Checklist of 9 popular cryptocurrencies virtual credit cards

Top 9 Cryptocurrencies Virtual Credit Cards Checklist

Source: White Dew Living Room

Author: Bo Wen

Recently, the app trial of RedotLianGuaiy, a Hong Kong-based encrypted payment service provider, has lit up my friend circle. After successfully completing account registration and applying for an encrypted cryptocurrency virtual card, the smooth and seamless user experience made me exclaim: The future of Web3 is right here with us, and it will integrate into our lives to go further together.

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Currently, there are already multiple encrypted payment companies involved in the field of cryptocurrency virtual cards. Typically, cryptocurrency virtual credit cards introduced by cryptocurrency exchanges (such as Binance) only require corresponding assets in the funding account to be used for consumption and payments in different scenarios, such as swiping cards and electronic payments. The exchanges will charge varying degrees of fees when users perform payment, withdrawal, exchange, and ATM cash withdrawal (if supported) operations.

On the other hand, cryptocurrency virtual credit cards issued by independent encrypted payment companies require account recharge to activate and use. After recharge activation, the virtual card can be used for card payments in supported payment scenarios, just like a credit card. When performing recharge, payment, withdrawal, exchange, and ATM cash withdrawal operations, different encrypted payment companies will charge fees based on their respective standards.

This article will review and compare the nine most popular cryptocurrency virtual credit cards, helping readers better connect Web3 with the real world.

Binance

Binance Card is similar to traditional debit cards and is supported by Swipe. However, unlike fiat recharge cards, this card holds 15 types of digital assets, including BTC, BNB, SXP, and BUSD, and can directly connect to funds in a Binance account.

The cryptocurrencies stored on the Binance Card are automatically converted to local currency at VISA acceptance points worldwide. However, a notable drawback of the Binance Card is the 0.9% transaction fee for purchases and withdrawals. Fortunately, there is no issuance fee, which helps offset some of the costs.

The amount of cryptocurrency cashback rewards earned through Binance VISA debit cards depends on the amount of BNB coins staked in the Binance wallet. The only downside to the cashback rewards is that the amount of BNB tokens staked is required to unlock a maximum of 8% cashback bonus. Although the transaction fees for using the Binance Card are high, these rewards help offset these costs, especially for those who hold a large amount of BNB.

Crypto.com

Crypto.com is a global digital asset service provider that offers a wide range of products for users to operate on an easy-to-use and intuitive mobile app. Its users can use its VISA debit card to buy, trade, sell, store, earn, borrow, and pay bills with cryptocurrencies. Similar to Binance, customers who use the card for cryptocurrency spending can earn up to 5% cashback rewards on their purchases.

There is no annual fee for using the Crypto.com prepaid card, but it does charge a $4.95 issuance fee. In addition, there is a 2% ATM withdrawal fee for exceeding the withdrawal limit, a reload fee of 1% to 2.99%, and a $4.95 monthly inactivity fee after 12 months of non-usage of the card.

To apply for the Crypto.com VISA debit card, applicants must download the Crypto.com app, complete identity verification (KYC), purchase and stake CRO tokens (unless applying for the Blue Card). Customers who do not stake CRO tokens can still apply for and use the Crypto.com card. However, they are not eligible for additional benefits and card rewards, which is a disadvantage for individuals who do not hold a significant amount of CRO tokens. Therefore, the card is primarily recommended for those who have already invested in CRO tokens.

Users can top up the card with 23 cryptocurrencies, including ADA, BTC, and DOGE, among others. Additionally, users can add USD, EUR, GBP, or SGD to the card using LianGuaiyLianGuail or a debit/credit card.

Bybit

In February 2023, Bybit launched the Bybit Card. The product is positioned as a flexible fiat currency conversion channel, with Mastercard serving as its payment processor. Despite being recently launched, the Bybit Card has received positive reviews due to its transparent pricing structure. Unlike others, the Bybit card does not require any staking requirements. Currently, only one version of the Bybit card is available, but the team is working to add various VIP tiers that will offer more rewards than the standard card.

