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In today's issue:Although bitcoin was envisioned as a cryptocurrency, it's become anything but.
Try paying for your groceries, utility bills, or a new car with bitcoin. It's possible, but it's not easy.
There is one way it's easy to pay with bitcoin (or many other crypto assets): crypto debit cards.
In today's newsletter, we've updated our editor-reviewed list of Best Crypto Debit Cards for 2023. Load 'em with crypto and use 'em anywhere that accepts Visa.
You can spend crypto if you're willing to use traditional payment rails. Read on. |
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| | | Must Read Today's most important story for crypto investors. |
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As one of our top crypto picks, we're always interested in the latest on BNB Chain, the Binance-backed token. We think of BNB like investing in Binance.
There's good news and bad news... The good news is that BNB Chain continues to grow. Even in a tough market, daily active addresses grew by 30%, and transactions grew by 0.2% in Q4.
The bad news is that the year-over-year numbers were down considerably (right column): |
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Courtesy Messari
To be fair, everything was down year over year. Here's the price of bitcoin from Q4 2021 through the end of 2022 (remember that bitcoin is a proxy for the entire crypto market): |
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Courtesy CoinMarketCap
In light of this trend, it's encouraging that core user growth of BNB is back on the upswing from Q3 to Q4. This shows more people are using, and building on, Binance Smart Chain. In crypto, get the users and the money will follow.
Investor takeaway: So long as Binance continues investing in its long-term user growth, we're still bullish on BNB Chain. |
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| Best Crypto Debit Cards for 2023 by Daniel Joel |
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Crypto debit cards (sometimes called bitcoin debit cards) allow you to spend crypto assets in the real world, just like a standard debit card.
These cards work in one of two ways:
They link to crypto wallets or online accounts where you hold bitcoin or other crypto assets (like the Coinbase card); 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 spend your crypto assets like cash. Unlike crypto credit cards, you're not spending money you don’t have. Think of these like prepaid cards or gift cards loaded with crypto instead of cash.
Here are the best crypto debit cards for Q1 2023 rated and reviewed by our editors. |
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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 fiat currencies into crypto and use it 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 2% 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 cryptos and free or low fees (like free ATM withdrawals up to about $250 per month), then 2% thereafter.
To get started, you must register, verify your account, add funds, and order a Wirex card online or via the app.
Pros: No monthly maintenance fees. 1% account funding fee. Cashback rewards. 50 crypto assets supported. Widely available globally. Easy to use.
Cons: Limited availability worldwide. You need Wirex tokens to get the best rewards. Wirex tokens are the company’s crypto units and they give customers crypto rewards and access to Wirex’s DeFi ecosystem.
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. |
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Binance Debit Card
Binance is the largest cryptocurrency exchange worldwide. The company launched its own crypto debit card in 2020 to 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 the card from your Binance account or use the “Card” link at the bottom of the Binance page. Once you add funds 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 how much BNB is in your account. Cost-effective. No fees. Crypto remains in your funding wallet at Binance. 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.
Conclusion: The Binance debit card is good for European customers that want high levels of cashback. |
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Nexo Debit Card
The Nexo Card is provided by Nexo, a crypto lending service that has grown into a large ecosystem that comprises exchange operations and a proprietary wallet and card. The latter can be managed conveniently from the Nexo Wallet app.
Unlike other debit cards, there's no need to load the Nexo card. 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 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 the Visa-based card at over 40 million merchants worldwide. It supports up to 20 cryptocurrencies including bitcoin, Ethereum, and NEXO (the platform’s native token).
The card 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'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 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. |
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Coinbase Debit Card
Brian Armstrong and Fred Ehrsam founded Coinbase on June 1, 2012. It’s since grown to 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 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. 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 user-friendly options that are backed by the leading U.S. crypto exchange. |
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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 KYC (know your customer) check, and fund your account to get started.
When adding funds to a card in one of the 14 supported cryptocurrencies, 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 assets like bitcoin, Ethereum, and Litecoin, along with fiat currencies like USD. Cashback rewards. 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 wanting flexibility. Be careful of converting your crypto value into TERN for the long term. |
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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 U.S. Deposited crypto is exchanged for USD and cannot be converted back. Only 15 cryptos are 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. |
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Crypto.com Visa Card
Crypto.com is a Hong Kong-based exchange specializing in providing bitcoin debit cards, crypto wallets, and other 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. The price can be volatile.
The card allows you to spend crypto anywhere in the world that 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 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. |
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Blockchain.com Visa Card
Blockchain.com is a crypto finance house that offers a crypto wallet, an exchange, blockchain explorers, and a gateway for institutional investors. Its most recent addition to the crypto ecosystem is a Visa-backed crypto debit card.
The company lets you spend your supported digital currency right from your Blockchain.com wallet anywhere in the world like you would with any other debit card. There’s support for five standard cryptocurrencies along with several ERC-20 tokens.
The card doesn't charge any annual or other fees. The card hasn’t been released as of this writing, but you can get on the waitlist now.
Pros: No sign up or card issuance fees. No annual fees. No transaction fees. Spend directly from your Blockchain.com wallet which supports BTC, ETH, BCH, XLM, STX, and most ERC-20 tokens. 1% cash back rewards for everyday purchases wherever Visa's accepted.
Cons: Waitlist only. Card not yet released. U.S. residents only.
Conclusion: The Blockchain.com debit card looks like a good match for U.S. residents who regularly use debit cards for spending and who want to earn rewards in crypto for everyday purchases. |
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Crypterium (Choise) Debit Card
Crypterium was launched in 2017 and has grown by expanding its ecosystem with new products and services including debit cards.
Now rebranded as Choise.com, the company offers both plastic and virtual debit cards that can be topped up from Crypterium wallets.
Like other popular crypto debit cards, Crypterium forged a partnership with VISA, allowing users to load up the card with crypto and convert it to fiat for spending at select locations accepting VISA cards.
The VISA card can be topped up with BTC, LTC, ETH, and other assets. It also supports ATM withdrawals in more than 200 countries.
Pros: Supports several different digital assets including BTC, ETH, and LTC. ATM withdrawals available in 200+ countries. Crypterium says crypto assets held in the card are fully insured. Supports online and offline payments.
Cons: High withdrawal and top-up fees. Parent company is located in Republic of Seychelles.
Conclusion: Crypterium may be an option for people living in countries where many other crypto debit card options aren't available. |
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Crypto Debit Cards: Investor Takeaway
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, then loading and using it (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'll be associated with it. Be sure the rewards outweigh the fees.
Also, there are crypto debit cards that pull directly from your account and crypto debit cards that convert your crypto into their own native tokens. 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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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Nick Marinoff, Steve Walters, Anatol Antonovici, Ben Burn, Preetam Kaushik, and Daniel Joel.
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