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What is Crypto Credit Card? Benifits of Crypto Credit Card.

What is Crypto Credit Card? Benifits of Crypto Credit Card.



    What is Crypto Credit Card?

    Crypto Credit cards are being used for cryptocurrency in the same way as banks give credit or debit cards to customers. Crypto Credit Card is a kind of Debit card. The only difference is that the Crypto Credit Card is fully linked to the digital currency or cryptocurrency.


    The thing to understand here is that while making a payment with Crypto Credit Card, cryptocurrencies like Bitcoin, Ethereum, or Dogecoin will not be needed. If you pay someone through a Crypto Credit Card, then first the cryptocurrency will be converted into the currency of that country and then it will be given to the payer. The amount of time it takes while pay by bank credit or debit card will take the same amount of time with Crypto Credit Card.


    How does a Crypto Credit Card work?


     The way the bank deducts money from the account for paying with credit or debit credit, similarly when you pay with Crypto Credit Card, then crypto will be deducted from your crypto account according to that amount. This great facility is available in Crypto Credit Card that the user can take a loan from the card issuer company and return it later in cryptocurrency. Let us tell you that there is also a reward (Crypto Credit Card Rewards) for making crypto credit card payments, about which you will be told further in this article.


    Can I also withdraw cash from Crypto Credit Card?


    Crypto Credit Card also provides the facility of withdrawing cash from the bank like the credit card of the bank. Let us tell you that Coinbase issued the first Crypto Credit Card in the name of Shift Card. With the Shift Credit Card, you can withdraw up to a maximum of $ 200 from an ATM. At the same time, transactions up to $ 1000 can be done every day through Shift Credit Card.

    Famous Cryptocurrency Credit Cards


    1. BlockFi Bitcoin Rewards Credit Card
    2. SoFi Credit Card
    3. Gemini Credit Card
    4. Crypto .com Visa Card
    5.  Nexo Card
    6. Breaks Business Card
    7. Venmo Credit Card


    Different Crypto Credit Cards give different rewards to the user. Which is as follows..-

    1. The Gemini credit card offers rewards of up to 3% in bitcoin.

    2. With the help of Breaks Business Card, users can spend reward points in bitcoin or Ethereum.

    3. BlockFi credit card users offer rewards of up to 1.5 percent on payments with 10 types of cryptocurrencies, including bitcoin and Ethereum.

    4. The Venmo Credit Card gives the user the opportunity to buy bitcoin, Ethereum, Litecoin, or bitcoin cash with the cashback cryptocurrency.

    5. Rewards points earned on SoFi credit cards can be redeemed in bitcoin or Ethereum.


    Benefits of Crypto Credit Card


    1. Transaction up to $1000 per day and cash withdrawal up to $200.

    2. The kind of additional charges levied on common credit cards are not the same as on Crypto Credit Cards.

    3. Charges are collected from banks for credit cards, while the charge of the card is waived if the Crypto Credit Card is spent up to a limit.

    4. Also, there is no charge for foreign exchange in the Crypto Credit Card. This fee is charged on the cards of banks.

    5. The value of the reward points received on the Crypto Credit Card increases with the growth of the cryptocurrency. Although it can also fall with a fall.

    How do you get a crypto card?

    You can apply for a crypto card from a cryptocurrency exchange, although some cards like the Gemini credit card may be waitlisted. An account and a digital wallet are typically required to get started, and some fees may apply.

    How to Apply for Crypto Credit Card?

    Please follow the steps below to apply for your Crypto.com Visa Card.

    1. Sign Up

    Sign up for a Crypto.com Visa Card by downloading the Crypto.com App and completing our KYC.

    Note: The Crypto.com App is compatible with mobile devices only.

    2. Apply

    Once you've downloaded the App and completed our KYC, navigate to the "Card" page" which is located at the bottom right corner of the app.

    Afterward, select your preferred card tier and stake the respective CRO equivalent. You can check the updated CRO staking rates here.

    There are 3 steps required as follows:

    a. Accept the Terms & Conditions

    b. Have sufficient CRO in your App wallet to stake them for 180 days' lock-up period. Details on how to stake can be found here.

    c. Submit & confirm your delivery address. Details on the proof of address can be found here.

    Note: Users will receive a virtual card in the App, shortly after the review of the address documents is complete. A physical card (optional) can be requested to be delivered thereafter. Please refer here for more information on the virtual and physical cards in the EU/UK and here for the US.

    3. Shipment

    When the Crypto.com VISA cards are ready to ship, users will be prompted to update the App and stake CRO, if they have not already.

    The card status will be updated in the App, once all of the above steps are completed and the card is being shipped.

    Reference

    Further details relating to the Crypto.com Visa Card can be found here.


    Conclusion:-

    Also, keep in mind that Crypto Credit Card also has a high-interest rate and late fee for late payment. Late payment also affects your credit score. The high prices of crypto against official currencies can be a big blow to your pocket. Therefore, before taking a Crypto Credit Card, take steps for it only after taking these things into consideration.

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