Customers who complete KYC verification in the UK and Europe can register and get a free virtual Bybit card; the physical card for ATM withdrawals will have a $10 issuance fee and is currently in the pre-order stage.

To ensure that its customers are not surprised by any unexpected fees, Bybit has opted for a simple pricing structure. Any transactions made with the card incur a 0.9% cryptocurrency conversion fee, plus Bybit’s 0.1% trading fee, making the total cost per transaction 1%. Additionally, there is a 0.5% foreign exchange fee for any transactions conducted outside of the card’s currency.

Through Bybit’s funding wallet, customers can recharge their cards with five cryptocurrencies: Bitcoin, XRP, Ethereum, Tether, and USD stablecoin. Additionally, the card supports the British Pound and Euro as fiat currencies. During the application process, users must choose one fiat currency and one cryptocurrency to complete the card support.

Bybit cardholders can earn loyalty points, which can be exchanged for various experiences and rewards offered by Bybit’s partners. While there is limited information about the loyalty program, it is expected to work similarly to other points-based credit cards.

BitLianGuaiy

Founded in 2011, BitLianGuaiy is considered a pioneer in the Bitcoin and blockchain industry. Its prepaid Mastercard allows users to load Bitcoin and other top cryptocurrencies onto the card. These assets can then be converted into fiat currency, such as the US dollar, for spending at millions of Mastercard-accepting merchants worldwide. Additionally, cardholders making purchases will receive automatic rewards.

The BitLianGuaiy card supports eight cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash, as well as seven stablecoins such as DAI, USDC, and BUSD.

Cardholders can make contactless payments, PIN code payments, and even withdraw up to $6,000 per day from compatible ATMs. As for restrictions, the BitLianGuaiy card has a maximum daily spending limit of $10,000, with a maximum balance limit of $25,000. When withdrawing from ATMs, a maximum of three withdrawals can be made per day, with each withdrawal amount limited to $2,000.

Applying for a BitLianGuaiy crypto card does not require a credit check and will not impact credit scores, making it very easy to obtain. While there are no annual fees or issuance fees, there is a $2.50 fee for ATM withdrawals and a 3% fee for foreign currency exchanges when used outside of the United States. Additionally, if a user remains inactive for more than 90 days, there is a $5 monthly fee.

Coinbase

The Coinbase debit card directly connects the physical card to the Coinbase wallet, allowing spending of cryptocurrencies or USDC. The stored cryptocurrencies are converted into dollars, pounds, or euros, enabling purchases or withdrawals at any location worldwide that accepts VISA cards.

While any supported cryptocurrency by Coinbase can be used, users must choose specific assets as their preferred payment options. Coinbase cardholders can then earn rewards when using the card for purchases. New US cardholders can choose to receive 4% XLM cashback or 1% BTC cashback on all purchases. Cashback is not automatically paid and may take 1 to 5 days to appear in the wallet after completing the transaction.

Although there are no direct issuance or spending fees, there is a difference fee of approximately 2.49% for currency exchange. Additionally, there is a 1.5% fee for ATM withdrawals.

Users can link the card to Google LianGuaiy to quickly and securely use cryptocurrency for purchases. Its user-friendly and highly secure features make it the best card for beginners, as anyone with a Coinbase account can use it.

Nexo

Nexo has introduced a Bitcoin debit card for its users, allowing them to spend their cryptocurrency like a traditional debit card. The card works slightly differently from other cryptocurrency debit cards as it uses credit limits instead of directly selling cryptocurrency. When users apply for credit limits based on cryptocurrency-based loan products, the card receives funds. The benefit of using loans is that customers can enjoy a higher level of protection without selling Bitcoin.

The Nexo card is integrated with global payment provider Mastercard, allowing the debit card to be used at over 40 million merchants worldwide. Transactions made with the debit card are processed in the local fiat currency and do not incur foreign exchange fees.

