Key points

With a regular crypto card, you can earn crypto rewards or convert crypto to fiat instantly to pay for goods and services. Both Mastercard and Visa issue cryptocurrency cards so you can use cryptocurrency at millions of locations globally.

Prepaid crypto cards are similar to debit cards in that you must pre-load crypto before you can use the card to spend. You can get a cryptocurrency card from an organization licensed to issue cryptocurrencies such as a cryptocurrency exchange or bank. However, cryptocurrency cards are not without risk. Card funds can still lose market value and card transactions are potentially taxable.

Crypto credit cards work just like standard credit cards that come with crypto rewards. You can pay your credit card bill with fiat currency but get rewarded with crypto for your spending.

Binance currently offers the Binance Visa Card to KYC (Know Your Customer) and AML (Anti-Money Laundering) verified customers. You can complete the registration process within minutes and enjoy free administration or trading fees, cashback and more.

Introduce

Although the main benefit from cryptocurrencies is the investment potential, you can still use cryptocurrencies for trading. Satoshi Nakamoto did not create Bitcoin to turn many people into billionaires. However, cryptocurrencies are designed as a global digital payment system. Using cryptocurrency cards is one way to achieve this goal. This payment method is now helping people use cryptocurrencies and digital assets in their daily lives, and they even receive cryptocurrency rewards.

What is a Crypto Card?

A typical cryptocurrency card works similarly to a debit card. You can pay for items or services that accept card issuers. While this may seem like you are paying suppliers straight with digital currencies, that is not the case. The provider receives fiat money into the account, not cryptocurrency. Your crypto card withdraws the crypto in your linked account, converts it to the local currency you need to pay, and uses the cash to make the payment. We will explain further with an example that will appear in this article.

Both Visa and MasterCard offer cryptocurrency cards with registered partner companies. These are the two most commonly used payment providers globally, making most retailers accept cryptocurrency cards. Some cryptocurrency cards only offer cryptocurrency rewards according to the amount spent with the card. These cards are typically credit cards that require a credit check during the application process.

How do cryptocurrency cards work?

As we have stated, the crypto card does not actually pay the vendor in cryptocurrency. This card converts cryptocurrency into money you can pay vendors through the card.

For example: Imagine you have 500 USD worth of BNB in ​​your Binance card Funding Wallet. At a restaurant, you would pay a $100 bill with your crypto card. Once you swipe your card and approve the payment, Binance will sell $100 worth of BNB and load the card with fiat. The restaurant is then paid 100 USD and you are left with 400 USD in BNB in ​​your Funding Wallet. All of this happens in seconds when you use your crypto card.

You can also use a cryptocurrency card to withdraw money from an ATM if your service provider supports this feature. Crypto cards use the same method above to withdraw cash.

What is the difference between a cryptocurrency card and a credit or debit card?

There are a few minor differences between credit/debit cards and cryptocurrency cards. In general, these three types of cards have the same payment functions. The biggest difference between a crypto card and a credit/debit card is that you load a regular crypto card with crypto. Debit cards need to be loaded in fiat currency in advance, while credit cards need to be paid later in fiat currency.

Prepaid cryptocurrency cards work similarly to traditional debit cards. You must have money available in your account to spend. You cannot top up this card with cash, you can only top up with cryptocurrency. When you pay, the funds will be converted instantly in your crypto wallet.

And crypto credit cards extend your credit limit so you can buy now and pay later. You can pay your credit card bill with regular fiat currency, so a crypto credit card is essentially a rewards credit card.

To request a card, you must be a customer of a company that has issued a cryptocurrency card, such as a cryptocurrency exchange or a bank that supports cryptocurrency. When applying for a card, you must complete the Know Your Customer (KYC) and Anti-Money Laundering processes before you can request a cryptocurrency card like any regular credit or debit card. . With a cryptocurrency credit card, you also need to go through a credit check.

What are the benefits of using a cryptocurrency card?

The main benefit of a prepaid cryptocurrency card is the ability to pay for everyday transactions with cryptocurrency. Previously, this was difficult to do unless the supplier accepted to receive payments directly in cryptocurrency. It can even take up to 30 minutes to confirm a transaction in some coins like Bitcoin. Prices are also volatile, so you may actually pay more or less than expected.

Many cryptocurrency cards also come with benefits like cashback rewards or incentives when purchasing certain subscriptions like Spotify or Netflix. These benefits are intended to entice you to use a particular card provider and are similar to those included with standard debit/credit cards. Compare the advantages of each card to find the best benefits for you. Don't forget to consider any conversion fees you may have to pay during the conversion process.

Are there any risks with cryptocurrency cards?

Using a cryptocurrency card carries the same risks as holding cryptocurrency. If you fund your account with Bitcoin (BTC) or Ether (ETH), the fiat amount in your account will constantly change. This means you don't know the exact amount of money in your account as you think it is because the amount changes with the exchange rate.

