Binance card

Binance card Review

Over the past year, crypto debit cards have been booming. Several cryptocurrency exchange platforms have launched their own crypto debit cards, making it possible to use cryptos in the real world. Binance, the largest cryptocurrency exchange platform, has also launched its own card. But is it worth getting? And above all, what advantages does this card offer?

The Binance card is a crypto debit card launched by exchange platform Binance. It was announced in 2020 following Binance's acquisition of crypto debit card specialist Swype. The card was subsequently made available in selected European markets. It is currently available in various European countries.

In brief, the card supports payments made with Bitcoin, Ethereum, Binance Coin, Swype's SXP token and Binance USD stablecoin. With this card, crypto assets are converted in real time during transactions. It's also possible to fund your Binance fiat wallet with your default fiat currency if you don't want to use your crypto investments for everyday purchases.

Being a Visa debit card, Binance is accepted everywhere normal Visa cards are. This includes over 60 million merchants in 200 regions and territories worldwide.

As far as the design of the card itself is concerned, there is currently no option to customize or choose a particular model. Nor does Binance offer a metal card option.

The card itself sports an elegant all-black design that almost gives it the appearance of a metal card, although it is simply an ordinary plastic debit card. It also features some silver detailing and a Binance logo on the front, making the card look more premium than it actually is. Overall, I think the Binance card looks very good and stands out from conventional debit cards. However, I would have liked more options in terms of design and at least a metallic card option.

Although the Binance website page should highlight the details and benefits of the card to convince you to get it, the page itself is very simple and short. This is also reflected in the number of benefits offered by the card, which don't really stand out either. First of all, the Binance card offers zero fees on all purchases made with it. This essentially means that Binance won't charge you any administrative or processing fees on transactions, but there may be applicable third-party fees. There are no further details on these third-party fees and their possible amounts.

One of the main attractions of the Binance card is its cashback system. This system allows you to earn up to 8% cashback on all purchases made with the card, and the cashback is paid out in BNB or Binance Coin. The amount rewarded will depend on the amount of BNB you currently hold on Binance. There are currently seven different levels on the Binance card, but all cards are similar. There are no variations.

The first level of the Binance card is essentially a free option. It doesn't require you to have any BNB or Binance Coin in your Binance account and will give you 0.1% cashback on all your purchases.
your purchases. This isn't very competitive when compared with crypto.com, where you can get the card for free and receive 1% cashback on all your purchases, which is much better than the Binance card. The other levels of the Binance card are as follows: level 2 requiring one BNB on your Binance account and offering 2% cashback; level 3 with 10 BNB and 3% cashback; level 4 with 40 BNB and 4% cashback; level 5 with 100 BNB and 5% cashback; level 6 with 250 BNB and 6% cashback; and finally level 7 with 600 BNB and 8% cashback. Comparing side by side with a crypto.com card and converting the BNB into euros, we can clearly see that the crypto.com card offers higher cashback for much less, but you also have to block your assets for six months.

Cashback on the card is paid daily, as with most competitors in the crypto debit card field. So it's not unusual, but it's always nice to have. It's important to note that cashback is calculated based on average holdings of BNB or Binance tokens over the previous month. This can be disappointing, as it means you have to hold BNB for an entire month to unlock a higher cashback.

Overall, the Binance card's benefits are less like perks and more like the basic features you'd expect from such a card. It offers nothing unusual or surprising, and doesn't particularly stand out from other crypto debit cards on the market. At this point, you probably have mixed feelings about the Binance card, but it could still be right for your needs.

If I have to be honest, I'd say the Binance debit card would be an excellent choice if you're already using the Binance cryptocurrency exchange platform for your transactions and simply want to add extra functionality to your existing account. This is the best solution since you don't need to send your holdings to another platform or create another account; you can centralize all your crypto investments in a single account and add the Binance card as an added benefit. On the other hand, if you are not already a Binance user and you
considering signing up for Binance, I highly recommend using crypto.com, as a crypto.com card will offer you many more benefits for less cost. Plus, the platform is a bit more user-friendly when it comes to the card or debit card itself. It seems to me that Binance has so many services and features to keep up with that they forgot about their debit card. Scrolling through the Binance blog, you can't find any updates on the card for months, and it looks like an abandoned project, especially looking at the page that's supposed to promote the card, but contains fewer words than a fifth-grader's essay.

They even tout security as one of the cards' main benefits on the debit card home page. It doesn't make sense to me that security is one of the main benefits of a debit card, because you'd expect any company you entrust your money to provide that security. Don't get me wrong, I understand that your money needs to be protected and that should be emphasized, but it shouldn't be one of the main benefits of a debit card.

All in all, the Binance card has a lot of potential given the size of the Binance exchange. But for now, it really looks like the Binance card is just another feature on the Binance app gathering dust. If you'd like to sign up for the Binance card and are convinced by this offer, you can do so by clicking on the link in the video description. You'll also receive a 5% discount on all your transactions on the Binance exchange.