Americans Want Crypto Rewards for Credit Card Purchases

In the past few years, prepaid cards offering cryptocurrency rewards have become increasingly popular. Many digital asset payment cards now offer these types of rewards. Instead of earning frequent flyer points or miles, customers are rewarded with crypto assets for every purchase they make using the card. Recent research with 1,011 Americans has shown that 14% want crypto rewards from their credit cards.

Crypto Asset Card Rewards

Since the introduction of the first digital currency prepaid payment card that could be loaded with crypto assets to allow purchases, it’s been many years. There are now many different crypto-infused cards. Some use the Mastercard payment network, while others use Visa’s payment infrastructure. Companies began to offer cryptocurrency rewards for card users after the introduction of several different types of crypto cards.

Blockfi cardholders can earn up to 3.5% Bitcoin (BTC), back on their purchases, for example. Crypto.com offers cardholders a credit card that pays CRO for every purchase. According to couponfollow.com, a large percentage of Americans desire crypto rewards on their cards. Couponfollow’s research shows that the average generation known as “Baby Boomers”, which is defined as those born between 1946 and 1964, has three credit cards.

Image via couponfollow.com report

Four cards are available for Gen Xers (born between 1965-1979/80) or Millennials (1981-1994/6) who were born between 1981-1996. The survey included two cards for Gen Zers, who were born between 1997 and 2012. According to the study, 14% of 1,011 Americans who use Amazon Mechanical Turk have two cards.

Millennials and Gen Zers (15%) were more than twice as likely as Baby Boomers (7%) to want cryptocurrency rewards.

Credit Cards Were Used More Than Cash During Covid-19 Pandemic

Mezzacca states that credit cards are the most preferred way to pay for goods and services. Debit cards follow credit cards. Cash was “rare” these days. Respondents leveraged card payment services more frequently because of rewards and cards that don’t have annual fees.

In the study, the coronavirus pandemic was also mentioned. It stated that card usage remained roughly the same for half of the respondents. Couponfollow’s researcher stated that around a third of respondents believed their usage was higher due to Covid-19. He also said that “the younger generation/the lower household income, it was the higher it was.”