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Health, Wealth, and Happiness

May 24, 2023

"Courage taught me no matter how bad a crisis gets... any sound investment will eventually pay off."

— Carlos Slim Helu

In today's issue:What if you could easily pay for everyday goods and services with crypto while also earning crypto from those everyday purchases?

Crypto debit cards work the same way as any other debit card. However, rather than pulling cash from a traditional fiat bank account, they pull crypto from your wallet balance at the debit card issuer. They also feature cashback on purchases, which you can receive in bitcoin or other crypto assets.

This makes for an easy, automated way to pay in crypto while adding to your crypto holdings on a regular basis. Consider it part of your dollar-cost averaging strategy.

Today, we've updated our popular list of Best Bitcoin Debit Cards for 2023 as rated by our editors. Read on!

Must Read

Today's most important story for crypto investors.

Tracking the Soaring Demand for Ethereum Staking (Coin Metrics)

It's been 250 days since the Ethereum "Merge" (wow, that went by quickly!), and the demand for staking ETH continues to climb.

Add in last month's Shapella upgrade -- which allows withdrawals of staked ETH -- and the demand for becoming a validator on the ETH network has skyrocketed.

Initially, after the Shapella upgrade, there was a significant exodus of validators unstaking and leaving the network, resulting in approximately 1 million ETH being withdrawn within the first few weeks. To manage this situation, the network implemented a validator exit/entry cap of 1,800 per day, which helped maintain order during the validator departure process.

While much attention was placed on these exits, as of the beginning of May, the exit queue is basically emptied. What's been growing is the entry queue, which now has roughly 64,000 validators waiting to join the network.

Validators putting money into Ethereum (green line) vs. taking money out (red line). (Courtesy Coin Metrics)

Since the exit queue has been emptied, the flow of ETH into staking contracts has turned positive. There have been 2.8 million ETH withdrawn since Shapella, but that's been handily beaten by the 4.3 million ETH flowing into staking contracts. There's also been an increase in the number of unique depositor addresses staking, indicating a new market segment is emerging.

Also, validators have seen their yields climbing thanks to increased on-chain activity. This has, in turn, increased fees, benefitting the validators who derive a portion of their staking yield from the transaction fees generated by the Ethereum network. Validator yields approached 8% at one point, though more recently, they've cooled to the 6% range.

Deposits into Ethereum (green line) vs. withdrawals (red line). (Courtesy Coin Metrics)

Investor takeaway: The increased interest in Ethereum staking is making the network even stronger. Considering the queue of waiting validators, this trend doesn't look likely to change anytime soon. Long-term, we believe ETH remains one of the best investments in crypto.

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Best Crypto Debit Cards for 2023

by Daniel Joel

At a Glance

Top Crypto Debit Card for Rewards

Wirex: It pays out up to 8% cash back on purchases, and has one of the largest selections of cryptocurrencies as well.

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 Overall Crypto Debit Card

Coinbase: They did away with fees and they support the largest number of crypto tokens. Add unlimited 4% cashback and it’s our top pick.

Why Crypto Debit Cards?

Crypto debit cards (sometimes called bitcoin debit cards) allow you to spend your crypto assets in the real world, just like a standard debit card.

These cards work in one of two ways:

1) They link to a crypto wallet or online account where you hold your bitcoin or other crypto assets (like the Coinbase card);

2) They convert your fiat to their own tokens that are held on the cards until you use them for payments (like the Crypto.com card).

When you use either type of card to make a purchase, your crypto is converted to fiat currency before the merchant processes it.

These debit cards let you easily spend your crypto assets, just like cash. Unlike crypto credit cards, you're not spending money you don’t have. Think of these like prepaid cards or gift cards that are loaded 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 become one of the world’s largest and most respected crypto companies. See our piece on How to Invest in Coinbase.

The company’s crypto debit card allows cardholders to spend cryptos like bitcoin (BTC) and Ethereum (ETH) anywhere Visa debit cards are accepted, at 40M+ merchants worldwide.

The card highlights no fees for transactions or annual memberships. A simple rewards-earning structure is capped only by spending limits, and users can check your monthly allotment on the Coinbase App.

What makes the card especially appealing is how it’s tied to one of the largest crypto exchanges in the world. The debit card links to your Coinbase account, and all withdrawals come from there.

To get started, you just 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 annual fees and no transaction fees.

Cons:

Unless you are using USDC, a 2.49% fee is charged to convert your crypto into dollars.
Users need a Coinbase account.
KYC required.

Conclusion: The Coinbase debit card is good for customers who need user-friendly options that are backed by the 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.

Here’s a quick overview of what to expect with the Blockcard Debit Card:

For big spenders, take note of the daily ATM withdrawal limit of up to $500 and the $5,000 dollar daily spending limit.

When adding funds to a card in one of the 14 supported cryptos, they convert into Ternio tokens (TERN). These TERN tokens 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. Understand TERN’s price history before you invest.

Pros:

Supports cryptos like bitcoin, Ethereum, and Litecoin, as well as fiat currencies like USD.
Cashback rewards of up to 6%.
14 cryptocurrencies supported.

Cons:

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

Conclusion: The Blockcard debit card is good for U.S. customers that want flexibility. 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 currencies and crypto. You can use either at locations accepting contactless payments.

