Technology is quickly evolving, and the world is rapidly going digital. The cryptocurrency space is a headway as well, ensuring that new trends and products are on the thump of the industry. One craze that is gaining fame among cryptocurrency enthusiasts is crypto credit cards.
Finding the best crypto credit is not easy, you need to research and analyze critical factors that may bring you unfortunate consequences later. It is important to know the rewards structure, cryptocurrency options, payment methods, exchange options, pricing, and fees.
Cryptocurrencies are becoming more and more relevant and crypto cards are becoming more feasible. A cryptocurrency credit card works just like the traditional credit card, counting out that the funds and rewards are digital currencies.
Cryptocurrency credit cards are back by famous multinational financial services corporations like Visa and Mastercard. Just like the normal credit card, you will be able to receive flexible credit rewards by spending cryptocurrencies.
BlockFi Bitcoin Visa Credit Card
BlockFi credit card aims to be the first-ever crypto earning credit card in the crypto space, giving gives quite generous rewards for users. The crypto credit card earns about a 1.5% reward on all purchases made through the card.
The rewards are converted into Bitcoin within your BlockFi account every month. However, BlockFi Bitcoin Rewards Visa Signature Card is solely for Bitcoin, so if you’re interested in the card, but not with Bitcoin, it is definitely not for you.
BlockFi Bitcoin Visa Card works just like a cashback card that is automatically used to buy Bitcoin each month. You will not receive Bitcoin rewards instantaneously, preventing you from possibly making big purchases when is trading at a flattering rate. Converting the reward, you receive to any other form of cryptocurrency directly is also not allowed.
Aside from the 1.5% reward on all purchases, BlockFi credit cards also put forward an introductory reward rate of about 3.5% on all purchases made within the first 90 days of card membership. As well as 2% Bitcoin back each card anniversary for every $50,000 of yearly spent.
To own BlockFi Bitcoin Visa, you need to pay a transaction fee of $295 annually, but they have removed it so there’s no more annual fee for using the card, neither there is a foreign transaction fee.
BlockFi traders who own their credit cards can also earn up to 0.25% of their trading volume back to the maximal amount of $500 BTC every month. BlockFi cardholders who hold stablecoin assets in BlockFi Interest Account (BIA) can also acquire an extra 2% on top of the stablecoin annual percentage yield.
BlockFi credit card is pretty favorable for its owners. Imagine, when you buy things in the real world, you will be able to get Bitcoin in your BlockFi account. And that Bitcoin grows interest over the long run if you hold it just right there.
Being one of the first crypto credit cards doesn’t make BlockFi Bitcoin Rewards credit cards the best among the rest. It is lacking in terms of bonus categories as well as options for real-time rewards.
It offers pretty good benefits to Bitcoin lovers, yet if you don’t want to limit yourself solely to Bitcoin cryptocurrency, you might want to try out other crypto credit cards.
Chase Sapphire Preferred Credit Card
When it comes to credit card benefits, Chase Sapphire Preferred will never be last in line with its remarkable 100,000 points sign-up bonus. Although this is the card’s tempting benefit, it’s probably not the only one.
Chase Sapphire Preferred is one of the best among many choices for frequent travelers. It gives great perks and reward programs for both non-travel and travel-focus consumption.
More than the sign-up bonus and other perks, Chase Sapphire’s credit card’s benefit centers around redeeming and earning points. A Sapphire Preferred cardholder will get one Chase Ultimate Reward point (valued at one cent) for every dollar spent.
According to the General Manager of Chase Sapphire, the Sapphire preferred credit card gives 3X points on dining at restaurants as well as on eligible food takeout and delivery. There are 2X points from airfare to hotels to trains, rideshares, taxis, toll bridges, and a lot more.
The points you will earn are redeemable for gift cards, purchases at Amazon or Apple Ultimate Rewards Store, cashback, yet the best and truly ideal deal to trade your points is to use it to travel for free by transferring them to the travel partners of Chase.
Besides the rewards program, you could get perks like $50 annual Ultimate Rewards Hotel Credit, $60 back on eligible Peloton digital, DoorDash’s subscription service, trip cancellation/interruption insurance, 120 days of purchase protection, and there is no fee for foreign transactions.
With Chase Sapphire Preferred, a person could get reimbursement of about $10,000 per person in the non-refundable travel expenses if the trip was suspended due to severe weather conditions, sickness, and other covered conditions.
If cardholders get a travel delay for over 12 hours, or if the delay demands holders to stay overnight, Sapphire Preferred holders are covered over $500 per ticket for necessary expenses like hotel stay and meals.
If the luggage is delayed for more than six hours, cardholders are eligible to reimburse around $100 per day for five days to make up for the cost of new clothing and toiletries.
If the cardholder is traveling and uses Chase Sapphire Preferred, they get insurance coverage for theft and collision in the United States and overseas. However, the Sapphire Preferred cardholder must decline the insurance coverage of the rental company.
Chase Sapphire Preferred credit card is definitely a must-have for people who love traveling.
Chase Sapphire Preferred also grants access to My Chase Plan, enabling cardholders to break up for monthly installment purchases of more than $100. There’s no need for you to pay interest for My Chase Plan purchases, but there’s a fixed monthly fee.
Most credit card providers require outstanding credit to qualify to apply, and Sapphire Preferred is not an exception. Chase requisites credit scores ranging from 870 to 850, as well as a process to know if you are eligible for the card or not.
If you haven’t built a good credit score to qualify for Sapphire Preferred, you could sign up for a card with a lower credit requirement to build your credit.
The $95 annual fee is nothing to the maximum benefits you will get.
Which is the Best Credit Card to Pick?
Actually, there is no such thing as the “best” credit card, there is only the “right” card for each person. This means that the best credit card varies depending on your situation.
There is Citi Double Cash Back card that will give you cashback on all purchases, American Express Blue Cash Preferred that is best for family-friendly purchases like groceries, there is also a credit card for students like Discover It Student Cash Back, and Credit One Bank Platinum Visa for people with bad credit.
To pick the best credit card, you should consider your financial goals, spending habits, and where you’re going to use the credit card as a whole. The best credit card is actually subjective and is substantially based on your priorities.
Let’s say a frequent traveler might commend the Chase Sapphire Preferred as the “best credit card” because of the several travel perks it offers. But, if the traveler’s priority change to cryptocurrency investing, the BlockFi credit card may the “best” card.
At the end of the day, the best credit card is the one that earns you rewards you can actually use on regular basis, helping you hit your life, travel, or financial goals.
