As mentioned in an earlier post, I have been searching for a “fun” debit card to replace my existing ones. I recently reviewed the 1% and 3% debit cards from MetaMask (which are effectively 1% cards). It turns out that both Uphold debit cards are now working again in the U.S., offering up to 4% “cashback.”
The Uphold Elite card, with an approximately $100 annual fee, earns 3% “cashback” when using fiat or stablecoins (cryptocurrencies designed to maintain a 1:1 value with fiat currencies like USD) as a funding source. However, it earns 4% when purchases are made using cryptocurrencies or metals as a funding source. Meanwhile, the Uphold Essential Card, which has no annual fee, earns 2% “cashback” regardless of how the card is funded.
Technically, these cards do not earn “cashback.” Instead, they earn crypto, so they are more accurately described as “cryptoback” cards. For simplicity, however, I will continue using the term cashback. The rewards are paid in XRP, a very popular cryptocurrency. It’s important to note that the IRS treats crypto as property, not currency. This means that using crypto to fund your card or make purchases can trigger a taxable event, as it is considered a sale. To keep things simple, you may want to fund the card using USD or stablecoins, then sell any XRP you earn as cashback as soon as possible. Under this approach, the effective maximum cashback with the Elite card is 3%.
I would argue that pursuing the 4% cashback is likely not worth it, since it requires funding the card with cryptocurrencies (other than stablecoins) or metals. Using these assets means they must be sold by Uphold at the time of purchase, and Uphold will take a cut in the process. As a result, the 4% cashback may effectively be lower than 3% cashback after accounting for fees and spread.
I have summarized the benefits of the 3–4% cashback Uphold Elite Card with a 2% cashback Uphold Essential Card below.
| Benefit | Uphold Elite Card | Uphold Essential Card |
| Rewards | 3% when purchasing using fiat or stablecoin; 4% when purchasing using cryptocurrency or metals | flat 2% when purchasing with fiat, stablecoin, crypto, or metals |
| Maximum Monthly Rewards | $300 | $120 |
| Annual Fee | $99.99 | $0 |
| Virtual Card | $0 | $0 |
| Physical Card | $0 (Metal card) | $4.99 (Plastic card) |
| Daily Transaction Limit | $25,000 | $2,500 |
| Monthly Transition Limit | $10,000 | $10,000 |
| ATM Withdrawal Fee | $0 | $2.95 |
| Foreign Transaction Fee | 0% | 1.5% |
Uphold debit cards are issued by Cross River Bank. This debit card is available to US residents residing in Washington D.C and all US states, except Louisiana, New York, and US territories.
Closing Thoughts
The 2% card seems like a no-brainer. Whether the 3% card is worth it depends on how valuable that extra 1% is to you and how much of the $300 monthly cashback cap you can realistically maximize.
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