Few retail stores and websites currently accept digital currencies and with good reason. Retailers fear exchange rates, find blockchain technology too complicated or see cryptocurrencies as highly volatile assets. Fortunately, new products are now emerging that solve all these problems – crypto debit cards.
A crypto debit card provides an opportunity to use their digital assets in sites that accept debit cards. Each time you use the crypto card, money is deducted from your wallet balance and converted to the business currency. Here is a look at the best crypto debit cards:
Best Broker Card: Voyager Crypto Mastercard
Voyager, the leading provider of cryptocurrencies, recently announced plans to launch a USDC back-rewards debit card. Because USDC is a stablecoin linked to the price of the US dollar, Voyager debit card rewards are relatively stable. In addition, you can easily convert your rewards to the cryptocurrency of your choice via Voyager’s user-friendly interface. Due to the partnership between Voyager and Mastercard, the payment card will be accepted wherever Mastercard is also accepted.
Best for security: Nexo debit card
The Nexo debit card secures your digital assets with 256-bit military-grade encryption, which also includes 24/7 fraud monitoring mechanisms to ensure the security of your money and transactions. With the Nexo Wallet app, you can easily order and manage your Nexo card, giving you worldwide access to your credit line. With the Nexo app, you can create free virtual cards for secure online purchases, monitor your transactions in real time, block and unlock your debit card, and receive notifications about all your transactions.
Best for direct consumption: Coinbase debit card
The Coinbase Visa debit card allows you to spend money directly from your Coinbase account without having to transfer your money to other bank accounts. The cryptocurrency is converted to US dollars before you withdraw money at the ATM or make a purchase. The Coinbase card also allows you to earn rewards through your daily spending – you can earn 1 percent back in Bitcoin or 4 percent back in Stellar Lumens (XLM). Manage all your spending and reward settings directly from the Coinbase app.
Best to use 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. Perhaps the most important benefit of the Crypto.com card is its rewards system. Users can get up to 8 percent cashback in cryptocurrencies as well as discounts on Netlix, Spotify and Amazon Prime subscriptions. In addition, you can get exclusive access to airport lounges with the debit card options at a higher level.
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However, you must wager Crypto.com’s proprietary cryptocurrency, CRO tokens, to receive the best rewards. Although there is a free option, you do not get that much money back or discounts on certain products. Fortunately, there are a number of levels to the Crypto.com debit card, so you can choose the card that best suits your needs.
Best for zero crypto transaction fees: BlockCard Visa debit card
BlockCard stays true to its word and charges no crypto transaction fees. Whether you are transferring cryptocurrencies, exchanging fiat currencies or making a deposit, you are not paying a penny. Transfer Bitcoin and 12+ other supported cryptocurrencies to your BlockCard account and use anywhere that accepts Samsung Pay, Google Pay or Apple Pay.
With BlockCard you can use your cryptocurrencies in 4 steps:
- Sign up for a BlockCard account
- Top up your account
- Begin and pass the legitimacy check
- Receive this virtual BlockCard
Best for virtual Visa cards: TenX debit cards
Once your application is approved, TenX will provide you with a virtual Visa card. With this virtual card you can pay online anywhere Visa is accepted and activate all security checks via the app. For a hassle-free card experience, TenX gives you the freedom to use cryptocurrencies like Bitcoin and Litecoin at the touch of a card. Cryptocurrencies are converted to fiat in one smooth and instant payment. 24/7 card security is also maintained with real-time notifications when your card is in use, options to block and unblock your card, and 2-factor authentication for added security.
Best for Ethereum: Monolith Visa debit card
Monolith Visa is a crypto debit card dedicated to the Ethereum ecosystem, where all supported crypto tokens are part of the Ethereum ecosystem. The debit card also offers its own token called TKN, which allows you to waive some of the fees that users are charged when using the debit card. Additionally, you can exchange your Ethereum-based tokens for fiat and load them onto your Monolith debit card.
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Download the Monolith app to get instant updates when you spend money and see all your transactions. With Monolith you can protect your cryptocurrencies against theft with daily consumption limits. Although anyone can download the Monolith app and use the Ethereum wallet, the debit card is only available in Europe. If you live in the United States, keep up to date with the issuance of the credit card in the states.
Benefits of crypto debit cards
You can switch between different currencies! You can easily access both digital and fiat currencies with most crypto debit cards. No need to change cards to make payments in different local currencies. This is a great advantage when you travel around the world and do not want to change currency every time you have to pay for something.
Less card costs
Crypto debit cards eliminate some of the ugly fees associated with bank debit cards. Most promise no exchange fees, no transaction fees and no monthly maintenance fees. Other cryptocurrencies waive the monthly fee if you have a specific account balance.
Most crypto debit cards have advanced security measures in place to protect your digital assets and transactions. Most cards have 2-factor authentication, 256-bit encryption and 24/7 fraud monitoring. You can temporarily block or unblock your debit card if you see an unrecognized transaction.
Traditional debit cards do not offer cashback, and credit cards typically offer between 1 percent and 3 percent cash back on your spending. Some crypto debit cards offer you cryptocurrency rewards, which can be a great way to passively add to your portfolio. For example, if you get 3 percent cryptocurrency back and the price of the digital asset you receive as a reward doubles, then you have essentially earned 6 percent cryptocurrency on your spending! This, of course, works both ways. If the value of the cryptocurrency you receive decreases, so do your effective rewards.
What is a crypto debit card?
Similar to traditional cards, crypto debit cards allow you to make daily transactions with Bitcoin, Ethereum and other altcoins. You should not have to worry about your plastic card being accepted by merchants, as most of these debit cards are supported by Mastercard and Visa.
How do crypto payment cards work?
Crypto debit cards differ from traditional cards in how you use your digital assets. First, you need to fund your crypto payment card with a digital currency of your choice, often from the card provider’s wallet. Most providers allow you to top up your card through their website or mobile app.
Once your card has been loaded, you are well on your way – whether it is in stores or online. Most crypto debit cards reward you with zero transaction fees and generous daily spending limits. You can use your debit card at any point of sale that accepts Visa or MasterCard. Instead of buying a cryptocurrency product or service, your card provider converts your digital currency into fiat currency, which you use to complete the transaction. Some crypto payment card providers issue 2 types of cards: a virtual card for online purchases and a physical card for in-store purchases.
This post first appeared on Benzinga:
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