American Express launches first crypto product: a card that allows users to earn rewards in crypto

AUSTIN, Texas — While American Express (AXP) has scotched hopes of a cryptocurrency-linked credit card any time soon, the card giant has confirmed hints made earlier this year that it would be offering crypto rewards, teaming up with digital-assets services major Abra.

Announced Friday at Consensus 2022, the Abra Crypto Card will allow users to earn back crypto on any purchase, no matter the amount or category. Cardholders can choose from any of the more than 100 cryptocurrencies supported on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex Offers for shopping, travel, dining and services as well as presale ticket access and purchase protections.

“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 of some sort have been around for a long time in crypto, said Barhydt, but what makes this Amex-Abra tie-up of particular interest is the upscale clientele of the two companies.

“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.”