Crypto cashback
Getting wealthier with your purchases part 2
For Part 1 of this blog, click here.
Disclaimer: I am not a certified accountant, Lawyer, or Financial advisor. Everything I write about is for educational purposes. Before conducting the information, please consult an expert.
As I discussed in the previous article, you can get cashback rewards from crypto using platforms like Lolli, Fold, and StormX. That alone should be food for thought on how you ought to adjust your consumption patterns. However, what if you were to compound more crypto for your expenditures? To entice new users, it isn't unusual for credit card companies to provide cashback on purchases. Did you know you can also get cash back in the form of cryptocurrencies? Given that you already purchase and consume products, you should consider getting card that provides cashback. It has the equivalent effect of using a coupon. Some are currently available at the current moment while others are still pending.
Credit Cards and Debit Cards with Fiat Cashback
Some people do not want to deal with the hassle of that can be associated with figuring out getting cashback in terms of cryptocurrency. That is fine. I'll make a short and sweet guide for those who want just cashback.
Bank of America Customized Cash Rewards Credit Card
There is a reason why I bring this card up first. This credit card gives 3% cashback on online purchases. When you take in regarding the fact that getting crypto cashback rewards for making online purchases, this makes using this card in conjunction with the previously mentioned services a nice compounding deal.
Citi Double Cash Card
Maybe you aren't the type of person to make ALL of your purchases online. Perhaps you're also going to shop in store. That is fine. This card is probably better suited for you. This card gives 2% cashback on all purchases,
Wells Fargo Active Cash Card
Basically an Alternative to the Citi Double Cash Card. It gives 2% cashback on all purchases.
Paypal Cashback Mastercard
Another card offering 2% cashback rewards on all purchases.
On Other Credit Cards
There are other credit cards that give greater cashback rewards, but they are generally more restrictive. The reason I chose the above because they are best suited for cashback for internet purchases.
Cards with Crypto Cashback
Now we are at the heart of this article. This article is going to be about credit and debit cards that give cashback to users. Since this is a blog about cryptocurrency, it is only natural that I elaborate on this area specifically.
Fold Card
One of the apps I mentioned before is the fold app. In addition to getting free bitcoin and getting bitcoin cashback, the also provide a debit card as a service. Each purchase gives an additional opportunity to gain more free bitcoin on your purchases. It does come with a lot of additional fees for thing such as out of network withdrawals, cash withdrawals, and other costs which suggests it best used for frequent users of the cash app.
StormX Debit Card
This is part of another rewards app I discussed about earlier. As of writing this, it currently has not been released yet. However, they have plans to launch the card in Q1 2022. As far as rewards are concerned, they are giving some really high cashback on their debit card. Some of it is as high as 15% depending on where you shop. However, they give a minimum 2% cashback on all purchases. That is unusually high for most cards and is certainly worth paying attention to. The benefits gained depend on the amount of of STMX tokens you stake. If you shop at Amazon, you can get a cashback rate as high as 8%. Even Amazon's own credit card reward for shopping with amazon gives a 5% cashback rate.
Coinbase Debit card
This card isn't as appetizing as the previous cards mentioned. You may notice the advertisement, it gives up to 4% cashback in crypto. According to this website here, crowding platforms, they only give 4% cashback in terms of stellar lumens and the graph. All the other rewards give 1% which include BTC, ETH, DOGE, and DAI. Given that it is reasonably accessible, it isn't a bad thing, especially considering that most debit cards do not give cashback at all.
Gemini Credit Card
As of writing this, they have yet to release this card yet. The rewards you receive are pretty generic compared to other credit cards; 3% on dining, 2% on groceries and 1% on everything else. Given that this is a credit card and gives rewards back in any cryptocurrency available on the gemini exchange, this makes the rewards extremely flexible.
There are other cards available, however, not all of them are available in New York. This is after all a blog focused on helping New Yorkers do research about crypto in New York. However, for those outside of New York, I recommend reading this article from The College Investor. You can expect as more adoption of crypto arises, you should also expect more cashback reward opportunities.
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