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Now Earn Crypto Rewards Effortlessly with Debit and Credit Cards
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Cryptocurrencies have been mainly associated with investing, trading, and long-term holding. However, using crypto to pay for goods and services has always been challenging. Are you interested in earning cryptocurrency rewards without purchasing or investing in them directly? A crypto credit card or crypto debit card may be your solution.
Instead of converting crypto into fiat currency and waiting for the transaction to appear in a bank account, crypto debit cards allow you to spend your crypto funds directly. These cards work just like traditional credit or debit cards. One key difference is that the rewards you earn are cryptocurrency, which can be accumulated and used for future investments or spending.
In addition, crypto debit and credit cards provide an excellent opportunity for new investors to learn more about cryptocurrencies. Registering for an exchange and getting a crypto debit or credit card allows you to earn cryptocurrencies on all purchases without investing in them directly. And for those who already hold crypto, using a debit or credit card can provide more options for spending and earning rewards.
Understanding Crypto Debit Cards
Crypto debit cards offer a convenient payment solution for crypto holders, allowing them to make purchases and pay bills using their crypto funds. The amount is automatically deducted from their crypto wallets instead of accumulating debt, making it easy to use for daily expenses.
When using a crypto debit card, users can fund their crypto accounts and transfer funds from their bank accounts to a crypto exchange. The card can be linked to various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins. Stablecoins like USD Coin (USDC) and Tether (USDT) are recommended for buying goods and services as they can help avoid incurring taxes on invested cryptocurrencies.
Depositing funds to a crypto debit card is a breeze, as users can do so via a mobile app or exchange website. Withdrawals can be made through your bank account, Apple Pay, Google Pay, or ATM withdrawals. Additionally, cardholders can pay with their desired digital currency, which will then be converted to the country's fiat currency, where the merchant accepts crypto debit cards.
Exploring Crypto Credit Cards
On the other hand, a crypto credit card is a reward credit card that lets you earn cryptocurrency rewards on purchases instead of cash back or points. They work similarly to regular credit cards, where you get a credit line from the bank to make purchases and pay them off at the end of the billing cycle.
With crypto credit cards, you can earn rewards through cryptocurrencies, which can be accumulated and used for future investments or spending. This card type offers an excellent opportunity for crypto enthusiasts to earn more cryptocurrency without directly buying or investing in them.
Coinbase Visa® debit card for Crypto Rewards
Coinbase offers a Visa® debit card that lets you earn rewards on every purchase you make without investing or buying crypto. With the Coinbase debit card rewards program, you can earn up to 4% on select cryptocurrencies, making it an excellent option for crypto enthusiasts looking to maximize their rewards.
Not only do you earn rewards on every purchase, but you also get to avoid transaction fees. The Visa® debit card makes it easy to turn your everyday purchases into crypto, and the rewards you earn can potentially increase in value over time. To start, sign up for a Coinbase account and apply for your crypto debit card today.
Geminis World Mastercard® for Instant Crypto Rewards
Gemini exchange is available in 60+ countries across different regions, including North America, South America, Europe, Asia, Oceania, and Africa.
Gemini's new credit card is a game-changer for crypto rewards cards. Unlike many prepaid debit cards, the Gemini Credit Card allows you to earn rewards in Bitcoin, Ethereum, or 60+ other cryptocurrencies available at Gemini.
With no annual or foreign transaction costs, the card comes with World Mastercard® protection benefits. The best part? The Gemini Credit Card deposits your crypto rewards instantly into your account when you swipe, not a month later. You don't have to time the market or pay trading fees. You can earn Bitcoin, Ether, or any of your favorite cryptocurrencies by living your life daily with every purchase. Gemini Credit Card is currently only available for US and UK residents.
To start earning instant crypto rewards with the Gemini Credit Card, sign up for a Gemini account and apply for your credit card today.
Benefits of Crypto Debit Cards
Using crypto debit cards has several benefits, including lower expenses than converting your crypto funds into local currency with your bank. Most of the time, you will not pay added fees when going abroad, making it an excellent option for travelers.
Another advantage of using a crypto debit card is the added security features provided by crypto wallets. Unique passwords, biometric scans, or two-factor authentication provide enhanced security, and owners can disable the card over the exchange's app and report it stolen in case of theft.
Crypto debit cards can also be used for almost every purchase and to make monthly or yearly payments, such as gym memberships, annual subscription fees, or regular bills.
Getting Crypto Rewards with Your Debit Card
Crypto debit cards work similarly to traditional rewards credit card programs, but you get rewarded with cryptocurrency for purchases instead of cash back or points. This means you do not need to incur any debt as you would with a crypto credit or traditional card.
When researching crypto debit cards, make sure to find out the process for the rewards programs as a cardholder. While it may require an added step compared to traditional credit cards, it may be worth it for those interested in cryptocurrency investing. Using a crypto debit card lets you earn more cryptocurrency without directly buying or investing in them.
Do You Need to Pay Taxes on Crypto Earned with a Crypto Debit Card?
Yes, you will need to record the value of the crypto you earned in U.S. dollars and report it as a gain or loss on your income tax return. Using your debit card to make purchases can trigger gains or losses on the cryptocurrency you use to buy goods and services.
However, if you link your debit card with a stablecoin, such as a USD coin, you will not have to pay taxes as it is pegged to the fiat currency. Centralized crypto exchanges are now reporting trading activity to the IRS. Regulators are also looking to increase tax reporting responsibilities for any crypto platform where decentralized finance (Defi) activity occurs, including staking (holding) crypto on a rewards card in exchange for monetary benefits.
Some other popular crypto credit and debit cards on the market include:
- Crypto.com
- BlockFi Bitcoin Rewards Credit Card
- Wirex Visa Card
- Nexo
- Crypterium Visa Crypto Card
- SoFi Credit Card
- TenX Visa Card
Each card issuer has unique benefits and rewards policies, so it's essential to research and compare before choosing the best one for your needs.
Bottom line
Crypto debit and credit cards offer more incentives than traditional cards from banks or other financial institutions. Using a crypto debit or credit card, you can earn more rewards and investments in cryptocurrencies without buying them directly. Using a crypto card is an excellent option for those who want to increase their cryptocurrency holdings without making direct investments or earning cashback rewards.
However, it's crucial to consider the benefits and trade-offs of using a crypto card, such as transaction fees, reward policies from different issuers, and cryptocurrency volatility. The crypto rewards earned can compensate for the money spent, and the cashback earned can be reinvested into cryptocurrency. Additionally, conduct thorough research and compare various options when selecting a crypto card to ensure that you find the one that best meets your needs.
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