If you’ve been around the cryptocurrency space, you’ve most likely already heard of Binance – it’s certainly one of the most popular cryptocurrency exchanges around. Binance is known for listing a massive variety of cryptocurrencies and typically adds new trading products before the competition. Earlier in 2020, Binance acquire Swipe, a company that developed its own cryptocurrency card. Thanks to the acquisition, Binance is now able to offer the Binance Card, which is a Visa-powered card that can be used practically anywhere in the world.
It’s worth pointing out that when you’re using a crypto card, the merchant doesn’t actually receive cryptocurrency. When you top up your card with cryptocurrency, your coins are then converted to fiat currency to pay merchants.
What are the advantages of Binance Card?
If you want to use your cryptocurrency to pay for everyday purchases, a crypto card like Binance Card could be a great product for you. The Binance Card is also useful for cryptocurrency investors who intend to be long-term holders of Binance’s BNB token. The more BNB you hold, the better cashback percentage you’ll get.
Another advantage of Binance Card is the fact that Binance doesn’t charge any transaction, maintenance or subscription fees when using the card.
What are the requirements for getting Binance Card?
There’s 3 main requirements you need to fulfill before you can order a Binance Card. First, you need to have an account on Binance. Then, you need to pass KYC level 2 verification – this step will also ensure that you live in a country that’s supported by the Binance Card product.
Note: You can get Binance Card either in digital or physical form. Physical cards aren’t shipping yet, so you’ll first receive a digital card than can be loaded into digital wallets like Apple Pay and Google Pay.
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.
The Binance Card can be topped up by transferring funds from you Binance Spot Wallet to your Card Wallet. Currently, the card supports 4 crypto assets – Bitcoin, Binance Coin, Swipe and Binance USD.
Can I get Binance Card in my country?
At the moment, Binance Card can only be ordered by European users. However, Binance is looking to expand the card’s availability, and it should become available to a broader range of customers in the future. To learn if your country is supported, check the Binance Card FAQ.
Binance Card cashback bonus
Binance Card is looking to distinguish itself from competitors by offering an impressive cashback program. Whenever you make a payment with the card, you will receive a percentage of the payment back in the form of BNB tokens.
The more BNB you hold, the better your cashback percentage will be. For the 1% cashback, you don’t need to hold any BNB in your Binance account at all. However, the highest tiers get quite expensive – if you want the highest 8% cashback, you need to have been holding 6,000 BNB on Binance for the last 30 days.
Given current BNB prices, 6,000 BNB is well over $100,000, so most users will likely try to get a cashback percentage somewhere in the middle. Here’s how many BNB you need to hold to reach the different cashback tiers (data accurate as of September 21, 2020):
| Card Level | Average BNB Held Within 30 Days | BNB Rewards on Your Purchases |
| 1 | 0 | 1% |
| 2 | 10 | 2% |
| 3 | 50 | 3% |
| 4 | 200 | 4% |
| 5 | 500 | 5% |
| 6 | 2,000 | 6% |
| 7 | 6,000 | 8% |
Looking for another crypto card?
If you can’t get Binance Card in your country, or you’re not too impressed by what it has to offer, you can choose between a host of other crypto cards. Here are some of the best Binance Card alternatives available on the market today:
- MCO Visa
- Plutus
- Monolith
- Wirex
- Coinbase Card
The main differences between various crypto cards will be their fees, supported coins, and cashback programs (some crypto cards don’t offer a cashback program at all). Some cards also offer additional perks to their users – for example, certain tiers of the MCO Visa Cards come with free Netflix and Spotify subscriptions.
