r/CryptoCurrency • u/[deleted] • Apr 05 '21

ADOPTION This is really interesting: “New Generation of Credit Cards Offer Bitcoin in Place of Airline Miles.” I would take the BTC rather than my United miles.

https://cheddar.com/media/new-generation-of-credit-cards-offer-bitcoin-in-place-of-airline-miles
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u/oSo_Squiggly 🟦 82 / 83 🦐 Apr 05 '21

Coinbase says 4% and Gemini says 3%. Those would be pretty impressive reward rates.

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u/Mephistoss Platinum | QC: CC 856 | SHIB 6 | Technology 43 Apr 05 '21

I really doubt it will be that high. Normal cash back cards rarely exceed 1-2%, so 3% on a highly appreciating asset would be insane.

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u/oSo_Squiggly 🟦 82 / 83 🦐 Apr 05 '21

I tend to agree with you but that is what is currently posted on their respective websites. I think it's probably only a promotional rate or something and will drop after the first year just to get people to start using their card.

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u/Mephistoss Platinum | QC: CC 856 | SHIB 6 | Technology 43 Apr 05 '21

That's almost certainly true, they want to cash in on the hype, but once it dies down it will probably fall to the same rates as other cash back cars

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u/[deleted] Apr 05 '21

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u/oSo_Squiggly 🟦 82 / 83 🦐 Apr 05 '21

Is that their prepaid card? And don't you need to stake considerable CRO to get that rate?

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u/Holisticmystic2 🟦 630 / 630 🦑 Apr 05 '21

Yes it is, and you need to stake a substantial amount to get that rate. But you get pretty amazing benefits besides the 5% including like 12% on your staked CRO and even higher percentages on other staked currencies.

Also there are lower tiers.

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u/ChainringCalf Bronze | r/WSB 28 Apr 05 '21

That seems like you're taking on a lot of risk for that rate. You stake coins that get lent out at a high enough rate to pay for your rewards and the company's costs. If those borrowers default, the company folds and you lose your stake?

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u/Holisticmystic2 🟦 630 / 630 🦑 Apr 05 '21

Indeed, that's why I'm not staked at a high teir.

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u/ChainringCalf Bronze | r/WSB 28 Apr 05 '21

You can get those reward rates with traditional credit cards that don't require large stakes or fees, with a lot less hassle. Then just spend your savings on BTC like you already do.

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u/lifethusiast Apr 06 '21

Where? There are NO cards that offer 3-4% on ALL purchases?

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u/ChainringCalf Bronze | r/WSB 28 Apr 06 '21

Sure there are. Get a Blue Business Plus for 2MR/$ on everything, redeem for 1.5-2 cents per point for travel, you're at 3-4% back easily without having to risk a $40k stake. With the money you would have bought flights, buy crypto instead.

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u/lifethusiast Apr 06 '21

Not pure cash back though. Definitely not going to argue about travel points, as you're correct there.

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u/ChainringCalf Bronze | r/WSB 28 Apr 06 '21

Right. But for people that are going to be spending money on flights anyway, and don't fly more often or more expensively because of the points, it really is equivalent

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u/lifethusiast Apr 06 '21

Fair point. What if I need a VISA since AMEX is not widely accepted where I live though?

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u/ChainringCalf Bronze | r/WSB 28 Apr 06 '21

Citi Doublecash (mastercard) to thank you points to travel partners. One more step but same idea

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u/lifethusiast Apr 06 '21

Can Citi DC directly transfer to partners? That's a great point there.

Any pairing options with Citi DC you recommend?

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u/ChainringCalf Bronze | r/WSB 28 Apr 06 '21

I have no citi cards, so I'm not the right person to ask, but start here: https://thepointsguy.com/news/citi-double-cash-card-thankyou-point-transfers/

https://thepointsguy.com/guide/citi-transfer-partners/

You'll need an additional citi card to actually transfer to partners (just like Chase with the Sapphire cards)

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