A typical crypto card lets you earn crypto rewards or instantly convert your crypto to fiat currency to pay for goods and services. Both Mastercard and Visa issue crypto cards, meaning you can use your crypto in millions of locations globally.
A prepaid crypto card is similar to a debit card in that it has to be pre-loaded with crypto to spend. You can get a crypto card from a licensed issuer such as a crypto exchange or bank. However, crypto cards aren't without risk. Your funds stored on the card can still lose their market value, and any transactions you make with your card are likely to be taxable.
Crypto credit cards work more like standard credit cards with crypto rewards. You can pay your credit card bill with fiat cash but receive crypto bonuses on the money you spend.
Binance offers a Binance Visa Card for KYC and AML verified customers. You can complete the sign-up process in under a few minutes and enjoy zero administration or transaction fees, cashback, and other benefits.
While much of crypto's interest is in its investment potential, it still has a use case in transferring value. Satoshi Nakamoto didn't create Bitcoin to make people billionaires. It was, however, designed as a global, digital payments system. One way to achieve this goal is with crypto cards. This payment method is now helping people use crypto and digital assets in their daily lives and even receive crypto rewards as well.
What is a crypto card?
Both Visa and MasterCard offer crypto cards with partner companies who apply for a license. These are the two most commonly used payment providers globally, making crypto cards almost universally accepted by retailers. Some crypto cards only offer crypto rewards on the money spent with the card. These cards are usually credit cards that require a credit check to sign up for.
How does a crypto card work?
As we mentioned, a crypto card doesn't actually pay the vendor with crypto. It conveniently converts your crypto into cash which you can spend with the vendor through the card.
You can also use crypto cards for ATM withdrawals if your service provider supports them. The same method above is used to withdraw your physical cash.
What are the differences between a crypto card and a credit or debit card?
A prepaid crypto card works similarly to a traditional debit card. You must have the funds in your account before you can spend them. You cannot load your cards with fiat cash but only with crypto. When you make a payment, your funds are converted immediately in your crypto wallet.
On the other hand, Crypto credit cards extend a line of credit that lets you purchase now and pay later. Gemini and BlockFi both have released crypto credit cards with crypto cashback. Your credit card bill is payable in normal fiat currency, meaning that the crypto credit card is basically a rewards credit card.
What are the benefits of using a crypto card?
The key benefit of a prepaid crypto card is the ability to use your crypto for everyday purchases. This has traditionally been difficult to do unless a vendor directly accepts crypto. Even then, some coins like Bitcoin can take 30 minutes for a transaction to confirm. The price is also volatile, meaning you may actually pay more or less than expected.
Many crypto cards also come with benefits like cashback rewards or discounts with certain subscriptions like Spotify or Netflix. These benefits lure you towards a specific card provider and are similar to those offered with standard debit/credit cards. Make sure to compare what each card offers to find the best benefits for you. Don’t also forget to look out for possible exchange fees you might have to pay in the conversion process.
Do crypto cards have any risks?
What is Binance Card?
Binance Card is a Visa debit card connected to your Binance account. By loading up your Card's Funding Wallet, you can spend crypto anywhere that Visa is accepted. It acts in the same way as the prepaid crypto debit cards mentioned above.
Which countries is Binance Card available in?
Binance card is available only to users from selected countries, including:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
How to apply for a Binance Card
Next, click [Get Started] followed by [Order Card]. You'll now see some KYC information and an agreement to confirm.
After confirming, you will land on the Order Card page. Here you can choose the format of your name to appear on the card. Once you have confirmed your choice, click [Continue].
Benefits of using Binance Card
Apart from allowing you to spend your crypto in stores, restaurants, and VISA acceptors worldwide, Binance Card also has some unique benefits and perks.