Cryptocurrency may be a new thing for many people, which makes the idea of a credit card using it an even more novel concept. But it means we can take some of the features of normal credit cards and apply them in a whole new way.
A prime example of this is the area of rewards. This is nothing new in and of itself. Even standard, everyday transactions at some supermarkets and food retailers come with their own reward systems, providing discounts, redeemable points, and special offers.
How Normal Credit Card Rewards Work
When it comes to credit cards, this concept can be taken further, since each card is not limited to transactions involving one particular company. Look at any consumer price comparison site, for instance, and you will see a whole array of different things on offer from various card providers.
Among these will be things like cashback for spending certain amounts (or for spending at particular retailers), but also some particularly enticing offers for people whose lifestyles or work patterns will benefit from them; such as discounted gym memberships, concert tickets, free flights and upgrades for some frequent international travellers, or free hotel stays.
In each case, credit card providers will have a number of partners with whom these reward schemes are run. The main benefit to them is attracting more custom. The benefit to the user is that they can save a lot on activities and lifestyle purchases.
How Volta Raises The Bar
So far, so good. But what can a crypto-based credit card do when it comes to rewards? One limitation some cards have is that only specific transactions will be rewarded, for example, points that only build up when the card is used for spending with a particular partner company.
Moreover, with normal credit cards, every reward is based on you spending some money on something, somewhere. But here at Volta, we go further.
The Volta Card rewards begin right at the start. The white label loyalty programme will start to build up points when you download the app, with more added for opening the account, setting a password, opening trust lines, adding coin wallets, and making crypto transactions. You can also get points for recommending Volta to a friend.
What this means is that you don’t even need to pay for something on your card before you begin to build up points. Just by getting the account up and running and making crypto transactions with Volta, you can start totting up the points, with cashback rewards to follow.
Of course, once you do start spending on it you can gain more and more rewards through our ascending system of tiers. The more you spend, the higher the tier your membership reaches. This, in turn, brings more fantastic rewards every time you step up.
Better still, because this is based on your total spending and not what you spend with specific partners, every single time you spend on it you are building up points and helping your account rise toward the next tier.
Wonderful Rewards
The rewards that will arise from this are fantastic: Lifestyle and Lifestyle+ level members can enjoy benefits such as 50 per cent discounts at a range of top hotels, through chains like the Waldorf, Ritz, Hilton and Marriot. Because these are among the ever-growing list of hotel chains that accept payment in crypto, you can go on building up points during your stay.
Of course, if you were to go to such hotels with a normal credit card paying in currencies like Pounds, Dollars, or Euros, you might still get rewards with them.
However, because Volta provides a head start with points just for going through the process of getting your account started, plus crypto transactions, plus everyday purchases and not specific ones, you are always building up the points that unlock luxury rewards that bit faster.
Crypto Is The Future
There are some very good reasons for doing this. We believe Crypto is going to play an ever-larger part in finance in the real world over the years to come, so it makes sense that every transaction helps bring about this situation and all its associated advantages that bit sooner. Rewarding every transaction with points is a win-win for all.
Moreover, as the use of crypto grows and with it the opportunities to use a Volta Card instead of a standard credit card, so new opportunities will arise for us to offer rewards.
Each new hotel chain, leisure firm, or retailer that comes on board with crypto could be a potential future partner whose goods and services may be