As the world of cryptocurrencies is growing larger and getting more popular, investors and traders are looking for new ways to use cryptocurrency. A relatively new product that allows this: crypto credit cards and crypto debit cards (also referred to as Bitcoin cards). Here we will explain what a crypto card exactly is and which one is the best.
What is a crypto card?
Crypto cards will allow you to spend your assets at places where they accept debit cards, where the cryptocurrency is converted into the local currency. You can even withdraw cash from ATMs with these cards. They are also backed by Visa and MasterCard. This means that wherever you go, you can rely on your crypto debitcard to pay in any currency, and for many, this is revolutionary. It makes cryptocurrency a lot more accessible and increases its usability.
More and more platforms are offering crypto credit cards and this causes an increase in interest. If you are interested in using a crypto debit card, you might be wondering which card is the best. In this article we will compare the top 5 cards and look at the pros and cons of each crypto creditcard, so continue reading to find out more about the best crypto cards!
Top 5 crypto cards – Which is the best?
Binance is an extremely popular cryptocurrency exchange. It is currently one of the biggest exchanges and also offers a Binance debit card to its users. Usually you will receive it within a few days after requesting one. Binance also offers various advantages to their crypto card, which might entice you to use it. The Binance credit card is a card that allows you to spend your favorite cryptocurrencies at millions of merchants around the world. It supports BTC, ETH, SXP, BNB, and BUSD.
- Binance offers a cashback reward of up to 8% in BNB (Binance’s native cryptocurrency) on all eligible purchases that you make with the Binance creditcard;
- The Binance crypto debitcard does not charge any administrative or processing fees (Note that third-party fees might still apply);
- Extremely fast issuance, after requestion one you can expect it to arrive within days;
- You can connect your Binance crypto card to Google Play and Samsung Pay, allowing you to make contactless payments.
- There is a spending fee of 0.9%;
- In order to actually receive the cashback bonus, you are required to have an average of 6000 BNB in your Binance wallet;
- You might lose the cashback bonus in case you ever request a refund.
Coinbase is a big name in the crypto world, as it is one of the biggest and most popular exchanges at the moment. They provide many services, including a crypto credit card. It is supported all over the world and is also backed by Visa. When using the Coinbase credit card, your cryptocurrencies are automatically converted to EUR, USD, or GBP. Coinbase also allows you to earn bonuses while using the crypto creditcard. The Coinbase card supports 9 cryptocurrencies: BTC, ETH, LTC, BCH, XRP, BAT, REP, ZRX, and XLM.
- Wherever Visa is accepted, you can make payments with the Coinbase card;
- There is no monthly or annual fee when using the card, and also no minimum deposit;
- If you are a user from the US, there are no transaction fees;
- There is no fee when issuing a Coinbase credit card.
- For international users, there can be fees of up to 2.49%;
The crypto.com VISA crypto card allows users of the crypto.com app to easily spend their cryptocurrencies at millions of merchants around the world. This particular crypto debitcard provides many advantages. The fees are extremely low, and they also offer many different bonuses to their users. This card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM.
- Very competitive fees: no issuance fee, no monthly fee, and not even any fees on spending;
- No minimum deposit (or a maximum deposit);
- The crypto.com credit card offers a cashback bonus of up to 8%;
- Free ATM withdrawals up to $1,000 a month.
- There are fees when withdrawing with this crypto debit card (however this only applies for withdrawals higher than $200, where it becomes 2%).
Swipe is a platform that belongs to the token SXP. They also offer the Swipe crypto credit card, backed by Visa. This card is accepted anywhere where they also accept Visa cards, so you can easily make payments with your favorite cryptocurrencies. Just like many other crypto creditcards, Swipe also offers many bonuses to their users. Below we will look at the pros and cons of the Swipe crypto card. The supported currencies are: BTC, BCH, ETH, LTC, SXP, XRP, and XLM.
- Swipe makes use of a tier model, where there are different tiers of cards. The ‘Saffron’ tier allows users to gain a 1% cashback reward on every purchase. ‘Sky’ card users can get cashback rewards of up to 2% (you do require to have 300 SXP). Next, the ‘Steel’ card users can get up to 4% (where 3,000 SXP is required), and finally, the ‘Slate’ crypto card can get you 5% cashback rewards if you have 30,000 SXP;
- Discounts on various popular apps like Amazon, AirBNB, Spotify, Netflix and more;
- You are able to connect your Swipe Visa crypto debitcard with Apple Pay, Samsung Pay, and Google Pay, allowing for quick and contactless transactions.
- The cashback rewards are a bit lower compared to other crypto debit cards;
- You are required to own SXP tokens if you want to be eligible for the cashback rewards;
- If you want to receive the card, you have to ‘lock up’ your SXP tokens for 6 months, this is a long period where you cannot access your capital;
- Because the Swipe crypto credit card depends so much on SXP, you can lose a lot of money if the price fluctuates and goes down.
Wirex is a platform that aims to make cryptocurrencies more accessible to everyone, which is why they are offering their users a crypto card. This card gives users the ability to spend cryptocurrencies at many different merchants with real-time conversion and no exchange fees. Furthermore, the card offers its users bonuses on their spending. The card supports BTC, LTC, XRP, ETH, WAVES, DAI, NANO, and XLM.
- Earn up to 2% in cashback rewards while using this MasterCard crypto creditcard;
- There are no charges for the first 400 EUR or GBP you withdraw;
- No exchange fees. This means that you can pay at any merchant that accepts Visa or MasterCard using this crypto debit card and it will automatically convert the cryptocurrency on the card to the local currency without any costs;
- It is secure; when you lose your card, you can instantly block your crypto card through the Wirex app;
- The card is issued and delivered for free.
- The cashback rewards are lower compared to other cryptocurrency cards;
- Unfortunately this crypto debitcard is not available in a few big countries like the United States and Japan.
Summary and conclusion
If you are interested in a crypto credit card, it can be overwhelming when you consider all the different choices. In our review we looked at 5 different crypto cards and the pros and cons of each individual card. Most of these crypto cards are also connected to a crypto app. Make sure to read through all of these if you are looking to get a cryptocurrency card, so that you can make an informed choice. We hope that this guide will help you make a better choice.
Generally, it looks like all cards have pretty low fees, as well as decent bonuses (i.e. up to 8% cashback rewards). One thing you could base your choice on, is the supported cryptocurrencies. If you are into BNB (Binance Coin), then it would make sense to use the Binance Card. On the other hand, if you are into SXP for example, then Swipe would be a good choice. However, if it’s a major currency like BTC or ETH, then all of them are good choices.
We would recommend the crypto.com card, because of its extremely low fees and maintenance costs, and also its relatively high cashback reward bonus. However, at the end of the day, it is up to you to weigh all the pros and cons of each crypto creditcard, so you can decide for yourself which crypto card is the best for you.