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?