Crypto Cashback Loyalty Schemes

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Cashback schemes have long been used as a way of incentivising return visits from shoppers, but until recently they’ve been confined to fiat transactions.

Now, a growing number of cryptocurrency platforms and apps are offering Bitcoin and other ‘cryptoback’ rewards if you buy through them.

Picking the best crypto loyalty program can be difficult so with this in mind, here are some of the best Bitcoin reward schemes available.

1. Mode

UPDATE: Mode has now ceased operations.

Mode is the UK’s biggest name in Bitcoin cashback and is adding new partner brands weekly.

The open banking fintech platform launched its crypto loyalty reward program in 2022 and has grown rapidly ever since, with more than 200 brands signed-up at the time of writing.

They include ASOS, Made, eBay, The Body Shop, Decathlon, Samsung, Accessorize, AO.com, Hotels.com and Trip.com.

The amount of cashback you can earn varies from brand to brand, but is generally around the 3-6% mark.

All you need to do is sign up for a Mode account and make your purchase through the app so your account can be instantly credited with your Bitcoin cashback.

Another advantage of the Mode app is that it also allows clients to buy and sell Bitcoin and send it to other addresses making simple trading a breeze.

You can also fund your account with crypto, alongside regular GBP deposits, which gives you greater payment flexibility.

Mode used to offer interest on your crypto but has suspended this part of its business for now.

2. CoinCorner

CoinCorner has grown to become one of the most popular cryptocurrency exchanges in the UK, having acquired Coinfloor in 2021, and also offers cryptoback.

Based in the Isle of Man, it allows clients to buy Bitcoin, Litecoin and Ethereum, send and receive these cryptos or store them in a wallet, and set up auto buy investment plans to take advantage of pound/dollar-cost averaging.

It also offers a comprehensive crypto cashback rewards scheme featuring more than 1,000 brands at the time of writing.

These include B&Q, Currys PC World, Euro Car Parts, Cartridge People, Firebox, BOTB and Preloved.

Cashback rates vary significantly, but there are several partners offering in excess of 25%, and 48% was touted by one – a company called FFS.

CoinCorner has also launched The Bolt Card – a physical card that you can use to tap to pay in Bitcoin via NFC and the Lightning network in person, or through a website on your smartphone.

In 2022 CoinCoiner partnered with Oxford City FC to offer matchday ticket and food payments using The Bolt Card, while becoming the club’s back of the shirt sponsor. To get a Bolt Card sign up for a CoinCoiner account and order one through the app.

3. StormX

StormX is a hybrid crypto earning platform with cashback at the centre of its business model.

It boasts in excess of 1,000 partner brands, including eBay, Nike, Groupon, Levi’s, Sonos, Adidas, Waterstones and Lego.

What makes StormX different is that it also offers crypto staking where clients can earn a passive income on their tokens. It’s also planning to introduce a Debit Card which offers 5% crypto cashback on all purchases.

In addition, the platform allows you to earn further rewards by storing its native token – STMX – in a connected wallet.

Doing so boosts your membership level and increases the cashback reward amounts you can earn. The top ‘diamond’ tier supercharges your rewards by 3.5x.

You can also buy crypto through the StormX app after you’ve linked your Web3 wallet, such as Trust Wallet, MetaMask or Coinbase Wallet, and a limited NFT marketplace was being tested at the time of writing.

4. Lolli

(US only, with more regions coming soon)

Lolli is a US-based Bitcoin cashback rewards app which is inviting global clients to join a waitlist as it expands its offering.

With more than 1,000 partner stores already signed up offering anywhere up to 30% cashback rewards in Bitcoin (or cash), Lolli has proved a popular choice with its US client base.

Some of the brands already in the Lolli stable are Nike, Groupon, eBay, Staples and Microsoft.

To qualify for Bitcoin cashback rewards you need to make your purchase either through the Lolli website or browser extension, or on your phone via an app.

5. Credit and debit cards that earn crypto cashback

If you’re looking to earn cashback through your everyday spending then a crypto debit or credit card might be the answer.

There are now dozens of options for crypto cashback debit or credit cards in the UK and internationally, offering a variety of different incentives.

A few examples include:

• eToro
• Crypto.com
• Nexo
• Coinbase (US only, with more regions coming soon)

One of the main benefits of a debit or credit card issued by Visa or MasterCard is that they allow users to pay for products using their Bitcoin, or other cryptos, even if the retailer doesn’t currently accept crypto.

When you pay for something, the corresponding market value of coins you hold is converted into fiat currency to complete your purchase.

Another perk is that you’ll be able to use many of these cards to withdraw cash from an ATM, with the same principle being applied to the sale of your coins and buying online.

Earning cashback rewards at the same time is an added bonus as it means you’ll regain some of the sold crypto to keep in your wallet.

Researching the best crypto debit and credit cards

Some crypto platforms that issue credit and debit cards offer up to 5% cashback in crypto.

Like any financial product, you’ll need to thoroughly research the market before you sign up, especially as rates and cashback rewards can be extremely fluid.

You also need to carefully compare the cost of each card as some are completely free, while others charge fees. However, you might get enhanced rewards in return.

If you’re looking for the best low fees on a crypto or Bitcoin credit or debit card in the UK, Europe or internationally then there is a plethora of best-buy tables online.

Just make sure the ones you study are independent and not tied to a particular provider as you’re likely to get a skewed view of the card that’s best for you.