We all know that gaining points and rewards are the main benefits of using a credit card. With the rise of Bitcoin, we’re now seeing more credit cards offering crypto rewards. All the cards we cover will allow you to earn crypto on your spending or convert your rewards to crypto!
1. SoFI Credit Card
SoFi is a fintech company located in San Francisco, the app allows users to manage their savings, investments, crypto, loans and credit cards in one place. With SoFI’s credit card you earn two SoFI reward points for every $1 spent on every purchase. There are no category restrictions, no foreign transaction fees, no cap on earnings, no minimum redemption thresholds but there is a $5 minimum for crypto redemption and rewards never expire.
To redeem SoFI points for crypto all you would have to do is deposit your points into a SoFI crypto account. Right now you can redeem your points for Bitcoin and Ethereum but beyond rewards, SoFI has 20 other coins available to trade. Like most crypto exchanges whenever you buy crypto there’s usually a small transaction fee, whenever you redeem your credit card points for crypto there is no fee.
Some other benefits include lowering your APR by 1% once you make 12 monthly payments on-time, Lyft benefits, cell phone protection and world elite Mastercard benefits. Also, if you’re eligible for a SoFI loan you can use your rewards to pay down that debt. SoFI is actually the first credit card out there that allows you to redeem your rewards in crypto!
2. BlockFi Credit Card
With this credit card you’re getting 1.5% back in Bitcoin on every purchase. You can also earn 2% back in Bitcoin on every purchase over $50,000 in annual spend. Instead of a sign up bonus, you receive a bonus of 3.5% back in Bitcoin during the first three months.
The one thing to keep in mind is that bitcoin rewards are paid out on a monthly basis into your BlockFi account, so this is not instant earnings. Additionally, there are no other fees to use this card, no annual or foreign transaction fees. You can earn crypto interest on your bitcoin rewards, you can earn an APY bonus in bitcoin on your stable coin holdings, get a trading bonus and $30 in BTC for every referral on top of the base rate of $10.
Currently, there is a waitlist for BlockFi’s credit card, so you would have to sign up on the website and you can only move up in the line if you have more referrals. Based on BlockFi’s website, they started accepting applications but always just double check to get the latest info.
3. Gemini Credit Card
Currently the Gemini credit card also has a waitlist – on their website it says that it’s launching this summer so there should be a release within the next couple of months. With Gemini you get 3% on dining, 2% on gas and 1% on all other purchases. Similar to SoFI you can redeem your rewards in Bitcoin or any other type of crypto that is available on Gemini’s platform. Unlike BlockFi, you can earn your rewards in real time and avoid waiting for a payout!
Another notable mention is that you get instant access once you get approved for the card. You can add it to Apple Pay or Google Pay and there’s also some customization that you can do, other cards will be metal and you can pick between black, silver and rose gold. That’s all we know about this credit card so far!