The main point

A crypto card generally allows you to earn crypto rewards or convert crypto to fiat currency instantly to pay for goods and services. Mastercard and Visa issue crypto cards. This means you can use crypto in millions of locations globally.

Prepaid crypto cards are similar to debit cards in that they are 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 have risks. Your funds held on the card may still lose market value and any transactions made with your card are likely to be subject to tax.

Crypto credit cards work like standard credit cards with crypto rewards. You can pay credit card bills with fiat money but you will receive crypto bonuses on the money spent.

Binance offers the Binance Visa Card for KYC and AML verified customers. You can complete the registration process in just a few minutes, then enjoy free administration and transaction fees, cashback and other benefits.

Introduction

Although much of the interest lies in investment potential, crypto still has uses in transferring value. Satoshi Nakamoto didn't create Bitcoin to make people billionaires. However, Bitcoin was designed as a global digital payment system. One way to achieve this goal is with crypto cards. This payment method now helps people use crypto and digital assets in everyday life and even receive crypto rewards.

What is a Crypto Card?

A crypto card generally functions similarly to a debit card. You can pay for goods or services that the card provider accepts. While it may seem like you are paying vendors directly with digital currency, that is not what is actually happening. Vendors accept fiat cash into their accounts and not crypto. Your crypto card takes the cryptocurrency in the associated account, converts it into the local currency used to pay, and then uses this cash to pay. We will explain it with an example later.

Visa and MasterCard offer crypto cards with partner companies that apply for licenses. Both are the most commonly used payment providers globally, so crypto cards are almost universally accepted by retailers. Some crypto cards only offer crypto rewards on money spent with the card. These cards are usually credit cards that require a credit check in order to apply.

How Do Crypto Cards Work?

As we mentioned, crypto cards don't actually pay vendors with crypto. This card converts your crypto into cash easily which can be spent with vendors through the card.

For example, imagine you have $500 (US dollars) worth of BNB in ​​your Binance Card Funding Wallet. At a restaurant, you pay your $100 bill with a crypto card. After inserting the card and approving payment, Binance will sell $100 worth of BNB and then load the fiat onto the card. Then, the restaurant gets paid $100 and you will have $400 worth of BNB remaining in your Funding Wallet. All of this happens within seconds when you use your crypto card.

You can also use your crypto card for ATM withdrawals if your service provider supports it. The same method above is also used to withdraw your physical cash.

What are the Differences between Crypto Cards and Credit Cards or Debit Cards?

There are some minor differences between credit and debit cards and crypto cards. In most cases, they function the same when it comes to payments. The most significant difference between a crypto card and a credit/debit card is that you generally load a crypto card with cryptocurrency. A debit card is preloaded with fiat currency and a credit card transaction is later paid with fiat.

Prepaid crypto cards work similarly to traditional debit cards. You must have funds in your account before you can spend them. You don't load the card with fiat cash, but only with crypto. When making a payment, your funds will be immediately converted in a crypto wallet.

On the other hand, crypto credit cards extend the credit limit allowing you to buy first and then pay later. Your credit card bill is paid in normal fiat currency. This means that the crypto credit card is basically a reward credit card.

To order a card, you must be a customer of a company that already provides crypto cards, such as a crypto exchange or bank that supports crypto. The process requires you to complete know your customer (KYC) and anti-money laundering procedures before you can order a crypto card, just like a regular credit or debit card. With crypto credit cards, you also have to pass a credit check.

What are the Benefits of Using a Crypto Card?

The main benefit of a prepaid crypto card is the ability to use crypto for everyday purchases. This is generally difficult to do unless the vendor accepts the crypto directly. However, some coins like Bitcoin can take 30 minutes for a transaction to be confirmed. The price is also volatile. This means you may pay more or less than expected.

Most crypto cards also come with benefits such as cashback rewards or discounts on certain subscriptions, such as Spotify or Netflix. These benefits attract you to a particular card provider and are similar to those offered by standard debit/credit cards. Be sure to compare each card's offers to find the best benefits for you. Don't forget to check whether or not there are any exchange fees that may have to be paid during the conversion process.

Do Crypto Cards Have Risks?

