SALT Announces SALT Crypto Credit Card

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Last updated on April 26th, 2023

SALT Lending, a leading fintech and cryptocurrency lending platform, has announced plans for a new crypto rewards credit card. The new SALT credit card will allow cardholders to leverage their cryptocurrency holdings as security towards a line of credit. Here is what you need to know about the SALT Card – the world’s first secured crypto credit card:

SALT to Launch World’s First Secured Crypto Credit Card

The current crop of crypto credit cards all features an unsecured line of credit. However, the upcoming SALT Card will use cryptocurrency to act as security for the credit line – making the card more akin to a secured credit card.

Users will have access to a credit limit of up to 60% of their crypto held (currently, only Bitcoin). Once users open a credit card account, they can use their crypto as a credit line – instead of spending their hard-earned Bitcoin.

The addition of a secured crypto card is an intriguing twist, as it makes the SALT Card attainable to those with sizable cryptocurrency holdings but limited credit history. In addition, one of the significant aspects of a secured crypto credit card is that it won’t require a credit check for approval.

The secured credit card also mirrors SALT’s personal loans and business loans backed by cryptocurrency.  SALT offers loans of between 30% to 60% of an applicant’s Bitcoin holding, with no origination fees and repayment terms of up to 12 months.

Join the SALT Waiting List

SALT Card is currently in the waitlist phase of development. The launch date is unknown, but without an issuing bank or payment network, the secured card probably won’t launch until late 2021 at the earliest. Consumers interested in the SALT Card can join the waitlist.

Related Article: Is Bitcoin the Future of Credit Card Rewards?

Featured image by SALT

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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