A crypto debit card, alternatively referred to as a cryptocurrency debit card, operates similarly to a conventional debit card linked to a bank account. A crypto card empowers you to easily use your cryptocurrency holdings for everyday expenditures, withdraw cash from ATMs, and effortlessly converts your digital assets into fiat currency, such as USD, GBP, or EUR, each time you engage in a transaction.
Pros and Cons of a Crypto Debit Card
Before you choose a crypto debit card, it is important to weigh pros and cons based on your preferences, needs, and the specific features offered by different crypto debit card providers.
These are some of the benefits offered by crypto cards:
- Convenience in Everyday Transactions: Enable you to spend cryptocurrencies for everyday purchases.
- ATM Withdrawals: They permit cash withdrawals from ATMs.
- Automatic Fiat Conversion: Facilitates automatic conversion of cryptocurrencies to fiat currency during transactions.
- Cashback, Rewards, and Discounts: Many crypto cards offer cashback, rewards, and discounts on purchases, providing additional value to users.
- Security Features: The cards are often equipped with security features like two-factor authentication and contactless payment options.
- Budgeting and Control: Allow you to manage and budget your cryptocurrency spending more effectively.
However, there are disadvantages that come with crypto cards that you need to be aware of:
- Limited Cryptocurrency Support: Some cards support only a limited number of cryptocurrencies, restricting users who hold a diverse portfolio.
- Transaction Fees: They incur transaction fees, including crypto to fiat conversion fees, which can impact the cost-effectiveness of using the card.
- Potential for Regulation Changes: Subject to regulatory changes, as governments may introduce new regulations impacting the use and issuance of crypto debit cards.
- Limited Availability: Availability may be limited in certain regions, restricting widespread adoption.
While some providers offer rewards, it’s important to note that most of them offer rewards in altcoins rather than Bitcoin. These altcoins may have limited value outside the issuer’s ecosystem, which could impact their usability and exchangeability.
List of Crypto Debit Card Providers with Rewards and Cashback
Below is our list of crypto debit card providers in 2024. If you are looking for crypto debit cards, the providers we have selected offer physical and virtual crypto debit cards. Most crypto cards offer rewards amd cash back.
Coinbase Card
Coinbase Card is one of the best crypto debit cards in USA. It is issued by Coinbase; one of the largest crypto exchange platforms. You don’t need any credit history to get it. You can earn up to 4% back in rewards anytime you make a purchase.
Coinbase stated that they had removed transaction fees on the card. However, there is a 2.49% conversion fee for non-USDC cryptos during transactions of ATM withdrawals.
BitPay Debit Card
BitPay Debit Card, currently available exclusively in the US, offers users automatic cash back rewards when making purchases at thousands of beloved brands and local retailers, all without the hassle of coupons or QR codes. With over 100,000 participating locations, you can easily earn cash back using the BitPay Card. The BitPay app helps you discover nearby and online vendors offering crypto rewards.
In addition to its cash back benefits, BitPay Debit Card serves as another option for crypto debit cards, ideal for in-store shopping and ATM withdrawals. Supporting thirteen cryptocurrencies and waiving conversion fees for purchases or ATM transactions, it provides flexibility and convenience.
Moreover, BitPay offers a companion app for managing your card, allowing you to freeze it if lost and reload funds from various popular wallets. While the card boasts minimal costs and convenient accessibility, for those outside the US, joining the waitlist is the first step to accessing BitPay’s services in your country.
Read: Crypto friendly banks UK
Club Swan Card
Club Swan, a membership program, provides an array of lifestyle concierge services, including a crypto card featuring the ability to transact in over 150 currencies worldwide. There’s a $15,000 daily transaction limit and daily international ATM withdrawals of up to $1,500 when using your Club Swan crypto card. This card allows for both crypto and traditional currency transactions and is accepted at over 40 million retail terminals and 2.4 million ATMs globally.
Moreover, Club Swan offers a rewards program that allows members to earn instant rewards ranging from 2% to 22% on their purchases. The Club Swan card, an integral part of the membership, comes without additional costs such as annual administration fees. Designed for high-net-worth individuals and frequent travelers, other benefits include access to a 24/7 concierge service and exclusive discounts on various products and services.
Wirex Debit Card
Wirex is a crypto debit card that supports multiple fiat and digital currencies. In addition to their physical card, you can also obtain a virtual crypto debit card. The Wirex card comes with lots of perks for cardholders, such as 8% cashback anytime you spend and free ATM withdrawals. You also earn interest on fiat, BTC, and ETH. You can load the card from your Crypterium wallet.
The card does not have the issuance of monthly fees. Also, it does not charge conversion fees when converting crypto to fiat and does not have maintenance fees. However, there is a 1% top-up fee with a crypto account.
Binance Visa Debit Card
Binance Visa Debit Card, issued by the cryptocurrency exchange platform Binance, offers cashback rewards on every purchase. Depending on your card level, ranging from 1% to 8%, you can earn cashback on your transactions. Cashback is calculated daily for settled purchases from the previous day.
