Credit cards

American Express launches new credit cards with Crypto Rewards

American Express, one of the largest payment card service companies in the world, announced the official launch of a new credit card that would offer crypto rewards to users. It is one of the most recent integrations between the traditional financial market and the crypto industry. This new service was developed through a recent partnership with Abra, a crypto services company.

American Express Launches New Crypto Rewards Credit Card

American Express has entered the cryptocurrency market through a new partnership with Abra that allows the payment card company to offer new credit cards with crypto rewards to users. In a recent press release, Abra Explain that the new Abra Crypto Card would rely on the American Express network and transact in US dollars.

Crypto rewards would come from each category and purchase amount. At the same time, Abra announced a new feature that would allow users to buy and sell non-fungible tokens (NFTs) with managed custody. Therefore, Abra not only makes it easier for users to earn crypto rewards through the American Express payment network, but it also offers new NFT solutions for users who want to access this market.

The rewards that users have received through the new cashback feature can be exchanged for 100 different virtual currencies without having to pay transaction fees. It should be noted that the Abra Crypto card will also benefit from a wide range of other advantages offered by the American Express network. Some of these benefits include Amex offers, access to pre-sale tickets, and Global Dining benefits, among others.

Mohammed Badi, President of Global Network Services at American Express, said:

“One of the ways we support the evolution and innovation of commerce is to facilitate the development and scale of innovative payment solutions by fintechs by leveraging the American Express global payments network and the Amex/i2c platform.”

The Nilson Report shows that American Express is the fourth largest card network in the world after Visa, Mastercard and store credit cards. American Express held a market share of 10.17% in 2020. Therefore, a large number of users could now access a vast network of credit cards with rewards that would be accumulated in cryptocurrencies.

Over the past few years, we have seen how Bitcoin (BTC) and other digital currencies have grown around the world. Indeed, Bitcoin was able to rise from under $20,000 to over $69,000 in 2021. Now, the largest digital asset in the market is trading at nearly $29,350 and its market capitalization is $560 billion.

Thanks to Abra and American Express, it would be possible for a large number of users to access, for the first time, digital currencies. This could be the start for other major credit card providers to start rolling out possible crypto-related solutions and rewards. There are several debit card issuers that allow users to spend digital currencies and also receive cash rewards.