Best Crypto Credit Cards of 2022

  • November 30, 2022
  • 19 Min Read

Crypto credit cards are available from most major crypto platforms. These cards can be used like regular credit cards and often come with a host of bonuses such as cashback paid out in crypto, travel perks, and low APRs.

The 4 Best Crypto Credit Cards of December 2022

Card TypeRewards RateRewards Paid Out InAPR Min Credit Score
Crypto.com Visa CardDebitUp to 9% backCRO tokenN/A (debit card)N/A (debit card)
Nexo CardCreditUp to 2% NEXO or 0.5% BTCNEXO or BTC0%–13.99%No credit check — collateral based lending
SoFi Credit CardCredit3% during the promotional period and 2% afterBTC and ETH15.99%–27.99% (variable) on purchases 29.99% on cash advances670+
Coinbase CardDebitUp to 4% backBTC, ETH, DOGE, DAI, + moreN/A (debit card)N/A (debit card)

In general, you can expect the crypto rewards from these credit cards to fall between 1% to 3% — which is about average when compared to the cashback rewards offered by other types of cards. The difference here is that you aren’t earning cash back; you’re earning crypto.

But while 1% to 3% is average, it’s worth noting that the Crypto.com credit card offers a higher rewards rate when accompanied by staking Crypto.com’s native CRO token. With staking, you’re making a long-term financial commitment in exchange for better terms and rewards.

Crypto.com Debit Cards
CardTypeRewards RateRewards Paid Out InAPRMin Credit Score
Crypto.com Visa CardDebitUp to 5% backCRO tokenN/A (debit card)N/A (debit card)

Crypto.com Debit Card: Best For Cashback Rewards

  • Card type: Visa debit card
  • Special offer: None at this time

Pros

  • Multiple tiers of rewards
  • Rewards of up to 8% back, depending on the tier
  • Free Netflix, Spotify, and Amazon Prime on top tiers

Cons

  • High staking requirements for top tiers
  • Rewards only paid in CRO, a utility token unique to Crypto.com
  • Fees: 1% fee for adding funds via a debit card and 2.99% for adding funds via a credit card (starting August 12, 2022)

Crypto.com Debit Card Review: Our Take

Crypto.com labels its Visa card as a prepaid card, meaning you’ll need to fund it before using it. There’s no credit option at this time. This card functions like a debit card, and there are multiple selections to choose from — each with different benefits and rewards.

The simplest option is the Midnight Blue card, which comes with no staking requirements, however it also offers no benefits. If you want to earn crypto rewards, you can qualify for a higher tier by staking a qualifying amount of CRO.

Current staking requirements and rewards:

  • Midnight Blue
    • No staking requirement
    • No crypto rewards
  • Ruby Steel
    • $400 USD CRO staking requirement
    • Crypto rewards of 1% cash back on purchases
  • Royal Indigo & Jade Green
    • $4,000 USD CRO staking requirement
    • Crypto rewards of 2% cash back on purchases
  • Frosted Rose Gold & Icy White
    • $40,000 USD CRO staking requirement
    • Crypto rewards of 5%
  • Obsidian
    • $400,000 USD CRO staking requirement
    • Crypto rewards of 5% cash back on purchases

Staking is a way to help secure transactions on the blockchain and is generally considered to be safe, so while there is a staking requirement with these cards, it’s not a terribly risky requirement. However, there are some considerations to weigh before making a commitment.

For starters, this type of staking is custodial, which means the exchange holds your staked tokens. As such, insolvency or other events could put your staked assets at risk. You’ll also want to consider the long-term price of the staked tokens.

The CRO token, like many other cryptocurrencies, rises and falls in value with the broader crypto market. It’s important to keep in mind that prices can change considerably by the time you’re ready to unstake and make your next move. In addition, Crypto.com charges a 1% top-up fee for adding money to your debit card.

The Crypto.com card is available in all 50 states except New York.

Read our full Crypto.com review.

