The content is accurate at the time of publication and is subject to change.
Cryptocurrency debit cards have been around for a while already. They are designed to allow cryptocurrency to be easily exchanged for spendable fiat currency. Now US customers have an option to enroll into the waitlist for two debit cards that will not only allow using crypto but also allow earning crypto rewards.
The two debit cards are the Coinbase Card from Coinbase and the Fold card from startup Fold. Both cards are Visa debit cards and will allow cardholders to use crypto for payments and purchases online and in-store as well as for ATM cash withdrawals. US consumers can now join the waitlist for either of the two cards.
The Coinbase Card will allow cardmembers to spend crypto directly from their Coinbase accounts without having to move funds to their bank accounts. Cryptocurrency will be converted to US dollars before a purchase or ATM withdrawal is completed. Plus, the card will allow members to earn up to 4% back in crypto rewards: 4% back in Stellar Lumens or 1% back in Bitcoin.
The second, the Fold Card has two plans: Intro with no annual fee and Premium with a $150 annual fee. Either plan will allow cardholders to earn bitcoin rewards. The Fold Card with the Intro plan will have a 1% average reward rate, while those on the Premium plan will earn at a 3% average reward rate. Plus, the Premium plan has a bitcoin sign-up bonus of $50.
The Coinbase Card will be issued by MetaBank® and the Fold Visa® Prepaid Card is issued by Sutton Bank. Again, the cards are not available for the application yet, but US consumers can join the waitlist for either of the two cards.