I got my first credit card in college.
It was a Visa card that aimed to help college students build credit.
It transitions into a card with better perks and limits once you graduate.
I still have it, and it has served me well over the years.
The only thing it lacks is good rewards.
Every few months, I collect enough rewards points to redeem $25 to an account of my choosing.
I have an Amex as well, and it makes the Visa look quaint in this regard.
I can do a lot more with the Amex rewards.
It has perks and discounts for fuel, restaurants, travel and even gym memberships.
But there’s a new type of card with even more options.
And it lets you redeem your rewards points for crypto.
Credit or Debit? Crypto Has Rewards for Both
Over the past few years credit card companies have been building partnerships with crypto platforms.
And together they’ve been working on crypto-linked cards.
These are either credit cards or prepaid cards with crypto balances.
The thing they have in common is that they reward you in crypto for your purchases.
Take the Gemini Mastercard, for example. Its rewards sound the same as any credit card:
- 3% back on dining.
- 2% back on groceries.
- 1% back on all other purchases.
The difference is that the rewards can be paid out in one of the 50-plus cryptos Gemini supports.
These rewards will accumulate in a digital wallet that Gemini provides you with.
From here you can hold them as investments or actively trade them.
And prepaid cards like the Crypto.com Visa card provide you with staking rewards.
Depending on the card tier you have, you can deposit a minimum amount and hold it for six months to earn 1% to 8% in rewards.
These rewards come in the form of CRO tokens, the native token for Crypto.com.
Crypto-Linked Cards Are Gaining Popularity
This isn’t some niche trend. Interest in these types of cards is growing.
Visa is leading the pack with partnerships with more than 65 crypto platforms.
In its earnings call Visa announced that its crypto-linked card usage hit $2.5 billion in volume in Q1 of 2022.
To put that in perspective, that’s 70% of Visa’s crypto volume for the entirety of 2021.
And that growth comes despite the recent downtrend in the markets.
With the recent launch of Mastercard’s global Crypto Card Program, we can expect to see crypto cards become even more popular.
We here at Winning Investor Daily will keep you informed on this trend as it evolves.
In the meantime, you can check out Ian King’s Next Wave Crypto Fortunes service for the latest trends in crypto.
Regards,
Research Analyst, Strategic Fortunes
Morning Movers
From open till noon Eastern time.
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