Binance crypto card review
- Deposit fee
- $0
- Withdrawal Fee
- 3-5%
- Yield rate
- Up to 8%
Summary
The Binance crypto card is no longer available in Australia.
The Binance crypto card differs from competitor products in that it doesn't use a tiered card structure and does not require native coin staking to receive additional incentives. Instead, rewards are calculated based on your average BNB balance over the previous 29 days.
With growing regulatory issues surrounding cryptocurrencies and trading restrictions, Binance exchange has a lot of uncharted territory left to navigate. It could be said that the Binance crypto card has taken a back seat for the moment as it doesn’t offer anything particularly exciting or new.
The Binance Card could be a good fit if you’re already actively using the Binance exchange and would like to leave all of your crypto investment in one location and have the ability to spend your crypto at traditional payment merchants.
Those new to crypto or looking to invest in the Binance native coin, BNB, might benefit from Binance crypto card and its BNB holding reward structure.
If you’re an active trader and have accounts across multiple exchanges, it is probably worth checking out alternative crypto cards with different rewards programs and incentives.
Details
Binance Crypto Card
| Product Name | Binance Crypto Card |
| Yield rate | Up to 8% |
| Deposit fee | $0 |
| Supported cryptocurrencies | BTC, ETH, XRP, ADA, DOT, USDT, SXP, BUSD, BNB, LAZIO, PORTO, SANTOS, AVAX, SHIB |
| Withdrawal Fee | 3-5% |
| Funding methods | Crypto wallet |
| Yield rate on ETH | Up to 5% |
| More Info |
2024 update: The Binance crypto card is no longer available to users in Australia. We have left this review up as a reference. You can compare other crypto cards below.
Eligibility and how to apply for a Binance Visa card
Binance Card is available in more than 30 countries across Europe and the UK. It is not available to customers in the US, Australia, Canada or England.
Eligible customers can apply for a Binance crypto card in a few simple steps:
- Log in to Binance exchange on desktop or via the mobile app.
- Complete the Know Your Customer (KYC) verification process applicable to your location.
- Navigate to the Card page.
- Complete the card order and confirm your address for delivery.
- You will be provided with a virtual card in the app while waiting for the physical card delivery.
How does the Binance crypto card work?
Binance crypto card allows you to spend your cryptocurrency at traditional payment vendors. Crypto payments are instantly converted to euros at current market value at the time of purchase. Fiat currency (euros) can also be spent directly from your Binance funding account.
Main benefits of the Binance crypto card
- Cashback rewards. Binance offers spending rebates of up to 8% on eligible purchases. Rebates are paid directly to your funding wallet in BNB.
- Exchange support. Binance is the world’s largest crypto exchange and has a 24-hour customer support team.
- Desktop and mobile app. Binance crypto card can be topped up directly from your existing Binance exchange balance.
- Visa partnership. Use your Binance Card for in-store or online purchases anywhere Visa is accepted.
Main drawbacks of the Binance crypto card
- Spending and withdrawal limits. Maximum daily spending limits of EUR€8,700 apply to physical cards and EUR€870 to virtual cards. ATM withdrawals are limited to EUR€290 per day.
- Limited countries. Although payments can be made anywhere Visa is accepted, the Binance Card is only available to users from a selected list of countries.
- Limited cryptocurrencies. The Binance crypto card only supports payments from 12 coins and tokens.
How does it compare to a traditional debit card?
Binance crypto card is linked to your Binance exchange account. You cannot receive direct deposits to this account like you would a traditional debit card.
To deposit fiat or cryptocurrency to your Binance Card, simply transfer your existing exchange balance to your funding wallet and you’re ready to spend.
How experienced do you need to be with crypto to use the Binance Card?
The Binance crypto card is suitable for beginner to advanced crypto users. Transferring funds directly from your Binance exchange wallet to your card's funding wallet makes the Binance Card easy to use and to view all of your investments in one location.
What cryptocurrencies can I use with the Binance crypto card?
Binance has hundreds of cryptocurrencies listed on its exchange, but the Binance Card only supports payments from 12 coins and tokens: BNB, BUSD, USDT, BTC, SXP, ETH, EUR, ADA, DOT, LAZIO, PORTO and SANTOS.
Is the Binance crypto card safe? What are the risks?
- Binance offers secure sign-in and 2-factor authentication (2FA). It’s known as one of the most secure and popular exchanges worldwide.
- All transactions are monitored in real time. Unusual activity triggers result in account suspension.
- Secure storage. Binance holds the vast majority of user funds and assets in offline, cold storage facilities.
- Holding cryptocurrency of any kind has associated risks due to its volatile nature and regulatory concerns in some countries.
- Always double-check digital transfers and only transact through the official Binance website or mobile app.
Where can you use the Binance crypto card?
You can use your Binance Card anywhere that a Visa debit card is accepted. Keep in mind that some merchants and subscription-based platforms require that a credit card is held on file and will not accept payments from any debit card, including Binance.
Fees and exchange rates
- Transaction fees of up to 0.9% are charged on all payments and ATM withdrawals.
- Deposits from Binance exchange to your Binance Card funding account are free.
- Withdrawals and deposits to or from external wallets incur a gas fee. Costs vary depending on the blockchain network used.
- Reissuing lost/stolen cards incurs a fee of EUR€25.
- Binance does not charge fees for inactivity or account closure
Rewards
Rewards are calculated based on the average BNB held in your account over the previous 29 days and are paid out daily to your Binance funding wallet.
| Card level | BNB monthly average balance | BNB rewards for purchases |
|---|---|---|
| 1 | 0 | 0.1% |
| 2 | 1 | 2% |
| 3 | 10 | 3% |
| 4 | 40 | 4% |
| 5 | 100 | 5% |
| 6 | 250 | 6% |
| 7 | 600 | 8% |
Alternatives to Binance Card
Your reviews
Billy Finder
Cryptocurrency writer
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