Best Crypto Debit Cards to Use

Imagine you’re at your favorite coffee shop, ready to pay for your morning latte with Bitcoin, thanks to your crypto debit card. It sounds futuristic, doesn’t it?

Yet, as cryptocurrencies continue to rise in popularity, the concept becomes less of a novelty and more of a practical solution for everyday transactions. Crypto debit cards are bridging the gap between digital assets and traditional banking, making it easier for you to use your cryptocurrencies for everyday purchases.

But with a myriad of options out there, how do you know which one is the best fit for you? Well, that’s a question worth exploring further.

Key Takeaways

  • Crypto debit cards provide a seamless and convenient way to convert and spend cryptocurrencies, eliminating the need for separate conversion steps.
  • They offer increased security through measures like two-factor authentication and encryption.
  • Top-tier crypto debit cards, such as the Crypto.com Visa Card and Binance Visa Card, offer perks like cashback rewards and free subscriptions to popular services.
  • It is important to consider factors such as fees, supported cryptocurrencies, and acceptance rates before choosing a crypto debit card.

How does a crypto debit card work

Although it might seem complex, a crypto debit card works much like your standard bank card, converting your cryptocurrency into local currency each time you make a transaction. To use it, you’ll first need to deposit your digital assets into an account linked to the card. This digital wallet functions much like your traditional bank account, except it’s for your crypto.

When you’re ready to make a purchase, the card provider will sell an equivalent amount of your crypto, based on the current exchange rate, to cover the cost. This conversion process is usually seamless and instant, meaning you won’t have to wait for the transaction to go through. It’s a convenient way to use your crypto for everyday purchases, without the need for a separate conversion step.

Crypto.com Visa Card

The Crypto.com Visa Card has different fees and limits depending on the region. For example, in Europe, there are fees for foreign transactions outside the EU and UK, set at 2.0%, and ATM withdrawals above certain limits incur a 2% fee.

The card has a maximum balance limit of €25,000 and a monthly CRO rewards limit, which applies regardless of the cardholder’s purchase limit. In the United States, there’s a 3% fee on non-USD purchases and ATM withdrawals for certain card tiers, effective from December 1, 2022.

The card also offers bonus CRO rewards when used at over 10,000 merchants, with the bonus rewards being in addition to the existing rewards. Participating businesses can be found in the Crypto.com App, and the rewards are credited to the user’s account based on the current CRO/USD conversion rate.

Cardholders can enjoy various rewards and benefits, such as spending rewards of up to 2% for certain card tiers like Icy White, Frosted Rose Gold, and Obsidian. Additional benefits include rebates on subscription services like Spotify, and travel-related perks such as airport lounge access through Priority Pass™ and rebates on bookings with Expedia and Airbnb. Rewards are paid in the form of CRO, Crypto.com’s native cryptocurrency.

Binance Visa Card

Binance Visa Card is backed by Binance, one of the world’s largest cryptocurrency exchanges and supports 14 cryptocurrencies.

The card has a spending limit per transaction of 3,300 USD, a daily spending limit of 5,000 USD, a monthly spending limit of 25,000 USD, and a yearly spending limit of 100,000 USD.

In terms of fees, Binance charges a 2% foreign transaction fee for non-EUR transactions outside Europe and a 2% fee for ATM withdrawals outside of Europe. In terms of fees, there aren’t any for ATM withdrawals in EUR or for foreign transactions within Europe.

One of the unique features of the Binance Visa Card is its cashback program. The cashback ratio ranges from 1% to 8% depending on the user’s card level and monthly Binance Card transaction amount. The cashback is paid daily in BNB to the user’s Funding Wallet.

Coinbase Visa Card

The card supports spending of crypto assets, including USDC, and local currency transactions without an application fee or credit check. Users can earn rewards by using the Coinbase Card, with the rewards structure allowing users to accumulate more rewards the more they use the card.

