Binance Card explained
Binance is one of the most popular cryptocurrency exchanges in the world thanks to its user-friendly platform, huge selection of cryptocurrencies that are available for trading, and extensive suite of features. Recently, Binance has built out its offering even further by introducing Binance Card, a Visa card that allows users to effectively spend their cryptocurrencies wherever Visa is accepted. The Binance Card has been made possible by Swipe, a company that Binance acquired in July.
Binance Card works similarly to other crypto cards – when you’re making a purchase with your card, your cryptocurrency is converted to your local fiat currency, which then gets sent to the merchant.
Why would you get a Binance Card?
Binance Card is a useful product for those that want the ability to pay with their cryptocurrencies for everyday purchases. In addition, crypto investors who plan to hold the BNB token for a longer period of time can benefit from the card’s impressive cashback bonuses for BNB holders. Also, Binance Card has no transaction, maintenance or subscription fees, making Binance Card the best overall crypto-powered credit card on the market.
How to get the Binance Card?
In order to get a Binance Card, you first need to have an account on the Binance cryptocurrency exchange and complete KYC level 2 identity verification. Of course, you also need to live in a country where Binance Card is available.
Note: The Binance Card is available both in digital and physical form. Virtual cards can be added into digital wallets like Apple Pay and Google Pay.
Virtual card
Once you’ve created your Binance Account and completed KYC, you can go to the Cards section of the Binance website where you can select the Order Card option. You’ll receive the virtual version of the Binance Card until you receive and activate the physical version of the card.
You can also get started by selecting the "Finance" section of the Binance navigation bar.
You can add funds to your Binance Card by transfering cryptocurrency from your Spot Wallet to your Card Wallet. At the moment, you can add
There's also the Auto Top-up option that automatically transfers funds from your spot wallet to your card wallet.
Card Wallet example. Image source: Binance
Physical card
Once you've created a virtual card, the process of ordering the physical card is pretty straightforward. First, select the "Order Physical Card" option in the "My Card" section.
Please note that you will need to have at least 0.005 BNB on your Binance account to order the physical card.
The next step is to confirm your card information - make sure your information is accurate to avoid any issues!
After you've confirmed your card information, you'll have to confirm your shipping address. Again, double-check that all the information is accurate.
Next, you'll have to verify your Binance Card order through text message verification.
That's it! Your Binance Card will be shipped shortly. You can expect to receive the card in 7-14 business days.
Can I get Binance Card in my country?
The Binance Card is currently only available to European users. However, it’s likely that Binance will expand the list of supported jurisdictions moving forward. To see if your country is supported, you can check the Binance Card FAQ on the Binance website.
Binance Card cashback bonus
One of the best parts about the Binance Card is that it offers a cashback bonus on your purchases. The cashback is paid in the form of BNB, the token used by the Binance exchange.
The level of cashback you will receive is going to depend on how many BNB tokens you hold on your Binance account. To receive the base level 1% cashback, you don’t need to hold any BNB. To receive the highest cashback tier (8%), you need to have been holding 6,000 BNB on Binance for the last 30 days. While the 8% cashback is certainly very attractive, the BNB holdings requirements are quite a lot to handle – at the time of writing, 6,000 BNB would cost you around $145,000 to acquire. Most users will likely opt for a cashback tier somewhere in the middle of the range.
Binance Card cashback levels (as of September 21, 2020):
| Level | Average BNB Held Within 30 Days | Cashback (paid in BNB) |
|---|---|---|
| 1 | 0 | 0.1% |
| 2 | 1 | 2% |
| 3 | 10 | 3% |
| 4 | 40 | 4% |
| 5 | 100 | 5% |
| 6 | 250 | 6% |
| 7 | 600 | 8% |
Binance Card alternatives
If Binance Card isn’t available in your country or you’d simply like to try another product instead, there’s plenty of crypto card options to choose from. Here are some of the best Binance Card alternatives available on the market today:
- Crypto.com MCO Visa
- Plutus
- Monolith
- Wirex
- Coinbase Card
Different crypto cards will vary by their fees, amount of supported cryptocurrencies, and cashback rates. Some cards, like Crypto.com’s MCO Visa cards, also offer additional perks like free Netflix and Spotify subscriptions.
The bottom line
Binance has delivered a very compelling product with its Binance Card launch. Binance doesn't charge any additional fees for using the card, and since it's powered by the Visa network, it can be used almost anywhere. Binance Card has one of the most impressive cashback programs around, although you do have to hold quite a large amount of BNB in order to take full advantage of the card's perks.
