Crypto Credit Card: You must have heard about credit cards of banks, but today we will tell you about crypto credit cards. Just as the bank is giving credit cards for the convenience of the customers, similarly crypto cards are used for crypto currency. Nowadays the era of crypto currency is happening, so now the transactions are also happening under the digital ie crypto currency and for this crypto credit card is necessary. Just like you use bank credit cards for cash, you can also use crypto credit cards for cash.
What is Crypto Credit Card?
A crypto credit card is just a kind of debit card and it is similar to a bank’s credit or debit card. The only difference is that bank credit or debit cards use note currency or coin currency, but crypto credit cards use fully digital currency or cryptocurrency.
Just like we do not give cash and extend the card in the transaction with the credit or debit card of banks, similarly in crypto credit card also we do not need to give bitcoin, ethereum or dogecoin and payment is done from that.
Through crypto credit card, first the cryptocurrency will be converted into the currency of that country and then it will be given to the payer. The person making the payment will pay the amount on the purchase of any goods.
This work will also take the same amount of time as it takes with the cards of banks because everything is equipped with online hi-tech facilities.
Crypto credit cards are created only through Visa or Mastercard. For this, you will have to issue a crypto credit card from any crypto organization. Companies dealing in cryptocurrency exchange issue such cards.
The first crypto credit card was issued by Coinbase in the name of Shift Card.
The balance of bitcoin is deposited in a crypto credit card and as you make purchases, the balance decreases from it.
Shift credit cards have a limit of up to $1000 per day for transactions and a maximum withdrawal limit of $200 from ATMs.
Taking a crypto credit card can be beneficial when using crypto currency. The biggest advantage of this card is that the kind of additional charges that are levied on normal credit cards are not the same with crypto credit cards.
For credit cards, charges are levied by banks, while the card charges are waived if the crypto credit card is spent up to a limit. Also, there is no foreign exchange charge in crypto credit cards. This fee is charged on the cards of banks.
The value of reward points on crypto credit cards increases with the growth of cryptocurrency. Although it can also fall with a fall. It is just like the stock market where the value rises when the stock rises and the value falls when the stock falls.