The benefits of cryptocurrencies are well-known. It allows for fast and cheap payments made in a secure but transparent fashion. However, there is a barrier to entry. Actually paying for goods and services in its current form is somewhat tricky. Both parties need to have cryptocurrency wallets and know how these cryptocurrencies work.
It is largely unpractical for everyday purchases like buying your groceries in a store. This is where crypto credit cards come in.
They allow you to use your crypto funds the same way you would use your fiat funds with a credit card. You can use them at any PoS or ATM. The difference is that funds come out of your crypto wallet rather than from an extended line of credit. The issue of crypto credit cards will do wonders for mainstream adoption.
Leading cryptocurrency credit cards
In April 2018 Nexo launched the very first instant loans platform that is crypto-backed. Their goal is to transform the current loan industry. Furthermore, Nexo aims to do so by allowing businesses and investors to hold onto their crypto funds and still have access to cash.
They do not have to sell any crypto tokens to have cash. They created this platform in a way that is both easy to use and is focused on security.
Additionally, you can use the safe Nexo wallet to hold your crypto assets and get instant loans. Your crypto holdings act as collateral for these loans. Therefore, you do not need to do a credit check submit to similar procedures.
You use the Nexo Credit card to spend your fiat loan. Additionally, you only pay interest on the funds you use. Both the options of cryptocurrency and fiat are available for use in repaying the loans.
This is a physical card and digital wallet. You can spend your crypto anywhere, even if they do not accept cryptocurrency. The card costs $15 with minimal annual fees and a $2.50 ATM transaction fee.
You get a 1% reward every time you make a purchase with the card.
Monaco offers four different cards. For three of the cards, you need to hold a certain amount of the native MCO token. The Midnight Blue card is entry level and there is no MCO requirement.
Fees vary depending on the specific card. There are certain rewards available and the team currently supports North America, Europe and Asia.
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