Summary
A cryptocurrency is a type of digital currency system, linked to a personal computer chain and built on computer algorithms. No country or government has any control over this. Its popularity is growing to the point where many countries have legalized it. Along with this, now crypto credit cards are also coming into the market.
Expansion
Credit cards can be said to be a convenient option for making purchases and payments, provided they are used wisely. Along with this, cryptocurrencies have also been in a lot of discussions for some time now and now crypto credit cards have also come.
Just like in traditional credit cards, we transact in Indian currency. Rupee, similarly, a crypto credit card is completely based on cryptocurrency. In this, rewards are also available only in cryptocurrencies. The company provides you with a cryptocurrency credit card that you can use to spend and pay later.
There are transactions in crypto and payments in crypto
No difference was observed in the way normal credit cards and crypto credit cards work. The only difference is that all transactions take place in cryptocurrencies. That is, you will also have to pay for the credit card in cryptocurrency.
Some of these awards are giving companies
Cryptocurrency issuing companies are issuing these cards. Different types of rewards are also being given on the cards of different companies. For example, the Gemini credit card offers a payback of 3% in bitcoin. This payback is credited to the user’s Gemini account immediately upon purchase.
At the same time, the BlockFi credit card user gives a cashback of 1.5 percent. Its special thing is that you can get this cashback in 10 types of cryptocurrencies like bitcoin and Ethereum. Similarly, SoFi and Venmo credit cards are also offering similar rewards.
Users should pay attention
One thing to note here is that like traditional credit cards, crypto credit cards can also face hefty interest rates due to delayed payments and higher crypto prices against fiat currencies. Can give a big blow to the pocket.
