Cryptocurrency Credit and Debit Cards

Crypto debit cards are your key to spending your cryptocurrency anytime and anywhere. To clarify you can spend your funds at any store including those that do not accept cryptocurrency.

Similarly to any standard credit or debit card you can spend it on any product or service. You can also spend your funds in-store or use your crypto card to make payments online.

Today there are a good selection of wallets supporting Bitcoin and other cryptocurrencies that provide debit or credit cards. Below is a list of the top, vetted companies who have gotten the best reviews, support and app experience. 

Why get a Bitcoin debit card or other crypto debit card?

Not many people know about Bitcoin debit cards and other crypto cards exist. However, once people catch onto the idea they will definitely be using them. 

The reason for you to have a crypto debit card is purely for convenience. It is the easiest way for you to have access to your crypto to instantly spend it.

Otherwise if you do not have a card you will need to go through multiple steps to spend your funds. Firstly if you store your crypto in a hardware wallet you will need to transfer your crypto onto an exchange. Secondly you will need to make the exchange from crypto to your currency.

After that you would need to transfer the funds to your bank account. Where you will be able to either withdraw funds from an ATM or spend with a regular bank card.

Some countries have more efficient infrastructure than others. So there is less waiting time as you go through this process. However other countries can take 3-5 working days to send funds from one institution to another. As a result the process can be very time consuming.

On the other hand if you had a crypto debit card such as Advcash you could make a purchase instantly. All you would need to do is present your card and pay directly with your crypto debit card. Like this you can do away with the hassle of transferring everything to your regular bank account.

How do crypto debit cards work?

Essentially you can use crypto debit cards anywhere in the world that accepts credit card payments. This is because the crypto debt cards are issued by Visa or Mastercard.

Applications

It is standard that the crypto card you sign up for will require you to download a mobile application. After you sign up you will have an account with them that is linked with the crypto debit card.

To clarify the applications support both crypto as well as fiat accounts. Sometimes you will have the option to fund your account with either fiat or crypto. On the other hand some crypto cards will only allow you to load fiat onto the account.

The application will have a fixed account which the crypto debit card is linked to. However some apps allow you to link any fiat or crypto account within the app.

Additionally the applications have an exchange feature. Here you are able to exchange fiat to crypto or vice versa directly in the app whenever you require.

The applications are similar to any regular online banking account. Except for the fact that they also support crypto as well as your standard fiat.

In other words it would show you your account balance and individual balances for each account. You will also see a list of your transactions.

Crypto Cards

The Visa cards and Mastercards are practically the same, but they work slightly differently.

With a Mastercard you will not need to do anything from your end. The only thing you need to ensure is that your account has funds to make the payment.

When you want to make a payment the card will automatically do the exchange for you on the fly. The Mastercard will exchange crypto from your linked wallet account and pay the merchant with fiat.

On the other hand with a Visa card you will need to make sure your fiat account has enough funds. If not you would need to open the application from your mobile and make a crypto to fiat exchange. Once you loaded your fiat account you will be able to make the payment.

Both Visa and Mastercards are instant without much fuss. Some people might find the Mastercards easier. However it is best to select the card you think works best for you not just based on card type.

Regardless of the crypto card you choose, you will get the most favourable live exchange rate when you exchange.

Here is a tip if you want to make things more convenient for yourself. You can add your crypto debit card to your wallet app on Apple Pay or Google Pay. So you can use your mobile phone to pay instead of the physical card.

Withdraw money with your crypto card at an ATM

Since the cards are standard Visa and Mastercards you can withdraw fiat currency out of any ATM. This can be done anywhere around the world like any standard card.

Not all crypto cards have the same charges for withdrawing funds. There could be limits on the amount of fiat you can withdraw for free per month.

Any additional amounts would incur a percentage charge or flat fee. Consequently you would need to check beforehand what the fees are before making a withdrawal.

Bitcoin debit cards

Bitcoin is the most well-known and most popular cryptocurrency. As a result it is the   cryptocurrency that has the most wide ranging support by all debit or credit cards.

