What is a Crypto Debit Card and How to Choose

by BSC News

May 4, 2021


The concept of crypto debit cards has made sense to investors with digital knowledge for a long time. It is important that people understand how these cards operate, as they are likely to see increased adoption in the future.

Three Prominent Crypto Debit Cards

The world of cryptocurrencies and blockchain has always been filled with innovation and unique developments. These developments are ordinarily aimed at bringing in new investors who will then boost the market. Crypto debit cards are one of such developments over the years, as user demand required a bridging between traditional payment and cryptocurrency. There is no longer a need to sell crypto for fiat to make a purchase or to send crypto to merchants for conversion before purchase. With Crypto debit cards, you can hold or spend crypto at your leisure and get rewards for your spending actions.

What is a Crypto Debit Card?

Crypto debit cards combine the world of crypto and blockchain service and give users physical access to their currencies. Users do not have to worry about having their Tokens/Coins converted to liquid for purchase with the debit card. It is up to the user whether they back these crypto purchases with traditional Fiat backing; transactions/purchases are made directly with cryptos and do not require the user to hold physical currency in their account.

Currently, there are three prominent crypto debit card services on the scene, with each offering essential and unique services to its users:

  • Crypto.com 
  • Binance
  • FTX

Crypto.com Debit Card

Of the three mentioned and prominent cards, Crypto.com is the earliest to be established, long before the Binance and FTX cards.

Crypto.com Visa Debit Card

The Crypto.com Visa Debit Card is a rebranding of the Monaco card that was completed in September 2018. The card is currently shipping to regions including Singapore, the USA, and the countries in the European Union. Top up fiat with Crypto.com and get back up to 8% for transactions done, no issuance fees, no annual fees, ATM withdrawal fee-free up to $400. 

The card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM (EOS and XLM available in selected states in the US), intending to support more cryptos in the future.

The card supports GBP, USD, HKD, EUR, JPY, SGD, and AUD on the Fiat side. The addition of other Fiats is planned.

Crypto.com Visa Debit Cards including their benefits

The platform offers five card types; Midnight Blue, Ruby Steel, Jade Green/Royal Indigo, Icy White/Frosted Rose Gold, and Obsidian Black. Each of these card types comes with exclusive benefits and deals (ex. A higher amount of ATM withdrawals with no fees), which requires a staking amount before use of the card.

A recent partnership with Booking.com exposes the platform more to the traditional users available on Booking.com, offering the traveling service platform, the entrance opportunity to the world of Crypto, and the Crypto.com card users the opportunity to travel paying with their Crypto.com Visa Debit Card.

Binance Card

Top crypto exchange Binance issued its Visa Debit Card on the 1st April 2020, one year ago, accepted in over 46 million merchants offline and online in 200 regions and territories, making shopping with crypto more accessible than ever.

Source: Binance Visa Debit Card

The card is created to do everything regular cards do, aiming to cover more countries and regions as indicated. The card comes with benefits which include;

  • Zero Fees: The Binance Card is free of fees; only a one-time payment of $15 is required. Binance will not charge administrative or processing fees and no annual costs or charges.
  • Your Funds are SAFU: Your crypto balance on your Binance portfolio is protected with high-grade security as well as your cards. 
  • 8% Cashback: Binance offers up to 8% cashback on all eligible purchases made with your Visa Debit Card.
  • Hold and Exchange Crypto: With your Debit card, you can hold and exchange crypto when you need to at your pace and convenience.

Binance currently only uses BNB and BTC coin for purchase payment and the metallic is issued by Swipe.


FTX exchange has launched its FTX US card that services the US region exclusively for now. Pay for goods and services using your FTX US account at millions of merchants worldwide, without the need to transfer your funds to a bank account.

Source: FTX US Card

The card is also issued by Swipe Visa, same as Binance, but debit can be done with any of the balance on the holder’s FTX balance, unlike Binance, which allows only BNB and BTC. The service is currently exclusive to US residents with SSN, and metallic cards are planned.

The platform also planned to expand crypto debit card reach, including the millions of Blockfolio users, one of its recent acquisitions.

The Significance of Crypto Cards

The issuance of these cards will aid the purchase of goods and services directly with crypto instead of first converting to fiat. That changes the game for a lot of people and the entire industry. It is also making the real-life application of blockchains more and more realistic, and no doubt future innovation will be built off of this development.

Any Weaknesses?

Right now, there are no reported weaknesses or downside of the already issued crypto Debit Cards in circulation; as with other cards in the traditional system, failure to keep your metallic cards safe may result in loss of funds. However, Binance has assured high-grade security for its debit card users, and the other providers also have expressed concern for keeping user assets protected.

Concluding Thoughts

FTX card emergence has thrown the industry into what is known as the Debit Card War. The new entrance into the field, Gemini Exchange’s planned debit card issuance, joins a host of other blockchain services making their debut into this field.

These developments will help drive mass adoption of cryptocurrency into traditional financial formats. Making traditional transactions possible using Crypto Debit services is an innovation many users have been waiting for, and this possibility will bring in new investors who were previously wary of the low accessibility of crypto.

For people interested in more information, here are links to sources regarding cryptocurrency debit cards.










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