Cards for Crypto Enthusiasts

Credit Card Sales Volume is Growing

The term “credit cards sales volume” refers to the amount of payments made to a merchant using a credit card. The volume of credit card sales is seeing large growth this year. Citi, JPMorgan Chase, and Wells Fargo, which are three large credit card issuing companies in the United States, saw a 24%, 29%, and 33% increase in credit card sales volume, respectively. This happened in the first quarter of 2022.

Why is credit card sales volume growing this year? Jeremy Barnum, the Chief Financial Officer of JPMorgan, said that the rise in entertainment and travel spending is partly responsible for this situation. 

Another factor behind the increase in the amount of payments made via credit cards is the surge in gas prices, especially in Europe, the United Kingdom, and the United States. Many residents in these regions regularly make payments for gas via their credit cards. And due to interruptions in the energy sector, which were caused by the situation in Ukraine, the volume of credit card payments went up in response to the shortage of Russian gas supply. 

Young Consumers are Fueling the Credit Card Boom

Several studies have found that young consumers, particularly Generation Z and Millennials, are driving the increase in credit card sales volume. Cornerstone Advisors is one of the expert banking consultants that have investigated this recent trend. According to the findings of its study, 65% of people aged 21 to 26 and 67% of those aged 27 to 41 have one or more credit cards and use them for most of their monthly expenses.

Different Kinds of Crypto Cards

Another noteworthy trend in the increased use of cards today is that people are making payments with different kinds of them. They use not only debit and credit cards that allow them to make payments in fiat currencies like EUR, USD, and GBP, but also crypto debit and credit cards.

Now, there are different kinds of crypto cards on the market. The first type is cards that convert Bitcoin or/and other cryptocurrencies to fiat money so that it can be used to make a payment, usually with extra cryptocurrency benefits. The second type is fiat-based cards that offer cryptocurrency as a cashback benefit. Many credit and debit cards that support blockchain technology require users to have a cryptocurrency account balance with the card issuer.

Apps that Let You Use Crypto Cards 

There are mobile apps and e-wallets that work with crypto and allow you to buy things with them or their linked cryptocurrency cards. They are useful for online and offline payments. The following is our list of the most notable of them on the market:

Binance

Crypto enthusiasts can get a Bitcoin debit card from Binance. It has many features that will impress you, including its 8% cashback, which places it among the best for cashback. You will also not need to pay issuance or monthly fees to own and use the Binance Visa Card. However, it charges its customers transaction fees that could get up to 0.9%, and an additional fee may be charged by your ATM operator when you make ATM withdrawals.

Wirex

For free ATM withdrawals and up to 2% cashback, register an account with Wirex. Through the support of 10 different crypto exchanges, Wirex is making the buying and selling of national currencies and cryptocurrencies more secure and simpler. Wirex allows you to earn interest on cryptocurrencies and fiat currencies.

Unbanked

Unbanked allows its users to get more rewards as they spend more. It is offering 6.38% cashback in its own crypto, named UNBNK, whenever you use your Unbanked cryptocurrency card to make a purchase. You can use the Unbanked virtual debit/credit card and its physical card for ATM withdrawals and payments online and in-person.

Uphold

Uphold claims to offer the most flexible crypto debit card. It offers physical and virtual cards and instant access to cash, cryptocurrencies, gold, and other valuable commodities. Its Mastercard cards can be used anywhere Mastercard is accepted. In addition, users get 1% cashback in USD for every dollar spent. They also get 2% cashback in Bitcoin or any other cryptocurrency used to make a card payment.  

Crypto.com

Crypto.com is an exchange that provides support for a wide range of blockchain-related products, including crypto credit cards, non-fungible tokens (NFTs), and a separate crypto e-wallet. It charges no fees for card issuance and monthly maintenance. It also supports about 90 different cryptocurrencies and more than 20 different fiat currencies. Crypto.com gives its users up to 8% cashback.

Coinbase

The Coinbase Visa debit card can be used to spend cash or crypto anywhere Visa is accepted. You will also get 4% cash back for every purchase you make with the card. While it has no annual fee, there is a 2.49% cryptocurrency liquidation fee, which refers to the price you pay for converting your crypto to fiat money.

The Death of Credit Cards is Unrealistic

It is a self-deception to think that credit cards will soon go away. While there may be a reduction in the use of physical cards, the high supply and demand for credit will force more people to opt for virtual credit cards. In fact, according to the Nilson Report, which is a trusted source of statistics and world news, credit card purchase volume in the United States will increase by 39% between 2021 and 2026, while outstanding balances will rise by 35%. Moreover, with instalment payments like BNPL (buy now, pay later) trending in the digital payment industry and more banks going crypto-friendly in the United Kingdom, credit card issuance, usage, and debt are likely to increase globally.

The Bottom Line

The future of credit and debit cards looks better today than ever before. There are now cards that support both fiat and crypto payments. Some cards even support NFTs. So, for any kind of transaction you want to make, there is an app and a card to simply and securely complete the process for you. The best ones among them have been highlighted in this post.