Prepaid cards that offer cryptocurrency rewards have grown in popularity in recent years, and a number of digital asset payment cards now offer these types of rewards. This means that instead of accumulating frequent flyer miles or points, customers are rewarded in crypto assets every time they use the card to make a purchase. According to a recent survey of 1,011 Americans, 14% of credit card users in the United States want cryptocurrency rewards from their credit cards.
The Percentage of Americans Who Prefer Crypto Asset Card Rewards
It’s been a few years since the first prepaid digital currency payment cards that could be loaded with crypto assets and used to make purchases were introduced. There are now a variety of crypto-infused cards available, with some utilizing the Mastercard payment network and others utilizing Visa’s payment infrastructure. Companies began to offer cryptocurrency rewards to card users for every purchase after the introduction of a few different types of crypto cards.
Blockfi credit card users, for example, can get up to 3.5 percent bitcoin (BTC) back on purchases. Every time a card user makes a purchase, the company Crypto.com gives them rewards in CRO. According to a recent study conducted by couponfollow.com and the report’s author Marc Mezzacca, a sizable percentage of Americans want crypto rewards from their credit cards. According to Couponfollow’s findings, the “Baby Boomer” generation (people born between 1946 and 1964) has three credit cards on average.
Millennials (born between 1981 and 1994/6) and Gen Xers (born between 1965 and 1979/80) have four cards. Participants in the survey who are Generation Z (born between 1997 and 2012) have two cards. “14 percent of credit card users want cryptocurrency rewards from their credit card,” according to the 1,011 Americans who use the Amazon Mechanical Turk system. The study goes on to say:
Millennials and Gen Zers (15%) wanted cryptocurrency rewards more than twice as much as Baby Boomers (7%) did.
Paying With Cash Is a ‘Rare Occurrence’ — During the Covid-19 Pandemic, younger generations and low-income respondents used credit cards more frequently.
According to Mezzacca, credit cards are the most popular method of payment for goods and services, followed by debit cards. Using cash to pay for things was a “rare occurrence” these days. Card payment services are being used more frequently by respondents these days as a result of rewards and no-fee cards.
The coronavirus pandemic was also mentioned in the study, and it stated that card usage remained roughly the same for half of the survey participants. A third of respondents said Covid-19 increased their usage, and “the younger the generation/lower the household income, the higher it was,” Couponfollow’s researcher said.