Cryptocurrency cards are becoming more popular and widely accepted as cryptocurrency adoption grows and the number of merchants accepting cryptocurrency payments grows. Crypto credit and debit cards are similar to traditional cards but can only be used for crypto transactions and do not require conversion to fiat currency.
However, because crypto cards bridge the gap between the crypto space and traditional finance, top crypto institutions in the world of decentralized finance have adopted traditional financial products, such as credit and debit cards, to make cryptocurrency accessible for everyday use and help users seamlessly adopt crypto payments.
So, with so many companies offering users credit and debit card services to facilitate cryptocurrency adoption, how do you know what to consider when choosing a crypto card? What are the top credit and debit cards you should know?
Let's dive in!
What To Consider When Choosing A Crypto Card
The cryptocurrency card issuer usually expects their users to meet certain requirements, determining their financial standing and creditworthiness. On the other hand, as a user, you should have a list of requirements your issuer must meet before choosing them. Here's a list of what you should consider:
Security: Check that the card has security features like two-factor authentication, SSL encryption, and others. To keep your funds safe, ensure that the card you choose has these security features.
Crypto Supported: Some cards are restricted to a specific cryptocurrency or blockchain network. Check what cryptocurrencies the crypto card supports, and ensure they are your preferred ones.
Fees: Almost all cryptocurrency cards charge fees, including monthly, transaction, and foreign transaction fees, as well as fees for withdrawing funds from an ATM. However, make sure to look for the card with the lowest fees.
Rewards: Many crypto cards offer cryptocurrency as a reward to increase user acceptance. So, before selecting a crypto card, consider its bonuses and rewards, as these rewards allow you to earn more cryptocurrency.
Countries supported: Make sure to confirm that the crypto card can be used in the country of your choice, as some cards are only accepted in specific areas, like Europe or the US.
Best Crypto Credit and Debit Card
Crypto.com Visa Card
The Crypto.com card powered by Visa is one of the best debit cards offered by Crypto.com, a cryptocurrency exchange. It is the world's first free, crypto-linked, and metal debit card, and it works in tandem with the CRO wallet app, where you can buy and sell crypto, stake, earn through savings, and access DeFi, among other things.
The card has no fees and can earn 4% cash back on purchases, as well as a transparent, straightforward top-up model that makes it user-friendly and easier to load Bitcoin and other cryptocurrencies. Users can use this Visa card with no annual fees, no monthly fees, and up to 8% cashback whenever they use their Crypto.com Visa Card. It also does not charge any fees for wire transfers or cryptocurrency purchases. However, the card charges a maker's fee of 0.04% to 4% and credit card fees of 2.99%. Crypto.com Visa card has five card tiers, each requiring a Crypto.com token (CRO) stake to obtain.
Cardholders will receive extra percentage cashback between 1% and 8% depending on the amount of CRO tokens staked within a Crypto.com wallet. This five-card tiers stake amount and bonus include:
Obsidian card: $400,000 stake (2%–8%)
Frosted Rose Gold & Icy White Card: $40,000 stake (1.75% - 5%)
Royal Indigo & Jade Green: $4,000 stake (1.5% - 3%)
Ruby Stainless Card: $400 stake (1%-2%)
Binance Visa Card
The Binance crypto credit card is Visa-powered and one of the best on the market, provided by the Binance exchange, arguably the largest crypto trading platform, and allows users to convert digital currencies into fiat at supported merchants anywhere.
Binance Visa card supports various cryptocurrencies, including Bitcoin, Ethereum, XRP, and the Binance coin. It provides cardholders with a convenient way to manage their crypto holdings through its low fees, generous rewards program, and simple mobile app.
Binance does not charge a monthly or annual fee or any other type of administration fee, such as issuance, inactivity, and closure fees. Users must, however, pay a 1% transaction fee for all transactions and a re-issuance fee of 25 euros for lost cards.
Binance gives up to 25% cash back on all credit card purchases. The amount of crypto cash back rewards available with the Binance VISA debit card is determined by the number of BNB coins held in a Binance wallet. However, the only disadvantage of the Binance card is the number of BNB tokens required to unlock the maximum cashback bonus of 8%, which is 6,000BNB.
Coinbase Visa Card
Coinbase Card is a Visa-powered plastic debit card directly linked to a person's cryptocurrency balance in digital wallets managed by Coinbase exchange and can be used anywhere Visa cards are accepted.
Coinbase Card lets users spend any crypto asset in their portfolio anywhere in the world while earning rewards for each purchase. It gives crypto rewards to cardholders at a rate of 1% for Bitcoin and around 4% for altcoins like XLM.
The downside of the Coinbase card is the transaction fee. The fee for each card transaction is close to 2.5%, which is made up of 1.49% in conversion fees and 1% transaction fee, while the international transaction fee on the card is 2%. The card has a $2,500 spending limit and a $1,000 withdrawal limit, and if these limits are exceeded, a 1% penalty fee is applied. There are no maintenance fees or extra charges for ATM withdrawals, but you must withdraw less than £200 per month.
Gemini Mastercard
Gemini is the first Mastercard-backed crypto card and one of the most popular among US users. This card has a unique reward structure - a rewards card entitles users to rewards in bitcoin, Ethereum, or any of the over 60 other cryptos currently available on Gemini, and its acceptance across the Mastercard universe makes it a popular choice among users.
The Gemini Mastercard is visually appealing, with users able to select from black, silver, or rose gold color palettes. Cardholders are entitled to 3% cashback on all annual dining purchases up to $3,000 per year, 2% cash back on everyday items and groceries, and 1% cash back on all other purchases.
The Gemini rewards card entitles users to rewards in bitcoin, Ethereum, or any of the over 60 other cryptos currently available on Gemini. It also does not charge an annual fee and does not charge any foreign transaction or exchange fees to obtain your crypto rewards.
Finally, because the Gemini Mastercard will leverage the Mastercard network's scale, users can conduct transactions virtually anywhere in the world.
Nexo Mastercard
Nexo Mastercard is one of the most user-friendly and popular crypto cards, as it operates slightly differently than other crypto debit cards. Nexo Mastercard enables users to obtain a large loan in cryptocurrency worth up to $2 million, with their existing crypto holdings serving as collateral to secure the financing.
Nexo accepts over 40 different cryptocurrencies and boasts military-grade encryption with 24/7 fraud monitoring and integration with global payment provider Mastercard, allowing the debit card to be used by over 40 million merchants worldwide.
Nexo does not charge annual, monthly, or inactivity fees, and debit card transactions are processed in the local fiat currency, allowing for no foreign exchange conversion fees. Purchases made with the Nexo card earn a 2% instant cashback bonus, with users able to earn cashback rewards in either Bitcoin or the platform's native Nexo tokens.
Final Note
As cryptocurrency adoption grows, crypto cards will likely become more widespread in 2023. As a result, if you want to get started in the digital currency and decentralized finance world, this guide has covered everything you need to know about the best crypto credit and debit cards, including the best providers and the benefits of using these cards.
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