The next 100 million crypto investors.

Health, Wealth, and Happiness

October 24, 2022

“Stay positive and happy. Work hard and don’t give up hope. Be open to criticism and keep learning. Surround yourself with happy, warm and genuine people.”

– Tena Desae

In today's issue: The only problem with the word "cryptocurrency" is "currency." Most people still don't use crypto to pay for real-world items.

Crypto debit cards are changing all that.

Like traditional debit cards, these let you spend your crypto assets in the real world. Load them up with crypto and use them anywhere debit cards are accepted.

Some companies will even offer crypto rewards (typically in their native tokens) for using their debit cards.

In today's edition, our editors researched, rated, and reviewed the top crypto debit cards for 2023. Read on.

Must Read

Today's most important story for crypto investors.

Crypto Bull Rishi Sunak is Next Prime Minister (Decrypt)

When Rishi Sunak becomes Britain's Prime Minister tomorrow, the crypto industry will receive a powerful boost. As former chancellor of the Exchequer, he advocated for:

Regulatory sandboxes and "scale boxes" that allow crypto startups to build and scale their projects without fear of being sued by the government

Making the UK a "global crypto assets hub," thus making stablecoins accepted means of payment and creating more UK-based crypto jobs

The creation of Central Bank Digital Currencies, which could mean the introduction of a digital pound sooner rather than later (click for video)

Investor takeaway: A blockchain believer with a deep financial background will soon be running the United Kingdom. Do the math.

Best Crypto Debit Cards, Rated for 2023

by BMJ Editors

Crypto debit cards allow you to spend crypto assets in the real world, just like standard debit cards. They link to crypto wallets or online accounts where bitcoin and other crypto assets are held. When you use a card to make a purchase, your crypto is converted to fiat before the merchant processes it.

These debit cards let you easily spend your crypto assets like cash. Unlike crypto credit cards, you're not spending money you don’t have. Think of them like prepaid cards or gift cards but loaded up with crypto instead of cash.

In this piece, we’ll show you our picks for the best crypto debit cards of 2023.

Coinbase Debit Card

Brian Armstrong and Fred Ehrsam founded Coinbase on June 1, 2012. Since then, it’s grown to become one of the world’s largest and most respected crypto exchanges. The company’s crypto debit card allows cardholders to spend cryptocurrencies like bitcoin (BTC) and Ethereum (ETH) anywhere Visa debit cards are accepted at 40M+ merchants worldwide.

The debit card links to your Coinbase account, and all withdrawals come from there. To get started, you need to open a Coinbase account or download the app, load it up with crypto, then request a debit card.

Pros:

World-class security from a trusted crypto exchange.
Contactless payments.
Rewards and cashback.
230 crypto assets supported.
No fees.

Cons:

Users need a Coinbase account.
KYC required.

Conclusion: The Coinbase debit card is good for customers who need a user-friendly option that's backed by a leading U.S. crypto exchange.

Blockcard Debit Card

Introduced by technology company Ternio, Blockcard offers virtual or physical debit cards and integrates with Apple, Google, and Samsung Pay. You must register, make a deposit, complete the know your customer check, and fund your account to get started.

When adding funds to a card in one of the 13 supported cryptocurrencies, they convert into Ternio tokens (TERN). They can be staked to increase your cashback rewards up to 6% (145,000 TERN staked). This is different from other debit cards, which let you hold your crypto assets in, say, bitcoin or Ethereum until you’re ready to spend. For this reason, understand TERN’s price history before you invest

Pros:

Supports assets like bitcoin, Ethereum and Litecoin along with fiat currencies like USD.
Cashback rewards.
13 cryptocurrencies supported.

Cons:

You must convert your crypto to Ternio tokens, which have historically not been stable.
A monthly $5 fee and transaction fees.
Available in the US only.

Conclusion: The Blockcard debit card is good for U.S. customers that want flexibility but be careful of converting your crypto value into TERN for the long term.

Wirex Debit Card

Wirex is a UK-based company offering crypto debit cards for personal and business use. The company provides you with a contactless card and an app to manage it.

Wirex’s main product, the Wirex Visa card, allows you to convert between fiat and cryptocurrencies and use either at locations accepting contactless payments.

The card provides generous rewards. Many consider it among the best for consumer perks like Wirex X-tras, which gives up to 8% crypto cashback, a 12% savings bonus on the balance of your WXT account, and access to exclusive merchant offers.

The Wirex debit card has additional benefits including a wide range of cryptocurrencies and a flexible fee system that offers free ATM withdrawals of up to $400 per month, then 2% thereafter.

To get started, you need to register, verify your account, add funds, and order a Wirex card online or through the app.

Pros:

Fees: No monthly maintenance fees. 1% account funding fee.
Cashback rewards.
41 crypto assets supported.
Easy to use.

Cons:

Limited availability worldwide.
You need Wirex tokens (the company’s in-house crypto asset) to get the best rewards.

Conclusion: The Wirex debit card is good for customers that want a low fee card and easy access to a wide range of currencies and fiat (if it's available in your country).

BitPay Debit Card

BitPay is an American company that provides bitcoin merchant processing services. It also offers bitcoin payment processing solutions to businesses.

Its crypto debit card links to your wallet through the BitPay app. You can then top up your crypto debit card via the app to convert your crypto and start spending. You can also top up the card from your Coinbase account.

To get started, download the app, set up the wallet, and order your debit card.

Pros:

No exchange or conversion fees in the U.S.
No annual fees. $2.50 ATM withdrawal fees apply.
High ATM withdrawal levels.
No withdrawal limits.

