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Hey Credit Warriors, you may have heard a while back about a proposed credit card that earns rewards in the form of crypto currency. We actually did a video on this a while back. Look at this hairstyle…
Well now the company, which is pronounced Blockrize has increased from 1 to 4 employees and it has actually been bought by Gemini which is a crypto currency exchange. And Gemini is really serious about making this card a reality. Here is what their COO told crypto publication The Block:
“Financial rewards are changing…Consumers are likely less eager to earn hotel points or airline miles, not just because of COVID, but obviously because they’re consistently devalued. One of the compelling aspects of crypto is the fact that it’s an inflationary hedge.”
Gemini COO Noah Perlman
So yeah the idea is you earn rewards in the form of Crypto, the original idea from Blockrize was Bitcoin or Etherium or a 50/50 split of both, and because it is an appreciating asset, although a very unstable one, your rewards will increase in value over time unlike credit card points or airline miles which tend to decrease in value. Like in one recent video I did where I work out the value of the sign up bonus on the Charles Schwab Amex Platinum after 20 years invested in the S&P 500.
Same kind of idea. And Bitcoin really has appreciated an incredible amount over the past year, and even if you look at the 5 year chart, although there was a huge crash somewhere in the middle, we are still way up. I feel sorry for those people who thought it was all over and sold somewhere here, having bought at the peak.
Anyway, there is a landing page where you can join the waiting list for the new card, so let’s take a look at that.
Now it hasn’t been announced whether the card will be a visa or mastercard, the COO says that information plus a load of other exciting features will be announced closer to launch which will be some time later this year.
Now there is some competition BlockFi is also going to release a crypto credit card later this year. It will earn crypto rewards at a flat rate of 1.5% on everything, so it is like the Freedom unlimited of Crypto rewards credit cards. There will be a sign up bonus og $250 worth of bitcoin for spending $3000 in three months, but the card will have a $200 annual fee. But BlockFi is a bit further along in the process, they even have a video…
And it seems they have actually secured Visa as the card’s payment processor. You can also join the waitlist for that card if you are interested.
Guys what do you think of these cards? And if you are interested in Crypto trading but don’t want to wait for these to come out. Stock trading app Webull is now offering Crypto trading too and the best thing is if you sign up and open an account you can get 4 free stocks, with two of those stocks valued between $8 and $1600 after you deposit $100. And obviously that $100 is still yours, you can use it to invest in bitcoin or whatever coin you want. Link below.
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