American Express has confirmed the suspicion and announced that they will be teaming up with digital assets service, Abra, to release a crypto rewards card. The card will allow users to earn cryptocurrency listed on the Abra platform, on any purchase. The card will have no annual or foreign transaction fees. The card will also include Amex Offers, including those for dining, shopping, travel, services, and also presale ticket access and purchase protection.
“This has been a long time coming and is the first American Express crypto product,” said Abra CEO Bill Barhydt in an interview with CoinDesk.
“Amex retail offers from hundreds of merchants are integrated into the app with the whole fraud and purchase protection all integrated with the Abra wallet.”
Crypto credit cards have existed for a long time, but what makes this Amex-Abra collaboration unique is that both pertain to a higher-end clientele.
“If you look at our client base and where the money is for us, it skews toward our private client business, which is upper-middle-class to extremely wealthy, where they have six to eight figures worth of crypto with Abra,” he said. “That group has a natural affinity and overlap with American Express.”
