Key aspects

A typical crypto card allows you to earn rewards in the form of cryptocurrencies or convert your cryptocurrencies into fiat currency instantly to pay for goods and services. Both Mastercard and Visa issue crypto cards, meaning you can use your cryptocurrencies in millions of places around the world.

A prepaid crypto card is similar to a debit card in that you must add cryptocurrency funds to use it. You can get a crypto card from an authorized issuer, such as a cryptocurrency exchange or bank. However, crypto cards are not without risks. The funds you keep on the card may lose their market value, and any transactions you make with your card will likely be subject to taxes.

Crypto credit cards work more like standard credit cards, but with rewards in the form of cryptocurrency. You can pay your credit card bill using fiat money and receive crypto bonuses for the money you spend.

Binance offers a Binance Visa Card for customers who have passed the KYC and AML process. You can complete the registration process in a few minutes, and enjoy zero administration or transaction fees, cashback and other benefits.

Introduction

While interest in cryptocurrencies lies primarily in their potential as an investment, the transfer of value is also a use case. Satoshi Nakamoto did not create Bitcoin for people to become billionaires. He designed it as a global digital payment system. One way to achieve this goal is through crypto cards. This payment method currently helps people use cryptocurrencies and digital assets in their daily lives, and even receive rewards in the form of cryptocurrencies as well.

What is a crypto card?

A typical crypto card works similarly to your debit card. With it you can pay for goods and services that the card provider accepts. Although it may seem like you are paying the seller directly with digital currencies, that is not actually what happens. The seller receives fiat money in his account and not cryptocurrencies. Your crypto card takes the cryptocurrencies from the account you've linked, converts them to the local currency you're transacting in, and then uses that fiat money to pay. We will explain it later with an example.

Both Visa and MasterCard offer crypto cards with partner companies requiring a license. Both companies are the most used payment providers worldwide, making crypto cards almost universally accepted by merchants. Some crypto cards only offer cryptocurrency rewards for money spent with the card. These cards are usually credit cards that require a credit check to obtain one.

How does a crypto card work?

As we have mentioned, a crypto card does not actually pay the seller with cryptocurrencies. What it does is conveniently convert your cryptocurrencies into cash that you can spend in stores with the card.

For example, imagine you have $500 worth of BNB in ​​your Binance Card funding wallet. At a restaurant, you're going to pay the $100 bill with your crypto card. Once you insert the card and accept payment, Binance sells $100 of your BNB and loads the fiat money onto the card. The restaurant is then paid $100, leaving $400 worth of BNB in ​​your funding wallet. This entire process occurs in the few seconds it takes to use your card.

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

What are the differences between a crypto card and a credit or debit card?

There are a few minor differences between credit and debit cards and crypto cards. For the most part, they work the same way when it comes to payments. The most significant difference between a crypto card and a credit/debit card is that the former must be recharged with cryptocurrencies. Debit cards are pre-loaded with fiat currencies, and credit card transactions are subsequently paid for with fiat as well.

A cryptocurrency prepaid card works similarly to a traditional debit card. You must add funds to your account before you can spend them. Now, you can't add fiat money to your card, only cryptocurrencies. When you make a payment, the funds are immediately converted to your cryptocurrency wallet.

For their part, crypto credit cards extend a line of credit that allows you to make purchases now and pay later. You can pay your crypto credit card bill with fiat money, which means this crypto credit card is basically a rewards credit card.

To apply for a card, you must be a customer of a company that already provides a crypto card, such as a cryptocurrency exchange or a bank that supports cryptocurrencies. The application process includes completing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks before you can get your crypto card, just like with any regular credit or debit card. For a cryptocurrency credit card, you will also need to go through a credit check.

What are the advantages of a crypto card?

The main advantage of a prepaid crypto card is the ability to use your cryptocurrencies for everyday purchases. This is something that has traditionally been difficult unless the seller accepted cryptocurrency directly. And even then, transactions with some currencies like Bitcoin can take up to 30 minutes to confirm. The price is also volatile, meaning you could end up paying more or less than expected.

Many crypto cards come with other benefits such as cashback rewards or discounts for certain subscriptions, such as Spotify or Netflix. These benefits draw your attention to specific card service providers and are similar to those offered by standard debit/credit cards. Be sure to compare what each card offers to find the best benefits for you. Don't forget to also look at the exchange fees that you may have to pay during the conversion processes.

