Crypto cards are gaining popularity these days. Crypto enthusiasts are loving these cards because they can now use cryptocurrencies for real-world purchases. They can also use these cards to buy more cryptocurrencies.
If you are also planning to get a crypto card, there are a few things that you need to do before getting a crypto card. In this blog, we will discuss five things to consider before getting crypto cards also, how you can buy cryptocurrencies with these cards.
So, let’s get started!
What Are Crypto Cards?
Crypto cards allow crypto holders to purchase real-world things; pizzas, lattes, shopping, restaurant bills, etc., using cryptocurrencies. These cards come as crypto credit or debit cards.
Crypto cards are almost similar to traditional cards, with only a few differences. Unlike traditional cards, crypto cardholders earn certain rewards & perks and cash back in cryptocurrencies.
VISA and MasterCard provide a license to cryptocurrency brokers to issue crypto cards. It means cardholders can shop at any shop accepting VISA or MasterCard payments.
How to Buy Cryptocurrencies With Crypto Cards?
You surely have heard about buying cryptocurrencies with your regular credit or debit cards. But how about buying cryptocurrencies with crypto cards? Yes, you heard right. You can use your crypto cards to buy cryptocurrencies.
Before getting crypto cards you should research how to buy crypto with a credit card by visiting crypto websites, special platforms, or online resources. Crypto cards will allow you to purchase real-world things as well as for cryptocurrencies.
The process is almost similar to buying crypto with regular cards, provided your card issuer company allows you to do so.
But not all crypto cards offer this opportunity. For example, you cannot use your crypto.com Visa card to buy cryptos. If you top up your card and want to use it to purchase cryptos, there is no option available not provided by the platform.
The only possibilities are either spending on shopping or withdrawing the amount from an ATM. You can only use your fiat wallet to buy crypto, not the crypto card, on crypto.com.
5 Things to Consider Before Getting Crypto Cards
The following are a few things to consider before getting a crypto card that can help you choose the best card for you.
Availability
Some countries support cryptocurrencies, while others have banned them. If you are living in a country that supports cryptocurrencies, the next thing is to find which crypto cards are available in your country.
Moreover, many cards are available for use, while some are currently waitlisted. So, also check about it.
Fees
Crypto cards charge lower fees as compared to traditional bank cards. At the same time, some card issuers waive off annual fees if cardholders spend a certain amount within a year.
So before choosing a crypto card, compare the fee structures of different cards and choose the one that appears the most affordable to you.
Supported Cryptocurrencies
Some cards offer conversions to just a limited number of cryptocurrencies. Therefore, you should choose a card that supports various cryptocurrencies or at least your favorable cryptocurrency.
Rewards Structure
Crypto cards offer rewards depending on your spending, in the form of cashback or perks. Therefore, before choosing a card, make sure that your chosen card offers a reasonable rewards structure according to your spending needs.
Tax
You have to pay tax on cryptocurrency gains when purchasing using crypto cards. Therefore, it is recommended to carefully read about the tax you will have to pay on purchases with a specific crypto card.
Closing Thoughts
Crypto cards have been around, but not for so long. Many companies have launched their crypto cards within the past few years, while some are still waiting. People are also increasingly adopting crypto cards while many are still unaware of them. As more and more people are getting familiar with these cards, they are jumping into it.
Meanwhile, this sector of the crypto industry is also growing with room for development. So, in the future, we can hope to see crypto cards more beneficial in every aspect, addressing the customers’ demands. Also, just like cryptocurrencies, crypto cards are here to stay. So, do not stop yourself from exploring this sector and adding convenience to your cryptocurrency purchases.
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