Last updated on July 27th, 2021
The SALT crypto credit card is one of the most anticipated crypto credit cards of 2021. While the card is still in the development stages, potential applicants can now sign-up for the SALT Card waitlist. Here is what you need to know about the most recent developments with the first secured crypto rewards credit card:
SALT Card Opens Waitlist
Crypto rewards enthusiasts can now join the waitlist for the SALT Card. The card is set to be the first secured crypto rewards credit card on the market in the United States, allowing users to use their crypto to make purchases – without selling, or spending, any of the crypto.
Because the SALT Card uses bitcoin (BTC) as collateral for the credit line, no credit check is needed to get the card. This unique structure also allows for greater flexibility with credit limits, letting cardholders increase their credit lines with additional bitcoin staking.
Speaking with cryptonews.com, SALT CEO Justin English said the hotly anticipated card would change how consumers view crypto rewards credit cards. “Unlike other cards on the market that encourage you to spend your crypto, we designed the SALT Card to be just the opposite,” he said. “It’s designed to help our customers HODL their assets and earn crypto rewards with every purchase so they can build wealth and grow their portfolios simply by living their everyday lives.
“Historically, financial success has hinged on this archaic idea of building credit, which is completely counterproductive because we’re taught that you have to spend money to borrow money, and it becomes this endless toxic cycle, ” he continued. “By taking the idea of the traditional credit card, removing the credit score element, and swapping it out for a credit line secured by crypto, we’re empowering people to transition from this idea of building credit to building wealth.”
SALT Card Details
SALT Card users will have access to a credit limit of up to 60% of their crypto held, with bitcoin being just one method of collateral. Other supported cryptocurrencies include:
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Paxos Gold (PAXG)
- SALT token (SALT)
- TrueUSD (TUSD)
- USD Coin (USDC)
- Paxos Standard (PAX)
The card mirrors some of SALT’s other financial products, including personal and business loans backed by cryptocurrency. SALT’s other crypto loan products feature no origination fees and repayment terms of up to 12 months.
The date of the SALT Card is currently unknown, as there is no payment network or issuing bank at the moment.
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