- American Express has partnered with Abra to launch a credit card with crypto rewards.
- The American Express credit card will allow users transacting in US dollars to earn crypto rewards on their purchases.
- Rewards will be in the form of Arba’s Crypto Perx (CPRX) and other cryptocurrencies yet to be named.
“We’re thrilled to combine the strength of our payments network with Abra’s innovation and expertise in crypto. This is a credit card for crypto explorers and enthusiasts alike,” said Mohammed Badi, President of Global Network Services at American Express.https://t.co/tUeylFdrq9
— Abra (@AbraGlobal) June 10, 2022
The partnership and the crypto rewards credit card were announced Friday at the Consensus cryptocurrency conference in Austin, Texas. The credit card will allow users to transact in US dollars to earn crypto rewards on their purchases. It will also have additional benefits from the American Express network, such as offers for shopping, travel, dining, and Amex’s purchase protections.
Mohammed Badi, President of Global Network Services at American Express, further explained that the credit card would provide additional convenience for crypto explorers and enthusiasts. He said:
We’re thrilled to combine the strength of our payments network with Abra’s innovation and expertise in crypto. This is a credit card for crypto explorers and enthusiasts alike.
Crypto Rewards to be Tradable With Supported Digital Assets on Abra.
The card, which will be rollout later this year, will reward its users through Arba’s Crypto Perx (CPRX), an ERC20 token, and other cryptocurrencies. However, neither American Express nor Abra has provided details on which additional digital assets the credit card will support as rewards.
According to the CEO of Abra, Bill Barhydt, the crypto rewards will also be tradable with the over 100 digital assets supported by Abra, without annual or foreign transaction fees. Eventually, the credit card will allow users to choose to receive their rewards through their preferred cryptocurrency.
Users of the card will have to be registered with Abra. They will also have to apply for a line of credit. Abra’s CEO further explained that users’ crypto balances would eventually affect their credit lines. He explained:
Eventually, we’re also working on a solution that will allow you to use your existing crypto balance to affect your credit line, which is something we’ll probably launch in the future. I think that’s a big benefit because a lot of crypto holders are kind of penalized when it comes to banking and credit.