Binance Debit Card

Binance Debit Card Review

Is This The Ultimate Crypto Card?

The Binance Card is Visa debit card enabling users to draw on their Binance crypto holdings.

It converts crypto into fiat at the point of sale.

Binance Card supports payment using Bitcoin, Binance Coin, Ethereum, SXP and BUSD.

In the last year, crypto debit cards have taken off in a big way, with numerous exchanges launching cards that variously let you pay with crypto, or offer crypto rewards.

Now Binance, the world’s largest crypto exchange, has joined the fray. But is its new Binance Card the gateway to crypto that it promises to be? We put it through its paces.

What is the Binance Card?

The Binance Card is a debit card issued by Binance, one of the largest cryptocurrency exchanges in the world. It allows you to easily convert your cryptocurrency holdings into fiat currency and use them in the real world. With the Binance Card, you can spend your crypto at any merchant that accepts Visa debit cards, including online and offline retailers, restaurants, and more. The card also provides cashback rewards for purchases made with the card, and the rewards are paid in the form of Binance’s native token, Binance Coin (BNB). This allows you to accumulate more cryptocurrency just by using your card for everyday purchases. Overall, the Binance Card offers a convenient and accessible way to use your crypto in the real world and make the most of your cryptocurrency investments.

The Binance Card is, perhaps unsurprisingly, a crypto debit card launched by Binance. Announced last March following the exchange’s acquisition of crypto debit card company Swipe, the Binance Card was released in select European countries in September 2020.

The card supports payments with Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Swipe’s SXP token, and its own stablecoin, Binance USD (BUSD).

Pros & Cons

Pros

Connected to your Binance account for easy card top-ups.
No monthly fees or minimum balance requirements.
Available as a physical and virtual card.
Immediate access to your virtual card after you sign up.
Visa co-branded card that’s widely accepted around the world.

Cons

Not available in the UK (EEA countries only).
Doesn’t support Apple Pay (only Google Pay & Samsung Pay).
Supports only a few popular altcoins.
Many limits and restrictions on cashback rewards programme.

Best for Cashback

Debit Card – First NFT Customizable Card with Mastercard

If you want to spend your crypto directly without making top-ups, check out Debit Card:

Spend Euros, Pounds, stablecoins, and other cryptos at any Mastercard merchant worldwide
Up to 10% card spend reward
Rebate on between 1-20 Digital Subscriptions
Fund your card instantaneously via SEPA or FPS with Euros or British Pounds using personal IBAN
NFT customization for eligible cardholders to personalize the face of their card with an NFT avatar they verifiably own

How do I get a Binance Card?

The process of getting a Binance Card is pretty simple:

Sign up for an account on the Binance website and verify your identity (KYC Level 2)
Visit binance.com/card
Choose how your name appears on the card and then confirm.
Choose a 4-digit PIN for your physical card as it is necessary for ATM withdrawals and large transactions at physical stores.

What types of cryptocurrency does Binance card support?

Binance Card currently supports the conversion and spending of:

BNB
BUSD
USDT
BTC
SXP
ETH
EUR
ADA
DOT
XRP
AVAX
SHIB
LAZIO
PORTO
SANTOS

Also worth noting: The Binance Card uses the total value of all your cryptocurrency and fiat currencies in your Funding Wallet to make purchases based on the cryptocurrency order you set up in the card Dashboard.

Binance Card Available Countries

You’re eligible to apply for a Binance Card if you live in the following European 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, Sweden.

If you’re not from one of these countries, you can still use the Binance exchange but you won’t be able to get a debit card.

Binance Debit Card Fees

Item	Fee
First physical or virtual card issuance	Free
Monthly Fee / Annual Fee	0
Crypto Conversion	Up to 0.9%
ATM Withdrawal	Free
Foreign Exchange Fee	0
Reissuance of the physical card	€25
Inactivity (12 months)	Free
Account closure	Free

Binance Debit Card Withdrawal Limits

	Limits
EEA Virtual Card
Daily Spending Limit	€870
EEA Physical Card
Daily Spending Limit	€8,700
Daily Withdrawal Limit	€290
Refugee Virtual Card
Daily Spending Limit	€500
Refugee Physical Card
Daily Spending Limit	€2,000
Daily Withdrawal Limit	€200

Binance Card Cashback

You can earn up to 8% BNB Cashback for every eligible purchase you make with your account. All cashback earned is automatically deposited into your Funding Wallet, so all that’s left for you to do is spend it!

Conclusion

Whether you own cryptocurrencies or not, it’s worth checking out this new type of payment. Binance’s card is a great way to spend your crypto and is one of the best ways for people who don’t want to convert their crypto into fiat currency. However, you need to first transfer fund from Spot Wallet to Funding Wallet, which involves some extra steps and may not be handy for purchase. Another option would be using Debit Card which members can spend crypto and fiat holdings directly from their Flexible account, without the need to top-up funds to a separate card account.

Who can apply

For EEA Residents

The Binance EEA Card is available to EEA residents who are living in the following countries/regions: 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.

If you are not a citizen of the above countries but are currently residing there, you are eligible to apply. Please complete personal verification and submit your Proof of Address before applying for Binance Card.

For Ukrainian Refugee

Binance Card Refugee Program allows Ukrainian Refugees to apply for Binance Card while in other EEA supported countries.

Requirements are: 1. Identity verification country = Ukraine (age above 18) AND 2. Must bind phone number to Binance account and the phone’s country code is from the supported list of EEA countries AND 3. You are currently located in the supported list of EEA countries AND 4. Proof of Address (POA) = NULL or Ukraine