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Saturday, June 25, 2022

14% Of Americans Want Crypto Rewards From Credit Cards

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During the last few years, prepaid cards that offer cryptocurrency rewards have grown popular and a number of digital asset payment cards offer these types of rewards.

This means instead of rewarding points or travel miles, consumers get rewarded in cryptocurrencies every time they make a purchase with the card.

There’s now a slew of different crypto-infused cards, as some of them leverage the Mastercard payment network and others utilize Visa’s payment infrastructure.After the introduction of a few different kinds of crypto cards, companies started to add cryptocurrency rewards to card users for every purchase they make.

For instance, Blockfi one of the first cryptocurrency earring credit cards, where users can get up to 3.5% bitcoin (BTC) back on purchases. The credit card issued by the firm Crypto.com pays card users rewards in CRO every time they make a purchase. A recent study from couponfollow.com and the report’s author Marc Mezzacca indicate that a 14% of Americans want crypto rewards from their cards. The survey is conducted on 1,011 Americans.

Couponfollow’s findings show that on average, the generation called “Baby Boomers” (generally defined as people born from 1946 to 1964) have three credit cards. They  preferred no annual fees by at least 13% points more than other generations.

Millennials (born between 1981 and 1994/6) have four cards and they want cryptocurrency rewards on every purchase and Gen Zers (born between 1997 and 2012) that participated in the survey have two cards and they want travel miles than any other generation

The coronavirus pandemic was also mentioned in the study and it said for half the survey participants, card usage stayed roughly the same. Around a third of respondents said usage was higher because of Covid-19 and “the younger the generation/the lower the household income, the higher it was,” Couponfollow’s researcher said.

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