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Uphold Brings Back XRP Rewards Card: How to Benefit Now!
Uphold is bringing back the XRP rewards card on 10/30/2023, offering up to 6% cashback and supporting over 300 cryptocurrencies.
Uphold Brings Back XRP Rewards Card: How to Benefit Now!
Uphold reintroduced its US debit card on October 30, 2023 after temporarily discontinuing it in March 2023. The card offers XRP rewards of up to 6% on purchases and supports more than 300 cryptocurrencies, stablecoins and fiat currencies. It is issued through Cross River Bank and functions as a Visa debit card that is directly linked to the user's Uphold wallet. This allows users to pay directly from their balance at any merchant that accepts Visa, both online and in-store.
A special feature of the relaunch is the newly introduced reward program, which pays out exclusively in XRP. Users who set up direct deposit will receive an additional 4% back. The card is available in two versions: the Uphold Essential Card offers a 4% cashback in XRP with no annual fee, while the $99.99 annual fee Uphold Elite Card offers a 6% cashback in XRP, plus no foreign or ATM fees.
Financing options and tax aspects
Funding the card is possible in a variety of ways including bank transfers, direct deposits, PayPal and crypto deposits. At the same time, users should note that spending cryptocurrencies is considered a taxable event under IRS rules, which can potentially result in capital gains or losses. Using dollars or stablecoins can help reduce tax complexity.
Uphold's re-entry into the US card market comes in an increasingly competitive environment as other companies such as Gemini also begin to introduce cryptocurrency-related credit cards. This situation could improve the offer and conditions for consumers as suppliers struggle to offer attractive products.
With the return of the XRP rewards card, Uphold demonstrates not only its adaptability to market conditions, but also its commitment to offering users attractive incentives as interest in crypto spending continues to grow. The opportunity to benefit from XRP rewards for daily purchases could become an incentive for many crypto enthusiasts to try out and actively use the card.
Further information can be found on Crypto News.