Cons:

Limited to the US.
Deposited crypto is exchanged for USD and cannot be converted back.
Only 14 cryptos supported.

Conclusion: The Bitpay debit card is good for US residents who don’t want to pay for exchange fees and are happy with a limited range of cryptocurrencies.

Crypto.com Debit Card

Crypto.com is a Hong Kong-based crypto exchange platform specializing in providing bitcoin debit cards, crypto wallets, and related products.

The debit card uses Crypto.com’s CRO currency. Funds added to the card are converted to CRO, and CRO must be staked to earn cashback rewards, which are also paid out in CRO. Be sure you research CRO before investing in this token. Because Crypto.com has aggressively marketed its brand, the price is volatile.

The card allows you to spend your crypto anywhere Visa is accepted.

Pros:

Top up with crypto and fiat currencies.
No annual fees.
Over 90 cryptocurrencies available.
Cashback rewards.

Cons:

Cardholders must hold Crypto’s CRO tokens. See the historical price here.

Conclusion: The Crypto.com debit card is good for customers that want access to a wide range of cryptocurrencies and a choice of cards with various rewards.

Binance Debit Card

Binance is the largest crypto exchange worldwide. The company launched its own crypto debit card in 2020 to generally favorable reviews.

The card is available in physical and virtual form for both offline and online spending. Its low monthly fees and high cashback levels make it a favorite among European consumers.

If you’re a Binance customer, you can order a card from your Binance account or use the “Card” link at the bottom of the Binance page. Once you add funding from Binance’s “Spot” wallet and transfer it to the “funding” wallet, you can start spending.

Pros

Cashback for every purchase. Amounts depend on your card level and the amount of BNB in your account.
Cost-effective.
No fees.
Crypto remains in your funding wallet at Binance. There's no need to load the card.

Cons

Limited availability (Europe only).
Need to have large volumes of money in your account to reach the highest cashback levels.
Transaction fees up to 9%.

Conclusion: The Binance debit card is good for European customers that want high levels of cashback.

Nexo Debit Card

The Nexo Card is provided by Nexo, a crypto lending service that has grown into a large ecosystem comprised of exchange operations, a proprietary wallet, and a card. The card can be managed conveniently from the Nexo Wallet app.

Unlike other debit cards, there is no need to load the Nexo card. It uses a line of credit linked to your held cryptocurrencies. You can opt for APR repayments as low as 0% or increase your line of credit with rates that can go as high as 13.9%. The line of credit functionality means that, unlike credit cards, there are no minimum monthly payments.

Nexo users can pay with their Visa-based cards at over 40 million merchants worldwide. In addition, it supports up to 20 cryptocurrencies, including bitcoin, Ethereum, and NEXO (the platform's native token).

The great thing about the card is that it has no annual or inactivity fees. The cashback on all purchases is as high as 2%. You have to download the app and order the card to get started.

Pros:

There are no annual or inactivity fees.
Multiple digital currencies are supported.
The card is part of Nexo, a crypto lending service that enables users to earn generous interest.

Cons:

It can be used only by those who are part of the Nexo ecosystem.

Conclusion: The Nexo card is available in most countries. It gives users access to a crypto lending ecosystem that provides cashback benefits with no annual fees.

FTX Debit Card

FTX is a crypto exchange that launched its Visa-powered debit card in early 2022. It allows users to spend crypto at all merchants that accept Visa. The card is connected to one's FTX account, with the balance being automatically exchanged at the point of sale.

This means you can spend any crypto assets in your FTX account, not just bitcoin or Ethereum. The card is only available to US residents who meet the qualifications. They include a soft credit check and passing the company's KYC Level 2.

On the bright side, FTX doesn’t charge any maintenance fees for its card.

Pros:

No annual fee.
The Visa-powered card supports multiple cryptocurrencies.

Cons:

US only.
May be difficult to obtain.
No reward points.

Conclusion: FTX is a Visa-based card that can be used to pay at more than 50 million merchants. It can withdraw directly from your FTX account, making FTX both a crypto exchange and a digital bank.

Crypto Debit Cards: Smart Consumer Tips

Just as people use credit cards for everyday purchases to earn reward points (travel rewards, cashback rewards, etc.), crypto investors can use crypto debit cards to earn rewards.

The challenge is avoiding fees. In addition to the fees of transferring your fiat into crypto (the “on-ramp”), think about the fees of opening the card, loading it, then using the card (the “off-ramp”).

Before opening any crypto debit card, do a back-of-the-envelope calculation to figure out your average monthly spend and all the fees that will be associated with it. Be sure the rewards outweigh the fees.

Additionally, there are crypto debit cards that pull directly from your account (like the FTX card) and crypto debit cards that convert your crypto into their own native tokens.

Smart investors will avoid changing their crypto into third-party tokens that can fluctuate in value unless they want to use them immediately and the rewards outweigh the risks.

Our Top Picks

Top Crypto Debit Card for Rewards

Wirex: It pays out up to 8% cashback on purchases and has one of the largest selections of cryptocurrencies.

Top Crypto Debit Card for Europeans

Binance: It’s no surprise to find that the largest global crypto exchange offers the best crypto debit card for European users.

Top Crypto Debit Card for Low Fees

Nexo: With no monthly, annual, or inactivity fees, it’s hard to beat the Nexo crypto debit card.

Best Crypto Debit Card Overall

Coinbase: The company did away with fees and supports the largest number of crypto tokens. Add unlimited 4% cashback, and it's our top pick.

ICYMI