Anyone in the market for a credit card quickly learns that several options exist in today’s credit card universe. From basic cards with no frills, features, or fees, to rewards cards that boast unlimited cash back or miles on purchases in nearly every category, there is a credit card option for everyone.
However, rewards cards have become more appealing to consumers with more specific preferences in recent years. Cryptocurrency beginners and aficionados alike can now get a credit card that rewards them with cryptocurrency instead of or in addition to more traditional card rewards.
Not every cryptocurrency credit card works in the same way. And, like other credit card options on the market, fees, features, and rewards redemption all vary from one card to the next. It is essential to do your due diligence when researching the best crypto credit cards available to ensure it checks the boxes that matter most to you as the account holder.
To help on that front for those interested in cryptocurrency credit cards, here are our picks for the best credit cards with crypto rewards.
1. Venmo Credit Card
A great option for cryptocurrency rewards is the Venmo Visa Credit Card issued by Synchrony Bank. Offered by the popular cash transfer app, the Venmo credit card allows cardholders to automatically purchase the cryptocurrency of their choice directly from a Venmo account. Here are a few of the Venmo card highlights.
- No annual fee.
- No foreign transaction fees.
- 3% cashback on top spend category.
- 2% cashback on second top spend category.
- 1% cashback on all other purchases and peer-to-peer transactions.
- Ability to purchase one of four available cryptocurrency options with cashback rewards.
Venmo Credit Card Rewards
The Venmo credit card offers cardholders the ability to earn rewards in a more personalized way than other credit card options. Venmo calculates what cardholders spent each month in specific categories, and cashback rewards are earned on the top two categories at a higher rate than all other spending.
The top eligible spend category earns 3% cashback, while the second top category earns 2%. All other purchases earn 1% cashback, with no limits on earnings each billing cycle.
In addition to the higher rewards in certain categories, the Venmo credit card offers automatic cryptocurrency purchases with earned rewards each month. Cardholders can choose from Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Bitcoin Cash (BCH) for automatic purchases.
The standard fees associated with purchasing these cryptocurrencies within Venmo are waived when auto-purchase is turned on for cashback rewards. In addition, cardholders have the option to switch between cryptocurrency purchases and traditional cashback each billing cycle with the Venmo credit card.
Venmo Credit Card Fees
The Venmo credit card does not carry an annual fee, nor are foreign transaction fees applied to international spending. However, like most other credit cards, balances not paid off each month incur interest charges.
For well-qualified cardholders, the interest rate is 20.49%. Cardholders with less than ideal credit may qualify for an interest rate of either 26.49% or 29.49%. Cash advances are available with the card and incur an interest rate of 29.49% and a $10 or 5% fee, whichever is greater. Finally, late payments carry a fee of $41.
Venmo Credit Card Considerations
Cardholders who want the option to switch between traditional cashback rewards and cryptocurrency rewards may find the Venmo credit card appealing. However, there is no introductory bonus currently, and the options for crypto purchases are limited compared to other rewards credit cards on the market. Also, applicants should have a healthy credit score to qualify for the lowest interest rate available for the card. Sign-up with Venmo using this link to receive a bonus.
2. Gemini Credit Card
The Gemini Credit Card is yet another option for earning cryptocurrency with credit card purchases. With more than 40 cryptocurrencies to choose from and a robust rewards program, the Gemini Mastercard issued by WebBank is a smart choice for those looking to earn crypto fast. Here are a few of the Gemini card highlights.
- No annual fee or foreign transaction fees.
- 3% back on dining.
- 2% back on groceries.
- 1% back on all other purchases.
- Rewards redeemable for bitcoin or more than 40 other cryptocurrency options.
- Immediate earning of rewards.
Gemini Credit Card Rewards
The Gemini Credit Card has gained some popularity because of its rewards program. Cardholders earn 3% cryptocurrency rewards on dining purchases. In addition, grocery purchases earn 2% rewards, and all other purchases earn an unlimited 1% reward.
