Key points:

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

A prepaid cryptocurrency card is similar to a debit card in that you need to pre-transfer cryptocurrency to it in order to spend it. You can get a crypto card from a licensed issuer, such as a cryptocurrency exchange or bank. However, crypto cards have risks. Your funds stored on the card may still lose their market value, and any transactions you make with the card are likely to be subject to tax.

Crypto credit cards are more like standard credit cards only with cryptocurrency rewards. You can pay your credit card bill with fiat money, but still get crypto bonuses for the money you spend.

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

Introduction

Although cryptocurrency is more interesting in terms of its investment potential, it can still be used to transfer value. Satoshi Nakamoto didn't create Bitcoin to make people billionaires. It was conceived as a global digital payment system. One way to achieve this goal is to use crypto cards. This payment method now helps people use cryptocurrency and digital assets in their daily lives, and even earn cryptocurrency rewards.

What is a crypto card?

A typical crypto card works similarly to your debit card. You can pay for goods or services supported by your card provider. Although it may appear that you are paying the seller directly with digital currencies, this is not the case. The seller receives fiat money on his account, not cryptocurrency. Your crypto card takes cryptocurrency from your linked account, converts it to the local currency you pay in, and then uses it to pay. We will explain this later with an example.

Both Visa and MasterCard offer crypto cards with partner companies applying for a license. These are two of the most popular payment providers worldwide, making crypto cards accepted by retailers almost everywhere. Some crypto cards offer cryptocurrency rewards only for money spent on the card. These cards are usually credit cards that require a credit check to sign up.

How do crypto cards work?

As we have already mentioned, the crypto-card does not actually transfer cryptocurrency to the seller. It converts your cryptocurrency into fiat, which you can spend at the merchant using your card.

For example, imagine you have $500 in BNB in ​​your Binance card top-up wallet. You want to pay a restaurant bill for $100 with your crypto card. After you put your card to the terminal and agree to pay, Binance sells BNB equivalent to $100 and loads fiat onto the card. The restaurant then receives that $100, leaving you with $400 in BNB in ​​your top-up wallet. And all this happens in a matter of seconds.

You can also use crypto cards to withdraw cash from ATMs if your service provider supports them. The same method described above is used to withdraw your cash.

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

There are a few subtle differences between credit and debit cards and cryptocurrency cards. They mostly work the same when it comes to payment. The most significant difference between a crypto card and a credit/debit card is that you top up your crypto card with cryptocurrency. A debit card is pre-loaded with fiat currency, and credit card transactions are paid later with fiat.

A prepaid crypto card works similarly to a traditional debit card. You must have funds in your account before you can spend them. You cannot top up your cards with fiat, only cryptocurrency. When you make a payment, your funds are immediately converted to your crypto wallet.

Crypto credit cards, on the other hand, offer a line of credit that allows you to buy now and pay later. The bill is paid with your credit card in regular fiat currency, which means that a crypto credit card is basically a credit card with rewards.

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 cryptocurrency. The process will involve going through Know Your Customer (KYC) and Anti-Money Laundering procedures before you can order your crypto card, just like any regular credit or debit card. With a cryptocurrency credit card, you will also need to pass a credit check.

What are the advantages of using a crypto card?

A key advantage of a prepaid crypto card is the ability to use cryptocurrency for everyday purchases. Traditionally, this has been difficult to do unless the merchant directly accepts cryptocurrency. Even then, some coins like Bitcoin could take up to 30 minutes to confirm a transaction. The price is also volatile, which means you can actually pay more or less than expected.

Many crypto cards also have benefits such as cashback rewards or discounts on certain subscriptions such as Spotify or Netflix. These benefits are tied to a specific card provider and are similar to those offered with standard debit/credit cards. Be sure to compare what each card offers to find the best benefits for you. Don't forget to also pay attention to exchange fees that you may have to pay during the conversion process.

Are there risks with crypto cards?

