One of the most important tools in the cryptocurrency space nowadays is crypto debit cards. Numerous payment and exchange crypto companies have started issuing crypto cards in response to the sharp rise in cryptocurrency users worldwide.
Tripple-a, a business news station, claims there are over 320 million cryptocurrency users worldwide. This figure could surpass a billion by the 2023. As more people start using cryptocurrencies, without a doubt, the demand for crypto debit cards will increase exponentially.
So these cards will be quite helpful if you have a sizable digital fortune in Bitcoin, Ethereum, and the like. There are numerous ways in which these cards resemble conventional debit cards. The usage of crypto as the main currency on these cards is the only distinction. You can use the card to spend your crypto in-store and online purchases. Additionally, this card allows for simple ATM withdrawals.
Are you trying to find the finest cryptocurrency debit card? Choosing a card that best suits your demands and way of life would be great if you considered several significant factors. Here are nine factors to consider while choosing your finest cryptocurrency debit card.
1. Currency supported
Most crypto card issuers can support multiple cryptocurrencies. However, the maximum number of coins crypto card issuers can support isn’t yet defined. For instance, the Club Swan platform can support up to nine distinct forms of cryptocurrency. Some crypto card issuers can even support over 100 different cryptocurrencies.
In addition to crypto, others can support stablecoins and even fiat currency. The flexibility of the crypto debit card increases with the number of currencies supported. Some commonly supported cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Ripple. On the other hand, the USD, EUR, and GBP are some commonly supported fiat currencies.
So when looking for a crypto debit card, it’s wise to choose one that supports your preferred currencies.
Most crypto card providers impose annual, monthly, and transactional fees. Transactional fees include deposit and withdrawal fees. There aren’t many crypto card providers that charge deposit fees. Although not all, most cryptocurrency debit cards impose a withdrawal fee on their users.
Even some card issuers waive fees for cardholders. You must first fulfill specific requirements to receive the fee waiver. Some credit cards have minimum monthly or yearly thresholds for your cryptocurrency expenditure. You are eligible for free withdrawals up to a specific amount if your expenditure crosses the threshold.
Other fees charged include maintenance and foreign exchange fees. Fortunately, only a few crypto card issuing companies charge these fees. These fees mainly help the crypto card companies to reimburse the processing companies, UnionPay, Visa, and MasterCard.
The majority of cryptocurrency debit cards reward their cardholders. However, the rewards programs of many cryptocurrency debit cards differ. Cashback, staking, and referral bonuses are a few examples of typical reward systems.
Cashback rewards are the most popular reward systems for crypto cards. You receive cash back rewards after using your card to make a purchase. The only drawback is that the majority of crypto card providers only limit these rewards to specific purchases.
Companies with different card tiers offer different cashback rewards for each card.
The other reward method is cryptocurrency staking. There are several offers from various card issuers. The amount you stake and the staking period greatly influence your rewards. This amount may also depend on the crypto market value throughout the staking period. By staking, you ensure continuous crypto circulation in the crypto market.
Referral bonuses are another remarkable method of reward. You must successfully refer a new member to the platform to qualify for the referral bonuses. To receive referral bonuses, you must invite them using your exclusive link address. The member is sent to the official website of the crypto card company by the link address.
For instance, Club Swan allows you to earn 20% of your referral membership fees. Also, the more people you refer to the platform, the higher your chances of upgrading your membership level.
So while choosing your crypto debit card, choosing a card that offers rewards aligned to your needs and lifestyle is wise.
Despite the rapid adoption of cryptocurrencies, it is accurate to argue that some regions can’t yet access crypto debit cards. Some regions are remote, while others have entirely banned the use of cryptocurrency.
Geographic limits apply to the majority of issued crypto debit cards. This indicates that most crypto cards are only available for limited places. Therefore, finding a crypto debit card that you believe suits your needs and lifestyle can be difficult.
However, after you receive your crypto debit card, you can use it worldwide without limitations. You may easily spend your crypto worldwide since most card companies have partnered with global processing companies. Even better, the majority of ATMs around the world allow for withdrawals with the card.
However, when choosing your crypto debit card, you must look into the specified shipping locations to avoid disappointments.
One essential component of your crypto debit card that you shouldn’t ignore is security. How readily or difficultly crypto fraudsters can get your cryptocurrency depends on the security features.
The business news channel, CNBC, reported in 2021 that cryptocurrency scammers made off with almost $14 billion worth of cryptocurrency. Because of this, most organizations that issue crypto cards have focused heavily on enhancing security features.
One of the often-used security features by well-known crypto card companies is remote security. This implies that you can use the provider’s app to manage the security of your crypto debit card. You can modify your card’s PIN, freeze it, and even report its loss using the app.
Besides the remote security feature, other crypto card companies have developed other next-level security measures. These security measures include biometrics, two-factor authentication, and even passphrases.
When choosing a crypto debit card, confirm the company’s security measures.
6. Availability of virtual cards
Some crypto card providers provide a virtual card on top of the physical crypto debit cards. You can use your smartphone to make purchases using your virtual card rather than carrying your crypto card.
A virtual card offers many advantages. When you transact online, the experience is flawless and seamless. Additionally, it spares you the trouble of taking your physical card with you everywhere, preventing loss or theft.
Therefore, for easy online transactions, you would want to register with a company that provides you with a virtual copy of your card.
7. Staking requirements
Staking is one of the ways to earn rewards with a crypto card firm, as was previously mentioned. However, there are specific conditions that you must first satisfy before staking. The minimum staking amount and minimum staking period are two of these conditions.
The odds of winning larger prizes increase with stake size and duration. The rewards you receive at the end of the day depend greatly on the change in the market value of the cryptocurrency over the staking period.
Finding a crypto card provider with staking requirements that suit your demands is, therefore, a sensible choice.
8. Additional payment methods
Be careful to take the card’s versatility into account when looking for the finest crypto debit card. A card can be made more versatile by including additional payment options. Debit, credit, e-wallets, and bank transfers are some options.
Samsung Pay, Apple Pay, Google Pay, Simplex, and Banxa are a few widely used electronic wallets. You might wish to seek these additional payments in addition to your crypto debit card to give yourself more freedom.
9. Additional perks
Some crypto card issuers provide additional benefits on top of their rewards. These benefits include discounts, fee waivers, and even cost-free subscriptions.
Other crypto issuing companies like crypto.com provide Free subscriptions to streaming services like Spotify, Netflix, and Amazon Prime. Additionally, they provide access to airport lounges, savings on Airbnb, and even jet partnerships.
You may wish to consider these perks when choosing a crypto card.
By choosing a crypto debit card, you choose your payment companion. Therefore, you might want to take your time to consider a card that favors your need and lifestyle.