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Among rewards credit cards, the most common incentives remain cash back, points and miles. But since 2020, credit cards that earn cryptocurrency — either through spending or by converting rewards into crypto — have cropped up as card issuers worked to tap into the crypto craze.
But in the wake of the crypto winter of 2022, which saw the collapse of the crypto exchanges FTX and BlockFi, several crypto credit cards disappeared from the market. At one time, our list of the best crypto credit cards contained a half-dozen options. Now, just two remain.
The credit card landscape changes constantly, so it’s possible that crypto cards could make a comeback. But for now, the market is taking a collective step back from the inherent volatility of cryptocurrency. If you want a crypto-earning credit card, your options are extremely limited. Here's where to look.
Best crypto credit cards
Venmo Credit Card
Gemini Credit Card
Venmo Credit Card
Rewards:
3% cash back in your top spending category for the month (from one of eight possible categories).
2% back in your second-place spending category for the month (from one of the remaining seven possible categories).
1% back on all other purchases, including any purchase that doesn’t fall into one of the spending categories listed below.
Sign-up bonus: None.
Annual fee: $0.
How to earn crypto with the card
Cardholders of the Venmo Credit Card can opt to automatically purchase cryptocurrency using cash-back rewards earned from their card, with a feature called Cash Back to Crypto. You can choose from four cryptocurrencies to purchase: bitcoin, ethereum, litecoin or bitcoin cash. Users will then be able to choose to sell or hold their crypto through the Venmo app.
When you opt to enable the auto-purchase feature of the Cash Back to Crypto option, you won't incur an additional transaction fee. But a cryptocurrency conversion spread will be built into each monthly transaction. That means Venmo will charge a small spread (or margin) between the crypto market price and the current exchange rate. You can change which crypto you want to purchase, and the auto-purchase feature can be turned off at any time.
» MORE: Review of the Venmo Credit Card
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Gemini Credit Card
Rewards:
3% back on dining (up to $6,000 in annual spending, then 1% back).
2% back on groceries.
1% back on all other purchases.
Sign-up bonus: None.
Annual fee: $0.
How to earn crypto with the card
The Gemini Credit Card earns crypto rewards automatically. The rewards are available in bitcoin as well as more than 50 other cryptocurrencies on Gemini, a cryptocurrency exchange. The card was announced in early 2021 but had a waitlist at the time. Now, applications are open to the public in all 50 states.
Discontinued crypto credit cards
BlockFi Rewards Visa® Signature Credit Card: In 2022, BlockFi discontinued the BlockFi credit card, and current cardholders couldn’t use their credit card for purchases.
Upgrade Bitcoin Rewards Visa® Credit Card: Upgrade shuttered its crypto-earning card in 2023.
Cards that eliminated cryptocurrency as a redemption option
Brex Card: Rewards can no longer be redeemed for cryptocurrency as of Aug. 31, 2024, according to Brex.
SoFi Unlimited 2% Credit Card: SoFi eliminated the crypto rewards redemption option on its credit card in early 2023.
Crypto cards that never made it to the market
Abra Crypto Card: The card was promised in 2022 but never materialized.
Unifi Premier card: This card also had a target launch of 2022. Unifimoney CEO Ben Soppitt said that “credit cards have proven to be very hard to crack for fintech.”
