NEW YORK—Crypto rewards are growing for payments cards.
Over the last several years prepaid cards that offer cryptocurrency rewards have grown popular as the digital asset payment cards offering these crypto rewards continues to expand.
Under the programs, instead of accruing frequent flyer miles or points, consumers get rewarded in crypto assets every time they make a purchase with the card. A recent study with 1,011 Americans found 14% of U.S.-based credit card users want cryptocurrency rewards from their credit cards, noted Bitcoin.com.
“It’s been a number of years since the introduction of the first prepaid digital currency payment cards that can be loaded with crypto assets in order to make purchases,” Bitcoin.com stated. “There’s now a slew of different crypto-infused cards, as some of them leverage the Mastercard payment network and others utilize Visa’s payment infrastructure. After the intro of a few different kinds of crypto cards, companies started to add cryptocurrency rewards to card users for every purchase.”
How 1 Card Works
One example: Blockfi credit card users can get up to 3.5% bitcoin back on purchases. The credit card is issued by the firm Crypto.com and pays card users rewards in crypto.com coin, also known as CRO, every time they make a purchase.
A recent study from couponfollow.com indicates that a significant percentage of Americans want crypto rewards from their cards. Couponfollow’s findings show that on average, Baby Boomers have three credit cards, Bitcoin.com added.