Earn Crypto Rewards Instead of Points
Credit Cards with Crypto Rewards
The ASSEMBLE Protocol is a blockchain-based global point integration platform that exploits ASM utility tokens, whilst establishing a business ecosystem that can integrate, utilize existing points and miles with point providers, consumers and retailers.
Hello, dear readers! Today we’re going to take a look at crypto reward credit cards. This is one of the latest trends in the cryptosphere. Lots of consumers find reward points to be useless because the reward point system is not set up for the benefit of the customers. Lately, many customers have asked to receive cryptocurrency instead of points when they make purchases. Let’s dive into this interesting technology and see how the ASSEMBLE team hopes to apply it in the future.
Earn Cryptocurrency Instead of Points
Will Reeves, the founder of Fold, conducted an e-mail survey of 30,000 Fold app users. According to the results, 90% of the respondents said they were willing to exchange their existing cards for cards that gave bitcoins as rewards instead of points.
If you use a Fold card, you can manage all of the details of our account such as card usage and bitcoin payments through the Fold app. Once you become a customer, you will earn bitcoins whenever you use your card, even if you haven’t used your card for a long time.
Several companies, including Coinbase, have already released Visa cards that let you pay with bitcoins and let Bitcoin users use cryptocurrency like dollars. In addition, in partnership with Coinbase, the Internet shopping mall Lolli offers card options that give users bitcoins instead of points when shopping online.
As COVID-19 hit the U.S., the number of people buying daily necessities through Lolli and Fold surged, and online sales in general also increased. According to Lolli’s communication director, Aubrey Strobel, Fold app users bought more gift cards on Amazon and Target than usual, while Lolli users spent more money at Sam’s Club, Vitacost, Best Buy, and Newegg.
In the first quarter of 2020, there were 24,000 transactions completed by Fold app users alone. This showed a 110% increase in sales throughout the month compared to the fourth quarter of 2019. The influx of thousands of new members is the main reason for the increase. Overall, companies that rewarded consumers with bitcoins instead of points mostly recorded a rise in sales even when the overall crypto market stagnated.
There are a few different options when it comes to crypto reward credit cards. BlockFi credit card users earn 3.5% back in bitcoin (BTC) on all purchases for the first 90 days. Credit cards issued by Crypto.com give rewards whenever the card owner makes a purchase.
According to a recent study by CouponFollow.com, a significant percentage of Americans want their cards to provide cryptocurrency rewards. Of the 1,011 Americans surveyed, 14% wanted cryptocurrency compensation from their credit cards. Broken down by age, Millennials and Generation Z were more than twice as likely (15%) to want cryptocurrency compensation than Baby Boomers (7%).
As COVID-19 continues, younger generations and low-income people have been using more credit cards. To give you an idea of how common credit cards are, Generation X and Millennials have an average of four cards per person, while Generation Z averages two cards per person. Credit cards are the most popular option when paying for goods and services, and most people use their debit cards after their credit cards. The reason why they use card payment services more is because they are reward cards without annual fees.
In the future, ASSEMBLE plans to release an exclusive credit card in collaboration with credit card companies just as Fold and BlockFi have done. The ASSEMBLE team is currently planning and developing a crypto rewards credit card, and details will be announced to the official community later.
Lots of compelling things coming up for both the crypto market and ASSEMBLE! We hope you’re as excited as we are to try out ASSEMBLE’s new crypto credit card in the future! Stay tuned on all our channels so you don’t miss any updates!
