How Aplus credit card points can be converted into XRP and other cryptocurrencies

On July 8, 2025, Aplus, a credit card and financial services company under Japan’s Shinsei Bank Group, collaborated with SBI VC Trade, the cryptocurrency exchange division of SBI Holdings, to introduce a pioneering rewards program. 

For the first time, cryptocurrencies have been incorporated as redeemable assets within the Aplus Points program. If you are an Aplus credit cardholder, you can now convert your reward points into cryptocurrencies, including XRP (XRP), Bitcoin (BTC) and Ether (ETH). This makes Aplus the first major Japanese loyalty program to enable direct conversion of points to cryptocurrencies. 

Before this, Aplus points could be redeemed by consumers for cash, merchandise or airline miles. This new feature connects everyday spending with digital assets. Cardholders can now redeem 2,100 Aplus points for over 2,000 Japanese yen worth of cryptocurrency. This initiative highlights SBI’s commitment to promoting cryptocurrency adoption in Japan, particularly through its support for XRP. The program simplifies access to digital assets, providing an easy, cash-free way for users to acquire cryptocurrencies.

How the Aplus point system works

The Aplus Points system rewards customers based on their monthly credit card spending. For every 200 yen spent with an Aplus credit card, users earn 1 Aplus point. 

If you spend 50,000 yen or more monthly, you receive an extra 0.5% bonus on your points, encouraging higher card usage. Points remain valid for two years from the month they’re earned, giving users plenty of time to redeem them.

With the new cryptocurrency integration, you can now convert 2,100 Aplus points into over 2,000 yen worth of cryptocurrency, equivalent to about $13-$15 as of July 15, 2025, depending on exchange rates.

This option applies to three supported digital assets: XRP, BTC and ETH. The process offers a simple, cash-free way for everyday users to enter the cryptocurrency market without needing direct investment or technical knowledge.

Did you know? American Express, Mastercard and Visa have all explored or launched crypto rewards with partners such as Coinbase, BlockFi and Gemini, showing that traditional finance embraces digital perks.

Why XRP is part of the Aplus point redemption program

Including XRP in the Aplus point redemption system aligns with SBI Holdings’ long-standing partnership with Ripple. It is in sync with XRP’s utility in Japan’s growing digital economy.

XRP was the first cryptocurrency offered on SBI VC Trade when it began operations in 2018. Since then, SBI has expanded its XRP-related services to include lending and non-fungible token (NFT) projects on the XRP Ledger (XRPL). 

XRP’s fast transaction speeds and low fees make it well-suited for cross-border payments, offering cost advantages over Bitcoin and Ethereum. 

Japan’s clear regulatory framework for digital assets, established by the Financial Services Agency (FSA), supports cryptocurrency adoption while ensuring investor protection. This regulatory clarity enables entities like SBI and Aplus to integrate cryptocurrencies into consumer finance smoothly.

Did you know? Even if you don’t buy crypto directly, rewards-based crypto is taxable in many countries once you redeem or sell it. Your “free” Bitcoin could come with a tax bill.

How Aplus point conversion makes crypto more accessible to everyday users

The integration of XRP into the Aplus point system provides consumers with a simple, risk-free way to access cryptocurrency without using cash. 

By making everyday purchases with your Aplus credit card, users earn points that can be converted into XRP, BTC or Ether through the Aplus portal or SBI VC Trade. 

Although the redemption value of 2,000 yen (for 2,100 points) may seem small, it offers a practical link between regular spending and owning digital assets. 

This approach makes cryptocurrency more accessible to everyday users, particularly those cautious about direct investments. The system is ideal for both newcomers to cryptocurrency and those seeking to diversify their loyalty point usage. It simplifies the process of entering the crypto market and supports wider adoption of digital assets within Japan’s regulated financial environment.

Strategic implications of XRP and Aplus integration for SBI

Integrating XRP with Aplus credit points represents a strategic expansion of SBI’s financial ecosystem. It links SBI’s traditional banking services, credit card operations and cryptocurrency exchange (SBI VC Trade) with consumer-focused digital asset rewards. 

This initiative strengthens SBI’s interconnected financial services and demonstrates its strong commitment to promoting cryptocurrency adoption in Japan. 

By including XRP as a reward option, SBI showcases a clear pro-cryptocurrency stance, setting an example for other banks in Japan and Asia. This move positions SBI as a leader in connecting traditional finance with blockchain technology. 

