SALT Lending Announces a New Crypto Credit Card—With a Twist

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SALT Lending Announces a New Crypto Credit Card—With a Twist

SALT Lending, a cryptocurrency-backed lending company, wants to launch a new crypto-backed credit card. By embracing crypto as security, the new card will work differently from previous crypto credit cards that have lately been issued.

Key Takeaways

  • SALT Lending just introduced the new SALT Card, a credit card that enables customers to spend their crypto holdings.
  • The startup hasn’t released many specifics about the card, and it doesn’t currently have an issuing bank partner.
  • Customers who are interested in the card may sign up for a waitlist to get updates on its progress.

A New Twist on Crypto Credit Cards

BlockFi unveiled the Bitcoin Rewards Credit Card in late 2020, the industry’s first card to give rewards in the form of bitcoin rather than cash back, points, or miles. Then, when another cryptocurrency exchange company, Gemini, launched its own card, SoFi started enabling new and current users of its flagship credit card to redeem their points for bitcoin and Ethereum.

SALT Lending has now joined the game, although in the early stages of establishing its new credit card.

According to the startup, the SALT Card will provide more than simply cryptocurrency incentives. It will calculate your spending capacity based on how much bitcoin you choose to use to protect your card’s limit of credit, just like a regular secured credit card. This also makes it comparable to crypto-backed loans, which enable you to utilize your crypto holdings as collateral.

Because the card is secured, SALT Lending will accept new applications without needing a credit check—a benefit for customers who manage their money properly but have a poor credit score.

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Users of the card will be able to borrow up to 60% of their bitcoin owned by SALT Lending.

The SALT Card, like crypto-backed loans, allows crypto aficionados to use the card for ordinary shopping without having to sell their cryptocurrency to pay for the transactions. They will be able to win incentives as well.

Join the Waitlist, But Be Ready for a Long Wait

It is presently unknown when the SALT Card will be available for purchase. At this time, the lending platform still needs an issuing bank partner, which is required before the card can be released.

There will be no definite specifics regarding the card’s rewards rates or other features until that occurs.

However, you may join the card’s waitlist by visiting SALT Lending’s website.

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