The card imposes no transaction fees and offers withdrawal fees of up to 0.9%. However, regulatory issues prevent residents of the U.S. and UK from being eligible for Binance Visa cards; currently, the card is exclusively available in Europe.
Furthermore, you have the option to create a virtual card, which can be used alongside Binance’s physical card. The card is accompanied by a companion app to manage your finances with ease.
Zypto (Formerly FCF Pay)
Zypto, formerly FCP Pay, specializes in providing physical and virtual crypto debit cards without with cashback. This card enables you to make online or in-store purchases at any Visa or Mastercard-accepting location. Obtaining the card is simple: exchange your cryptocurrency for a virtual card via the widget on their website or through the bot in their Telegram group. Card benefits include cashback rewards and discounts through the FCF Loyalty program, earning between 0.5% and 1% cashback on virtual card loading fees, depending on your tier. The Zypto card entails a $6 fee for new cards and a 4% load fee.
It’s important to note that the Zypto card lacks 3D Secure functionality, making it incompatible with merchants that require this security feature. While a physical version of the FCF Pay card exists, it does necessitate KYC verification.
Nexo Debit Card
Unlike the majority of crypto cards, one standout benefit of the Nexo card is its unique feature that enables you to use your cryptocurrency as collateral so you can spend its fiat value at millions of merchants globally without the need to sell your crypto. Linked to Nexo’s credit lines, all purchases are automatically deducted from your available credit line. This setup ensures that your crypto funds remains intact so you can continue earning interest on your crypto holdings.
You are able to spend up to 90% of your crypto’s value without selling it. Additionally, Nexo Card purchases made in Credit Mode offer instant crypto rewards through their Loyalty program. You can select your preferred cashback currency and modify it at any time via the Nexo mobile app, with rewards of up to 2% crypto cashback and daily compound interest. Moreover, there are no monthly, annual, or inactivity fees associated with the Nexo card.
Crypto.com Visa Debit Card
Crypto.com comes with an excellent Visa debit card you can use to spend over 90 cryptocurrencies and over 20 fiat currencies. It’s a pre paid card so you need to top it up before you can use it. You can use it anywhere where a Visa card is accepted. It offers discounts and cash withdrawals from ATMs.
Crypto.com (CDC) crypto debit card does not have issuance, monthly fee, or annual fee. You can get up to 100% back when you spend on Spotify, Netflix, and Amazon Prime and 8% back on regular purchases. It also offers free airport lounges access. However, Crypto.com is known for regularly changing their rewards rates.
Some of the cryptocurrencies supported include Bitcoin, Litecoin, Ether, TUSD, EOS, Ripple, PAX, and XLM. You can fund the account through bank wire, debit, or crypto transfer.
Getting Crypto Debit Cards for Cashback, Discounts, and Rewards
Crypto debit cards offer a convenient way to spend your cryptocurrency for everyday purchases. With various options available, each offering unique benefits, selecting the right card involves considering factors like fees, rewards, cashback, discounts, and supported countries and cryptocurrencies.
In this overview, we’ve compiled a list of leading Bitcoin debit cards in the market. Whether you aim to earn rewards or cashback, there’s a card suited to your needs. For example, Coinbase offers up to 4% back in rewards on purchases, Wirex provides 8% cashback and free ATM withdrawals, FCF Pay offers cashback and discounts through its Loyalty program, and Crypto.com gives up to 100% back when you spend on Spotify, Netflix, and Amazon Prime and 1% back on regular spending.
Crypto Debit Cards FAQ
What is a Crypto Debit Card?
A crypto debit card is a card that lets you make day-to-day transactions using cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. A majority of crypto debit cards are supported by Visa or MasterCard and you can use them to spend where Visa or MasterCard are accepted.
How do Crypto Debit Cards Work?
Crypto debit cards work the same way as prepaid debit cards. They can be loaded with cryptocurrencies and use your crypto to make purchases online and in-store from merchants.
Most crypto debit cards can convert digital currencies to fiat currencies when cardholders are making online or in-store payments. They can also be used to make cash withdrawals from ATMs in whatever fiat currency the card supports.
Where Can I Use Crypto Debit Cards?
Crypto debit cards are issued by cryptocurrency exchange platforms in partnership with major credit card services. You can use crypto debit cards to make in-store and online purchases where the card is supported. You can also use the crypto debit card to withdraw cash at any ATM where the card is supported.
Are Crypto Debit Cards Safe to Use?
Yes. Crypto debit cards are safe to use, as long as the issuer does not get hacked or go bankrupt. The going recommendation is to only load the card with money you spend, and to keep the remaining coins offline, e.g. with a hardware wallet. The cards themselves are safe to use: they come with two-factor authentication, biometric scanning, and mobile codes to ensure your assets are safe. Besides, some come with a companion app that you can use to control and secure your money.