{"id":3580,"date":"2022-06-03T04:35:36","date_gmt":"2022-06-03T04:35:36","guid":{"rendered":"http:\/\/cryptcard.cc\/?page_id=3580"},"modified":"2023-04-03T12:47:31","modified_gmt":"2023-04-03T12:47:31","slug":"faqs","status":"publish","type":"page","link":"https:\/\/cryptcard.cc\/faqs\/","title":{"rendered":"FAQs"},"content":{"rendered":"

[vc_row css=”.vc_custom_1672122732448{padding-top: 80px !important;padding-bottom: 80px !important;}”][vc_column][vc_row_inner][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122815396{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”The Basics” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1654232656961{margin-bottom: 20px !important;}”]

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\n \n Is this a credit card that gives rewards in cryptocurrency? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, it's not. Unlike the typical crypto rewards cards you see online, we're offering actual credit cards that let you spend in cryptocurrencies. <\/div>\n <\/div>\n <\/div>\n
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\n \n What cryptocurrencies do you support? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We aim to support stablecoins and many cryptocurrencies that partner with us. We're always in talks with blockchain players to include their cryptos on our credit card platform. <\/div>\n <\/div>\n <\/div>\n
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\n \n How many cryptocurrencies are supported in one credit card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n At the moment, one crypto credit card only supports one cryptocurrency. If you wish to use multiple cryptos, you can apply for different cards where each support a different cryptocurrency. Each card will use a different wallet address. In the near future, we aim to allow multiple cards (many currencies) under one card (wallet). <\/div>\n <\/div>\n <\/div>\n
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\n \n Where can I use this cryptocurrency credit card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Our aim is to empower you to use crypto credit card issued by us at our online and offline merchants that support our cards with specific cryptocurrencies. For example, you may use your Ethereum credit card at an NFT marketplace that supports ETH currency and our Ethereum cards.\n\nCurrently, you may use your crypto card at our online store<\/a>. We strive to acquire more merchants. <\/div>\n <\/div>\n <\/div>\n
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\n \n How is this different compared to other crypto lending platforms? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Most other cryptocurrency lending platforms require collateral from you and most times the collateral value must exceed the amount you are borrowing. This is dubbed overcollaterization.\n\nWe, however, offer credit lines to you without any collateral so that you can conveniently pay with cryptos at websites such crypto exchanges, NFT marketplaces, blockchain games and any other online or offline merchants that support our credit cards. <\/div>\n <\/div>\n <\/div>\n
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\n \n How are you different than Crypto.com Visa Card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Crypto.com Visa card is a prepaid card meaning you need to top-up (or recharge) your card with cryptos or fiat currencies in order to use them. It's also not a debit card because a debit card does not need to top-up. Our convenient crypto credit card does not need any top-ups. You can use our credit card immediately to spend as long as you have not exceeded your credit limit (measured in crypto). <\/div>\n <\/div>\n <\/div>\n
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\n \n How are you different than cryptocurrency credit cards offered by banks? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Credit cards offered by banks are not actual crypto cards because they don't allow you to transact in cryptos. They only offer you rewards in the form of cryptocurrencies.\n\nOur credit cards allow you to spend in cryptos. But you don't have to pay for gas each time you transact. We only record your transaction via your wallet signature. <\/div>\n <\/div>\n <\/div>\n
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\n \n How is your credit card better than traditional credit cards? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Our interest rate is lower than banks and we allow cryptocurrency transaction without gas. <\/div>\n <\/div>\n <\/div>\n
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\n \n Will I receive a physical crypto credit card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Sorry, you're supposed to use your existing wallet as your crypto card. We do not issue any physical card at this moment. <\/div>\n <\/div>\n <\/div>\n
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\n \n Isn't credit card a bad thing? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No. Credit card is only bad if user abuses it. In fact, credit card is a great financial tool if you use it wisely, especially during an economic downturn where it acts as a financial backup. It is also useful for important spendings such as for medical treatment, automobile repairs, tuition and even groceries. Startup founders often use credit cards as their first source of funds when they begin their startups. \n\nEvery techology is a double-edged sword - including blockchain and AI. We only aim to sharpen the good edge. <\/div>\n <\/div>\n <\/div>\n
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\n \n Will you be storing my cryptocurrency? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No. We do not act as a custodian of your digital assets. You're also not required to store your cryptocurrency with us. You're only required to pay your credit card bills by sending crypto from your wallet to our designated payment wallet. <\/div>\n <\/div>\n <\/div>\n
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\n \n Will you have access to my wallet's private key? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No. We do not need your wallet's private key to operate. In fact, you should not reveal your private key to anyone except yourself and keep it in safe storage, preferably offline storage such as paper. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122916433{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”Free Credits, Interest Rates, Fees and Credit Limit” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1670545715596{margin-bottom: 20px !important;}”]
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\n \n How do the free credits work? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n The free credits are like free money on your card for you to spend. Let's say you're given USDT100 free credits on your card with a USDT1,000 credit limit. This means you can transact up to USDT1,100 in total spending. If you did spend up to USDT1,100, you only need to pay USDT1,000 when you settle your bill. You don't have to pay us back the USDT100. By the way, you cannot withdraw these free credits though. <\/div>\n <\/div>\n <\/div>\n