Coinbase Card transactions do not incur transaction fees, and there are no monthly or annual fees associated with the card. However, Coinbase does include a spread in the price when users buy or sell cryptocurrencies, which is how they generate revenue. When users make purchases with the card, Coinbase automatically converts the cryptocurrency in the wallet to fiat currency, such as U.S. dollars or the local currency of the country where the purchase is made.

For spending crypto, Coinbase charges a 2.49% liquidation fee when converting cryptocurrencies to fiat currency for purchases. The card also offers industry-leading security features, including 2-factor authentication, card freezing, and the ability to change the PIN.

Wirex Card

Wirex supports various traditional and cryptocurrencies, enabling users to buy, sell, exchange, and store them in a single platform. Users can top up their Wirex cards using the ‘Exchange’ feature in the Wirex app.

It offers a rewards program known as Cryptoback™, which allows users to earn WXT, Wirex’s native token, every time they use their Wirex card to make purchases. Users can earn up to 8% Cryptoback™ rewards on every transaction, and the rewards are instantly paid out in WXT and added to the user’s X-tras account in the Wirex app.

Wirex imposes certain limits on its services to ensure compliance with regulatory requirements. For example, the maximum purchase amount per transaction varies by region, with limits set at 30,000 EUR in the UK and EEA, 2,500 USD in the USA, and 20,000 SGD in APAC. ATM withdrawals are free up to a certain limit per month (e.g., 200 GBP in the UK, 200 EUR in the EEA, 250 USD in the USA), with a 2% fee applied thereafter.

The Wirex platform is available in over 130 countries, making it a global platform. The Wirex card is issued by Wirex Pte Ltd, a company registered in Singapore.

Monolith

Monolith is a decentralized financial platform built on Ethereum that offers a Visa debit card, allowing users to spend their cryptocurrency tokens in fiat currency anywhere Visa is accepted. The Monolith Visa debit card is connected to a non-custodial wallet, meaning users maintain control of their private keys.

The Monolith card does not offer cashback rewards, unlike some other crypto debit cards. However, it does have a unique feature called the “Community Contribution”. Every time a transaction is made, a 1% Community Contribution is charged and sent to the asset contract. Holders of Monolith’s native token, TKN, can claim their share of this Community Chest at any time.

In terms of fees, Monolith charges a 1% fee for topping up the card, but this fee is waived if you top up the card with DAI or TKN tokens. Purchases made in Euros and non-GBP/Euro currencies incur a 1.75% fee, while purchases made in GBP have no fee. ATM withdrawals in Euros have a fee of £1.20, while ATM withdrawals in GBP are free up to twice a month, after which a £0.75 fee is charged per withdrawal.

The daily spend limit for the Monolith card is £7,500, with a daily purchase limit of £7,150 and a daily cash withdrawal limit of £350. The maximum balance that can be held on the card is also £7,500.

BlockCard

In total, the card supports 15 cryptocurrencies, which may be a limitation for users with diverse crypto portfolios.

Users of BlockCard can earn up to 6.38% cashback in cryptocurrency on their purchases. The cashback is rewarded in TERN tokens, which can be spent immediately. Additionally, customers can receive $10 rewards in BTC when they use the card.

BlockCard’s fees are competitive within the industry. The card charges a $10 activation fee and a monthly administrative fee of $5, which can be waived if the user spends over $750 per month in non-cash transactions. There are no transaction, exchange, or withdrawal fees, making it an attractive low-fee option. Important thing to point out is that international PIN transactions and ATM withdrawals do accumulate fees: $3.00 for domestic ATM withdrawals and $3.50 for international withdrawals. The maximum daily withdrawal limit is $500.

BlockCard offers both physical and virtual card options and is integrated with mobile payment services like Google Pay and Samsung Pay. The card also provides a straightforward sign-up process and a spending limit of $3,000 per day. Currently, BlockCard is only usable in the U.S.

