Over the past few years, prepaid cards offering rewards for cryptocurrency have grown in popularity, and a number of digital asset payment cards are offering these types of rewards. This means that instead of accumulating frequent flyer miles or points, consumers are rewarded with crypto assets every time they make a purchase with the card. A recent study of 1,011 Americans showed that 14% of US credit card users want cryptocurrency rewards from their credit cards.
Percentage of US Residents Preferring Crypto Asset Card Rewards
It has been several years since the introduction of the first prepaid digital currency payment cards that could be loaded with crypto assets in order to make purchases. There are now a large number of different encrypted cards, some of which make use of the Mastercard payment network and others of which use Visa’s payment infrastructure. After introducing a few different types of crypto cards, companies started adding cryptocurrency rewards to card users for every purchase.
For example, Blockfi credit card users can get back up to 3.5% of Bitcoin (BTC) on purchases. The credit card issued by Crypto.com pays card users rewards in CRO every time they make a purchase. A recent study from couponfollow.com and report author Marc Mezzacca indicates that a large percentage of Americans want crypto rewards from their cards. 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.
Gen Xers (born in 1965 and 1979/80) and Millennials (born in 1981 and 1994/6) have four cards. Gen Zers (born in 1997 and 2012) who took part in the survey has two cards. Among the 1,011 Americans who use Amazon Mechanical Turk, “14% of credit card users want cryptocurrency rewards from their credit card.” The study also states the following:
Millennials and Generation Zers (15%) were twice as likely than Boomers (7%) to want crypto rewards.
Paying in cash is rare – younger and lower-income family respondents have used credit cards more during the Covid-19 pandemic
Mezzacca says that credit cards are the most popular option when it comes to paying for goods and services, and credit cards are followed by debit cards. Using cash to pay for things these days was “a rare thing”. The reason why respondents use card payment services so often these days is because of rewards and cards with no annual fee.
The coronavirus pandemic was also mentioned in the study, and it said that for half of those surveyed, card use remained roughly the same. About a third of respondents said use was higher due to Covid-19 and “the younger the generation/the lower the family income, the higher it is,” the Couponfollow researcher said.
What do you think of a card study that shows 14% of Americans want crypto-asset rewards from their payment cards? Tell us what you think about it in the comments section below.
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