The best crypto credit cards in the market today allow users to earn cryptocurrencies for spending fiat currency. And based on the projected increase in crypto credit card adoption by 40% annually, it seems to have garnered a tonne of interest from crypto enthusiasts.
Choosing the best crypto credit card boils down to your personal preferences, goals, and needs. Don’t worry if you’re not already aware of them. This guide will help you understand what you need and present the best the market has to offer in 2023.
How to Choose the Best Crypto Credit Card in 2023
As with anything, there is no one-size-fits-all solution for crypto reward cards. People have individual goals and needs based on which they make decisions. However, the following are some essential factors to keep in mind when selecting the best crypto credit card in 2023.
In crypto credit cards, rewards often come in cashback in cryptocurrencies or points that can later be redeemed for crypto. However, the reward structure may vary.
While some cards offer higher reward rates on specific spending categories, like flights or restaurants, others offer less on everyday expenses like groceries. By choosing a card that aligns with your lifestyle and spending habits, you can maximize your benefits and make the most out of your purchases.
Rewards are great, but understanding the various fees associated with crypto reward cards is equally crucial. These fees can include annual fees, transaction fees and, in some cases, inactivity fees.
Take the time to carefully compare these fees with other factors to ensure they align with your goals and needs. A low-fee card may be preferable for some, while others may find the benefits of a higher-fee card outweigh the costs.
When choosing a card, consider the specific cryptocurrencies you want to earn or hold. Some cards offer a wide range of options, while others may only support a select few. So, whether it’s Bitcoin, Ethereum, or other popular cryptocurrencies, choose a card that aligns with your crypto portfolio goals.
Security and Privacy
As with any financial instrument, security and privacy are of paramount importance. When selecting a crypto credit card, prioritize features such as two-factor authentication, fraud protection and secure storage of personal information. These measures will help safeguard your funds and personal data from potential threats.
Reputation and Support
Don’t overlook the reputation of your card provider, as it’s a clear indicator of their customer service. Take the time to research the card provider’s track record, customer reviews and available customer support channels. Excellent customer service can make a world of difference in times of difficulty.
Now that we know what factors to consider, let’s dive into our list of best crypto credit cards in 2023.
1. SoFi Credit Card
The SoFi Credit card is undoubtedly one of the best crypto credit cards, and for good reason. Firstly, they have no annual or foreign transaction fees. That is already a huge advantage.
As for rewards, you can enjoy an unlimited 2% cashback on all purchases, no matter what category it falls in. But there is a catch. You must redeem your rewards into an eligible SoFi account to avail of the full 2% cashback.
The card comes with a standard APR of 17.74% to 29.74%, depending on your credit score. You need a good credit score within the range of 700 to 749 to be eligible for the card.
Concerning security, the SoFi Credit card uses Mastercard ID theft protection to protect your sensitive personal data from potential cyber-attacks and frauds. And lastly, to sweeten the deal, it also provides complementary cell phone insurance coverage of up to $1000.
To apply for the SoFi Credit Card, click here.
2. Upgrade Bitcoin Rewards Visa
The Upgrade Bitcoin Rewards Visa comes with a major advantage – no annual fees. But there are minimum monthly repayments to maintain the active status of your card.
The Upgrade Bitcoin Rewards Card has a unique reward structure where you’ll receive 1.5% unlimited Bitcoin rewards on all purchases but only once you repay your bills. These Bitcoins will be purchased on your behalf and securely held in an NYDIG wallet, a trusted custody and trading platform.
The card offers a virtual card compatible with Google Pay and Apple Pay, which can be good or bad, depending on what you prefer.
As for the financial details, it offers competitive APR rates, ranging from 14.99% to 29.99%, depending on your creditworthiness and credit lines of up to $25,000. However, you must have an excellent or good credit score of 700 to 749 to be eligible for the card.
To apply for Upgrade Bitcoin Rewards Visa, click here. Keep in mind that this card is currently only available in specific US states. So, check the availability in your region.
3. Brex 30 Card
The Brex 30 Card is probably the best crypto credit card for small businesses and startups. Why? We’ll find out.
Designed specifically for businesses, the Brex 30 Card offers a point-based reward scheme that can earn you 1 point for every dollar spent. But the rewards can go even higher for specific spending categories, like 7x points on rideshare expenses and 4x points on travel bookings made through the Brex portal.
