Bitcoin rewards cards are typically only available to crypto traders and customers. Exchanges and companies like Coinbase offer them, but you need to be a client with the trading platform to get your hands on the product. Thus, it is often considered an exclusive tool. However, Upgrade Inc. is now making a crypto rewards credit card available to general members of the public, meaning you don’t have to be part of a specific organization or company to take advantage of bitcoin rewards.
Upgrade to Offer Bitcoin Rewards Card to Anyone Interested
Known as the Upgrade Bitcoin Rewards Card, individuals who utilize the product for purchasing goods and services will garner as much as 1.5 percent in bitcoin back on everything they buy. Renaud Laplanche – the co-founder and CEO of Upgrade – explained in a statement:
Upgrade Card is already delivering over $3 billion in annualized credit to consumers. Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning bitcoin.
Typically, most credit cards will offer cashback rewards to loyal customers, though these rewards often come about in the form of cash that gets mailed out to the recipient in check form at the end of each year. They are then able to cash this check and use it for further purchases.
Rarely does a card dole these rewards out in the form of the world’s number one digital currency by market cap. Upgrade is looking to make bitcoin accessible to anyone who might be interested in taking advantage of the benefits of digital assets, thereby making the cryptocurrency space far more mainstream and legitimate.
Terry Angelos – SVP and global head of fintech at Visa – explained:
Crypto rewards introduce cardholders to a new asset class that is increasingly part of a consumer’s financial portfolio. Whether you’re a crypto enthusiast or just getting started, programs like the Upgrade Bitcoin Rewards Card offer an engaging and low-risk way to participate in the crypto economy.
Despite offering crypto-based rewards, the product provides much of the same support that comes with standard bank-issued cards such as purchase protection, baggage insurance, and extended warranty coverage. All custody and crypto trading options tied to the card are being provided by NYDIG. In addition, the card comes equipped with low fixed rates and no fees.
Standard Tools Are Also Included
The credit limit of the card can be anywhere between $500 and $25,000. At the time of writing, the card is not available to customers in various states including Washington, North Carolina, West Virginia, Wisconsin, Nevada, and New Hampshire.
Thus far, Upgrade has provided more than $7 billion in credit options to its customers either through loans or credit cards. The company has been around since 2017 and even provides standard banking tools such as checking accounts.