7/31/2023 Update: Quontic has sent out an official statement stating that the Bitcoin checking (and hence debit) will end on August 31, 2023. Any leftover Bitcoin reward will automatically be liquidated. Eventually, existing customers’ Bitcoin checking will be switched to Cash Rewards Checking account (which comes with a 1% cashback debit card).
Quontic is an FDIC-insured (FDIC Cert #57807) digital bank that offered a Bitcoin Rewards Checking account which provided 1.5% cashback in the form of Bitcoin. This product is now discontinued.
Quontic says, “Unfortunately, due to a variety of external factors we’ve made the difficult decision to discontinue our Bitcoin Rewards Checking program.”
Like other crypto-earning debit cards (see 1% Fold and 0.85% Doge), the actual cashback was a little less than the advertised one. For starters, Quontic would charge you a 2% selling fee, which effectively reduced the cashback to a maximum of 1.47%.
Closing Thoughts
I am not sure when exactly they pulled the plug on this product but internet archives show that the product was available earlier this month.
Quontic still offers a 1% debit card checking account.
