For many years now, companies have been looking for ways to incentive and increase customer loyalty and attract new ones by offering discounts and sales on popular programs, for credit card companies - the primary way to do so is called cashback, it works by refunding 0.5-2% of the customer’s purchases in the end of the year in the form of points, spendable with merchants that the card company has struck a deal with, this is how spending money wisely can get you some more bang for your buck.
Some people have even been researching how to max out the points given to them by the credit card companies, and are even willing to pay high annual fees of as much as 450$ to get cards like the chase sapphire reserve card, creating something of a cult following. This high cost is rewarded by some appealing rewards to justify the high cost, including access to a thousand airport lounges in exotic locations and 3x point accumulation for travel and dining .
The card only pays off if you spend about 4000$ in a three month period, so if you are not a big spender, this card might not be the choice for you,if you are, on the other hand, a lot of companies are competing for your business.
How credit cards can work in the crypto world?
Keeping this in mind,the crypto community hasn’t looked idly by on this phenomena, startups like rubiix, a social spending app that uses a native token to reward participation in campaigns. The unique value proposition rubiix has is that the data shared by the consumers with the brands is given a monetary value that is shared with the consumers, as well as regular benefits given to credit card holders spending their money, for the consumer who wants to make the most out of his spending, rubiix offers added value, as well as a platform to share experiences and feedback with favorite brands.The growing use of crypto for day to day spending, enabled by cards like TenX, Xapo and Monaco, which until now do not offer cash backs in their offering, now merges the two trends of millennial finances, cashback maxing and crypto. This combination could reach new heights of popularity, taking crypto- spending to a new level