Do crypto cards present risks?

Having a crypto card presents the same risks as holding cryptocurrencies. If you topped up your account with bitcoin (BTC) or ether (ETH), the fiat value of your account will constantly change, so it could happen that you don't have the exact amount of money in your account that you think, depending on the exchange rates. change.

You should also remember that in many tax jurisdictions, cryptocurrency spending is a taxable event. It doesn't matter if you're spending a few dollars on a coffee or thousands of dollars on a car. If you made profits or losses on your cryptocurrencies before using them to buy something with your crypto card, you will have to pay or deduct the corresponding taxable amount.

You can avoid this problem by purchasing stablecoins to use with your crypto card, since the price very rarely varies from the anchor value.

What is Binance Card?

Binance Card is a Visa debit card connected to your Binance account. After replenishing your card wallet, you can spend cryptocurrency anywhere Visa is accepted. It works in the same way as the prepaid crypto debit cards mentioned above.

In which countries is Binance Card available?

Binance Card is only available to users in 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 a Binance Card

Getting a card is easy if you already have a Binance account and live in one of the supported countries. You will need to complete all relevant KYC and AML processes before you can successfully apply for a Binance Card.

To request your card, make sure you are logged in and go to the Binance Card page. You can also navigate to this page by hovering over [Finance] on the Binance homepage, and clicking [Binance Visa Card].

Next, click [Start], and then [Request Card]. Some KYC information and a consent will appear that you must accept.

After confirming, you will access the card application page. Here you can choose the format of your name that you want on the card. Once you have confirmed your choice, click [Continue].

Your data will appear pre-filled with additional information that you must complete. Finally, agree to the Privacy Policy, Terms of Use, and Cardholder Agreement before clicking [Request your Binance Card].

As soon as you have requested your card, you will have access to a virtual card that you can use until you receive the physical card. You can add this card to Google Pay Send or even use it for online purchases. If you prefer the Binance mobile app, you can also request your card from there. For more information on how to apply for a Binance Card, visit our FAQ.

Advantages of using Binance Card

Aside from allowing you to spend your cryptocurrencies at businesses, restaurants, and establishments that accept Visa around the world, Binance Card also offers unique benefits and incentives.

1. Zero commissions. A Binance Visa Card is free for any user of the platform. There are no administrative, processing or annual fees from Binance, although you may occasionally be subject to third-party fees.

2. You can continue holding your cryptocurrencies. There is no need to exchange your cryptocurrencies for fiat to buy something. Binance does the exact conversion when you need it, meaning your cryptocurrencies can continue to earn potential market gains.

3. Up to 8% cashback. Depending on your average monthly BNB balance, you will receive up to 8% cashback on all your purchases. This cashback is deposited in BNB in ​​your Binance account. You can read more details about the cashback program here.

4. Secure funds. Your cryptocurrency funds are SAFU, safe and protected by Binance. Binance offers a high level of protection and uses robust security standards.

What is the Trustee Plus card?

Since February 2024, Binance has been offering its users the Trustee Plus affiliate card. This is a virtual payment card linked to a crypto wallet of the same name, it can be added to Apple Pay or Google Pay with just a few clicks and allows you to directly use one of three cryptocurrencies for payments on the banking network: BTC, ETH and USDT.

List of countries where you can get a Trustee Plus card

Starting February 2024, citizens of the following countries can apply for a 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.

Trustee Plus Key Benefits for Binance Users

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

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

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

4. Users can withdraw up to €20,000 per month at ATMs with NFC readers.

5. Free transfers of the 21 different cryptocurrencies within the wallet, without fees for payments to family, friends and acquaintances. There are no limits on the use of the wallet.

6. Users can install Trustee Plus for all their family members and generate payment cards to access crypto payments worldwide.

7. Additional referral program. Users can invite their friends and get up to 45% commission on their trades.

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

Conclusions

If you have some cryptocurrencies that you no longer want to HODL on, a cryptocurrency card makes converting to fiat currency simple. Without a crypto card, you must go through the conversion process and transfer the fiat money manually to your bank account. This may take days, depending on the bank and cryptocurrency exchange. A crypto card is one of the fastest ways to use your cryptocurrencies to buy things, and this is a positive development. However, always make sure to keep an accounting of your expenses for tax purposes.