The Abra Credit Card is the first card on the American Express network that will let you earn cryptocurrency as part of the card’s rewards program. Abra announced the card in June 2022 and has released some preliminary details about the card including the list of cryptocurrencies you can earn and card fees. Abra will release more details of the card later in the year and send out an invite to apply for the card if you join the Abra Amex waitlist. Keep reading to see what we know so far.
- Abra has just announced the first AmEx card that allows you to earn crypto on any of your card purchases. We expect that this card will have a plethora of non-crypto perks offered by other American Express cards.
The details are limited, but expect Abra to offer a higher end feature assortment when compared to BlockFi or SoFi credit card. The AmEx partnership implies that this card will have high income and enjoy perks such as Amex Offers, presale tickets, global dining benefits, purchase protections, and crypto transfer partners (totally speculative).
A press release from Business Wire suggested that there will be a $0 annual fee for the Abra credit card. Abra will take one of two routes: (1) match the $0 AMF of SoFi, BlockFi, and Gemini or (2) introduce an annual fee card that has much better benefits. What could some of those benefits be? Appealing features would be early access to new cryptos, higher APY on staking, and waiving fees on crypto transactions within the app.
With Abra, you will spend and use the card as a normal credit card. However, instead of cash back or points - you will earn cryptocurrency. Abra has 100+ cryptocurrencies to choose from as your reward type. Ideally, you will be able to pick and change your crypto reward type from the Abra mobile app.
The biggest potential downsides are customer support and execution of promised features. Often times FinTech companies like Abra have an idea for a groundbreaking product, but upon release the best features have been removed or are not available to US customers.
Also, Abra has released very little about the features and pricing. The card could end up not being as good as we hope it is.
With so many unknowns about the Abra card, it is hard to recommend it at the moment. The possibility of having a crypto card on the AmEx network is exciting - but we can't recommend it until we know more.
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