Spending your Bitcoin or Ethereum is quite a novelty in the real world — few stores and websites accept digital currencies at the moment, and for good reason. Retailers are scared about exchange rates, find blockchain technology too difficult to understand or think cryptocurrencies are highly volatile assets. Thankfully, new products are popping up to solve all these problems — crypto debit cards.
Thanks mostly to partnerships with traditional banks and debit card companies, a crypto debit card lets you spend your digital assets at locations where debit cards are accepted. Every time you use the crypto card, money is deducted from your wallet balance and converted into the merchant’s currency. Benzinga has scoured the crypto market to bring you its top crypto debit card picks.
The Best Crypto Debit Cards
- Best UK Card: Uphold Card
- Best for Security: Nexo Debit Card
- Best for Spending Rewards: Crypto.com VISA Card
- Best for Converting Crypto (Non US): Wirex Debit Card
Best UK Card: Uphold Card
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
The Uphold Card, available to users in the UK and US, is a top notch simple crypto debit card with all of the features you need. It has no annual fee and charges 0% foreign transaction fees. It is made by the fast growing crypto exchange, Uphold, which offers crypto, precious metals and fiat currencies. With over 250 supported digital currencies, it has one of the most impressive selections in the crypto market. With the Uphold Card you can spend any asset in your exchange account including cryptos, precious metals and fiat currencies. The Uphold Card also gives you 4% cash back in the form of Ripple (XRP) tokens.
Pros
- The large range of digital currencies helps you build better portfolios
- The lack of extra fees makes it easier to save money
- The cash back options for this card are extremely powerful, even if you cash out those tokens instantly
Cons
- Crypto rewards are helpful, but those tokens can change in price at any time
Best for Security: Nexo Debit Card
The Nexo debit card secures 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 order and manage your Nexo card at the comfort of the Nexo Wallet app, which gives you worldwide access to your credit line.
Use the Nexo app to create free virtual cards for safe online purchases, monitor your transactions in real-time, freeze and unfreeze your debit card and receive notifications about all your transactions.
Pros
- Fraud monitoring is a big issue for many cardholders, and the proactivity of this service is extremely helpful
- The virtual cards make it easier to shop online with confidence
- Worldwide coverage for the card is different from many competitors
Cons
- Even though you can monitor your card and easily turn it on and off, that does not mean that the account is perfectly secure
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 reward system. Users can earn up to 8% cash back paid in crypto, as well as rebates on Netlix, Spotify and Amazon Prime subscriptions. What's more, you can get exclusive airport lounge access with the higher tiered debit card options.
It's important to note that to receive the best rewards, you'll need to stake Crypto.com's native cryptocurrency, CRO token. The more CRO you stake, the better rewards you get. This is the perfect card for CRO holders and stakers but is still great for investors who don't have CRO. While there's a free option, you won't receive as much cash back or get rebates on certain products. Luckily, there's a range of tiers for the Crypto.com debit card, so you can choose the card that fits your needs best.
Pros
- The native token gives you even more investment options
- Staking on this platform can offer high returns for those who are looking for save or earn an income
Cons
- While you can choose the type of card you want, it can be difficult to know which account style to select
Best for Converting Crypto: (Non US) Wirex Debit Card
Wirex allows you to open an account and utilize the Wirex card to spend in more than 50 million locations around the world. You earn 1.5% Bitcoin awards when you make purchases in the store, and you can add to this account at any time using a debit card, credit card or bank transfer.
Think of Wirex as a place to buy, sell, exchange and store crypto that also lets you sell crypto without the barriers that existed in the early days of Bitcoin.
Pros
- Rewards help you when you shop for regular items with this card
- You can add to the account or use rewards at any time
Cons
- Bitcoin rewards may not have the value you’re looking for
- You can only earn rewards when you’re shopping in-store
Benefits of Crypto Debit Cards
Switch Between Currencies
Most crypto debit cards let you access both digital currencies and fiat currencies with ease. You don’t have to switch between cards to make payments in different local currencies. This is a great draw if you’re a globe-trotter who doesn’t want to exchange currency each time you need to pay for something.
Cut the Card Costs
Crypto debit cards eliminate some of the unpleasant 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 specific account balance.
Security
Most crypto debit cards incorporate advanced security measures to protect your digital assets and transactions. Most cards have 2-factor authentication, 256-bit encryption and round-the-clock fraud monitoring. Temporarily freeze or unfreeze your debit card if you detect an unrecognized transaction.
Crypto Rewards
Traditional debit cards don't offer cash back, and credit cards typically offer between 1% to 3% cash back on your spending. Generally, Crypto debit and credit cards pay you significantly more in crypto. Some crypto debit cards will give you rewards in cryptocurrency, which may 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 rewards doubles in price, then you've essentially earned 6% crypto-back on your spending! Of course, this works both ways. If the crypto you receive goes down in value, so do your effective rewards.
What is a Crypto Debit Card?
Similar to conventional cards, crypto debit cards let you fulfill day-to-day transactions using Bitcoin, Ethereum and other altcoins. You shouldn’t have reservations about your plastic card being accepted by merchants since 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 must top up your crypto debit card with a digital currency of your choice, often from the card provider’s wallet. Most providers will let you fund your card via their website or mobile app.
Once your card is loaded, you’re ready to hit the spending spree — 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.
Rather than buying a product or service in crypto, your card provider converts your digital currency into fiat currency that you’ll use to complete the transaction. Some crypto debit card providers will issue 2 card types: a virtual card for online purchases and a physical card for in-store purchases.
Crypto Debit Rewards
Sure, crypto debit card rewards are available but they are quite different from what you’d expect from conventional prepaid debit cards. Most crypto debit cards promise to offer a cash-back percentage for every purchase you make. The amount you’ll receive depends on the card provider, and you can expect it to be in the form of a cryptocurrency.
Depending on your needs, you can redeem, spend or send the rewards into an interest-bearing account. Crypto debit card rewards can be much higher than even some of the best credit card rewards.
Crypto Debit Variables
Crypto debit cards aren’t with their drawbacks. Some providers may require that you stake cryptocurrency to unlock some of the card’s best rewards. The spending limits placed on some debit cards mean that you can’t spend big with your debit card. You also just might not want to spend any of your crypto.
And then there are concerns of Bitcoin’s volatility, which often drags other cryptos behind. For instance, the BTC you use to make a $100 Airbnb booking today may end up being twice as much a few months down the line. Then again, it could also crash and you would be better off.
There’s a Future in Crypto Debit Cards
Crypto debit cards could be the future of payments, especially if central bank digital currencies become a mainstay and are compatible with crypto debit cards. Some of the world’s largest crypto exchanges, including Coinbase and Binance, now offer Visa debit cards. Topping up your account is fairly easy since you’ll probably do it from your crypto wallet. Then you’ll have a fully functioning debit card that lets you 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.
Frequently Asked Questions
Where can I use a crypto debit card?
You can use a crypto debit card at merchant outlets that support Visa or Mastercard debit cards. Pay for goods and services, exchange currencies and withdraw from ATMs with ease.
Are crypto debit cards safe to use?
Certainly, yes. Crypto debit cards uphold some of the highest security standards. For starters, you’ll need to complete several know your customer (KYC) checks when applying for a crypto debit card. What follows is a raft of security measures including PIN login, 2-factor authentication, 256-bit encryption and fraud monitoring. Your digital assets are safe in a crypto debit card.
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