Later, you can redeem these points for cryptocurrencies using a Coinbase account – 70 cents worth of cryptocurrencies for every 100 points. With this card, you can score a sweet sign-up bonus of 50,000 free points when you spend $9000 within the first 90 days of getting your card.
Additionally, the card offers many useful features for managing your business expenses. For instance, you can assign unlimited virtual cards to your team with custom limits.
The Brex 30 card requires no credit checks, personal guarantees, account fees and interest charges. The only eligibility criteria it has is businesses must have a linked bank balance of at least $50,000 to ensure a stable financial foundation.
To apply for the Brex 30 Card, click here.
4. Venmo Credit Card
If you’re a fan of seamless mobile payments and high reward rates, Venmo Credit Card is one of the best crypto credit cards for you.
To begin with, the Venmo Credit Card has no annual or foreign transaction fees. As for rewards, Venmo offers 1-3% cashback rewards on your purchases.
The cashback structure is a little confusing, but here is a gist of it – 3% cashback on your top spending category, 2% on the next, and 1% on the rest of your purchases.
The card supports four popular cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. As you earn cashback, you will automatically receive your choice of crypto in your Venmo wallet. Unfortunately, you can’t transfer them to any other wallet or exchange account, which is a massive drawback.
Other than that, the Venmo Credit Card offers competitive APR rates ranging from 19.99% to 28.99%. To apply for the card, you need a good or excellent credit score within the range of 700 to 749. Additionally, you must already have an at least 30-day old Venmo account before signing-up for the card.
Also, keep in mind that the Venmo Credit Card is currently only available in the United States. So, people living outside of the US can’t apply for this card.
To apply for the Venmo Credit Card, click here.
5. Gemini Credit Card
Much like most entries in this list of best crypto credit cards, the Gemini Credit Card also has no annual fees.
As for the reward structure, the Gemini Credit Card is quite similar to Venmo Credit Card. With the Gemini card, you can earn up to 3% crypto cashback on dining, 2% on groceries, and 1% on all other purchases.
The best part? The cashback is instant. Plus, you can choose from 60+ popular cryptocurrencies, including Bitcoin and Ethereum.
The card is available as a virtual or digital card. Other than that, you get top-notch security measures of Gemini, one of the leading crypto exchanges, as well as the added security of Mastercard, including Zero Liability Protection and ID Theft Protection.
The Gemini Credit Card offers competitive APR rates ranging from 17.74% to 29.74% and requires a good to excellent credit score of 700-749. However, the card is only available to residents of the United States for now.
To apply for the Gemini Credit Card, click here.
Can I withdraw cash from a crypto credit card?
Yes, you can withdraw cash from crypto credit cards. Most crypto credit cards are partnered with popular card networks like VISA and Mastercard. So, generally speaking, you can withdraw cash from any ATM that supports these card networks. However, most cards impose additional charges and limitations on withdrawing cash. So, be aware of that.
What is the difference between crypto debit cards and crypto credit cards?
Crypto credit cards provide you with a line of credit in fiat currency and offer rewards for spending. Whereas crypto debit cards are directly connected to your crypto wallets and exchange accounts, allowing you to spend your cryptocurrencies at any merchant accepting Visa or Mastercard.
Check out our guide on crypto credit cards where we discuss the difference between the two in depth.
Is it worth having a crypto card?
While a crypto credit card may initially seem like a convenient way to invest in crypto while using a credit card, you must consider its benefits and drawbacks compared to a regular credit card.
Regular credit cards often offer higher rewards and cashback rates, allowing more flexibility in purchasing crypto or other items. Also, using a regular credit card eliminates any potential capital gains taxes in the future that come with crypto rewards.
Overall, a regular credit card may make more sense for some people.
Is crypto cashback taxable?
The tax treatment of crypto cashback varies depending on different countries. In general, cashback received in the form of cryptocurrencies is not taxable at the time of earning. However, if you sell or exchange the crypto rewards in the future and realize a capital gain, you may be subject to capital gains taxes.
It’s better to consult a tax expert or refer to the specific tax regulations in your country to find out the exact tax implications of crypto cashback.