Looking for the best crypto debit cards? We like the Voyager and Nexus cards, but you can see even more options below.
Spending your bitcoin or ethereum is a real-world novelty: Few stores and websites accept digital currencies right now, and for good reason. retailers are afraid of exchange rates, find blockchain technology too difficult to understand, or think cryptocurrencies are highly volatile assets. Fortunately, new products are emerging to solve all these problems: cryptocurrency debit cards.
Reading: Best bitcoin debit card
A crypto debit card allows you to spend your digital assets wherever debit cards are accepted. Every time you use the crypto card, the money is deducted from your wallet balance and converted to the merchant’s currency. benzinga has scoured the cryptocurrency market to bring you their best cryptocurrency debit card picks.
quick review of the best crypto debit cards:
- best for security: nexo debit card
- best for direct spending: coinbase debit card
- best for spending rewards: crypto.com visa card
- best for converting (non-US) cryptocurrencies: wirex debit card
best for security: nexo debit card
nexo debit card protects your digital assets with military-grade 256-bit encryption that also incorporates 24/7 fraud monitoring mechanisms to ensure the safety of your funds and transactions . you can request and manage your nexo card comfortably from the nexo wallet application, which gives you access to your line of credit anywhere in the world.
Use the nexo app to create free virtual cards for secure online purchases, monitor your transactions in real time, freeze and unfreeze your debit card, and receive notifications about all your transactions.
best for direct spending: coinbase debit card
Coinbase Visa Debit Card allows you to spend directly from your Coinbase account without having to move your funds to other bank accounts. your cryptocurrency is converted to us uu. dollars before completing ATM withdrawals and purchases. the coinbase card also allows you to earn rewards through daily spending: you can earn back 1% in btc or 4% in stellar lumens (xlm).
manage all your spending and rewards preferences directly through the coinbase app.
best for spending rewards: crypto.com visa card
As one of the most popular debit cards on this list, the crypto.com visa card offers many great benefits to its users. Arguably the biggest benefit of the crypto.com card is its rewards system. Users can get up to 8% cash back paid in crypto, as well as cash back on Netflix, Spotify, and Amazon Prime subscriptions. Plus, you can get exclusive airport lounge access with upgraded debit card options.
It is important to note that to receive the best rewards, you will need to stake crypto.com’s native cryptocurrency, the cro token. While there is a free option, you won’t get as much cash back or discounts on certain products. Fortunately, there are a variety of tiers for the crypto.com debit card, so you can choose the card that best suits your needs.
best for converting cryptocurrencies: wirex debit card
With the wirex debit card, users can hold cryptocurrencies in their account and sell them only at the time they spend with the debit card. this is a huge benefit for investors looking to hold onto their crypto for as long as possible. in this way, you will be able to maintain the highest possible exposure to the digital asset markets; you do not need to sell your cryptocurrency before making purchases with your debit card.
The wirex debit card also provides users with huge crypto cashback rewards. By using the Wirex card, you can earn up to 8% crypto-return on your purchases, which will be passively accumulated in your cryptocurrency wallet.
benefits of crypto debit cards
switch between currencies
Most crypto debit cards allow you to easily access both digital currencies and fiat currencies. you don’t have to switch cards to make payments in different local currencies. this is a big draw if you’re a globetrotter who doesn’t want to change currency every time you need to pay something.
reduce card costs
Crypto debit cards eliminate some of the nasty fees associated with bank-issued debit cards. most promise zero foreign exchange fees, zero transaction fees, and zero monthly maintenance fees. other crypto cards will waive the monthly fee if you maintain a specified account balance.
Most cryptocurrency debit cards incorporate advanced security measures to protect your digital assets and transactions. most cards have 2-factor authentication, 256-bit encryption, and 24-hour fraud monitoring. temporarily freeze or unfreeze your debit card if it detects an unrecognized transaction.
Traditional debit cards don’t offer cash back and credit cards typically offer 1%-3% cash back on your spending. Some crypto debit cards will give you cryptocurrency rewards, which can be a great way to passively add to your portfolio. if you earn 3% crypto back, for example, and the digital asset you get as a reward doubles in price, then you’ve essentially earned 6% crypto back on your spending! of course this works both ways. if the value of the cryptocurrencies you receive decreases, so do your effective rewards.
what is a crypto debit card?
Just like conventional cards, cryptocurrency debit cards allow you to make daily transactions with bitcoin, ethereum and other altcoins. You should have no doubts about merchants accepting your plastic card, as most of these debit cards are backed by MasterCard and Visa.
how do crypto debit cards work?
Crypto debit cards differ from conventional cards in the way you spend your digital assets. First, you need to top up your crypto debit card with a digital currency of your choice, often from the card provider’s wallet. Most providers will allow you to fund your card through their website or mobile app.
Once your card is loaded, you’re ready to start spending, whether in-store or online. Most crypto debit cards will reward you with zero transaction fees and generous spending limits per day. You can expect to use your debit card at points of sale that accept Visa or MasterCard.
Instead of purchasing a product or service in crypto, your card provider converts your digital currency into fiat currency that you will use to complete the transaction. Some crypto debit card providers will issue 2 types of cards: a virtual card for online purchases and a physical card for in-store purchases.
Sure, crypto debit card rewards are available, but they’re quite different than what you’d expect from conventional prepaid debit cards. Most crypto debit cards promise to offer a percentage cash back on every purchase you make. the amount you will receive depends on the card provider and you can expect it to be in the form of cryptocurrency.
According to your needs, you can redeem, spend or send the rewards to an interest-bearing account.
Crypto debit cards don’t have their drawbacks. some providers may require you to wager with cryptocurrency to unlock some of the card’s best rewards. Spending limits set on some debit cards mean you can’t spend much with your debit card.
And then there is the concern about the volatility of bitcoin, which often drags down other cryptocurrencies. For example, the BTC you use to make a $100 Airbnb reservation today may end up being twice as much in a few months. it could also collapse and consider your reservation a bargain.
Some of the world’s largest cryptocurrency exchanges, including coinbase and binance, now have visa debit cards. Top-up your account is quite easy as you probably do it from your crypto wallet. then you will have a fully functioning debit card that allows you to convert your digital assets into fiat currency to pay for goods and services or withdraw funds.
But with hundreds of brands offering crypto debit cards, it’s important that you perform some due diligence, including understanding the regulations within each brand’s jurisdiction.