How to choose the best crypto credit card
Choosing the best crypto credit card can be much different than shopping for any other type of credit card. Here are the things to look at to find the right one.
Card issuer
For the most part, crypto credit cards are issued in partnership with platforms that let you buy and sell cryptocurrency. They're also usually only available to that platform's users. For example, if you want the Gemini Credit Card™, a Gemini account will be created if your card application is approved. This is something you wouldn't need to consider with most of the best credit cards.
If you already have an account with any cryptocurrency apps and exchanges, start by checking whether they offer their own credit cards. This is the most convenient option, since you're already a client. However, if you're willing to open accounts with other platforms, it's also a good idea to compare all your card options.
Types of cryptocurrency available
Each crypto credit card has different types of cryptocurrencies you can earn as rewards. Most cards give you at least a few options, but the number varies quite a bit.
If you're flexible about which cryptocurrency you receive, then you can pick any crypto credit card. But if you want to earn a specific cryptocurrency, look for a credit card that offers it.
Rewards rate
The rewards rate is how much a crypto credit card earns on purchases. Some crypto cards earn one flat rate across all purchase categories. Other cards offer higher rates in bonus categories and a lower rate on purchases outside of those bonus categories.
What's most important is to pick a crypto credit card with a good rewards rate. Flat-rate cards tend to work well for just about anyone, but if you have high spending in certain categories, you could benefit more from a bonus category card.
Fees
These can make a big difference in which crypto credit card is the best value. Here are the most common types of fees to look for as you compare credit cards:
- Annual fee: A yearly fee charged for the card. The majority of crypto cards are no annual fee credit cards, so you can find plenty of options you can get for free. This is a big plus, because when your credit cards aren't costing you money every year, you're less likely to run into a situation where you have too many credit cards.
- Foreign transaction fee: A fee charged on transactions made in foreign currencies or that are processed through foreign banks. It's good to have a credit card with no foreign transaction fee, and if you're a frequent international traveler, it's practically a must.
- Cryptocurrency sales fee: Some cards charge a fee when you sell your crypto rewards. While this doesn't necessarily mean you need to rule out those cards, one without this type of fee could be a better deal.