You can shop with crypto and it will convert to USD during transaction. Looks like conversion fees would apply. But they do have rewards cashback in crypto on purchases. Do you think it’s a good idea to go for one? Would like to know your reasons
doesn't make sense when credit cards are free with rewards
Well I could counter that argument by saying that rewards in crypto can appreciate with time, unlike regular points. If the steep conversion fee wouldn’t apply, this might have been something worth thinking about.
If that is what you believe, a better strategy would be to just buy crypto directly.
Also, take into account the US tax implications of using a crypto backed card.
Sounds cool but needs to be fleshed out more. I've looked into gold backed debit cards and they suck; this looks similar
As long as there is your name on the card, it is not very useful. What we really want to see is making transaction anonymously; the way like when you pay with cash. Then, you can avoid a lot of tax effectively. That's when crypto currency truly makes a difference.
Sounds awesome!
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Actually thinking about it again, I don’t think it makes sense...atleast for the near future. Say I make a $100 purchase and get $1 in bitcoin as cashback. But I am paying $8 for conversion. Which means Bitcoin has to 8x for me to be able to recover just the conversion charge. That’s >$100k. I think I’ll pass.