How to choose the best cryptocurrency credit card
Choosing the best crypto credit card can be very different from purchasing other types of credit cards. Here are some things to look out for to find the right one:
card issuer
In most cases, crypto credit cards are issued in partnership with platforms that allow you to buy and sell cryptocurrencies. Also, it is usually only available to users of that platform. For example, if you need a Gemini Credit Card™, a Gemini account will be created once your card application is approved. This is something you don't have to consider with most of the best credit cards.
If you already have an account with a crypto app or exchange, first check to see if they offer their own credit cards. Since you are already a client, this is the most convenient option. However, if you want to open an account on another platform, we also recommend comparing all card options.
Types of cryptocurrencies available
Each crypto credit card has different cryptocurrencies that you can earn as perks. Most cards have at least a few options, but the number varies considerably.
You can choose any cryptocurrency credit card as long as you are flexible about which cryptocurrencies you want to receive. However, if you want to earn a specific cryptocurrency, look for a credit card that offers it.
learn more: Types of cryptocurrency
reward rate
The redemption rate is the amount of money that a crypto credit card earns on purchases. Some crypto cards offer one flat rate for all purchase categories. Other cards offer higher rates on bonus categories and lower rates on purchases outside of bonus categories.
The most important thing is to choose a crypto credit card with a high reward rate. Fixed-rate cards tend to work well for just about anyone, but if you spend a lot in certain categories, you may benefit more from a bonus category card.
Fee
These can make a big difference in which cryptocurrency credit card offers the best value. The most common types of fees to look for when comparing credit cards are:
- Annual fee: Annual fee for the card. The majority of crypto cards are credit cards with no annual fee, so there are plenty of options available for free. This is a big advantage because if you don't spend money on your credit cards every year, you're less likely to end up in a situation where you end up with too many credit cards.
- Foreign transaction fees: Fees charged on transactions made in a foreign currency or processed through a foreign bank. It's helpful to have a credit card that doesn't charge foreign transaction fees. For those who frequently travel abroad, it is practically a must.
- Virtual currency sales fee: Some cards charge fees when selling cryptocurrency rewards. This doesn't necessarily mean you should rule out these cards, but you may be better off with a card that doesn't charge this type of fee.
learn more: How to choose a credit card
