Crypto debit and credit cards are transaction cards just like those of traditional banks. They’re however denominated in cryptocurrencies rather than fiat currencies like GBP or USD. Instead of a bank, crypto cards are linked to a crypto exchange and use crypto assets in the holder’s wallet.
They provide convenience in crypto spending, since you can use them to pay for goods and services online without having to convert your crypto assets to fiat. You can also own a physical or virtual, which serve the same purpose.
Why Crypto Cards are Popular
Crypto cards are becoming quickly popular, since they offer an option for online payments and even physical cash withdrawals that beat what traditional bank cards offer. First, they are very convenient to use, as they come as virtual and also physical cards.
Secondly, they come with such privacy that traditional cards don’t offer. Just like crypto transactions are public but can not be linked to you, crypto card transactions cannot be traced to you. This gives you the comfort of knowing that you’re not being tracked financially.
You can also use them anywhere worldwide where Visa or Mastercard cards are accepted. The speed of transactions is also an encouragement for using these cards, which explains why they’re rapidly becoming more common.
Should you own one? If you want to enjoy all the advantages that crypto cards bring, yes, and here are seven the reasons you should get one.
- Earn crypto rewards: You get rewarded with crypto assets every time you use a crypto card whether virtual or physical to pay. You can easily reinvest these rewards which can be significant if you use your card regularly.
- Escape credit scores: Before you obtain a traditional credit card, you’ll be required to undergo a credit score evaluation. If the bank is not satisfied with your evaluation score, you may not get the credit card. This is not so with crypto cards. Literally anyone can get one and start spending their crypto online right away. You only need a crypto wallet and an account with the issuing exchange.
- No annual fees: A typical credit or debit card charges you an annual fee for maintaining the card. They also charge high interest rates on such cards which are not even private. With a crypto card, you may pay an initial fee when setting up the card but that’s it. No recurring annual fees to worry about.
- You get to earn crypto without buying: There are a number of ways you can get cryptocurrencies without having to pay for them. Owning a crypto card is one of such ways. By getting crypto cashbacks, you can grow a crypto portfolio from nothing which can grow in value to become a significant investment. This is especially true for crypto assets will low market caps.
- Fast transactions: You can literally settle payments with crypto cards within seconds and if there’s a misunderstanding, you can get a refund almost instantly. You can’t say that with a traditional bank card which may take days top rocess payments. The secret is in blockchain technology upon which cryptocurrencies are built for fast transactions.
- You can spend anywhere: Traditional banks may have restrictions on where you can use your credit or debit card. With crypto cards however, there are no boundaries. You can use the card in any location around the world to conveniently pay for things you care about. This gives you the convenience of not having to own several cards at once.
- No ATM fees: Like a traditional bank card, you can use your crypto card to make withdrawals at ATMs. The difference is that you won’t have to pay huge ATM fees that apply to traditional cards. This is a major advantage and a way to save money in fees which adds up rather fast. If you wish to avoid exorbitant ATM fees, a crypto card is a great option to consider.
