel points. The Brex Card does not have an annual fee.
SoFi Credit Card
BlockFi and Gemini may be getting fame and attention for their innovative crypto-rewards system. Still, SoFi was the first company to offer a credit card product that allows cardholders to redeem points for cryptocurrency. The SoFi Credit Card began allowing customers to redeem reward points directly into cryptocurrency via SoFi Invest in April of 2021.
Each SoFi cardholder earns up to 3% cash back on all purchases and can redeem it directly into crypto with an active investment account with SoFi. In addition to points redemption, SoFi provides customers with smart spending and budgeting tools, cell phone protection, and Mastercard ID theft protection. Bonus: there’s no annual fee.
PayPal Cashback Mastercard
The PayPal Cashback Mastercard is issued by Synchrony Bank and earns 2% cash back on purchases and 3% cash back when you pay with PayPal at checkout. Cardholders can use the card anywhere Mastercard is accepted. (This may be limited, depending on your location.) There’s no annual fee or signup bonus associated with the card. Those who apply for the card should have a PayPal account. Those who don’t will be prompted to open a PayPal account before applying.
Although the PayPal Cashback Mastercard isn’t designed to give users cryptocurrency rewards, cardholders can redeem their rewards into their PayPal wallet and then buy cryptocurrency from there. Any cryptocurrency bought with PayPal cash must remain in your PayPal account. So, this option is best for those more interested in investing in cryptocurrency rather than cashing out.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Best credit cards offering crypto rewards summary
Here’s a quick rundown of each card's important details. This summary may make it easier for you to choose which cryptocurrency rewards card is right for you and you:
Card Issuer | Rewards | Annual Fee | APR |
Gemini Credit Card | 3% back on dining, 2% back on groceries, 1% back on everyday purchases | $0 | 17.74% - 29.74% |
Brex Card | 7X on rideshare, 4X on Brex travel, 3X on restaurants, 2X on software, 1X on the rest | $0 | N/A |
SoFi Credit Card | 3% on all purchases | $0 | 17.74% to 29.74% |
PayPal Cashback Mastercard | 2% cash back on everyday purchases, 3% on PayPal purchases | $0 | 19.74%,
28.74% or
31.74% |
FAQs
Learning the ins and outs of any rewards program can get confusing. Here are answers to a few of the questions people commonly ask regarding cryptocurrency and credit cards.
What is the best cryptocurrency credit card?
\nThe answer to this question ultimately depends on what you’re looking for in a cryptocurrency credit card. Are you looking for a card with hefty rewards, a card that’s designed for worldwide spending, a card for multiple currencies, or a card with no fees?
How does a crypto credit card work?
\nCrypto credit cards are yet another new product that’s been introduced to the blockchain and crypto world. Unlike the credit cards included in the list above, crypto credit and debit cards use cryptocurrencies instead of USD (or your local currency). When using a crypto card, your digital assets are converted into the local fiat currency and then sent to the merchant.
Are rewards credit cards worth it?
\nIf you do not pay your card off in full each month, then the answer to this question is: no.
Why you should (or shouldn’t) use crypto rewards cards
Sometimes getting a new piece of plastic is as easy as making a last-minute decision at the register of your favorite department store, and sometimes, it’s as difficult as relearning trigonometry.
Applying for a new credit card should be a big deal, especially if it’s your first time. Why? Because having and using a credit card is a huge responsibility that could ruin your financial well-being if you’re not careful. To help you decide whether or not a crypto rewards credit card is right for you, here are a few things to consider:
- Interest rate: A low introductory interest rate or APR is appealing, but you may be in trouble if you can’t pay the balance before the promotional period ends. Once the promo ends, you could be forced to pay 15-20% (or more!) interest.
- Annual fee: Many credit cards are fee-free, but some require customers to pay an annual fee. Do your research so you’re not stuck with a surprise fee.
- Rewards: When searching for a rewards credit card, shop around and read online reviews. Another note? You should only apply for a rewards card if you plan to pay the balance in full each month.
- Penalties: Research whether or not the company enforces penalties, such as an increased interest rate, for late payments.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
The bottom line
Whether society decides to nix traditional (tangible) currency or not, it may be worth looking into applying for a cryptocurrency rewards card. Before you decide which card is right for you, take a second to think about the pros and cons of each. You should take your personal and financial goals into account, too. For example, if you’re really into crypto, you may opt for a crypto credit card. Or, if you’re interested in taking a vacation this year, you may have better luck searching for a travel rewards card or a credit card with no foreign transaction fees.
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Writer
Tabitha Britt is a New York-based freelance writer and editor whose work has appeared on INSIDER, the Huffington Post, and Taste of Home. When she's not glued to her computer screen, she can be found walking her beloved pooch, Biscuit.
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