Top-Rated Crypto Debit Cards for the Year
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A crypto debit card, sometimes known as a Bitcoin debit card, allows you to spend your cryptocurrencies or digital assets in the real world. They are designed to connect to your crypto account or online wallet; they automatically convert your crypto to the equivalent amount of their own local token, and they hold it there for you until you need it. This, therefore, makes it not only possible but also easy to spend your digital assets for day-to-day needs.
It is not like the crypto credit card, and it is not like you are spending money you don’t have. The crypto debit card can be compared to gift cards or prepaid cards that are loaded with cryptocurrency rather than fiat money. In this discussion, we will be looking at the top picks for the best crypto debit card in 2023.
Coinbase Debit Card
Brain Armstrong and Ehrsam established Coinbase on June 1, 2012, and since then, Coinbase has kept its place among the top crypto companies in the world. They issue crypto credit cards that allow their users to spend Bitcoin and Ethereum anywhere. The card is accepted by over 40 million merchants worldwide.
The card requires no transaction fees or yearly membership fees. The Coinbase App allows users to monitor their monthly allotment, and a straightforward rewards-earning mechanism is only constrained by spending caps.
To get going, all you have to do is download the Coinbase app or create an account on it, add some cryptocurrency, and then ask for a debit card.
Merits
- Users will enjoy exceptional security from a reputable cryptocurrency exchange, Coinbase.
- Users will enjoy contactless transactions.
- Users will enjoy cashback and incentives.
- The Coinbase crypto debit card supports a total of 230 different cryptocurrencies.
- There are no annual charges or transaction fees.
Demerits
- You have to be using USDC to avoid being charged 2.49% for conversion from crypto to US dollars.
- Users need to have a Coinbase account.
- Customers’ information (KYC) is required.
Blockcard Debit Card
Ternio, a technology company, is the brain behind the Blockcard crypto debit card. Blockcard provides virtual and real debit card services. They also work in collaboration with Apple, Google, and Samsung Pay.
To get started, you need to register on their platform, make some deposits, complete the KYC form, and find your account.
The card supports 14 different cryptocurrencies, and when loading crypto to your card, the crypto will first be converted to TERN (that is ternio token). This TERN token can be staked so that users can increase their cash back. When compared to other debit cards, this one does not allow you to store your cryptocurrency in, say, bitcoin or Ethereum until you are ready to spend. You also need to take into account the price development of TERN before making a purchase.
Merits
- It supports Bitcoin, Ethereum, Litecoin, and the US dollar.
- Users enjoy up to 6% cashback.
- It supports 14 cryptocurrencies.
Demerits
- Your cryptos have to be converted to TERN tokens first before you are able to use the service.
- Users are charged a monthly fee of $5.
- It is only available in the United States.
Wirex Debit Card
Wirex is a United Kingdom-based company that provides crypto debit card services both for personal and professional use. Customers are provided with a contactless card and an app to manage it.
The Wirex Visa card, the company’s flagship product, enables exchanges between fiat money and cryptocurrencies. At locations that accept contactless payments, you can use either.
Wirex is considered to be among the best crypto debit cards for consumers because of its hefty incentive. It offers 8% crypto cashback. For a Wirex savings account, customers receive 12% interest. Users will also have access to special retailer deals.
Additionally, the Wirex debit card offers a variety of cryptocurrencies and free or low costs (for example, free ATM withdrawals up to $400 a month, then 2% beyond).
Merits
- Users are not charged a fee for funding an account.
- Users are entitled to cashback rewards.
- It supports 41 different crypto assets.
- It is easy to use.
Demerits
- The costs of reward programs.
- It has limited accessibility worldwide.
- For the best incentives, you must have Wirex tokens, the company’s proprietary cryptocurrency asset.
Takeaways for Investors: Crypto investors can use cryptocurrency debit cards to earn rewards in the same way that individuals use credit cards for regular transactions to earn reward points (travel rewards, cashback rewards, etc.).
The difficulty is avoiding charges. Consider the “off-ramp” fees as well as those associated with opening, loading, and using the card in addition to the “on-ramp” fees associated with converting your fiat currency into cryptocurrency.
The users need to do a very good calculation to determine what their average monthly spending is before opening any cryptocurrency debit card account.
