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Where Credit Cards Meet Cryptocurrency.

Buying Cryptocurrency With a Credit Card

There are a variety of ways to buy Bitcoin and other cryptocurrencies, including with a credit card.

But not all cryptocurrencies can be purchased with a credit card, and not all exchanges support purchasing cryptocurrency with one.

Even on cryptocurrency exchanges that support buying with a credit card, the fees can make it quite expensive.

Another thing to keep in mind: Because cryptocurrency is, at its core, a currency, many banks and credit card issuers consider it a cash equivalent.

So, your card may treat a cryptocurrency purchase the same as it would a cash advance from an ATM.

That means you may incur additional fees, and you're likely to be charged interest starting on the date of the withdrawal.

Credit Cards With Bitcoin Rewards

One of the latest developments at the intersection of cryptocurrency and credit cards is a credit card that offers rewards in cryptocurrency.

Cryptocurrency-based lender BlockFi announced in December 2020 that it was introducing a new credit card that pays rewards in bitcoins.

Visa's Bitcoin Rewards Credit Card was already open to BlockFi members, and they announced the public launch on July 6, 2021.

BlockFi's credit card is slated to earn 1.5% back (in bitcoins) on all purchases, with a 3.5% back in crypto within the first three months of having the card.

On the downside of this, because the rewards are paid in bitcoins, you do have the ability to get in on any price appreciation of Bitcoin,

But you'll also be subject to more volatility (and potential loss) than with a traditional cash back rewards card.

Still, it's likely that additional Bitcoin credit cards will be announced in the near future.

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