Having a crypto card carries the same risks as owning a cryptocurrency. If you have topped up your account with bitcoin (BTC) or ether (ETH), the fiat value of your account will constantly change. This means that you may not have the exact amount in your account, it all depends on the exchange rate.

You should also remember that in many tax jurisdictions, spending cryptocurrency is a taxable event. It doesn't matter if you spend a few dollars on coffee or thousands of dollars on a car. If you have made gains or losses on your cryptocurrency before you use it to buy anything with your crypto card, you will have to pay or write off the corresponding taxable amount.

You can avoid this problem by buying stablecoins to use from your cryptocard, as the price very rarely deviates from its pegged value.

What is Binance Card?

A Binance Card is a Visa debit card linked to your Binance account. By adding cryptocurrency to your card's top-up wallet, you can spend it wherever Visa cards are accepted. It works in the same way as the prepaid crypto debit cards mentioned above.

In which countries is the Binance Card available?

The Binance card is only available to users from selected countries:

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

It's easy to get a card if you already have a Binance account and live in an eligible country. You will need to go through all relevant KYC and AML processes before applying for a Binance Card.

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

Next, click [Get Started] and then [Order Card]. Now you will see KYC information and confirmation agreement.

After confirmation, you will be taken to the card order page. Here you can choose the format of your name that will appear on the card. After confirming your selection, click [Continue].

Now you will see that some of your details are filled in and some you need to fill in manually. Accept the Privacy Policy, Terms of Service and Cardholder Agreement before clicking [Order Binance Card].

Once you've ordered your card, you'll also have access to a virtual card that you can use before the physical card arrives. You can add this card to Google Pay Send or even use it for online shopping. If you prefer to use the Binance mobile app, you can also order your card there. For more information on how to order a Binance card, please visit our FAQ.

Benefits of using the Binance card

In addition, you can spend your cryptocurrency in shops, restaurants and other places around the world where VISA is accepted. The Binance Card also has some unique benefits:

1. No commission. The Binance Visa card is free for all Binance users. Binance does not charge administrative, processing, or annual fees, but you may occasionally be charged third-party fees.

2. You can continue to store your cryptocurrency. There is no need to exchange your cryptocurrency for fiat in preparation for a purchase. Binance converts it exactly when you need it, which means your cryptocurrency can still generate potential market profits.

3. Cashback up to 8%. Depending on the average monthly balance of your BNB, you will receive up to 8% cashback on all your purchases. This cashback is given to you in BNB to your Binance account. Read more about the cashback program here.

4. Safe funds. Your SAFU cryptocurrencies are secured by Binance. Binance has a high level of security and uses reliable security standards.

What is the Trustee Plus card?

Since February 2024, Binance offers its users the Trustee Plus partner card. It is a virtual payment card tied to the cryptocurrency wallet of the same name, which can be added to Apple or Google Pay in just a few clicks and allows you to directly use one of three cryptocurrencies for payments in the banking network: BTC, ETH, USDT.

List of countries where you can get a Trustee Plus card

As of February 2024, citizens of the following countries can apply for a Trustee Plus payment card: Ukraine, Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Greece, Ireland, Spain, the 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 instantly after installing the application. All you have to do is complete the verification (KYC) and order the card. For Ukrainian users, thanks to the integration with the Diya service, this 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 existing fees.

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

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

5. Transfers to relatives, friends and acquaintances without commissions. 21 cryptocurrencies are available for transfer inside the wallet. No restrictions on the use of the wallet.

6. Users can simply install Trustee Plus for all their family members and open payment cards to make cryptocurrency payments worldwide.

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

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

Results

If you have cryptocurrency that you no longer want to hold, a crypto card makes it easy to convert to fiat. Without using a crypto card, you will need to go through the conversion process and manually transfer the fiat to your bank account. This may take several days, depending on your bank and cryptocurrency exchange. A crypto card is really one of the fastest ways to use your cryptocurrency to make purchases. However, always make sure to keep track of your expenses for tax purposes.