Why 5% of All Americans Use a Crypto Reward Credit Card – CryptoMode
According to a new crypto credit card report from Finder.com, about 5% of Americans own a crypto reward credit card. Also, about 1 in 5 Americans say they are interested in getting one. This is not shocking, because owning a crypto rewards card has many advantages, such as a reward of 3-8% in crypto which can increase further when the market appreciates.
How Do Crypto Rewards Credit Cards Work?
Crypto rewards cards are very similar to other rewards credit cards. Underwriting standards and line of credit are both based on factors such as your income and credit score. Moreover, they are accepted by any company that accepts crypto rewards cards. Crypto rewards cards, however, allow you to earn rewards in the form of crypto instead of cashback or points.
Who is most likely to own a crypto-rewarded credit card?
About 5% of all Americans own a crypto rewards credit card. About half of them are women, with 5% of all US women owning a crypto rewards credit card, compared to 6% of all men. Overall, men are more likely to own a crypto credit card soon, with 22% indicating they are interested in crypto credit cards. 16% of American women say they are also interested.
The most popular ages to own a crypto reward credit card are between 25-34 and 45-54, with 7% of both age groups representing crypto credit card owners. People 55 and older not only own fewer crypto credit cards (around 4%), but are also less interested in owning one (around 9%).
Benefits of Owning a Crypto Rewards Credit Card
- It’s a smart way to passively invest in cryptocurrency.
- You can recoup 3-8% of your cryptocurrency spend, which is much higher than many other investment methods.
- Crypto credit card rewards can increase in value. When the price of cryptocurrencies increases, crypto rewards that are not yet redeemed will also increase in value.
Disadvantages of Owning a Crypto Rewards Credit Card
- Cryptocurrencies are still quite volatile, which makes them riskier than standard cashback cards. The 3-8% cashback really depends on the crypto market.
- When you cash out your crypto rewards, you have to pay capital gains tax, which isn’t an issue with a traditional cashback card.
- You are limited to earning the type of cryptocurrency supported by your card.
Which Crypto Reward Card Should You Consider?
It all depends on your preferences for your crypto of choice and what purchases you make most often. Popular options include a BlockFi Credit Rewards Carda Brex crypto credit card and one Gemini Crypto Rewards Card.
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