Uphold has reintroduced its XRP rewards debit card in the United States, marking a major step to capture the rising interest in cryptocurrency payments among both consumers and merchants.
Key Highlights
- Uphold reintroduces XRP rewards card that offers up to 6% cashback on every purchase.
- The card directly connects to Uphold wallets, giving access to over 300 cryptocurrencies, stablecoins, and fiat currencies.
- Spending crypto remains a taxable transaction under IRS rules, though using USD or stablecoins can make it simpler.
XRP Rewards Return to the Spotlight
On October 30, Uphold announced the relaunch of its debit card for U.S. users after putting the product on hold earlier in 2023. The card, issued through Cross River Bank and powered by Visa, links straight to a user’s Uphold wallet. This integration allows users to make purchases with crypto, stablecoins, or fiat currency at any Visa-accepting merchant, whether online or in-store.
A major highlight of the relaunch is the exclusive XRP rewards system, which offers users up to 6% XRP cashback on purchases and an extra 4% for setting up direct deposits.
Two Card Options for Users
The revamped XRP rewards card now comes in two versions:
- Essential Card: No annual fee, offering 4% XRP cashback — ideal for beginners exploring crypto payments.
- Elite Card: Priced at $99.99 per year, this version provides 6% XRP rewards and removes all foreign and ATM transaction fees worldwide.
Both cards integrate effortlessly with Uphold wallets, granting immediate access to more than 300 supported digital assets. Funding options include bank transfers, PayPal, direct deposits, or crypto deposits for greater flexibility.
Tax Considerations Made Easier
While spending crypto through the card can create taxable events due to capital gains or losses, Uphold highlights that opting for USD or stablecoins can help users avoid complex tax calculations and make everyday spending more convenient.
Intensifying Competition in Crypto Payments
The revival of Uphold’s XRP rewards card comes at a time of growing competition in the crypto payments space. Rival platforms, including Gemini, have launched similar products like credit cards offering Solana-based rewards. This trend signals a strong race to become the leading payment solution for crypto users. Backed by Visa’s global payment network, Uphold’s offering stands out as a powerful contender in the evolving digital payments market.
