On 20 December. Binance will stop supporting all services related to its Visa debit card, with users no longer able to spend their crypto until the exchange finds another provider for electronic payments.
Let’s look in this article at the best alternative cards besides the now-famous Crypto.com card, which is the leading edge of this industry niche.
Other viable solutions that might suit your needs, especially if you are assiduous traders or staunch hodlers, are those of Bybit, Nexo and Bitget.
Full details below.
Binance discontinues its Visa card services: Crypto.com as first replacement
Last month Binance announced that it would halt its Visa debit card service within the European Economic Area (EEA), citing the 20 December date as an ultimatum for crypto spending by its customers.
From then on, Binance’s Visa card will be unusable, at least until the a company finds another partner provider for electronic payments.
Many exchange customers who do not want to give up the ability to make purchases with their digital currencies have already moved to Crypto.com, which is world-famous because of the advantages it offers precisely on the crypto card front.
Specifically on Crypto.com we can find 5 different types of Visa debit cards that offer different cashback and benefits.
Generally speaking, besides the aesthetics of the cards, those who choose this type of solution do so because the Cronos home exchange offers high cashback on purchases.
However, to obtain a high cashback percentage, it is necessary to block a not inconsiderable amount of CRO tokens for a minimum period of 6 months.
In detail, to have the “Ruby Steel” card and enjoy 1% rewards on spending, it is necessary to stake CROs worth 350 euros.
At the next level, the Visa Royal Indigo and Jade Green cards offer a 2% cashback on a stake of 3,500 euros in CRO, while the Frosted Rose Gold and Icy White present a 3% cashback on a block of 35,000 euros in CRO.
There is even the Obsidian card that guarantees an insane 5% cashback on every purchase made with the card, but only for those who can afford to block €350,000 in CRO.
Needless to say, Crypto.com’s Visa cards are suitable for those who are already CRO holders and believe in the long-term future of the platform and the token itself.
Going overlapping on a crypto you don’t believe in could be an ill-advised choice if you are doing it solely and exclusively for cashback.
For holders of these cards there are then some very convenient additional benefits.
Those who have a Ruby Steel for example can take advantage of a bonus to have Spotify free for the first 6 months, while those who have a Royal Indigo or Jade Green have both Spotify and Netflix free for the first 6 months in addition to enjoying VIP access in airport lounges.
All Crypto.com cards have an ATM withdrawal limit of 10,000 euros per month and a spending limit on Visa circuit of 25,000 euros per month.
International fees are 0.2% for the UK and 2% outside the EU/UK zone.
Other alternative crypto cards: Bybit, Nexo and Bitget
Outside of Binance and Crypto.com there are alternative Visa / Mastercard debit cards, operated by other operators, that allow their holders to spend crypto conveniently and gain not insignificant benefits.
For example, if you are a trader who trades in crypto markets every day moving significant volumes, most likely Bybit‘s card is the one for you.
Depending on your frequency in buying and selling activity on the exchange you can get VIP levels and enjoy exclusive benefits.
If, for example, you manage to create volumes of more than $10 million in the spot market you can get cashback of up to 10% on your card charges, as well as accumulate points that you can spend on additional rewards.
If, on the other hand, you are not particularly active on the trading front and do not have a balance of at least $50,000 on your Bybit account, this kind of card is probably not for you.
At this link, you can find all the details of the exchange’s VIP program, so you can take a look at the different requirements for each level with associated benefits.
The Bybit card has spending limits of 5,000 euros per day, 50,000 euros per month and 250,000 euros per year with international fees of 0.5%
Another type of crypto card alternative to Crypto.com classic Visa option is that of Nexo.
In fact, the well-known lending platform offers two different types of cards, one credit and the other debit, which fit the needs of many users in the crypto world.
In particular, the NEXO credit card allows all its holders to spend crypto without selling it.
In fact, users can put BTC, ETH and other coins as collateral to get a euro loan with an interest rate that varies depending on the amount of NEXO tokens you hold in your wallet. The latter varies from the maximum level of 10% down to even 0%.
For those who are staunch hodlers and do not want to liquidate their crypto assets in anticipation of the next bull market while still enjoying liquidity for their daily expenses, they can take full advantage of this service and pay off their entire debt in euros in the future.
This card also offers cashback of up to 0.5% in BTC and 2% in NEXO.
Another more conservative card from Nexo is the debit card, which while not offering cashback, allows for a yield of up to 9% on one’s deposits in FIAT (no crypto). It can only be reloaded by wire transfer or electronic payment.
Both solutions have spending limits of 10,000 euros per day and 60,000 euros per month with international fees of 0% up to 3,000/20,000 euros of spending (depending on loyalty level) and 0.5% above that threshold.
Finally, as an alternative to Crypto.com’s and Binance’s Visa cards, we cannot fail to mention the Bitget exchange credit card that will be launched in 2024.
Details of this new product were announced during the Future Blockchain Summit event held in Dubai in October.
Among the advantages offered by Bitget in the new card include validity in more than 180 countries due to the presence of the Visa circuit, negligible fees and no charge for annual fees or initial application.
In addition, settlements are made in real time, eliminating the need to preload the card in advance as is the case with Crypto.com, for example.
Then there are exclusive benefits for VIP customers consisting of free or discounted access at hotels and airlines as well as a dedicated rewards program.
Given the growth of the Bitget ecosystem in recent years, we are confident that the new credit card will also meet the expectations of the crypto world.