Benefits of using a crypto debit card

You’ll find several advantages to using a crypto debit card.

These cards simplify the process of spending your cryptocurrencies. Instead of selling your crypto, transferring the money to your bank account, and then spending it, you can directly pay with your crypto debit card.

They utilize advanced security measures like two-factor authentication, encryption, and sometimes biometric data. This makes it much harder for fraudsters to steal your information and funds.

Crypto debit cards are globally accepted, just like traditional debit cards. You can use them at any merchant that accepts standard debit or credit cards, which effectively means you can use your cryptocurrencies anywhere in the world.

In addition, crypto debit cards also offer unique benefits like cashback in cryptocurrencies. Some cards offer up to 8% cashback on your purchases, which can be a significant earning over time.

Important things to keep in mind

While crypto debit cards offer numerous advantages, there are a few critical points to remember before you start using one. It’s essential to consider the fees associated with the card. These can include transaction fees, monthly charges, and even ATM withdrawal fees. So, make sure to thoroughly read through the card’s fee structure.

Not all businesses accept crypto debit cards. Despite the increasing popularity of crypto, some places might still be behind the curve. Always have a backup payment method available to avoid any inconvenience.

Also, remember that the value of your cryptocurrencies is volatile. The amount you have today could drastically increase or decrease tomorrow. This volatility can affect your purchasing power.

While crypto transactions are generally secure, there’s always a risk of hacking. Ensure that the card provider offers strong security features like two-factor authentication, encryption, and immediate transaction alerts.

While crypto debit cards can be a great tool for utilizing your digital assets, it’s important to weigh the potential drawbacks and prepare accordingly. Always do your homework before jumping in.

Frequently Asked Questions

What Is the Process for Getting a Refund on a Purchase Made With a Crypto Debit Card?

You’ll need to contact the card provider directly. Just like traditional cards, they’ll walk you through the refund process. It’s not different because it’s crypto, the process remains pretty much the same.

Can I Use a Crypto Debit Card in Any Country or Are There Restrictions?

Yes, you can use a crypto debit card in many countries. However, you’ll find restrictions depending on the card provider’s policies and local regulations. Always check these details before traveling to avoid inconvenience.

How Are Lost or Stolen Crypto Debit Cards Handled?

Like a regular bank card, if your crypto debit card’s lost or stolen, you’ll need to contact your card provider immediately. They’ll block the card to prevent unauthorized transactions and issue a replacement.

Are There Any Additional Fees Associated With Crypto Debit Card Usage?

Yes, there can be additional fees with crypto debit card usage. You’ll likely face transaction fees, exchange fees, and possibly even maintenance fees. It’s crucial to read the card’s terms and conditions carefully.

Can I Link My Crypto Debit Card to Multiple Cryptocurrency Wallets?

Yes, you can link your crypto debit card to multiple cryptocurrency wallets. It’s a feature that allows you to tap into different crypto assets, making your transactions versatile and convenient. Do check your provider’s terms.

Conclusion

The evolving landscape of cryptocurrency debit cards offers users a seamless bridge between digital assets and everyday transactions. Leading options like Crypto.com Visa Card, Binance Visa Card, Coinbase Visa Card, Wirex Card, and Monolith provide diverse features, from cashback rewards to enhanced security measures. These cards simplify the spending process, converting cryptocurrencies into local currency instantly. While they offer global acceptance and unique benefits, users must be mindful of associated fees, limited merchant acceptance, and the volatile nature of cryptocurrencies. The Crypto.com and Binance cards stand out with additional perks, including cashback rewards and travel benefits.

As digital assets become more integrated into daily life, users should weigh the advantages against potential drawbacks, ensuring they choose a card aligned with their needs and remain vigilant in the dynamic crypto space. Crypto debit cards facilitate practical cryptocurrency use, with informed decisions ensuring a secure and rewarding experience.

Leave a comment

My Newsletter

Sign Up For Updates & Newsletters