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\n \n What is the typical interest rate you offer? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Our crypto credit cards have interest rates ranging from 3% to 19% APR. We do offer 0% interest rate usually for the first year of owning our card. The better your credit rating is, the lower is your interest rate. We strive to always offer rates that are below those offered by your traditional credit card providers. <\/div>\n <\/div>\n <\/div>\n
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\n \n What is the typical credit line (credit limit) that you offer? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n The credit line offered depends on the credit score of an individual. Although the credit limit is measured in the specific cryptocurrency, its value is calculated in USD. For example, you may have a credit limit of 0.13 BTC which is equivalent to USD5,000.\n\nWe strive to offer the typical credit limits offered by traditional credit cards or better. <\/div>\n <\/div>\n <\/div>\n
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\n \n Do I have to pay for gas fee when I transact? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, there's no gas fee each time you transact. Because each transaction only requires you to sign a message using your crypto wallet (such as MetaMask). <\/div>\n <\/div>\n <\/div>\n
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\n \n Is there any annual fee? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, we do not charge annual fees for all our crypto cards. <\/div>\n <\/div>\n <\/div>\n
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\n \n Are there any other fees? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n There's a late payment fee if you're late in paying your balance. It is a flat fee and calculated in crypto. For example, if you own a USDT credit card, your late fee will be in USDT. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122951844{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”Application Procedures” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1654231780997{margin-bottom: 20px !important;}”]
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\n \n I don't have a credit score, can I still apply? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Absolutely. If you don't have a credit score, we may need more information from you but we do not like to reject people. If there's a will, there's a way. <\/div>\n <\/div>\n <\/div>\n
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\n \n Will my credit score be affected if I apply for your crypto card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No. Your credit rating will not be affected whatsoever, even if you get rejected. <\/div>\n <\/div>\n <\/div>\n
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\n \n Do I need to provide collateral? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, we do not need any collateral from you when we issue crypto credit cards to you. <\/div>\n <\/div>\n <\/div>\n
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\n \n I already have standard credit cards, can I still apply? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Yes, certainly. We do not restrict those who already owned traditional credit cards. <\/div>\n <\/div>\n <\/div>\n
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\n \n What is the process in applying for your crypto credit card? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You only need to sign-up on our website for free and submit your card application online form. Once submitted, we shall perform a credit check on behalf of you. If satisfactory, we shall send you a notification via email to offer you a card with the credit line and interest rate stipulated. You may then accept or reject our card offer. It's that simple! <\/div>\n <\/div>\n <\/div>\n
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\n \n What information do I need to provide when applying? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Usually, you only need to provide us with your basic information - contact, address, annual income, credit report, etc. But we also require your ID number such as your social security number or national ID. But in some countries, we need other documents such as bank statement, tax document and more. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122963342{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”Bills and Payments” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1654231818840{margin-bottom: 20px !important;}”]
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\n \n How do I receive my crypto credit card bill? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Just like traditional credit cards, we shall send you an email notifying you about your monthly credit card statement. You may view the statement from our website. From the document, you'll know your transaction, balance, minimum payment amount, payment due date and more. <\/div>\n <\/div>\n <\/div>\n
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\n \n How do I pay my bills? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You pay your cryptocurrency credit card bill like how you pay your standard card bill, except that you pay in the cryptocurency that you spent on. \nFor example, if you own a Bitcoin crypto card, you should pay using BTC on our website. You shall be given a crypto wallet to send the payment to. Please view this step-by-step video tutorial<\/a> on how to pay. <\/div>\n <\/div>\n <\/div>\n
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\n \n What currency do I use to pay my bills? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You should pay your minimum balance or outstanding balance in the cryptocurrency that your credit card transacts in. For example, if you have a Bitcoin crypto credit card from us, you should pay your bills with BTC. <\/div>\n <\/div>\n <\/div>\n
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\n \n When do I receive my card statement? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You will receive your credit card bills every month right after the end of your billing cycle. We will notify you via email when your bill is ready and you may log in to your account on our site to view your statement. <\/div>\n <\/div>\n <\/div>\n
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\n \n What happens if I can't pay my bills? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n If you failed to pay the minimum amount of your outstanding balance after getting a few reminders from us, we will have no option but to stop the usage of your crypto credit card. However, it is still your legal responsibility to pay your minimum amount and outstanding balance. \n\nIf you have any concerns regarding paying your bills, please contact us. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122973855{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”Merchants FAQs” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1654738218393{margin-bottom: 20px !important;}”]
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\n \n What are your fees? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We only charge 0% (yes, zero) from each amount transacted as processing fee. There's no additional fee on top of this. For each payout, there's a USD9 fee (calculated in the cryptocurrency that you are withdrawing) to cover administration cost and gas fee. <\/div>\n <\/div>\n <\/div>\n
