Visa offering credit card with bitcoin rewards

[batsy71]

Visa to launch credit card offering bitcoin rewards

Apr. 9, 2020 1:17 PM ET|About: Visa Inc. (V)|By: Liz Kiesche, SA News Editor 

Visa  joins with startup Fold to roll out a credit card that offers rewards denominated in bitcoin instead of cash or airline miles.

Users will get credited as much as 10% of cash purchases made with the co-branded credit card in bitcoin.

For Visa, it's a turnaround from its original stance on cryptocurrency.

About two years ago it engaged in a public spat with crypto exchange Coinbase over transactions made using its cards. Then in April 2019, the two companies launched the Coinbase Card, which allows users to spend bitcoin via a debit card.

The cards are expected to be issued in July, Fold's CEO told Bloomberg News.

https://seekingalpha.com/news/3559779-visa-to-launch-credit-card-offering-bitcoin-rewards?utm_medium...

[Anonymous]

It's a debit card, not a credit card, which makes it a nonstarter for most of us. It's an interesting idea though. 

[Anonymous]

TBH, I just don't get bitcoin. Sure, it seems like an early version of what we might call "future" Money that we heard of in SCI-FI like Star trek etc.  But it's basically just digital Money, which already exists via all debit/credit card transactions, bank transfers and direct deposit. 

Why do we even need digital currency? It seems to me like just an extra step to convert real Money into bitcoin, just to use it to pay for something.

[M_Smart007]

I am very aware of "Bitcoin" and remember when it was introduced. I consider it "High RisK' .. IMHO

https://en.wikipedia.org/wiki/Bitcoin

"According to Mark T. Williams, as of 30 September 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and 18 times greater than the US dollar."

[DiosMioFico]

Very surprising news. In regards to cryptocurrency, things have really changed. 

[Psmith]

BlockFi is planning to offer an actual credit card which will earn bitcoins as rewards in the second half of 2020. Card holders will have the option of depositing the earned bitcoins in a BlockFi interest account, enabling them to earn interest on their bitcoins. Current interest rates are 6% for balances up to 5 BTC and 3.2% for amounts above that level.

I find this quite appealing, since unlike airline and hotel points, which tend to get devalued over time, Bitcoin is in a long term uptrend. (Bitcoin was the best performing asset class of 2019 and has outperformed the stock market so far this year.)

[Revelate]

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@Psmith wrote:

BlockFi is planning to offer an actual credit card which will earn bitcoins as rewards in the second half of 2020. Card holders will have the option of depositing the earned bitcoins in a BlockFi interest account, enabling them to earn interest on their bitcoins. Current interest rates are 6% for balances up to 5 BTC and 3.2% for amounts above that level.

I find this quite appealing, since unlike airline and hotel points, which tend to get devalued over time, Bitcoin is in a long term uptrend. (Bitcoin was the best performing asset class of 2019 and has outperformed the stock market so far this year.)

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I wouldn't take that to the bank.  Bitcoin is highly speculative.

Also outperforming the stock market so far this year is not exactly a strong recommendation .  Money would've been better stuffed in a mattress until somewhat recently, actually nearly a month ago assuming this isn't a dead cat bounce.  My own portfolio is still down 3.12% YTD.