- Date : 23/05/2022
- Read: 5 mins
Applying for a crypto credit card should be an ideal choice in today's date, considering the worldwide adoption of crypto-based cards at merchants and also the amazing rewards gained for every purchase made by a card user.
What Is A Crypto Credit Card? Why Should You Have One?
In today's fast-paced world, having a crypto credit card is no longer an exception as a growing number of Indians are opting for one. Not only will this credit card come in handy for trading the famous Bitcoin, but it will also be able to leverage some of the most prospective benefits for you as a user. Furthermore, the concept of cryptocurrency has attracted people from all over the world, so talking about the crypto credit card is important.
A crypto credit card works on similar grounds as a credit card, where you can easily choose to make payments at stores or even sites, and then at the end of the month, you need to pay the bill, which gets sent to you. In this case, like the standard variant, your credit score is checked, and you can earn rewards by simply using the application.
Also Read: 5 Crypto Predictions For India In 2022
What Is A Crypto-Based Credit Card?
The simplest example of a crypto-based credit card is the combination of both credit cards and cryptocurrency. You can choose to make payments using this system of credit cards. In addition, it can help you earn rewards or incentives, just like any other card, but only in cryptocurrencies such as Bitcoin.
In the case of a crypto-based debit card, you cannot choose to borrow money, which is one of the significant benefits of the credit card variant. Along with the annual fee that needs to be paid for the card, you have to pay a bit of interest for the amount of loan taken. The best thing about this particular variant is that it is not very different from the usual credit card. However, it is pretty rewarding and brings something new to the plate.
One of the only notable distinctions is that, unlike with a credit card, where you pay with cash or cheque, you need to pay back with cryptocurrency only. The entire process has been strategised and organised to make cryptocurrency a more accepted form of payment and trading on the global platform. As a result, Bitcoin is by far the most successful and valuable digital currency type and is thus extremely popular among the general public.
Who Is Issuing Crypto Credit Cards In India?
In India, crypto credit cards are being issued by BlockFi, SoFi, Brex, Gemini, Venmo, etc. Visa and MasterCard also support these credit cards.
Is Crypto Credit Card Very Different From the Usual Credit Cards We Use?
It is obviously not the case for anyone who claims that using a cryptocurrency-based credit card differs significantly from using a traditional credit card. The central idea is to normalise cryptocurrency usage and make it available to the masses, who are still not well versed in this format of currency. There are generally a lot of options available, and when used wisely, they may be quite profitable.
The credit card is your one-stop destination if you want to use crypto on commercial platforms without doing anything very differently. The card issuers do check a few points and your background before they sanction the card, which is done to protect the platform's security.
Also Read: Leading Crypto Trading Platforms In India
Why Does One Need To Have A Crypto Credit Card?
Some might think that it is an exaggeration to call the crypto credit card more of a crypto rewards card. But it is undoubtedly not so because the number of perks offered to the users is marvellous, and they tend to surpass the generic credit cards, even if different crypto credit cards reward their users differently.
For example, BlockFi offers its users 1.5% cashback on more than 10 different kinds of cryptocurrencies. Gemini offers up to 3% as payback in Bitcoin. SoFi credit card users can redeem their reward points in Bitcoin or Ethereum.
Another very potent perk of using a crypto credit card is that it is not taxable in most locations. Of course, it would be wrong to state that the government does not recognise crypto-based transactions. However, because the numbers are significantly lower, the taxes are lower as well, allowing you to save money.
Because the focus now is on making cryptocurrency as normalised as possible, it is being accepted widely. The advantages that you are getting are also quite highly appreciated.
How To Apply For A Crypto Credit Card In India?
BlockFi, the US-based crypto credit card service provider, began operations in India in 2019. You can create a BlockFi Interest Account with a simple sign-up process and accordingly apply for its other products such as BlockFi Rewards Credit Card, BlockFi Wallet, BlockFi Trading, BlockFi Loans, etc.
Do You Need To Pre-Own Cryptos Before Applying For Crypto Credit Cards?
You need to first open a crypto account before applying for a crypto credit card, as that account will act as the backup, and also the rewards will be added to that account.
Conclusion
It is essential to understand that you could lose more than you earn without using the correct form of crypto credit card because the fiat currency format is unforgiving. Therefore, always remember that it will be detrimental if you do not end up paying the amount. However, in most cases, it can be said that this form of credit card is quite well appreciated.
