Woman holding bitcoin

Betting Big on Bitcoin Cashback Cards

Crypto betting sites are a popular way to make big wins in fiat and Bitcoin — but what about a few small wins? Micro wins, as it were? You can get those consistently by using one of the new Bitcoin cashback cards. 

Let’s say you win big on one of the crypto betting sites in the link above. Now you want to spend those winnings. How about spending them using a Bitcoin-backed card that will also get you cashback. Think of it like micro wins. 

In this article, we’ll take a look at a few Bitcoin cashback cards, see if they’re worth it, and how or why to fund them. 

Bitcoin Cash Back

Bitcoin Cashback is Getting Big

CNBC broke some monumental news recently.

“Visa and cryptocurrency financial tech company BlockFi have partnered to release the Bitcoin Rewards Credit Card to U.S. residents in all states except for New York (due to regulatory restrictions) in spring 2021. The card will be issued by Evolve Bank & Trust, and Deserve will be a technology and program management partner for the card.”

If that sounds intriguing then you might want to get on the waitlist. It opened on Blockfi in January of this year for Blockfi members who have funded accounts. 

“Cardholders will earn 1.5% cashback on all purchases that will automatically be converted to bitcoin and placed into a BlockFi account every month.”

Keep in mind though that “the Bitcoin Rewards Credit Card will have a $200 annual fee, but it can be offset in the first year thanks to the card’s welcome bonus: Earn $250 in bitcoin after spending $3,000 or more on the card within the first three months from account opening.”

Your earned Bitcoin will be deposited into your Blockfi account, from which you can withdraw it or earn interest. You can even use it as collateral toward a loan (by using it as backing). 

The account does require KYC, however. So if you’re playing on a crypto betting site anonymously, then when you move your winnings over to your Blockfi account, there will be a way for officials to trace it back across the blockchain and see that your funds came from that crypto betting site. 

Non-KYC Bitcoin Cashback

Believe it or not, you can acquire a cashback card that doesn’t ask you for ID and other KYC elements. This might be ideal for crypto betters coming from betting sites that don’t require KYC. 

Bitcoin Cash Back

The best option seems to be Fold. It’s a company that gives you a card with 1-2% cashback. But there are a couple of catches.

 

  1. It’s for US residents only. Perhaps their audience will widen in the future
  2. You can only get gift cards with it. That’s how Fold avoids KYC. 
  3. The premium level is $150 / year. There is a free level though.

Best Cashback Rate

If you don’t mind KYC then you might be wanting to spend your winnings through a debit card that offers the maximum cashback, right?

Binance would be your best bet. 

They offer a card with a huge 8% cashback. There’s a catch though:

“Although the Binance Visa Card’s cashback rate is the highest rate we’ve come across, it comes with a catch. Cardholders must have a balance of 6,000 Binance Coins, known as BNB, and receive their cashback reward in BNB.”

Crypto Betters in Europe

If you’re located and playing away in Europe, then you might want to consider Bitwala or Wirex. Both companies offer debit cards with cashback bonuses. 

“The Wirex card supports 19 cryptocurrencies and nearly a dozen fiat currencies in Europe and a few Asian and Pacific countries and will be available in the U.S. in early 2021.  Cardholders pay no issuance, monthly, or withdrawal fees, and only a 1% fee to fund accounts with cryptocurrencies.”

US Based Bitcoin Betters

If you’re in the US, then go for Coinbase, Gemini, or several other card providers coming out with debit and even credit cards that offer cash back. 

Unfortunately quite a few of these card providers have waiting lists for 2021. This is probably because the regulations surrounding crypto activity into fiat are still being developed. Even something as simple as getting cashback in Bitcoin or other cryptocurrencies is still very new and companies need to tread carefully to make sure the SEC or other government body doesn’t slap them with a lawsuit. 

At the end of the day, one thing is clear: 2021 is a monumental year for crypto space. Whether you’re a crypto better, casual investor, or someone brand new to the space — you’ll find solutions to buy and sell and spend your crypto with more ease-of-use than ever before. 

Just be safe about it. 

Always remember to double-check the address you’re sending your winnings to (if sending in crypto). Never reveal your private keys to anyone — not even someone on a “helpline”. Keep backups of your keys in various safe places. 

As long as you treat your winnings in crypto with the respect and attention they need — you’ll avoid a lot of problems and gain a good amount of benefits.