American Express Offers Their First Crypto Rewards Credit Card


American Express is introducing its first-ever crypto rewards credit card as part of a partnership with Abra, according to a joint announcement at this week’s crypto conference Consensus in Austin.

The announcement follows in the footsteps of other major credit card providers, most notably Visa and Mastercard, but still marks a significant call in crypto integration in the current credit card landscape. According to figures from earlier this year, there are more than 60 million AmEx holders – and now, for the first time, the network will provide access to instant cryptocurrency rewards for spending with a partner card with Abra.

American Express and Abra team up

Unveiled today at the annual Consensus event in Austin, Texas, the ‘Abra Crypto Card’ will offer crypto rewards for every purchase category and amount, according to the formal press release† Abra is offering a platform token, “Crypto Perx” (CPRX), which is expected to be alongside some (but as of yet undisclosed) top tokens as reward earning options. It was a big day for the team at Abra, which linked American Express’s announcement with news that their app would support NFT preservation and gallery views.

Mohammed Badi, president of American Express’s Global Network Services, stated that Abra brings “deep expertise in both crypto and traditional financial services,” making them a suitable partner for the endeavour.

‘Crypto Perx’ (CPRX) is the native platform ERC-20 token for Abra; the token saw a strong positive price reaction to the news surrounding Abra’s new credit card on the AmEx network. † Source: CPRX-USD on TradingView.com

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Join the club

Visa and Mastercard are two of the most well-known names in the credit card business, but don’t sleep on American Express, which is only behind Citibank, Chase and the above two top dogs when it comes to card issuance. AmEx has long carved a niche in serving top dollar customers and offering commensurate rewards.

The Abra Card is expected to bring those rewards as well, with rewards from the AmEx network slate including “Amex offers (for shopping, travel, dining, services, entertainment, etc.), presale access, Global Dining benefits and purchase protections,” the press release said.

Abra joins a growing list of crypto-native card issuers offering crypto rewards, including BlockFi, Gemini, Nexo, and others. Even non-crypto-first companies, such as Venmo and SoFi, offer crypto-reward cards.

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Featured image from Pixabay, charts from TradingView.com The author of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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