Binance Visa Card Review 2024

Spending crypto, such as BTC and ETH at local shops and online is getting easier by the day, thanks to the wave of crypto cards that have popped up. In the past year, several exchanges have launched crypto debit cards to ease crypto payments as more merchants adopt cryptocurrencies. Binance, the most prominent crypto exchange, jumped onto the wagon by creating the Binance card – a fancy and slick Visa card to make the crypto experience seamless. This card allows real-time conversion of crypto to fiat (EUR) and offers crypto rewards. Note that this Visa card isn’t a Binance credit card.

Fast forward to 2024, and this card seems to be faring pretty well, but is it still worth using? This Binance debit card review will explain what the card is, its features, and everything you need to know about using the card.

Key Features of Binance Card

What is Binance Card?

Binance card is a crypto Visa debit card launched by Binance to facilitate crypto payments at online merchants and local shops. The card was created in 2020, following the acquisition of the Swipe debit card company. The card was made available in selected European countries a few months later.

The debit card supports BTC, BNB, ETH, ADA, USDT, SXP, DOT, LAZIO, BUSD, PORTO, and SANTOS, payments as well as allows the conversion of crypto to fiat (EUR) in real-time at the moment of transaction. The launch of the Visa card is a testament to Binance’s objective of pushing for crypto adoption. Following the launch, Binance Chief Executive Changpeng Zhao said the ability to convert and spend crypto directly at shops will make the crypto experience “seamless.”

Binance card is linked to your Binance account and enables you to spend crypto in places Visa is accepted. The card converts your crypto to fiat, which you can use to make your purchases online and offline. Since Visa is accepted in over 200 territories of the world, you can use your Binance card where applicable. As of this writing, the Binance card is available in countries like Austria, Bulgaria, Cyprus, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Netherlands, Poland, Spain, etc. Binance US card is also available.

How to Receive Binance Card

To receive a Binance card, you need to apply for it on the exchange. Before that, you need to have a Binance account. If you don’t have a Binance account, you must create one. The process is as straightforward as opening a regular bank account except you don’t need a photograph or other specific details. Sign-up takes a few minutes. You need to provide your details and verify your KYC before applying for a debit card. However, your account must be KYC level 2 verified.

KYC is an acronym for Know Your Customer – a procedure customers need to follow to authenticate their identity. Financial services use this to verify the identity of the clients to filter fraudsters and malicious players. Besides verifying your identity, KYC also helps in addressing issues related to the customers’ accounts.

To attain KYC level 2, you are required to upload a valid ID, such as a driver’s license or passport, with your proof of address like a utility bill. This is standard practice on reputable crypto exchanges like Binance. Uploading your documents is as easy as clicking the top right corner of your profile picture and selecting Identification. Take a clear picture of your ID and photo, and ensure the address on your utility bill tallies with the address on other provided documents and forms filled. It usually takes an hour or less to get your documents verified.

Once you have attained KYC level 2, follow the steps below.

1. Go to the Binance website.
2. Navigate to ‘Cards.’
3. On the Cards page, you can customize how your name will appear on the card. Select ‘Next’ after confirming.
4. Create a PIN for your card to restrict access. When creating a PIN, it is advisable not to use the same numbers repeatedly, such as 1111, 3333, or 6666, or use the same numbers consecutively, such as 3456. If you don’t create a PIN, it will be auto-generated, but you can still change it to your preferred numbers with an ATM.
5. After the PIN setup, confirm the delivery address for the card. You should check carefully because Binance will pre-fill the address with the one you added to the website before.
6. Confirm all the information provided and agree to the Terms of Use and other User agreements.
7. Select ‘Order’ to finalize the process. It usually takes three weeks for the Binance Card to arrive at your home address depending on the user’s location.
8. After you have placed your order, your virtual card will be automatically activated, but the physical card remains locked till the card is shipped to your address. Only then can you activate the card.
9. To activate it, navigate to the Card Wallet section and click the ‘Activate Your Card’ button to unlock the card. Input the CVV number (the three-digit number on the back of the card), and your 4-digit PIN will be displayed. Failure to activate your card within 45 days of receiving leads to automatic deactivation.

How to Check Your Binance Visa Card Details

You can check the card details after activating your physical card. To check;

1. Log into the Binance website, and navigate to the ‘Finance’ menu.
2. Click ‘Binance Visa Card.’ Alternatively, you can scroll to the bottom of the screen and select ‘Cards.’
3. If you don’t want to log into Binance through the website, you can log in through the application. Click ‘More’ and select ‘Card.’
4. Click ‘Show Card Details,’ and enter your 2FA code.
5. To see your PIN, tap on ‘View PIN’ and input your 2FA verification code. Note that the number will be on display for a limited time only. In addition, the PIN is only applicable to physical Binance Visa cards. A PIN isn’t required for payments with a virtual card once it’s connected to Google Pay or Samsung Pay.