The initiative supports SBI’s goal of integrating XRP into mainstream finance, with company executives describing XRP adoption as a significant opportunity for wealth creation. This integration highlights XRP’s practical value and reinforces SBI’s role in shaping the future of digital finance.

Did you know? Turning credit card points into crypto gamifies personal finance. It makes everyday spending more exciting while introducing people to blockchain tech without the usual risks.

Industry and global context of earning crypto with credit points

The option to earn cryptocurrency through credit card points is part of a global trend to blend digital assets with everyday consumer finance. Partnerships like Amex-Coinbase in the US have already allowed users to convert loyalty rewards into cryptocurrencies. 

Japan’s Aplus-XRP integration advances this idea, which is distinguished by clear regulations and strong institutional support. With well-set cryptocurrency laws overseen by the FSA, Japan offers a stable environment for such innovations, serving as a model for other countries exploring regulated crypto adoption. 

Unlike speculative trading platforms, the Aplus program is a user-friendly initiative to simplify digital assets for consumers. It prioritizes accessibility and education, enabling everyday users to engage with cryptocurrencies without financial risk. 

By incorporating XRP and other digital assets into a familiar rewards system, the program introduces digital finance to a broader audience, potentially encouraging wider global cryptocurrency adoption.

Key considerations before redeeming

While the XRP-Aplus integration provides an innovative way to enter the cryptocurrency market, it has certain limitations and considerations: 

• Redemption amount: You get 2,000 yen worth of cryptocurrency for 2,100 points, which is relatively small. It may not attract significant engagement or sustained interest, particularly from experienced investors. 
• Regulatory compliance: Even though users aren’t spending cash, they must adhere to Japan’s cryptocurrency regulations. This includes potential tax obligations if the redeemed cryptocurrency appreciates in value and is later sold.
• Asset management: Users are responsible for managing their digital assets through SBI VC Trade or transferring them to personal wallets. This raises important questions about custody and security.
• Redemption frequency: It is currently unclear if redemptions can occur regularly each month or if any restrictions exist. Such limitations could impact the program’s overall appeal.
• Need for clarity: Given these factors, clear guidelines and user education are essential for a smooth and well-informed experience in this new initiative.

The leading crypto derivatives trading platform, Bybit, has outlined potential challenges awaiting the Japanese yen carry trade in 2025 as the Bank of Japan (BoJ) implements policy changes and faces evolving economic conditions.

According to the report, the yen’s status as a primary funding currency in the foreign exchange (FX) market could be questioned in the coming months. The evolving Japanese financial landscape could see an increased risk of rapid unwinding in yen carry trades, raising the need for alternative funding currencies and a diversification of currency exposure for traders.

Effectiveness of the Yen Carry Trade

Over the last three decades, the BoJ has maintained ultra-loose monetary policies, sustaining a zero or negative interest rate environment to fight inflation and stimulate economic growth. As a result, the yen carry trade has been a fundamental strategy for traders in global FX markets.

Carry trade is a strategy where FX traders take advantage of differences in interest rates between currencies. This popular investment strategy entails borrowing money in currencies with low interest rates and investing in stocks and bonds based on other currencies with higher interest rates.

Due to the yen’s low interest rates, it has remained an attractive funding currency over the years. Bybit noted that the effectiveness of the yen carry trade has been closely linked to global economic conditions like the U.S. Federal Reserve’s aggressive rate hikes. However, this carry trade has also been vulnerable to periods of financial stress and is becoming increasingly reliant on stable currency conditions.

This year, macroeconomic factors reshaping Japan’s economy are driving a significant transformation in the landscape for the yen trade. These factors include rising inflation, wage growth, and speculation about changes in the BoJ’s monetary policies.

Adaptability and Diversification

Before now, Japan has struggled with deflation and stagnant wage growth; however, recent years have seen inflation consistently surpass the BoJ’s long-standing 2% target. Since the BoJ has historically maintained ultra-loose policies, growing inflationary pressures may cause the central bank to hike interest rates. The implications of such decisions could cause a ripple effect in global FX dynamics, altering the yen’s appeal for carry trades.

While the yen may continue to serve as the preferred currency for carry trades, the BoJ’s actions could gradually reduce its dominance.

Bybit said FX traders could explore other high-yielding currencies like the Mexican peso (MXN), South African rand (ZAR), and Turkish lira (TRY) as alternatives to the yen; however, each currency comes with risks.

“Ultimately, the key to navigating the evolving carry trade landscape in 2025 lies in adaptability,” Bybit noted, adding that traders need dynamic risk management strategies and diversification to remain afloat.