Last updated on August 22nd, 2022
The Status Credit Card is the latest entry into the ever-growing ranks of crypto credit cards. The new card, from a partnership involving embedded finance platform Railsbank and personal finance company Status Money, will offer up to 2% cash back on purchases – with rewards invested into cryptocurrency. Here is what you need to know about the new Status Card:
Status Money Credit Card to Offer Up to 2% Cash Back
Fintech Railsbank and Status Money are joining forces to launch a new cash back and crypto rewards credit card. The new card will offer 2% cash-back rewards on every purchase, with rewards automatically invested as cryptocurrency. This unique rewards structure is designed to provide a return on investment (ROI) “without having to deal with the headaches and tax burden of owning crypto,” according to a press release accompanying the news of the new card.
The Status Card is currently in the waitlist stage, with potential applicants encouraged to join the list for early access. Both companies say that new cardholder accounts will receive access to Status Money’s financial management tools, which include the ability to track and compare their net worth and an opportunity to have a monthly video chat with a financial advisor.
“We’re giving everyone who spends money the ability to become an investor automatically,” said Majd Maksad, co-founder and CEO of Status Money, in the release. “If cryptocurrencies continue their skyward adoption, a member who spends $1,000 a month on this card will have rewards worth over $60,000 in five years. This is life-changing money for most of us.”
Railsbank’s Credit-Card-as-a-Service Offers Fast Launch
While the Status Card is still in the waitlist phase, the turnaround time from announcement to launch is surprisingly quick. Many fintech credit cards languish in the research and development phase for months as partnerships are formed and finer details ironed out.
Not so with the Status Card, however. According to the companies, the card was brought to market “in record time” thanks to Railsbank’s Credit-Card-as-a-Service product, which lets partners offer credit cards without becoming a bank themselves.
“By partnering with Railsbank, Status Money is evolving from being a financial advice platform to a true financial services company to meet the investment pain points of its customers, providing its customers with an automatic way of turning their everyday spending habits into cryptocurrency investments,” the companies said in the release.
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