Crypto credit cards allow people to spend cryptocurrency in real-time just like other normal fiat currency; like crypto debit cards, they allow you to spend crypto instantly at points of sale; however, credit cards offer the extra edge that allows you to spend cryptocurrency on credit, like regular credit cards.
These innovations smoothen the process of crypto adoption in the traditional world; so, if you want to onboard yourself to the world of digital, decentralized finance, you should consider our Top 5 Picks among the best Crypto Credit Cards In 2022.
These cards were selected based on several criteria, including:
- Range of cryptocurrencies supported.
- Ease of acquisition and use.
- Card coverage.
Upon analyzing their unique features, pros, and cons, the following can be regarded as the best 5 crypto credit card providers in 2022.
- Gemini Mastercard
- BlockFi Visa card
- Sofi Mastercard
- Brex Mastercard
- Nexo Mastercard
Gemini – Best For Instant Rewards
The Gemini Credit card is launched by a top U.S. crypto exchange. It is available in all 50 American States and can be used abroad without additional foreign transaction fees.
Pros and Cons Of The Gemini Mastercard
- Gemini card Users are instantly rewarded with cashback and do not have to wait to claim rewards.
- Users get 3% back on their first $6,000 restaurant purchases and 1% subsequently, as well as 2% on groceries.
- Gemini card supports a healthy range of cryptocurrencies.
- A mobile app exists to track expenses and manage card activity.
- No annual fees or foreign transaction fees.
- Users must have a Gemini account to claim rewards.
- Card applicants may need to wait a long before qualifying to be on the waitlist.
- Gemini transaction fees are quite expensive compared to others.
BlockFi – Best For Initial Rewards
The BlockFi credit card was launched by BlockFi, a leading crypto lending service in the United States. It is available in nearly all 50 states except New York, while it has restricted usage in Kentucky. The Catch for using BlockFi is that you can get as high as 3.5% back within the first three months, after which rewards are reduced to 1.5%. High-volume users (annual purchase volume of $30,000) will get 2% rewards. Also, crypto transactions will get an additional 0.25% cashback.
Pros and Cons Of The BlockFi Visa card
- High initial rewards
- No annual fees or foreign transaction fees
- Special rewards for crypto-based purchases
- You must own a BlockFi account before being eligible to request a card.
- BlockFi has higher credit score requirements than many other issuers.
- New York and Kentucky residents are restricted.
SoFi – Best Signing Up Bonus
SoFi credit card will issue up to $300 in sign-up bonuses based on certain requirements (offer may be limited). Other SoFi rewards are issued via a point-based system, where all purchases get 3 points per dollar, which is reduced to 2 points after the first year. Each point can be exchanged for a cent via the SoFi invest application, which is available in all 50 states (but with some restrictions in New York).
Pros And Cons Of The SoFi Mastercard
- High sign-up bonuses
- No annual fees or foreign transaction fees
- The service cannot be linked to a wallet; it is fully custodial, so to withdraw your rewards, you have to sell them.
- Rewards cannot be obtained without a “SoFi invest” account.
Brex – Best For Small Businesses
The Brex card is designed with small businesses and startups in mind. However, beyond its appeal to businesses, it has exceptional rewards via a point system similar to SoFi’s. For every 1,000 points, users can redeem $7, which can be easily obtained, as users get 7 points per dollar spent on rideshares and taxis, 4 points on travel, 3 points per dollar on restaurants and Apple products, and 2 points on recurring software expenses.
Pros And Cons Of The Brex Mastercard
- Wide range of rewards, as users can earn high rewards on basically anything; furthermore, new cardholders are eligible to get 10,000 points for spending up to $3,000 within their first 3 months.
- Brex is only available to C-corps, S-corps, LLCs, and LLPs.
- Users need to activate daily payments to get the best rewards, which may not be suitable for all businesses.
Nexo Mastercard – Best For Additional Benefits
The Nexo Mastercard Has An IOS And Android-Compatible Mobile App For Managing Assets And Controlling The Card. It Is Acceptable In All Mastercard-Compatible POS, Web Payments, And ATMs, And Even If You Don’t Want A Physical Card, A Virtual Card Can Be Created For You. Nexo’s Best Feature Is Its Embedded Loan, Which Allows You To Apply For A Loan If You Qualify.
Pros And Cons Of The Nexo Mastercard
- No Issuance Fees Or Periodical Fees.
- It Can Work As Physical Or Virtual Cards.
- Offers Loans To Users, Up To $2 Million, Depending On Their Holdings
- KYC Is Required
Generally, as a credit-based society, the United States is considered priority for crypto credit card services (although users can spend outside the U.S.). Indeed, many of these card issuers do not have specific credit score requirements; still, it is important to have decent credit scores for a successful credit card application, as you would with a traditional credit card issuer.
Beyond these listed above, several other crypto credit cards and even debit cards exist. You may visit their individual websites for more details on how to apply for any of the cards.