Nexo Credit Card

Apply now for the Nexo Credit Card

CardTypeRewards RateRewards Paid Out InAPRMin Credit Score
Nexo CardCreditUp to 2% for NEXO or 0.5% for BTCNEXO or BTC0%–13.9%No credit check — collateral based lending

Nexo Card: Best For Using Your Crypto as Collateral

  • Card type: Crypto-backed card that works with Nexo's instant crypto credit lines
  • Card APR: 0% APR to 13.9% APR, depending on the purchase type
  • Special offer: No minimum monthly payments

Pros

  • Rewards of up to 2% in NEXO tokens or 0.5% BTC, depending on the card tier
  • No minimum repayments or fees
  • APR as low as 0%
  • Retain crypto asset ownership
  • Limit is tied to Nexo’s Instant Crypto Credit Lines

Cons

  • Must be a citizen of the European Economic Area (EEA) to qualify
  • You must maintain collateral in your account that exceeds the amount that you borrow
  • Your collateral may be liquidated during volatile market periods

Nexo Card Review: Our Take

If you're looking for a card that won't require you to cash in your crypto assets, it may be worth taking a look at the Nexo Card. This card is a relatively new addition to the crypto credit card lineup, and in addition to allowing you to retain your crypto assets, it offers a ton of unique perks.

The Nexo Card uses a unique model based on collateral lending that gives you a credit line with a low APR and no credit check. The amount of credit you receive is determined by how much collateral you have deposited in your NEXO account.

This collateral can be in the form of any supported NEXO assets — such as BTC, ETH, USDC etc. — and your credit line can be up to 90% of the value of your collateral. If you fail to make your payments, or the value of your collateral drops significantly due to market conditions, your collateral is liquidated in order to cover your credit line.

This setup makes the NEXO card a great option for borrowers with a lump sum of funds that they can use as collateral to take on credit for cheap.

Additionally, the card offers some big crypto rewards when you swipe it. Right now, the card is offering a special crypto rewards rate of up to 2% NEXO or 0.5% BTC, which you'll earn on any purchase or ATM withdrawal you make. The rewards rate differs by loyalty tier as follows:

  • Platinum: 2% in NEXO Tokens or 0.5% in BT
  • Gold: 1% in NEXO Tokens or 0.3% in BT
  • Silver: 0.7% in NEXO Tokens or 0.2% in BTC
  • Base: 0.5% in NEXO Tokens or 0.1% in BTC

The APRs on the Nexo Card are a lot lower than many of the competitor cards, too. Rates start from 0% APR and never exceed 13.9% APR. Plus, cardholders have more control of what they pay in interest, as their interest rate is determined by the credit utilization (LTV) of their account. For example, if you have $10,000 of collateral in your NEXO account, and you only use $2,000 of credit, your APR on that $2,000 may be as low as 0%. The more credit you utilize relative to your collateral, the higher your APR will be.

Add in the other benefits, like no minimum monthly repayment; no monthly, annual, or inactivity fees; no ATM withdrawal fees; and no foreign transaction fees, and this card is definitely worth a look. However, it's worth noting that residents of the U.S. and other countries outside of the European Economic Area won't be eligible for this card.

As of July 2022, only citizens of the European Economic Area (EEA) can order a Nexo Card. To be eligible, you need to verify your identity and also meet the following criteria:

  • For a virtual card: maintain a Portfolio Balance of at least $50.
  • For a physical card: maintain a Portfolio Balance of at least $500 and a Gold or Platinum Loyalty tier.

Read our full Nexo review.

Coinbase Card
CardTypeRewards RateRewards Paid Out InAPRMin Credit Score
Coinbase CardDebitUp to 4% backBTC, ETH, DOGE, DAI, + moreN/A (debit card)N/A (debit card)

Coinbase Debit Card: Best For High No-Staking Rewards

  • Card type: Visa debit card
  • Special offer: None at this time

Pros

  • Zero crypto spending fees
  • No annual fees
  • Spend in over 160 cryptos
  • Choose rewards with up to 4% back

Cons

  • The Coinbase card currently has an application waitlist

Coinbase Debit Card Review: Our Take

If you’ve ever needed access to the crypto you’ve stashed away, you know there are hoops to jump through to get it. You typically have to sell, withdraw, and then wait for the funds to clear your bank, a process that could take days.

The Coinbase debit card solves this dilemma by letting you spend your Coinbase crypto balance just like you would spend your cash. Well, almost the same way. Since spending your crypto may create a taxable event, Coinbase suggests using USD, or a stablecoin such as USDT or USDC in order to avoid setting off a trail of tax liability events when you use your card.

By allowing you to spend your crypto via your card, the Coinbase debit card gives you an easy way to access the money you’ve parked at the exchange. You can also fund your card through PayPal or through a connected bank account, so there’s the option to spend dollars and crypto with this card.

