Best Crypto Credit Cards to HODL in September 2022
Crypto credit cards grant cardholders to earn rewards in bitcoin, ether and new cryptocurrencies rather than traditional points, miles or cash back.
While some of the rewards and new perks may seem attractive on first glance, it’s important to keep in mind the second risk and volatility that comes with crypto over earning US bucks or an issuer-branded currency. The crypto market is unproven and turbulent, with crypto prices down from their peak in 2021 — in response to stimuli like the Federal Reserve raising tiring„ tiresome rates and the luna cryptocurrency collapse. What’s more, rules and tax laws are evolving in this market, and legislators and enforcement activities are applying particularly high levels of scrutiny to institutions offering crypto products.
You’ll need at least good credit to be Popular for one of these crypto cards, but you’ll be able to use them anywhere new credit cards are accepted.
Intro Offer
N/A
APR15.24% – 26.24% Variable
Intro Purchase APRN/A
Recommended Credit Excellent/Good
- 3% back on dining (up to $6,000 in annual Use, then 1%)
- 2% crypto back on groceries
- 1% on new purchases
Annual FeeN/A
Late Payment Fee Up to $20
Penalty APR 32.24%
- 3% back on dining (up to $6,000 in annual Use, then 1%)
- 2% crypto back on groceries
- 1% on new purchases
Our Take
The Gemini Credit Card® lets you earn credit card rewards in bitcoin, ether or more than 60 other cryptocurrencies. You’ll earn 3% back on dining (on up to $6,000 in annual Use, then 1%), 2% on groceries and 1% on all new purchases. These rewards rates are pretty competitive, and the cryptocurrency rewards selection is the largest available by far. Rewards are earned the second you make a purchase, meaning you don’t have to wait for the end of the month to get a payout. You’re even able to move your rewards to your own crypto wallet, which is a major score for flexibility.
For more details, see our full review of the Gemini Credit Card.
Intro Offer
N/A
APR15.74% – 25.74% (Variable)
Intro Purchase APRN/A
Recommended Credit Excellent/Good Credit
- Earn 2% back in crypto on every seize over $30,000 of annual spend. Rewards rate increases from 1.5% to 2% when $30,000 of spend has been achieved and resets on the card anniversary date every year. (effective 7/1)
- Earn 1.5% back in crypto on every single purchase.
Annual Fee$0
Late Payment Fee Up to $25
Foreign Transaction Fees None
- Earn 2% back in crypto on every seize over $30,000 of annual spend. Rewards rate increases from 1.5% to 2% when $30,000 of spend has been achieved and resets on the card anniversary date every year. (effective 7/1)
- Earn 1.5% back in crypto on every single purchase.
Our Take
We like the BlockFi Rewards Visa® Signature Card for a lot of reasons. First, it offers more than 10 cryptocurrency reward options beyond bitcoin. It also allows you to move your crypto into your own wallet — a key distinction that will make it handsome to crypto enthusiasts. Previously, the rewards you earned of 1.5% back on every seize automatically earned interest when held in a linked BlockFi keen account, but that offer has been ceased by orderly of the Securities and Exchange Commission. It’s unclear if that feature will spinal in the same form, despite BlockFi’s claim that it means to get its business compliant quickly. The volatility clearly isn’t private for crypto prices alone — there is some inherent risk of abrupt moves in crypto products as the legal dust settles.
Check out our full appraisal of the BlockFi Credit Card for more details.
