The Buyt Desk
Cryptocurrency; a few years back, we were introduced to this word, but now, it is ubiquitous. It has become so popular that even a non-aggressive investor knows about cryptocurrency. Talk about the investment world then cryptocurrency is the talk of the town. Everyone is keen on knowing the latest news floating about crypto on international media. India is also not untouched by this investment product. All types of investors are exploring this new investment destination, and it has come into regular transactions in the online world.
A new word buzzing around related to cryptocurrency is Crypto Credit Card. It is a new financial tool in the financial market. Let’s dig deeper to know what is a crypto credit card, its usage and its benefits in the crypto realm.
A Crypto credit card is similar to a credit card that we use. How it differs from the regular card is that it is associated with cryptocurrency investing. The card allows you to spend cryptocurrency and collect incentives in return. With a crypto credit card, you can borrow money from issuers, spend it and pay it back later. Of course, the interest factor is linked with it. Also, one must pay back in cryptocurrency, and the rewards would also be in different cryptos. Thus, in all respects, a crypto credit card is similar to a credit card.
The question is, is it a good idea to get a crypto credit card?
Cryptocurrency dwells in the virtual world. Cryptocurrency or crypto credit cards cannot help you buy groceries, clothes, and other items at stores next door. It is not into transaction mode due to several reasons, such as transaction process, exchange rate fluctuation, and not knowing the currency.
There might be chances that cryptocurrency bolster in the near future, but at present, it dwells nowhere in the physical world.
Things You Should Consider While Taking Crypto Credit Card
Tax – In many countries, crypto is a taxable entity. You need to check the rules in your country related to crypto.
The Location – It is important to check whether the use of a crypto credit card is legitimate in your country or not.
What Token It Support- Choosing a crypto credit card that supports popular tokens is logical. Among many cryptocurrencies in the market today, only a few have got public attention. Having a credit card not supporting those tokens would be a bad idea.
Transaction Fee – Like a credit card, the crypto credit card also charges a transaction fee. Check that as well beforehand.