How to Setup the Binance Debit Card

After receiving your physical Binance card, you’ll like to get started using it. First, you need to note that the card doesn’t pull out funds from your Binance crypto account just like that. You’ll have to transfer the money from your Spot Wallet to your Card wallet. You can shift fiat or supported crypto and select the order you want the funds to be debited. For instance, if you chose EUR and BTC as the top two funds, the card will debit the EUR balance before moving to the BTC.

The Card Wallet is the ideal place to store your holdings. It offers the option of limiting the number of funds on the card. Being able to prioritize which funds are first spent is good. We are certain most users will love that option.

Once you’ve set up your Card Wallet, you can spend your card anywhere online or in local shops that accept Visa. Ensure you have topped up the Card Wallet with funds from your Binance Wallet, otherwise, your payment will be declined. To save you from embarrassment and headaches, you can enable auto top-up, which automatically adds funds to your Card Wallet at the selected time. It’s important to note that Google Pay users can set up their cards by adding their card details to the app, which allows them to make NFC payments. This is also applicable to Samsung Pay users.

For more information on Binance, check out our Binance review .

Taxes and Fees

Countries are enacting crypto taxation laws – this could apply to those using the Binance card. If you intend to use this card, you should check if your country has any law that taxes crypto spenders and how much that’s taxed.

Binance credit card fees are flexible. The initial issuance fee for the card attracts $15, but subsequent monthly or yearly card maintenance attracts zero fees. This is applicable to physical and virtual cards. While the re-issuance of a virtual card attracts zero fees, reissuing a physical card attracts EUR 25.

Limits

Regarding card limits, the physical card has a daily spending limit of EUR 8,700. The virtual card is capped at a much lower limit of EUR 870. The ATM limit is capped at EUR 290 daily.

Comparison with Other Crypto Cards

As mentioned, a crop of debit cards has been launched by several crypto exchanges and service platforms due to the demand for crypto payments. An example is the BlockFi credit card and Nexo debit card. How does the Binance card fare against the two?

BlockFi credit card was launched in collaboration with Visa. Unlike the Binance card, it isn’t a BlockFi debit card. Called the first credit card in the crypto space by BlockFi founder Zac Prince, the card allows users to receive a 1.5% cashback for every card transaction. The cashback is then converted to BTC and credited to the user’s BlockFi account.

Nexo card operates somewhat differently from Binance and BlockFi cards. Instead of converting crypto to fiat and offering cashback rewards only, Nexo issues a loan based on your crypto holdings when using the card, settling the payment in fiat. The catch is you are spending the value of your crypto holdings without selling your crypto asset. You will be given a timeline to repay the loan in crypto or fiat. Nexo doesn’t offer litecoin lending, but BTC and Nexo tokens. For more details about this card, check out our Nexo card review here.

Other crypto debit cards that work similarly to Binance are SpectroCoin debit card, Wirex debit cards, Paxful Visa debit cards, and Coinbase cards. These debit cards support multiple cryptocurrencies and offer cashback rewards to users.

Cashback Rewards

The cashback rewards system is another benefit of the Binance Card. It rewards you with about 8% cashback on purchases. The amount rewarded, which is in BNB, depends on how much BNB is in your Binance account at the end of a month. For instance, if you have 10 BNB, your reward is 2%. The percentage of rewards increases in tandem with your holdings.

What it means is you have to hold BNB for a month to unlock the rewards. Given that the rewards are based on a monthly basis and not weekly like some competitors, this might be a turn-off for many crypto users.

BlockFi Rewards Visa Signature Credit Card Editor's Score: 5/5 Annuel fee 0% Crypto Rewards 1.5% Promo Offer 3.5% Cashback Apply Read Review

Nexo Card Editor's Score: 5/5 Annuel fee 0% Crypto Rewards 2% Promo Offer $100 Welcome Bonus Apply Read Review

Spectrocoin Card Editor's Score: 4/5 Annuel fee €1.15 Crypto Rewards 0% Promo Offer 0% Apply Read Review

Is Binance Debit Card worth it?

The cashback reward might be enough reason for some to brand the Binance Visa card worthless. You need a minimum of 6000 BNB or about $100,000 in equivalence to qualify for the 8% cashback, which is ridiculous. To unlock card level 2, you need around a $300 manageable stake. These aren’t good friendly amounts for newbies going into the world of crypto for the first time.

The fact that the cashback rewards are tied to BNB is another downside. They will only be worth it if you are heavily invested in BNB. The good thing is you can earn a 1% minimum without forking thousands of dollars worth of BNB. Besides the cashback rewards, the Binance card is worth having. Spending crypto and fiat conveniently sounds incredible.

Conclusion

Binance Visa card integrates some of the services of Binance, allowing you to spend your holdings online and in local shops. The catch is you are paying with fiat rather than with crypto, which sorts of defeat the ethos of crypto. However, the idea of converting crypto to fiat without middlemen should be applauded. Given the crypto awareness, the Binance Card could soon evolve into something much better.

If you want the best crypto lending sites and best NFT lending platforms to make extra income, check out our YouHodler review and MyConstant review.