Best Crypto Credit Cards for August 2022

For crypto enthusiasts, crypto credit cards allow you to earn Bitcoin and other digital currencies on your regular spending. If you’re new to cryptocurrency, this type of rewards credit card is a risk-free way to get started. And if you’re already investing, you can use one to add to your crypto wallet. To help you find the best crypto credit card, our experts have put together a list of the top options.

Best crypto credit cards

• High rewards rate: SoFi Credit Card
• Rich introductory bonus offer: BlockFi Rewards Visa® Signature Credit Card
• Available for consumers with fair credit: Upgrade Bitcoin Rewards Card
• Crypto purchases with your rewards: Venmo Credit Card
• Prepaid card with crypto rewards: Crypto.com Card

SoFi Credit Card

Offers a unique welcome bonus, high cash back, and a unique perk to lower your APR after 12 months of on-time payments. But the rewards redemptions are restrictive.

PROS

Competitive purchase rewards

No annual fee

Can reduce APR with on-time payments

Mastercard benefits

Redeem rewards for crypto

CONS

• No intro APR offers
• Rewards redemption restrictions

BlockFi Rewards Visa® Signature Credit Card

This is one of the leaders in a small pack of crypto rewards earning credit cards. The crypto back program and sign-up bonus are standout perks. Read Full Review

PROS/CONS
Earn rewards in Bitcoin
No annual fee
No foreign transaction fee
Required to be a member
Limited rewards redemption

Upgrade Bitcoin Rewards Card

This card is a solid introduction to Bitcoin rewards, and it doesn’t require good credit to qualify. Not being able to transfer Bitcoin could be frustrating for crypto enthusiasts. Read Full Review

PROS/CONS
Bitcoin rewards
Unlimited 1.5% back
No card fees
Fixed APR
Lenient approval requirements
Can’t transfer Bitcoin
Immediate interest charges
No sign-up bonus
No 0% intro APR offer

CARD DETAILS

Earn a $200 bonus after making $500 in purchases and 3 consecutive on-time monthly payments within the first year after your account is opened.

Unlimited 1.5% back in bitcoin when you make payments

The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin

No annual fees, no foreign transactions fees

Get pre-approved in seconds with no impact to your credit score

Pay with your phone or device by using Apple Pay™ or Google Pay™

Mobile app to access your account anytime, anywhere

Enjoy peace of mind with $0 Fraud liability

Venmo Credit Card

GREAT FOR: CRYPTO PURCHASES WITH YOUR REWARDS

Offers an unlimited 2% and 3% rewards in the top two eligible spending categories, has no annual fee, and syncs with the Venmo app for added convenience.

PROS/CONS
No annual fee
Custom cash back
Earn up to 3% cash back
No earnings cap
Custom card with QR code
No welcome bonus

CARD DETAILS
No annual fee
Automatically earn up to 3% cash back
Earn 2% on the next category
Earn 1% on the rest of your purchases
Convert rewards to crypto
The Venmo Credit Card lets you earn custom cashback rewards and syncs seamlessly with the Venmo app
Keep tabs on card activity in the app, right with all your Venmo spending – every purchase, payment, split, and reward

Crypto.com Card

GREAT FOR: PREPAID CARD WITH CRYPTO REWARDS

This prepaid debit card has some lucrative perks that are useful for crypto enthusiasts and those who aren’t. But consider that funds need to be staked to qualify for the best perks.

PROS/CONS
Crypto rewards
Allows you to spend your crypto
No monthly or annual fee
Reimbursement with select merchants
Airport lounge access
Most benefits require staking
No sign-up bonus
Restrictions on rewards
Volatility of crypto

The right crypto investing mindset
Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

The right crypto investing mindset

Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

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 by 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 BlockFi Rewards Visa® Signature Credit Card, then you’ll need an account with BlockFi to apply for it. This is a restriction 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 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.

LEARN MORE: Types of Cryptocurrency

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.

LEARN MORE: How to Choose a Credit Card

What is a crypto credit card?

