Using Crypto To Pay With VISA

credit-card-1730085_1920.jpg

One of the arguments crypto naysayers use when trying to dismiss crypto’s existence and value is that it lacks a store of value and is too volatile to be used for making transactions in the real world.

Those dinosaur thinkers haven’t been able to influence VISA or the 100 million vendors in the VISA network accepting VISA crypto payments. In the fiscal quarter ending December 31, 2021 there were $2.5billion in payments made with crypto-connected VISA cards. Those payments represent 70% of VISA’s total crypto volume during it’s previous fiscal year.

The quarter ending December 31st was the first quarter of their current fiscal year.

Over 65 crypto platforms and exchanges have partnered with VISA to issue credentials. The company is continuing to lean into the crypto space.

A VISA card linked to a platform or exchange allows its user to use the card to spend their crypto instead of first converting it to fiat. Using VISA to bridge the gap between crypto holdings and spending funds is a huge step forward toward bringing crypto into the mainstream.

Some cards are also paying reward points in crypto. For example, BlockFi Rewards VISA Signature Card gives:

  • 1.5% back in crypto on eligible perchases
  • 3.5% back in crypto rewards during the first 90 days of card membership
  • 2% back in crypto on all eligible purchase over $50k of annual spending.

The rewards are paid using BlockFi CryptoCurrency Rewards Points. As long as the account is in good standing, you can then convert the points into the crypto of your choice.

The Gemini Credit Card will deposit crypto directly into your Gemini account when you swipe your card giving you immediate access to your rewards instead of waiting for a statement.

If you’re checking out the cards available, be sure to check out the process they use before making your decision on which card to get. The crypto cards are still the same as regular cards in that they need to be paid off each month if you don’t want to incur late fees and interest. They will also affect your credit score so use with care.

SOURCES:

Hive_Badges.jpg
Shadowspub_Div_Bar2.jpg
Shadowspub is a writer from Ontario, Canada. She writes on a variety of subjects as she pursues her passion for learning. She also writes on other platforms and enjoys creating books you use like journals, notebooks, coloring books etc.

Prompt A Day Tagline.png

She created Prompt A Day to share with others. You can subscribe to Prompt A Day to get started.



0
0
0.000
17 comments
avatar

Interesting, I thought Canada had blocked them but it might be worth doing some research again - I know using RBC has been a total PITA to just buy crypto!

0
0
0.000
avatar

I saw reference in the article to it being used in Canada. RBC is a PITA with a lot of things.. I changed away from them years ago.

0
0
0.000
avatar

Paying directly with crypto sounds awesome!

I got confused with your last paragraph, so the card won't connect directly with your crypto balance but will generate a payment order you need to pay later?

!1UP

0
0
0.000
avatar

The last paragraph reminded people that the card gets used as a regular credit card and the bill still needs to be paid each month or there are penalties.

0
0
0.000
avatar
Don-1UP-Cheers-Cartel-250px.png

You have received a 1UP from @trashyomen!

The following @oneup-cartel family members will soon upvote your post:
@ctp-curator, @neoxag-curator, @pal-curator, @pob-curator, @vyb-curator, @bee-curator
And they will bring !PIZZA 🍕

Learn more about our delegation service to earn daily rewards. Join the family on Discord.

0
0
0.000
avatar
(Edited)

PIZZA! PIZZA! PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
curation-cartel tipped shadowspub (x1)
@harlowjourney(1/5) tipped @shadowspub (x2)

You can now send $PIZZA tips in Discord via tip.cc!

0
0
0.000
avatar

Impressive stats. You know crypto saved me during the first month in London, right? I had to sell Steem at the time to fuel my Visa card, then I used the money to pay for the train so I could work downtown.

0
0
0.000
avatar

I do recall you mentioning that.

0
0
0.000
avatar

The beauty of descentralization. Until the government goes after the Visa/Master issuers =/

0
0
0.000
avatar

Congratulations @shadowspub! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

You got more than 10000 replies.
Your next target is to reach 10500 replies.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Power Up Month challenge - Feedback from February day 3
Our Hive Power delegations to the last Power Up Month challenge Winners
Feedback from the February 1st Hive Power Up Day
0
0
0.000
avatar

A big problem over the previous years was the lack of crypto debit cards. Even with my crypto.com card they had to switch providers multiple times when they pulled out of the contract.

It has been a lot better this year as crypto has gone much more mainstream and providers like visa have gotten involved in the game.

This is only going to grow over time as we see more development and more adoption.

0
0
0.000
avatar

You can pretty much figure when vendors like VISA get into the game, that they see crypto as something that is not going away.

0
0
0.000
avatar

I been using my Coinbase card for over 6 months now 😁

0
0
0.000
avatar

I want a crypto Visa. I heard that I can use my Shakepay account as one, but I don't know exactly how yet. Something to investigate!

Great article!

!BEER

!PIZZA
!hivebits
!WINE

0
0
0.000
avatar

Have never used Shakepay... I was using Coinfield as my main exchange between crypto and my bank account but they were frustrating most of the time. Usually had to figure on a up to a week to get funds from crypto into my account. Invariably I'd end up having to put in a support ticket to get the funds.

I"ve recently started using Kraken and been very happy. The time between moving the crypto and landing in my bank is 2-3 hours and lower fees than Coinfield.

0
0
0.000
avatar

Interesting. I had not heard of coinfield. I will have to look into it.

!PIZZA

0
0
0.000