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Cryptocurrency and the underlying blockchain technology have revolutionised global finance, with digital assets now increasingly popular as a payment method across the world.

Today, millions of businesses accept Bitcoin and other cryptocurrencies as payment. And as more people pay with crypto at various merchant locations and points of sale, a new trend has emerged: the use of crypto debit cards.  

An example of how big this trend is Visa’s recent announcement that crypto-linked cards accounted for $2.5 billion worth of payments in its fiscal first quarter of 2022.  Its growth that has also seen crypto payments processors like BitPay and Strike increase support. 

Overall, crypto debit cards are on the rise, and with it, a chance for users to earn some free crypto.

But what are these crypto debit cards, and how do they work? We take a look at this, and more importantly, dive into how one can easily earn free cryptocurrency with their crypto debit card.

Think of crypto debit cards as being similar to conventional debit cards. In this case, you can use the crypto debit card to make in-person or online payments for goods and services as you would any traditional debit card.

However, unlike conventional debit cards, crypto debit cards use crypto as the main currency to load them. Therefore, instead of cash in a bank account, crypto debit cards use Bitcoin, Ethereum, Ripple, or other digital assets held in your crypto wallet.

What’s notable about crypto debit cards is that they are widely accepted. Top examples currently in use across the globe include Voyager Crypto Mastercard, Nexo Debit Card, Crypto.com Visa Card, Coinbase Debit Card and Binance Visa Card.

You’ll need to link your crypto debit card to your crypto wallet to use it. It’s an easy process that allows you to top up the card with crypto.

When you shop or seek to pay at a location that accepts debit cards, a payments processor will convert your crypto to the merchant’s preferred currency.

Note, however, that different debit cards convert the crypto to fiat at different times. Some of these cards will automatically convert the crypto to fiat currency during the top-up process. 

Meanwhile, others will hold the crypto and only convert it whenever you are transacting. That said, you can choose your crypto debit card depending on the time of crypto conversion. 

With the convenience and flexibility that this card comes with, you don’t have to worry about exchange rates. With a crypto debit card, your card directly converts your crypto to any fiat currency of your choice. 

Therefore, you can use these cards to make purchases from your local retailer. For example, you’re buying groceries from a grocery store with your debit card. When you make the payment with your crypto debit card, the store owner will receive the payment in fiat currency.  

Crypto debit card providers want to incentivise users, just as conventional loyalty programs work. 

But instead of common rewards like cash backs, points, and miles, crypto debit cards allow you to earn crypto rewards. In other instances, you can use points earned to buy crypto.

So, while different crypto debit cards have different strategies for rewarding their users, there are three common ways through which this happens.

These are crypto-back rewards, staking, and referral systems, this latter strategy made popular by the Club Swan card.

Let’s see how each of these strategies offers customers a chance to earn free crypto with crypto debit cards.

When it comes to most crypto debit cards, crypto-back rewards are the main reward. Every

time you make a purchase using your debit card, you automatically get rewarded – not in cash or miles or points- but in crypto. The amount of crypto-back reward available can vary greatly, mostly depending on the provider.

For instance, after making a purchase, a Coinbase debit card gives you a 4% reward back. On the other hand, BlockFi will reward you with a 3.5% back for any purchases you make. However, this amount of reward is only valid for 90 days.

Afterward, the amount automatically reduces to 1.5% cashback.

Some cards, however, have an advanced way of rewarding users depending on the level of the card owned. For example, Crypto.com rewards a 1% crypto-back if you hold the lowest card level. And if you hold the highest card level, you get to earn 8% cashback for all purchases you make. 

Another card that works so similar to Crypto.com is the Binance Visa card, which allows customers to earn up to 8% in BNB Cashback.

Like other cards, all cashback rewards go into the funding wallet, meaning you have free crypto with every purchase.

Are you looking for the best way of earning lucrative rewards with your crypto debit card? Crypto staking is precisely the way to go. Staking is the process of committing your cryptocurrency to support a blockchain network. And by staking, the demand and circulation of the currency increases.

For instance, Crypto.com allows you to stake an amount from $0 to $400,000 for a minimum of six months. And all you need to do is hold the native CRO token in your Crypto.com wallet. The longer and the higher you stake, the higher your rewards. 

Referrals are a marketing strategy by which active users bring in new prospects to register for a program. And in most cases, these users get to earn rewards in the process. One debit card that uses the referral program is the Club Swan debit card.  

The Club Swan debit card rewards users with 20% of the membership fee paid by the referral. The membership fees vary with the membership levels. If the referral registers for the highest membership -chairman- the more you earn. 

Besides free crypto rewards, you should consider other factors before choosing a crypto debit card. Some of the factors that you should pay attention to when choosing a crypto debit card include:

Different card providers will have different transaction fees. However, most crypto debit cards don’t have any withdrawal fees. You might encounter other fees when choosing a crypto debit card like liquidation, monthly, foreign transactions, and maintenance fees. Therefore, when looking out for the best debit card, choose a card with the lowest transaction fees. 

Crypto support is one of the factors that one must consider before signing up for a debit card. The good news is that most crypto debit cards support most of the popular cryptocurrencies, with some supporting over 20 different cryptocurrencies.

In addition, some crypto debit cards support stablecoins like Tether (USDT) and USD Coin (USDC). The benefit of stablecoins is that, unlike crypto, these coins have remarkable price stability. Therefore, when crypto prices swing tremendously, the price of these coins remains stable. 

So do you want to get the convenience you seek in a crypto debit card? Remember to choose a card that supports the crypto of your choice. 

Security is something to strive for when it comes to digital payment methods. So getting a card that provides you with the next-level security measures is a top choice. 

In fact, some crypto debit cards provide users with state-of-the-art security measures for their crypto. These measures include two-factor authentication, a passcode, and a biometric scan. 

Most crypto debit cards come with an app or a website where you can fund your crypto debit card. And in case your card gets lost or misplaced, you can lock it or change the passcode remotely. So to prevent theft of your hard-earned crypto, robust security is a factor to add to your checklist. 

So far, most crypto debit cards are only available in the E.U and the U.S.A. Therefore, you might want to get a card that favors your geographical location. Also, you can decide to choose a card supported by either MasterCard or Visa. Crypto debit cards in partnerships with Visa or MasterCard are internationally

acceptable. Therefore, you can use them anywhere anytime. If you’re an enthusiastic traveler, these cards might be a good fit for you.  Now that you know ways of earning free crypto with debit cards, it’s time to get to work. And as you choose your crypto debit card, take your time and consider the factors above.

For crypto investors, a crypto debit card can be a great addition to your wallet. It makes it easier to spend your crypto, and you get to enjoy many benefits in the process.

The post Can you earn free cryptocurrency with cards: we dive in appeared first on Coin Journal.

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