What Is A Crypto Credit Card? Why Should You Have One?
In today's fast-paced world, having a crypto credit card is no longer an exception as a growing number of Indians are opting for one. Not only will this credit card come in handy for trading the famous Bitcoin, but it will also be able to leverage some of the most prospective benefits for you as a user. Furthermore, the concept of cryptocurrency has attracted people from all over the world, so talking about the crypto credit card is important.
A crypto credit card works on similar grounds as a credit card, where you can easily choose to make payments at stores or even sites, and then at the end of the month, you need to pay the bill, which gets sent to you. In this case, like the standard variant, your credit score is checked, and you can earn rewards by simply using the application.
Also Read: 5 Crypto Predictions For India In 2022
What Is A Crypto-Based Credit Card?
The simplest example of a crypto-based credit card is the combination of both credit cards and cryptocurrency. You can choose to make payments using this system of credit cards. In addition, it can help you earn rewards or incentives, just like any other card, but only in cryptocurrencies such as Bitcoin.
In the case of a crypto-based debit card, you cannot choose to borrow money, which is one of the significant benefits of the credit card variant. Along with the annual fee that needs to be paid for the card, you have to pay a bit of interest for the amount of loan taken. The best thing about this particular variant is that it is not very different from the usual credit card. However, it is pretty rewarding and brings something new to the plate.
One of the only notable distinctions is that, unlike with a credit card, where you pay with cash or cheque, you need to pay back with cryptocurrency only. The entire process has been strategised and organised to make cryptocurrency a more accepted form of payment and trading on the global platform. As a result, Bitcoin is by far the most successful and valuable digital currency type and is thus extremely popular among the general public.
Who Is Issuing Crypto Credit Cards In India?
In India, crypto credit cards are being issued by BlockFi, SoFi, Brex, Gemini, Venmo, etc. Visa and MasterCard also support these credit cards.
Is Crypto Credit Card Very Different From the Usual Credit Cards We Use?
It is obviously not the case for anyone who claims that using a cryptocurrency-based credit card differs significantly from using a traditional credit card. The central idea is to normalise cryptocurrency usage and make it available to the masses, who are still not well versed in this format of currency. There are generally a lot of options available, and when used wisely, they may be quite profitable.
The credit card is your one-stop destination if you want to use crypto on commercial platforms without doing anything very differently. The card issuers do check a few points and your background before they sanction the card, which is done to protect the platform's security.
Also Read: Leading Crypto Trading Platforms In India
Why Does One Need To Have A Crypto Credit Card?
Some might think that it is an exaggeration to call the crypto credit card more of a crypto rewards card. But it is undoubtedly not so because the number of perks offered to the users is marvellous, and they tend to surpass the generic credit cards, even if different crypto credit cards reward their users differently.
For example, BlockFi offers its users 1.5% cashback on more than 10 different kinds of cryptocurrencies. Gemini offers up to 3% as payback in Bitcoin. SoFi credit card users can redeem their reward points in Bitcoin or Ethereum.
Another very potent perk of using a crypto credit card is that it is not taxable in most locations. Of course, it would be wrong to state that the government does not recognise crypto-based transactions. However, because the numbers are significantly lower, the taxes are lower as well, allowing you to save money.
Because the focus now is on making cryptocurrency as normalised as possible, it is being accepted widely. The advantages that you are getting are also quite highly appreciated.
How To Apply For A Crypto Credit Card In India?
BlockFi, the US-based crypto credit card service provider, began operations in India in 2019. You can create a BlockFi Interest Account with a simple sign-up process and accordingly apply for its other products such as BlockFi Rewards Credit Card, BlockFi Wallet, BlockFi Trading, BlockFi Loans, etc.
Do You Need To Pre-Own Cryptos Before Applying For Crypto Credit Cards?
You need to first open a crypto account before applying for a crypto credit card, as that account will act as the backup, and also the rewards will be added to that account.
Conclusion
It is essential to understand that you could lose more than you earn without using the correct form of crypto credit card because the fiat currency format is unforgiving. Therefore, always remember that it will be detrimental if you do not end up paying the amount. However, in most cases, it can be said that this form of credit card is quite well appreciated.