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

The Wirex debit card has additional benefits like a wide range of cryptos and free or low fees (like free ATM withdrawals up to $400 per month, then 2% thereafter).

Sadly, customers might miss that the X-Points Rewards program requires a paid subscription of at least $9.99/month or $102 annually to join the program, and that’s only to get the 4% cryptoback reward.

To get the full 8% rewards program, you’ll need to join the Elite Membership priced monthly at $29.99, or annually at $306. To get started, you must register, verify your account, add funds, and order a Wirex card online or via the app.

Pros:

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

Cons:

Rewards program fees are expensive and may outweigh any benefit.
Limited global availability.
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.

With 15 supported cryptos, the BitPay Debit Card can process domestic and international transactions with crypto so long as the processor accepts Mastercard.

BitPay offers cashback rewards with over 100,000 merchants. Rewards can vary depending on the merchant(s).

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.
No withdrawal limits.

Cons:

Limited to the U.S.
Deposited crypto is exchanged for USD and cannot be converted back.
Only 15 cryptos supported.

Conclusion: The BitPay debit card is good for U.S. 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 crypto 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. Research CRO before investing in this token as Crypto.com has aggressively marketed its brand. Thus, the price is volatile.

To apply for a Crypto.com Visa debit card, sign up for a Crypto.com account, complete the KYC verification, purchase CRO tokens, and order your new Visa card by locking up the minimum CRO for at least six months.

On top of its long list of benefits, the Crypto.com debit card offers reimbursement of up to one subscription (or 10%) of a specified limit to Spotify, Netflix, Amazon Prime, Expedia, and Airbnb each month.

The card allows you to spend your crypto anywhere in the world Visa's accepted.

Pros:

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

Cons:

2% withdrawal fee past $1,000 per month.
Cardholders must hold Crypto's CRO tokens (see 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 cryptocurrency 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.

With the Binance debit card, users can earn up to 8% cashback every time they spend, which is then deposited back into their funding wallets. This card also has one of the lowest fees on this list. It has no sign up fees, withdrawal fees, or issuance fees. Take note, however, of crypto conversion fees of up to 0.9% and applicable third-party fees.

If you’re a Binance customer, you can order the card from your Binance account or use the “Card” link at the bottom of the Binance page. You should know the Binance Card is available only to residents of the European Economic Area (EEA), Argentina, Brazil, Columbia, Peru, Bahrain, and Mexico.

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. No need to load the card.

Cons

Limited availability.
Need to have large volumes of money in your account to reach the highest cashback levels.
2% foreign transaction fees for purchases not based in Europe.

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 become a large ecosystem that mixes exchange operations with a proprietary wallet and card. The card can be managed conveniently from the Nexo Wallet App.

Unlike other debit cards, there's no need to load the Nexo card. Instead, it uses a line of credit linked to your held cryptos. You can opt for APR repayments as low as 0%, or increase your line of credit with rates that 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 the Visa-based card at over 40 million merchants worldwide. It also supports up to 20 cryptos including bitcoin, Ethereum, and NEXO (the platform's native token).

With the Nexo Debit Card, you're provided a €20,000 limit for foreign transaction fees, and 10 free ATM withdrawals of up to €10,000 each month. Additional withdrawals are charged €1.99 per transaction.

The great thing about the card is 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. Make sure to have Apple Pay or Google Pay ready to quickly settle your outstanding totals.

Pros:

There's no annual or inactivity fee.
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.
Only available to residents of the European Economic Area (EEA).

Conclusion: For European consumers, the Nexo Card gives users access to a crypto lending ecosystem that provides cashback benefits with no annual fees.

Quontic Debit Card

The Quontic Debit Card is provided by Quontic Digital Bank, which is looking to establish its presence in the Web3 ecosystem through its Decentraland outpost, Quontic Pay Ring, and Bitcoin Rewards System.

The Quonic Debit Card rewards users with cashback of up to 1.5% in bitcoin for qualified transactions (ATM withdrawals, transfers, bill payments, and wire transfers will not earn bitcoin rewards). BTC is accrued through NYDIG. Proceeds are then transferred to your bitcoin rewards checking account with Quontic.

Quontic has eliminated 12 deposit-associated fees, including overdrafts and wire transfers. Know that NYDIG charges a 2% fee to redeem your bitcoin. A minimum opening deposit of $500 with Quontic is required to get started.

Pros:

No monthly service fees
Access through 90,000+ ATMs
Unlike travel redemptions or gift cards, BTC rewards have no expiry date.
FDIC-insured up to $250,000 per qualified account.

Cons:

Only supports bitcoin.
Requires a $500 minimum deposit.

Conclusion: Though Quontic only offers support for bitcoin, this debit card is good for customers looking to join a Web3-centric digital bank.

Investor Takeaway

As people use credit cards for everyday purchases to earn rewards points (travel rewards, cashback rewards, etc.), crypto investors can use crypto debit cards to also 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, loading, and 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 and crypto debit cards that convert your crypto into the corresponding platform's native token.

Smart investors will avoid changing their crypto into a third-party token that can fluctuate in value unless they want to use it immediately and the rewards outweigh the risk.

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