The Coinbase card offers cash back rewards on crypto assets including Bitcoin, Ethereum, and lesser known tokens like The Graph (GRT). These rewards are constantly rotating and you will need to check the Coinbase app to see what the latest cash back rates are and what tokens are currently offering the best rewards.

Cash back cards that pay up to 4% back — without a catch — can be tough to find. But the Coinbase debit card puts higher crypto-reward earnings within easy reach.

The Coinbase debit card is available in all states except Hawaii.

Read our full Coinbase review.

SoFi Credit Card
CardTypeRewards RateRewards Paid Out InAPRMin Credit Score
SoFi Credit CardCredit3% during the promotional period and 2% afterBTC and ETH15.99%–27.99% (variable) on purchases 29.99% on cash advances670+

SoFi Credit Card: Best For Beginners and SoFi Members

  • Card type: Mastercard credit card
  • Card APR: 15.99% to 27.99% purchases; 29.99% for cash advances
  • Special offer: 3% back through the end of 2022 (direct deposit required)

Pros

  • No annual fee
  • Redeem rewards points for Bitcoin or Ethereum
  • Rewards tier is fixed at 2% after the end of the promotional period

Cons

  • Need to maintain a Direct Deposit monthly into a SoFi checking or savings account in order to qualify for the promotional offer

SoFi Credit Card Review: Our Take

Some cards pay rewards in crypto, but SoFi pays in points, which can be redeemed for crypto. If you’re part of the SoFi community, the SoFi credit card may appeal to you since you can manage every aspect of your SoFi products through one app.

When it comes to rewards, SoFi keeps it simple. With this card, you can earn 2% back on almost anything, with your rewards paid in points. There are a few different options for redeeming your points, including:

  • Cash
  • Crypto
  • Fractional investment shares
  • Payment on loan products

Through the end of 2022, SoFi is running a promotion that unlocks 3% rewards if you set up and maintain a Direct Deposit account. After the promotional period is over, you’ll earn 2% on eligible purchases.

While SoFi offers an easy-to-use rewards program, it’s not a perfect fit for everyone. For example, experienced traders may prefer a solution that supports an external wallet. SoFi does not currently support a wallet, which means it holds custody of your crypto. This structure is typically best suited to lower crypto balances or beginner crypto investors.

SoFi crypto rewards are redeemed through SoFi Invest, which is available in all states. Some trading restrictions apply to SoFi members in New York.

How Do Crypto Credit Cards Work?

In general, crypto credit cards work much like a standard rewards credit card: you earn rewards for making certain types of purchases. The primary distinction is that the rewards you earn are paid in crypto or in points that can be redeemed for crypto, rather than earning miles or statement credits.

For crypto credit cards, it’s important to note that you’re not spending your crypto or cash from your trading account — you’re borrowing money, just like with a standard credit card. However, there are some debit cards listed above that offer the same type of crypto rewards benefits, but you will be directly dipping into your crypto or cash holdings when you use those cards.

Some of the credit card companies listed above will offer instant approval decisions with no impact on your credit score due to the initial soft-pull credit check. Once you’re approved, if you choose to go through with the rest of the application process, there will be a hard pull to your credit, which can impact your credit score.

You can expect interest rates that are similar to what you’d get with traditional credit cards, with rates ranging from about 15% to 27%, depending on your credit score and macroeconomic factors which may affect interest rates. If you pay in full each month, you can avoid paying interest fees.

Crypto credit cards typically offer a no-frills experience that allows you to earn crypto and other rewards while swiping your card for everyday expenses.

How Do Crypto Debit Cards Work?

Crypto debit cards or prepaid cards work much like a debit card from your bank or a standard prepaid card. With a crypto debit card, you are using the cash or crypto in your account — just like you would be using the cash in your bank account when using a regular debit card online. The big difference is that you’re earning crypto rewards while spending.

However, there are some factors to be aware of before you start using a crypto debit card. One of the most important considerations is that many types of crypto debit spending incur a taxable event. This is because in order to spend your crypto, it must first be sold on the open market, which often incurs a capital gains tax.

To avoid the risk of a taxable event, you can fund your account with USD or a stablecoin alternative such as USDC or USDT. Stablecoins do not appreciate and are generally not subject to capital gains tax. Check with your debit card provider to see which funding options they offer.

