The Good, Bad, and the Ugly of Crypto-Earning Credit Cards

Cryptocurrency and credit cards are both great inventions in their own right, but it wasn’t until recently that these two great forces joined together to give birth to a wonderful new concept – crypto-earning credit cards! Crypto-earning credit cards allow you to convert your everyday purchases into cryptocurrencies with just one card swipe! Although they’re not without their share of problems, crypto-earning credit cards are an excellent solution to the slow mining process. In addition, they can be great additions to any cryptocurrency owner’s arsenal of financial tools. Fees Using a cryptocurrency-earning credit card has advantages and disadvantages. First of all, you’ll have to apply for the card, and if approved, it will incur a hard credit inquiry. Secondly, you must pay off all purchases each month to avoid interest fees. Lastly, it’s important to understand the fees involved. While some crypto-earning credit cards do not charge deposit fees, others do. Depending on the provider, these can range from 3% to 7% or more. In addition, some crypto exchanges charge fees when you add funds to your account outside the credit card scenario. So while you don’t have to worry about deposit fees for using a cryptocurrency credit card, you should be prepared to pay a fee for selling it. Number of Cryptos Supported When choosing a crypto-earning credit card, make sure that the company supports a variety of cryptocurrencies. Unfortunate...