The risks of owning a crypto card are exactly the same as owning crypto. If you have already funded your account with bitcoin (BTC) or ether (ETH), the fiat value of your account will continue to change. This means that the amount of money in your account may not be exactly what you expected, depending on the exchange rate.

You should also keep in mind that in most tax jurisdictions, spending crypto is a taxable event. This isn't a problem if you spend a few dollars on a coffee or thousands of dollars on a car. If you have made a profit or experienced a loss on crypto before using it to buy something with your crypto card, you must pay or clear the appropriate taxable amount.

You can avoid this problem by purchasing stablecoins to use with crypto cards, as their prices very rarely change from their benchmark value.

What is Binance Card?

Binance Card is a Visa debit card linked to your Binance account. By topping up your Card Funding Wallet, you can spend crypto anywhere Visa is accepted. This card functions in the same way as the prepaid crypto debit card mentioned above.

In Which Countries Is Binance Card Available?

Binance Card is available only to users from certain 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 Binance Card

The process of getting a card will be easy if you already have a Binance account and live in an eligible country. You must also complete all relevant KYC and AML processes before successfully applying for a Binance Card.

To order a card, make sure that you are logged in and go to the Binance Card page. You can also navigate to this page by navigating to [Finance] on the Binance home page, then clicking [Binance Visa Card].

Next, click [Get Started] followed by [Order Card]. You will now see some KYC information and an agreement to confirm.

After confirming, you will go to the Order Card page. Here, you can choose the format in which your name will appear on the card. After confirming your choice, click [Continue].

Your details are now accompanied by additional information that you must fill in. Finally, agree to the Privacy Policy, Terms of Use and Cardholder Agreement before clicking [Order Your Binance Card].

After ordering a card, you will also have access to a virtual card to use before the physical card arrives. You can add this card to Google Pay Send or even use it for online purchases. If you prefer to use the Binance mobile app, you can order the card there too. For more details on how to order a Binance Card, visit our FAQ.

Benefits of Using Binance Card

In addition to allowing you to spend crypto at stores, restaurants, and VISA recipients around the world, the Binance Card also has several unique benefits and perks.

1. Free of charge. The Binance Visa Card is free for all Binance users. There are no Binance administrative, processing, or annual fees, but you may sometimes be charged third-party fees.

2. You can continue to own crypto. You don't need to exchange crypto into fiat in preparation for buying something. Binance converts right when you need it. This means that your crypto can still achieve potential market profits.

3. Up to 8% cashback You can get up to 8% cashback on all purchases depending on your average monthly BNB balance. This cashback is provided in the form of BNB in ​​your Binance account. You can read more details about this cashback program here.

4. Funds are safe. Your crypto funds are SAFU and protected by Binance. Binance has a high level of security and uses strong security standards.

What is the Trustee Plus Card?

Since February 2024, Binance has been offering Trustee Plus affiliate cards to its users. This virtual payment card is linked to a cryptocurrency wallet of the same name, can be added to Apple or Google Pay in just a few clicks, and allows you to instantly use one of three cryptocurrencies as payment in banking networks: BTC, ETH, USDT.

List of countries where you can get a Trustee Plus card

Starting in 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.

The main benefits of Trustee Plus for Binance users

1. Cards are issued almost instantly after installing the application. You just need to pass KYC and order the card. For Ukrainian users, thanks to integration with Diia services, this process takes less than a minute.

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

3. Payment cards in the wallet are virtual, can be added to Apple Pay and Google Pay in just a few clicks, and are 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 transfer of 21 different cryptocurrencies in the wallet – no fees for payments to family, friends and acquaintances. There are no restrictions on wallet usage.

6. Users simply install Trustee Plus for all family members, then open a payment card to access cryptocurrency payments worldwide.

7. Additional referral program. Users can invite their friends and earn up to 45% of commission on their exchanges.

Thanks to the collaboration between Trustee Plus and Binance Pay, your crypto assets are now easier to use for everyday payments.

Closing

If you have some crypto that you no longer want to HODLing, a crypto card makes the process of converting to fiat easy. Without using a crypto card, you have to go through the conversion process and manually transfer fiat to a bank account. This process may take several days, depending on your bank and cryptocurrency exchange. Crypto cards are truly one of the fastest ways to use crypto to buy things and have been a welcome development. However, always make sure you account for your spending for tax purposes.