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\n \n How often can I request for a payout? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You can request a payout as often as you wish but each comes with fees to cover our administration cost and gas fee. <\/div>\n <\/div>\n <\/div>\n
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\n \n How fast will I receive my payout? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n It typically takes within 24 hours for us to process each payout request during weekdays and within 48 hours on weekends. <\/div>\n <\/div>\n <\/div>\n
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\n \n Do my customers or me have to pay for gas? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, no one has to pay for gas fee in each transaction because your customers only need to sign using their wallets. However, your customers have to pay for a one-time gas fee when they are settling their credit card bills at the end of each month. <\/div>\n <\/div>\n <\/div>\n
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\n \n How fast does each transaction take? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Each transaction is instant because there's no actual transaction happening on the blockchain. Each transaction is recorded with your customer's wallet signature. <\/div>\n <\/div>\n <\/div>\n
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\n \n What cryptocurrencies do you support? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We aim to support stablecoins and many cryptocurrencies that partner with us. We're always in talks with blockchain players to include their cryptos on our credit card platform. <\/div>\n <\/div>\n <\/div>\n
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\n \n How many cryptocurrency can I use for payments? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n At the moment, you can only support one crypto for payments at once. We aim to allow multiple cryptos in the future. <\/div>\n <\/div>\n <\/div>\n
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\n \n What kind of businesses do you accept as merchants? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We accept all kinds of legitimate businesses across the world. This includes blockchain and non-blockchain related businesses such as metaverses, crypto exchanges, Web3 protocols, NFT marketplaces, DeFi and GameFi projects, as well as e-commerce sites, online marketplaces, online games and more. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][vc_row_inner disable_element=”yes”][vc_column_inner el_class=”section-box-white” css=”.vc_custom_1672122983255{padding-right: 1px !important;padding-left: 1px !important;}”][vc_custom_heading text=”Lenders FAQs” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” css=”.vc_custom_1654738551904{margin-bottom: 20px !important;}”]
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\n \n What are the actions taken in a case of default? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We shall undertake a few measures. Firstly, we shall use our insurance fund that is equivalent to SAFU (Secure Asset Fund for Users) to compensate our lenders for the loss. Second, the cardholder shall be blacklisted from our database. And lastly, we shall begin legal proceeding and\/or engage debt collection service to recover the lost funds. <\/div>\n <\/div>\n <\/div>\n
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\n \n How is the interest rate determined? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n The interest rate depends on the cardholder's credit score. The lesser the score, the higher is the interest rate. Our crypto credit cards have interest rates ranging from 10% to 25% APR. <\/div>\n <\/div>\n <\/div>\n
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\n \n When do you disburse the interest I earned? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Interest payment is done at the end of each month. You need to enter your payout wallet address on our site for us to transfer your earnings to you. <\/div>\n <\/div>\n <\/div>\n
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\n \n What is the minimum amount of investment? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n The minimum amount is negotiable because this amount is equivalent to the revolving credit lines that the lender is willing to offer. Each cardholder is given a credit limit to spend, thus this determines the amount of investment. Nonetheless, we're looking at a minimum credit line of $1,000 per cardholder. <\/div>\n <\/div>\n <\/div>\n
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\n \n How are you different than other crypto lending platforms? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n Other lending platforms usually provide overcollaterized loans. Although they are safer, but their yield is lower than ours. We are confident that uncollaterized lending market for cryptos will be larger than overcollaterized market because overcollaterization defeats the purpose of lending, especially when borrowers have insufficient liquid funds to provide as collateral. <\/div>\n <\/div>\n <\/div>\n
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\n \n Will my funds be locked in a smart contract? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n No, none of your funds will be locked in any smart contract. <\/div>\n <\/div>\n <\/div>\n
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\n \n When do I transfer my funds to lend? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n You only transfer your funds over to our payment wallet at the end of each month. The amount is the sum of all expenses transacted by your cardholders owed to the merchants. For example, if you have 100 cardholders who spent a total of $10,000 for the current billing month, you need to transfer only $10,000. These funds will be payout to the merchants. <\/div>\n <\/div>\n <\/div>\n
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\n \n How do I transfer my funds over? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We will provide you a wallet to transfer your funds to. This wallet address is available when it's time to make a payment. <\/div>\n <\/div>\n <\/div>\n
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\n \n How do you conduct credit check on every applicant? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We utilize a few methods - local credit scoring system or our own credit rating system. or both. This means we use the same system used by local banks in the applicant's country while our credit analysts conduct our own credit analysis based on information provided by applicant. <\/div>\n <\/div>\n <\/div>\n
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\n \n What cryptocurrency or blockchain do you support? <\/span>\n <\/a>\n <\/h5>\n <\/div>\n
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\n We can support any cryptocurrency or blockchain as long that you have a wallet that allows signing. Your blockchain doesn't necessary need smart contract capability too. <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

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