You should also remember that there are many jurisdictions that tax cryptocurrency expenditures. This rule doesn't matter whether you're spending a few dollars on a cup of coffee or thousands of dollars on a car. If there has been any gain or loss from your crypto holdings before using it to buy something with a crypto card, you will have to pay or account for the full taxable amount.

You can avoid this problem by loading stablecoins onto a cryptocurrency card as the price of this currency changes little compared to its value.

What is Binance Card?

The Binance Card is a Visa debit card connected to your Binance account. You can use cryptocurrency anywhere Visa is accepted by adding funds to your card's Funding Wallet. This card works similarly to the prepaid crypto debit card mentioned above.

In which countries can the Binance card be used?

Only users from the following countries can use Binance cards:

Austria, Belgium, Bulgaria, Croatia, 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 register for Binance card

Opening a card is simple if you already have a Binance account and live in a country that allows the use of cards. You need to complete all appropriate KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures before you can apply for a Binance card.

To request a card, log in and go to the Binance Cards page. You can also open this page by hovering over the [Finance] section on the Binance homepage and clicking [Binance Visa Card].

Next, click [Start], then [Card request]. Now you will need to confirm some KYC information and an agreement.

After confirmation, you will go to the Card request page. Here, you can choose how your name appears on the card. Once you have confirmed your choice, click [Continue].

You will now see your details have been filled in and the missing information needs you to fill in. Finally, agree to the Privacy Policy, Terms of Use, and Cardholder Agreement before clicking [Request Binance card].

Once you have requested a card, you will also have access to a virtual card to use before receiving the physical card. You can add this card to Apple Pay, Google Pay Send, or even use it to make online purchases. If you prefer to use the Binance mobile app, you can also Request your card via the app. For more details on how to Request a Binance card, head over to our FAQ section.

Benefits of using Binance card

In addition to allowing you to use cryptocurrency at stores, restaurants, and VISA card merchants around the world, the Binance card also has a number of unique benefits and perks.

1. Free. The Binance Visa Card is free for all Binance users. Binance does not charge management fees, processing fees, or annual fees, but you may incur third-party fees.

2. You can continue to hold your cryptocurrency. You do not need to exchange crypto for fiat to make a purchase. Binance will only convert cryptocurrencies right when you need them, so cryptocurrencies can still earn profits in the market.

3. Up to 8% Cashback - You will get up to 8% cashback on all your transactions depending on your average monthly BNB balance. This refund is sent to you in BNB to your Binance account. You can learn more details about this refund program here.

4. Protection fund. Your crypto funds are SAFU and protected by Binance. Binance is highly secure and uses rigorous security standards.

What is the Trustee Plus card?

Since February 2024, Binance has offered users the Trustee Plus affiliate marketing card. This is a virtual payment card linked to the cryptocurrency wallet of the same name, which can be added to Apple or Google Pay with just a few simple steps and allows you to directly use one of three cryptocurrencies for payment. in the banking network: BTC, ETH, USDT.

List of countries where you can apply for a Trustee Plus card

As of February 2024, citizens of the following countries can apply for the Trustee Plus payment card: Ukraine, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Ireland, Spain, Netherlands, Iceland, Liechtenstein, Lithuania, Luxembourg, Latvia, Malta, Germany, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Hungary and Italy.

Key benefits of Trustee Plus for Binance users

1. The card is issued almost immediately after installing the application. All you need to do is complete KYC and request to open the card. For Ukrainian users, thanks to integration with the Diia service, the process takes less than a minute.

2. The only exchange fee is 0.5% of the amount. Trustee Plus does not charge any other hidden or explicit fees.

3. The payment card in the wallet is a virtual card that can be added to Apple Pay and Google Pay with just a few taps and is accepted at any terminal of the banking network.

4. Users can withdraw up to 20 thousand euros in cash per month at ATMs with NFT readers.

5. Free transfers of 21 different cryptocurrencies in your wallet – no fees for payments to family, friends and acquaintances. There is no limit to the number of times the wallet can be used.

6. Users can install Trustee Plus for all family members and open payment cards to be able to pay with cryptocurrency worldwide.

7. New user referral program. Users can invite friends and receive up to 45% commission from their friends' transactions.

Thanks to the partnership between Trustee Plus and Binance Pay, it is now easier to use crypto assets for everyday payments.

summary

If you don't want to HODL some crypto, crypto cards can convert crypto to fiat with ease. If you don't use a crypto card, you'll need to go through the conversion process and transfer fiat to your bank account manually. This can take several days to complete, depending on your bank and cryptocurrency exchange. Crypto cards are one of the fastest ways to use cryptocurrency to make purchases and are a welcome development. However, always make sure you save your receipts when spending for tax purposes.