American Express Partners With Abra to Launch Crypto Rewards Credit Card
American Express is teaming up with crypto platform Abra to introduce a new credit card that lets users earn cryptocurrency rewards on everyday purchases. The card aims to attract both crypto veterans and newcomers by offering a simple entry point into digital assets.
American Express is partnering with crypto wealth management platform Abra to launch the Abra Crypto Card on the Amex network. Announced at Coindesk's Consensus conference, this new credit card allows users to earn cryptocurrency rewards on their U.S. dollar purchases. This move brings American Express in line with competitors Visa and Mastercard, which have already introduced similar crypto rewards cards to the market.
The card requires users to register with Abra and apply for a line of credit to start earning digital assets on their spending. While the exact cryptocurrencies offered at the late 2022 launch remain under wraps, users will eventually have the option to choose from multiple cryptos or traditional perks like dining and entertainment rewards. Cardholders can easily swap their earned rewards across different cryptocurrencies using Abra's built-in exchange.
Abra is designing the card to appeal to both experienced crypto enthusiasts and beginners who want a simple way to enter the digital asset space without converting their existing funds. Users who choose to receive their rewards in Abra's native Crypto Perx (CPRX) token will receive additional, yet unspecified, benefits. Furthermore, Abra plans to introduce a future feature that allows users to leverage their existing crypto balances to positively impact their credit lines.