The firm, which offers rewards in bitcoin and which operates as Sociedad Anónima Promotora de Inversión (SAPI), seeks that people have a card without having to have a credit history. The requirement is to leave a deposit from 2,000 pesos to guarantee a low delinquency.
“In some cases it will be a guaranteed card, that is, we will allow the user to guarantee it with a deposit and thus access to enjoy the benefits that our card has. The plastic offers cashback in bitcoins of up to 3% in all purchases. What we are looking for through our technology is to give the appropriate credit limit to the user’s needs,” Rafael Maya, co-founder of YoCripto and Julian Arber, co-founder and CEO of YoCripto said in an interview.
In this way, users who have never had a credit card will be able to access it and thus generate their credit history.
The founders of the platform assure that with bitcoin rewards they are more attractive than those of banks that only give points.
The lines of credit range from 2,000 to 80,000 pesos and the amount is determined based on the client’s profile, that is, if they have had a previous card, the possibility of a high credit increases. The rate of this card is up to 60% per year.
What other crypto cards are there?
Last March, Bitso launched a card that can be used when paying in Mexican pesos. After an alliance with Mastercard, Bitso added the card that was expected to hit the market since last year.
With the Bitso card, users will be able to access benefits when making operations in Uber, Mercado Libre, and Cinépolis.