To obtain a credit limit, customers must pledge one of the supported 63 cryptocurrencies. Nexo then offers credit in one of the supported 43 fiat currencies. Customers can choose when to repay the loan.

Using the Nexo card for purchases earns a fixed instant cashback bonus of 2%. Unlike Binance and Crypto.com, these cashback rewards are paid out for all transactions without the need to pledge any tokens. However, the 2% cashback rate only applies to rewards obtained with the company’s NEXO token. Bitcoin rewards offer a lower bonus rate of 0.5%.

Nexo does not charge fees per transaction but instead charges interest rates based on the customer’s loan funds. The interest rates vary depending on the loan term, loan-to-value ratio (LTV), and amount, ranging from 0% to 13.9%. While there is no fee for ordering a physical card, customers must have a minimum of $500 worth of gold loyalty status and investments on Nexo. Overall, Nexo offers an excellent way to spend cryptocurrency on a debit card, in addition to its main service of allowing users to earn interest on their cryptocurrency deposits.

Wirex

Wirex launched its cryptocurrency virtual card in 2018. Since then, Wirex has expanded the product to over 5 million customers worldwide. Wirex’s multi-currency Mastercard is a reliable cryptocurrency debit card for international travelers, as it supports 9 fiat currencies and 59 cryptocurrencies, including Bitcoin, Ethereum, and XRP.

Although there are no maintenance fees for this card, there is a transaction fee of 2.99% for purchasing cryptocurrencies and fiat currencies. In addition, there is a $10 fee for recharging the card with Bitcoin; Ethereum has a variable gas recharge fee; and other networks require a $5 payment.

One important advantage of using the Wirex Bitcoin debit card is that it allows for the exchange of stored fiat currencies and cryptocurrencies on the card for everyday expenses and bill payments, with a daily spending limit of up to $50,000. Additionally, customers who pay with Wirex’s native token, WXT, can receive up to 8% cashback rewards.

Despite charging high transaction fees, Wirex offers generous rewards and supports a wide range of assets, making it a powerful Bitcoin debit card.

OneKey

OneKey is a 100% open-source hardware wallet that supports storage for over 1000 cryptocurrencies including Bitcoin, Ethereum, USDT, BCH, XRP, Tron, LTC, Dash, and more.

OneKey offers four user levels with different rates and services, allowing users to upgrade their level by paying. OneKey Card has no spending limit and no monthly fee. Users can also upgrade for free by meeting certain conditions through user referral activities.

OneKey differs from other popular cryptocurrency virtual cards in that it successfully connects to many domestic payment scenarios, including but not limited to WeChat, Alipay, Pinduoduo, and more. However, due to regulatory pressure, as of September 31st, OneKey Card has stopped accepting new user applications from countries or regions including mainland China, Iran, North Korea, Syria, Russia, North Macedonia, Sudan, Venezuela, and Zimbabwe.

RedotLianGuaiy

RedotLianGuaiy was established in Hong Kong in 2023 and focuses on cryptocurrency wallets and payment solutions. It is the only VISA authorized platform in Hong Kong with a US MSB license.

RedotLianGuaiy is feature-rich and currently offers virtual cards (online), physical cards (offline), and mobile applications (e-wallets), which can be linked to Apple Pay, Alipay, and other services. Compared to its peers, RedotLianGuaiy has lower fees, with no recharge fees, monthly management fees, or additional fiat currency exchange fees; balances can be withdrawn at any time without conversion fees. With basic KYC, the maximum limit for single payment and withdrawal is 1000U; if advanced KYC is completed, the maximum single transaction limit can reach 100,000U.

Currently, RedotLianGuaiy only offers one type of card and does not charge any upgrade fees for different card levels. Users can now choose to recharge with Bitcoin, Ethereum, USDC, or USDT to activate and use the card, with the possibility of expanding to more cryptocurrencies in the future.

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