Polygon Crypto Credit Card

A true crypto credit card where cardholders can transact with MATIC or stablecoin without gas fee and crypto lenders could earn up to 20% yield from inside and outside of Polygon ecosystem.

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The Problems

  • Consumers hate paying for shipping fee. It’s the same for gas fee.
  • Cryptocurrencies are not yet widely used and crypto issuers want to get their cryptos in the hands of many.
  • Today’s so-called crypto credit cards only give crypto as rewards, not using crypto as currency. And Visa card from Crypto.com is actually a prepaid (debit) card, not credit card.
  • Many users and dapps developers on Ethereum are suffering from excessive gas fees.

The Solution

  • Issue Polygon credit cards to let anyone spend in MATIC or USDC/USDT stablecoin without paying for gas.
  • Enable crypto consumers to spend on credit whereby Polygon or other lenders offer lines of credit to cardholders while earning up to 20% in yield (lower than banks). It utilizes the "Buy Now, Pay Later" model to assist cardholders financially especially during a financial downturn.
  • This card could entice existing Ethereum dapps to expand to Polygon.

What it Does

Polygon credit card (powered by CryptCard) works like a standard credit card except that it uses MATIC, ERC-20 tokens or stablecoins as the currency, not fiat. Also, cardholders use their crypto wallets to "swipe" instead of plastic cards making this payment method more environmentally friendly. Cardholders could buy something and pay for it later. This offers credit to consumers and credit is the financial driving force behind the world's economy.

Introducing Polygon Point of Sale (POS) system

Additionally, we built a Point of Sale mobile application (Android) that allows merchants to accept Polygon credit card as a means of payment. Merchants could register on our site and obtain merchant ID, API key, etc and begin accepting payments in MATIC, ERC-20 or stablecoins on Polygon network. Payout can be made unlimited times and it takes only 24 hours to process.

Why We Chose to Build For Polygon?

Because Polygon has the most dapps other than Ethereum and we want to offer lines of credit to the users of these apps. Polygon is also faster and more scalable than its predecessor. We believe, even after the emergence of ETH 2.0, Polygon will still be relevant and continues its drive to be scalable and secure.

Moreover, we believe numerous blockchains will shut down in the future when they have depleted their funds and since we're running this project for the long term, we need to select a blockchain network that could sustain itself for a long period of time. Thus, we believe Polygon has the advantage in its longevity.

Why Polygon Should Choose Us

Credit card is such a common financial tool globally and CryptCard could help Polygon to recruit more non-blockchain users.

How We Built It

We at CryptCard produce credit cards that transact in cryptocurrencies, not fiats. We operate the card application system and payment gateway while connecting merchants, lenders and cardholders. Each applicant is processed by our credit analysts based on the applicant's credit report and credit score. The better their score, the lesser their interest rate and vice versa.

FAQs

Isn't credit card a bad thing?

No. Credit card is only bad if user abuses it. In fact, credit card is a great financial tool if you use it wisely, especially during an economic downturn where it acts as a financial backup. It is also useful for important spendings such as medical treatment, automobile repairs, tuition and even groceries. Startup founders often use credit cards as their first source of funds when they begin their startups. To learn more about how credit works, please watch this video by Ray Dalio, founder of the world's largest hedge fund.

How is your credit card better than traditional banks' credit cards?

Our interest rate is lower than banks and we allow crypto transactions without gas.

How fast do I need to settle my credit card balance?

You're given 30 days to settle your expenditure.

Please read the full FAQs here on our demo site.

What's next for Polygon Crypto Credit Card

The aim is to really launch this crypto credit card for the benefit of Polygon ecosystem as a whole.

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