One of the ways the Gemini card stands out is that rewards are credited to the cardholder’s account when the purchase is made, not a month later like many other cryptocurrency rewards programs.
Additionally, cardholders with the Gemini credit card can redeem rewards for more than 40 cryptos, including Bitcoin (BTC) and Ether (ETH). Crypto rewards may also be changed at any time without restriction. Also, cardholders can choose to trade or hold their crypto rewards, unlike some other credit card rewards programs that force selling to redeem.
Gemini Credit Card Fees
The Gemini Credit Card does not have an annual fee or foreign transaction fees, making it a competitive choice in the realm of crypto rewards cards. However, the interest charged on unpaid balances ranges from 18.24% to 30.24%. Cash advances are available but incur a rate of 31.24% and a $10 or 3% fee per transaction, whichever is greater. Late fees may also apply for late payments, and a penalty interest rate of 35.24% can be charged.
Gemini Credit Card Considerations
Although the Gemini Credit Card offers the most flexibility with crypto rewards in terms of the cryptocurrencies available and the ability to trade or hold those assets, a few downsides exist when compared to some of the other top crypto credit cards.
The main one is the lack of flexibility on spending categories. Not being able to choose which category earns you the most back limits the total rewards potential for cardholders who spend significantly on categories other than dining and groceries using their card each year.
However, this card is a sound choice for those looking for more options in terms of the type of crypto they can earn with immediate crediting of those rewards in most cases. Especially for consumers who will use it to buy groceries and eating out regularly.
Sign-up to trade crypto on Gemini using this link for a free crypto bonus.
3. SoFi Credit Card (discontinued crypto services Dec. 19, 2023)
Finally, the SoFi credit card rounds out the best cryptocurrency rewards cards available today. With the SoFi Mastercard credit card, cardholders can earn 2% crypto rewards on all eligible purchases with many other perks. Here are a few of the SoFi card highlights.
- No annual fee or foreign transaction fees.
- Earn unlimited 2% rewards, which can be used to purchase cryptocurrency.
- More than 20 cryptocurrency options to choose from.
- One percent APR reduction with consistent on-time payments (12-months).
SoFi Credit Card Rewards
The SoFi credit card is an unlimited, no-category rewards credit card that allows cardholders to purchase cryptocurrency as a rewards option. Cardholders earn an unlimited 2% in rewards with every purchase made on the card. Rewards can then be used to invest in cryptocurrency within an active SoFi invest account via the website or app.
Currently, SoFi offers more than 20 cryptocurrency options, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Polkadot (DOT). Cardholders also can change the cryptocurrency they buy with rewards or switch to a different investment or rewards option available through SoFi.
Sofi Credit Card Fees
SoFi credit card owners do not pay annual or foreign transactions fees. However, other charges apply to the card based on the cardholder’s activity. First, a balance transfer or cash advance cost $10 or 5%, whichever is greater. Late payment fees can be as high as $41 per occurrence. Balances carried over from month to month incur an interest rate of 18.24% to 29.99%, based on the applicant’s creditworthiness.
Additionally, SoFi charges a transaction fee for purchasing cryptocurrency within its investment platform. The transaction charge of 1.25% is in-line with other cryptocurrency fees, but it can diminish the value of crypto rewards.
Sofi Credit Card Considerations
The SoFi credit card may be a good choice for those looking for a simple, unlimited cashback rewards card that offers cryptocurrency as a rewards redemption option. SoFi offers several cryptocurrencies through its platform but does charge a fee for those transactions.
Additionally, cardholders with the SoFi credit card do not come with an introductory APR.
Final Thoughts on Choosing from the Best Crypto Credit Cards
Before choosing a rewards credit card that offers cryptocurrency as an option, be sure to do some research. Investing in cryptocurrency carries significant risk, and reward values may fluctuate over time. Take the time to review a card’s benefits and rewards compared to any limitations and fees associated with having the card or redeeming its rewards.
