This type of credit card is intended to reward its users with cryptocurrencies. This concept is still very new and in development, but has sparked a lot of interest, especially on digital currency enthusiasts.
Even though it might sound a little complicated, Crypto Rewards credit cards are very similar to most rewards credit cards. They will be accepted anywhere a credit card is usable, and every time users utilize them for purchases, a reward will be given to them. Unlike the traditional reward cards, you will earn cryptocurrency instead of cash.
One of the most awaited projects is the one Visa announced back in January, in collaboration with BlockFi.
Bitcoin Rewards Visa Credit Card
Visa and BlockFi, a secured non-bank lender that provides digital asset-backed USD loans to digital asset owners, are collaborating to launch the Bitcoin Rewards Credit Card. This card will be obtainable for every U.S. citizen, excluding those living in New York, because of regulatory restrictions.
In association with Evolve Bank & Trust, which will issue the cards, and Deserve, which is going to be a technology and program management partner, the card is expected to be available in spring 2021, but no news has been announced yet.
Users will be rewarded with 1.5% of the sum spent on the purchases. This reward will be exchanged in bitcoin, and then it will be stored every month to the user’s BlockFi account. The cryptocurrency deposited on these accounts can be traded, withdrawn, or used as collateral for a crypto-backed loan.
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