A crypto credit card is one that offers cryptocurrency rewards on your spending. It works similarly to a cash back credit card in that it earns a set rate, such as 1.5%, on purchases you make. The difference is that crypto credit cards can then use that cash to purchase cryptocurrency for the cardholder.

Here’s a basic example of how this would work with a crypto rewards credit card that earns 1.5% back on purchases:

• You spend $1,000 in purchases during a billing period.
• That spending would be worth $15 of rewards.
• The card issuer would use that to buy $15 of a cryptocurrency.

Most crypto credit cards let you choose from different cryptocurrencies, although certain cards only offer one cryptocurrency or a small number of them.

It’s worth noting that not all crypto credit cards only offer rewards in cryptocurrency. Some also give you other options, such as cash back. They’re still considered crypto credit cards as long as cryptocurrency is one of your reward options.

LEARN MORE: Credit Card Types: Which Fits Your Needs?

Pros and cons of crypto credit cards

Here are the main pros and cons of crypto credit cards:

PROS	CONS
Earn cryptocurrency risk free through your normal spending	Selection of crypto credit cards is limited, so you have fewer card options
Crypto rewards could increase significantly in value	Cryptocurrency is volatile and could also plummet in value
Most crypto credit cards don’t charge an annual fee	Timing of the crypto purchase depends on the card issuer

Crypto credit cards vs. crypto debit cards

Crypto credit cards and crypto debit cards are both popular, and it’s easy to get them confused. But just like traditional credit and debit cards, they’re two different payment methods.

When you use a crypto credit card, you’re borrowing money from the credit card issuer. The card issuer pays for your purchases upfront, and you repay it later. There can be interest charges, but if you pay your card’s full balance by the due date, you’ll avoid interest on your purchases.

LEARN MORE: How Does Credit Card Interest Work?

When you use a crypto debit card, you’re spending your own funds. A cryptocurrency debit card is normally connected to your account on the card issuer’s crypto platform. Transactions are deducted from your cryptocurrency balance. There are also prepaid crypto debit cards that you can load with funds, either in crypto or fiat currency (traditional currency, like the U.S. dollar). Our pick, the Crypto.com Card is a prepaid debit card essentially.

LEARN MORE: What Is a Debit Card?

CARD	RATING	GREAT FOR
SoFi Credit Card	Rating image, 4.50 out of 5 stars. 4.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best = Excellent = Good = Fair  = Poor	High rewards rate
BlockFi Rewards Visa® Signature Credit Card	Rating image, 3.50 out of 5 stars. 3.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best = Excellent = Good = Fair  = Poor	Rich introductory bonus offer
Upgrade Bitcoin Rewards Card	Rating image, 3.50 out of 5 stars. 3.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best = Excellent = Good = Fair  = Poor	Available for consumers with fair credit
Venmo Credit Card	Rating image, 3.50 out of 5 stars. 3.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best = Excellent = Good = Fair  = Poor	Crypto purchases with your rewards
Crypto.com Card	Rating image, 3.50 out of 5 stars. 3.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best = Excellent = Good = Fair  = Poor	Prepaid card with crypto rewards

FAQs

• How do crypto credit cards work?

  Crypto credit cards earn rewards on your purchases in cryptocurrency. This type of rewards card earns a percentage back, such as 1.5%, on the cash value of your purchase. That amount is then converted to a cryptocurrency. If you have a card that earns 1.5% back in Bitcoin rewards, then $1,000 in purchases would earn you $15 worth of Bitcoin.

• Are crypto credit card rewards taxable?

  Crypto credit card rewards are taxable if you sell them after they’ve increased in value. Although credit card rewards generally aren’t taxable, crypto rewards are different because they can fluctuate in value. You don’t need to pay taxes when you receive crypto rewards, but you do if you realize a gain on them — meaning you sell or use them in any way after their price has gone up.

• What credit score do I need for a crypto credit card?

  You need a credit score of 670 or higher to qualify for most crypto credit cards. These cards are usually only available to consumers with a credit score in the good credit to excellent credit range. There are, however, some exceptions that you can qualify for even if you have a lower credit score.