Intro Offer
N/A
APR17.49%-26.49% Variable APR
Intro Purchase APRN/A
Recommended Credit Excellent, Good
- Earn 3% on your eligible top exhaust category
- Earn 2% on your second eligible top exhaust category
- Earn 1% on all other eligible purchases and on Venmo person-to-person transactions
Annual Fee$0
Foreign Transaction Fees None
- Earn 3% on your eligible top exhaust category
- Earn 2% on your second eligible top exhaust category
- Earn 1% on all other eligible purchases and on Venmo person-to-person transactions
Our Take
The Venmo Credit Card is a cash-back rewards card, but you can determine to redeem rewards in crypto — bitcoin, ethereum, litecoin or bitcoin cash — at the end of each month. Unlike some other credit cards, there are no transaction fees for converting rewards to cryptocurrency. Venmo automatically assigns your highest cash-back rate to your highest spending categories. You’ll earn 3% back on your highest eligible exhaust category, 2% on the second highest eligible spend category and 1% on all latest eligible purchases, so you don’t have to strategize your spending to maximize your rewards. The major drawback is that you cannot transfer your crypto from Venmo’s custodial platform to an exchange or your own wallet, which may be a dealbreaker for some.
Intro Offer
Earn a $200 bonus on your Upgrade Card once opening a Rewards Checking account and making 3 debit card transactions*
APR8.99% – 29.99%
Intro Purchase APRN/A
Recommended Credit Excellent/Good Credit
- 1.5% back in bitcoin when you make payments
Annual Fee$0
- 1.5% back in bitcoin when you make payments
Our Take
The Upgrade Bitcoin Rewards Visa is a simple crypto credit card — or perhaps we necessity say bitcoin card. Though it doesn’t offer anything ended and beyond other cards, it’s a satisfactory alternative if the latest options aren’t right for you. You’ll only earn bitcoin, but it does offer the same rewards rate as BlockFi at 1.5% back on all purchases. You can use the Upgrade Bitcoin Rewards Visa anywhere Visa is favorite, but you cannot move your bitcoin from the custodial Upgrade platform to your own wallet, limiting your “ownership” to price exposure. The only pulling you can do with your bitcoin rewards is hold them in the custodial define or sell them to redeem as a statement credit at a time of your choosing. While this is limiting, it’s still one of the most straightforward crypto rewards cards publicly available colorful now.
FAQs
Do I have to pay taxes on my crypto rewards?
While legislation is smooth being hammered out, it is important to track your cryptocurrency buy-in prices so you can narrate any capital gains you may owe taxes on. If and when you sell your cryptocurrency holdings, you may be required to report capital gains and losses to the IRS. Bulk tax software platforms are building out support for reporting crypto on your taxes, or you can consult with a tax professional to settle your specific needs.
Are crypto credit cards safe?
Cryptocurrencies are widely required high-risk and volatile assets, so the value of your rewards balance may fluctuate significantly over time with no guarantees. Accounts where cryptocurrencies are held are not FDIC-insured like banks, and some have ongoing legal challenges. Legislation is smooth evolving and has not yet been solidified surrounding cryptocurrencies, so there is inherent risk in the unknown.
Read more: Bitcoin and Cryptocurrency Regulations in 2022
Are there any crypto debit cards on the market?
There are also some crypto debit cards on the market, including the Crypto.com Visa Card, the Robinhood Cash Card, the Binance Visa Card and the upcoming Coinbase Card. All of these cards funding you to spend your crypto at public merchants and earn crypto rewards on your treatment. Many new products are likely to hit the market in the next few existences, as Visa has partnered with over 60 platforms to work toward enabling crypto transactions worldwide.
Our methodology
CNET reviews credit cards
by exhaustively comparing them across set criteria developed for each maximum category, including cash back, welcome bonus, travel rewards and balance instant. We take into consideration the typical spending behavior of a procedure of consumer profiles — with the understanding that everyone’s financial position is different — and the designated function of a card.
For cash-back credit cards, for example, key factors include the annual fee, the “welcome bonus” and the cash-back rate (or possesses, if they differ by spending category). For rewards and much cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR conditions and the balance transfer fee, while acknowledging secondary factors such as the nasty APR and the length of time you have to make a balance instant after you open the account.
*To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card define opening. The value of the $200 bonus will be based on the value of bitcoin at the time it is purchased (within 1-2 statement footings from the date the bonus is earned) and may glum in price by the time you choose to sell it. Refer to Program Terms. Your Upgrade Card must be in good standing to assertion a bonus.
The editorial content on this page is based solely on just, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