Prepaid cards, on the other hand, don’t allow you to spend your crypto. Rather, you must fund the card with USD through a bank account or with cash you hold on the exchange in order to spend. Many of the rewards these prepaid cards offer make this setup worthwhile.

How to Choose The Best Crypto Credit Card

When narrowing down the options to find the best crypto credit card for you, it can be helpful to consider your priorities. A critical factor to always be mindful of is what tokens you can earn your rewards in. Major tokens like BTC and ETH are almost always a better bet over platform-specific tokens like CRO and NEXO due to the latter’s price volatility. Additionally, you may want to consider factors like the rewards rate the cards are offering, any sign-up bonuses or rewards tiers, and whether you’re willing to pay for an annual fee or interest on your purchases.

Most crypto credit card options will have no annual fee, but you should still check the fine print before applying. An annual fee can put a damper on rewards earnings, and that’s particularly true if you aren’t planning to use the card often.

You may also want to consider interest rates. You may not plan to carry a balance, but life happens, and you may end up having a balance on your card at some point. So it could be beneficial to you to find the credit cards with the lowest APRs for your credit profile. If avoiding interest is the main priority, it may be helpful to consider a crypto debit card instead.

Some cards offer freebies, such as free memberships to Netflix or Spotify. Free is a good price, but be sure the card actually meets your needs and that the crypto rewards are going to be worth it before opening a card just to get access to these types of benefits. If the card offers other goodies, consider them extras rather than the primary selling point.

It’s also worth noting that adding a new credit card to your credit profile will usually temporarily lower your credit score, which could cause you to pay more for any variable rate debt, future loans, or other products. If you need access to new credit before your score recovers, be sure to consider your needs carefully before applying.

Should You Get a Crypto Rewards Credit Card?

If you were already in the market for a new credit card, crypto credit cards can offer an easy way to build your crypto portfolio over time while giving you access to a line of credit. These cards are at least worth considering if you’re OK with the temporary drop a credit card can cause to your credit score, or with the other risks that can come with opening a new card account.

It’s worth mentioning, however, that the idea of “no risk, no reward” also applies to this situation. While you could earn valuable crypto rewards with this type of card, there are potential downsides — like the fact that staking for crypto rewards comes with the risk of falling token values. Your rewards could go to the moon, but they might turn into moon dust. Consider your risk tolerance before making any decisions.

Crypto credit cards should also be considered in the context of traditional non-crypto rewards cards. There are benefits and downsides to each which may apply depending on your situation:

  • Traditional Card Rewards: Normally include a broad range of rewards such as miles, statement credits, streaming services, airport lounges, and much more. Many high tier credit cards also have significant annual fees and minimum spending amounts that are required. All traditional credit cards require a credit check and perks vary depending on the tier of card that you are approved for. Traditional card rewards sometimes include promotional periods of 12 or more months which award extra miles, more cash back, or lower APRs. These promotional rewards often require a certain initial spend in order to be triggered.
  • Crypto Card Rewards: The cash back offered by many crypto rewards cards is comparable to that of traditional credit cards, but rewards are often capped after a certain amount of spend. Crypto cards also don’t usually include promotional bonuses that are as lucrative as those of traditional cards. On the flipside, though, crypto cards offer much greater flexibility when it comes to types of credit. The collateralized, low-APR model used by companies like NEXO is an innovative take on borrowing that’s not seen in the traditional finance space.

Final Thoughts on Crypto Rewards Credit Cards

Crypto credit cards can be a great way to earn crypto-specific rewards. If air miles programs and traditional rewards programs aren’t your cup of tea, it may be worth it to take a closer look at what a crypto card can offer you. It could be a good alternative to your traditional rewards credit card options. Plus, with the option for crypto rewards debit and credit cards, there’s a card for nearly every type of crypto enthusiast.

Frequently Asked Questions

  • How do crypto card rewards work?

  • Are crypto credit card rewards taxable?

  • What’s the difference between a crypto debit card and a crypto credit card?


Contributors

  • Avatar of Eric Huffman

    Eric Huffman is a freelance writer for DeFiRate. In addition to crypto and blockchain topics, Eric also writes extensively on insurance and personal finance matters that affect everyday households.

  • Avatar of Angelica Leicht

    Angelica specializes in crypto and personal finance content. Her work has appeared in publications such as Bankrate, Forbes, The Motley Fool, The Simple Dollar, The Houston Press, Dallas Observer, The Village Voice, and others.