All crypto cards function in the same way. Whether they just support Bitcoin, other cryptos or both Bitcoin and altcoins. However usually crypto cards only support a select hand full of cryptocurrencies.

You can look up which cryptocurrencies are supported before signing up to a crypto card. Additionally you can also check supported cryptos from the mobile app. This is the same app the card companies will tell you to download. 

Pros and Cons to having a crypto debit card

Pros

Easily Exchange

One of the pros of having a crypto debit card is that your account has an exchange feature. Sometimes this is because the service that provides the card is an exchange in and of itself. Crypto.com cards are integrated with their exchange.

However even if the service is not an exchange it will still provide this feature. So instead of going through an exchange and then transferring funds you can do everything in one place.

Sometimes these companies may have more favourable rates of exchange. So it might be more worthwhile to use the app that comes with your crypto card for exchanging. Various trading platforms are now offering crypto cards.

Rewards

Another good thing about crypto debit cards is that they provide some benefits. All crypto cards have a loyalty scheme for their customers. However their benefits vary from one card to another.

To clarify when you make a purchase you will get a cash reward back. This will be a percentage of the purchase value of the service or item purchased. This kind of crypto reward could be either in bitcoin or some other crypto or token. For example, Wirex cards offer crypto cashback on purchases.

Additionally depending on how much you spend you could be eligible to receive more perks. This could include subscriptions to other services that have no relation to crypto that are partly or fully covered. Like for example a free Netflix or Amazon Prime subscription in the case of crypto.com.

However receiving these additional perks might entail more commitment from your end. In crypto.com’s case you would need to stake cryptocurrency. The more you stake the more rewards you will get. However it may not make sense to opt for additional rewards. This is because the staking amounts are exorbitantly high.

Advanced security

One thing that is nice about the crypto cards is that the application will notify you for every transaction. It will come up as an instant notification on your mobile if you choose to allow notifications. This is something we highly recommend you select to activate.

As a result the notifications come in handy if your card has been stolen. If you notice a payment that you did not make you can hop onto the mobile app immediately. You can then instantly disable your card. Consequently you should then make sure to report your card as stolen.

Cons

Monthly fees

Some of the crypto cards have monthly fees for your account to remain open. These are separate from other fees like for example exchanging currency or ATM withdrawals.

However some crypto card companies do not charge any monthly fees. That is to say if you spend a certain amount of money per month. You would need to check the cards terms and conditions to avoid paying the monthly fees.

No credit score

If you are from a country where credit scores matter then this will affect you. As it stands these crypto debit cards and the bitcoin debit cards do not contribute to your credit score.

On the other hand rules and regulations may change in future. So it could be that crypto cards will be connected up to the credit score system.

However in the meantime you may decide not to spend as much using your crypto debit card. Especially if there is a good reason to do so because you will need a credit score in future.

Third party liability

When you place your cryptocurrency or standard fiat on any platform you are exposing yourself to third party liability. Some platforms are more robust than others and cryptocurrency services seem to be fairly robust on the whole.

However you never know what might happen in the future. The platform you use might get into trouble. This is why we suggest to use a hardware wallet in the case of exchanges. Additionally it is also why we recommend you do the same in this case.

In other words you should keep most of your crypto in cold storage on a hardware wallet. You should only keep a small amount of crypto on your crypto debit card. Then you can top up as you go. As a result it will reduce your third party liability.

How to sign up for a bitcoin debit card or crypto debit card 

To sign up for an account with one of the wallets suggested above is an easy process. You would need to:

1. Pick your preferred wallet
   Check out the reviews for the wallets if you require additional information. Download the mobile application to sign up.    
2. Create an account
   You will need to provide some basic personal details to set up your account. Additionally you may need to go through the process of verifying your identity and provide some documents. This is known as KYC (Know Your Customer) procedure. These documents are standard processes to prevent money laundering and to provide you with a better experience.
3. Deposit crypto or fiat (US dollar, Euro etc.)
   Deposit into your wallet and exchange one for the other when you need to or want to. 

FAQs