Cryptocurrency is currently the most lucrative asset of investors across the world. Crypto investors are now leaning towards crypto credit cards or cryptocurrency credit cards to make transactions more efficiently at any time at any place. There are some differences between a cryptocurrency credit card and a traditional bank credit card. Yes, the main difference is the digital currency and cryptocurrency. But, two main similarities are that both credit cards of crypto investors help to purchase coins or assets instantly with some bonus rewards or benefits and failure in payment within a due date can put high interest and late fees. Let's explore some of the top differences between cryptocurrency credit cards and bank credit cards. Here you can find the list of best credit repair companies: https://philadelphiaweekly.com/best-credit-repair/
A cryptocurrency credit card enables crypto investors to spend on cryptocurrency transactions with certain rewards in crypto as well. Meanwhile, a bank credit card does not support cryptocurrency and allows investors to make transactions in traditional digital cash with points and cash rewards at the end of the month.
Different cryptocurrency credit cards provide different rewards on these credit cards of crypto investors. A Gemini card offers rewards up to 3% in payback in Bitcoin and a BlockFi credit card for crypto investors offers 1.5% cashback with more than ten types of cryptocurrencies in the crypto market. Meanwhile, a Standard Chartered bank credit card offers 5% cashback in fuel, electricity, and phone bills, as well as Axis Bank credit card, offers 5% cashback in utility bills, restaurants, and four free lounge visits per year.
A cryptocurrency credit card works in a different way than a bank credit card. The cryptocurrency credit card does not transact in cryptocurrency directly after buying. These digital currencies are converted into fiat currencies at first before sending those to the issuers. This does not happen in a bank credit card system. Investors can directly buy and gain rewards instantly.
A cryptocurrency credit card can be in both physical and digital form whereas a bank credit card can only be physical.
That being said, crypto investors should be very careful while having transactions with cryptocurrencies due to the high volatility.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.