Many experts believe that crypto is the future of money. Cryptocurrency is decentralized and secure and lends itself to various uses extending that of traditional currency. However, for many, cryptocurrency is treated as an asset to purchase, hold, and sell when profitable.
Without a way to utilize cryptocurrency as an actual form of money, mainstream consumers may never take the leap. Crypto credit and debit cards provide an easily accessible opportunity for everyday people to take advantage of cryptocurrency’s benefits.
What is a Crypto Debit Card?
A Crypto Debit Card allows you to spend cryptocurrency with a swipe. A crypto debit card works just like a traditional bank card. The only difference is instead of being connected to your checking or savings account, the crypto debit card is connected to your crypto wallet.
These cards can be used anywhere that traditional Visa and Mastercards are accepted. This is a great way to utilize your holdings and start using your cryptocurrency as an actual form of currency.
The Best Crypto Visa & Debit Cards in Australia
The best crypto credit cards are those that offer little to no fees while providing the maximum amount of rewards. Here are our favourite Crypto Credit Cards to use in Australia.
The Crypto.com Visa is a prepaid debit card that uses your crypto.com wallet. You can load up the card with both fiat (AUD) and cryptocurrency and spend it anywhere that takes Visa. The card has no annual fee and can be used at home and abroad. The card itself is metal and highly durable. It also boasts no-fee ATM withdrawals.
The Crypto.com Visa Debit card offers a tiered list of rewards. Your reward tier is based on how much of the site’s native cryptocurrency CRO you stake. You will need to stake CRO for at least 180 days when you open the card. After that, rewards are deposited in CRO and hit your account instantly when earned and can be spent the same as any other cryptocurrency. The reward ceiling for this card is currently set at 8% of total spending, but the higher tiers of this card offer rebates at top retailers and travel perks.
The Coinbase Card is a Visa debit card that allows you to spend AUD and cryptocurrency. The Coinbase Card can be used anywhere Visa is accepted both in Australia and abroad. The card does not require any annual or spending fees. The Coinbase Card offers direct deposit from your pay check with no fees, so you can be sure it is always ready to go.
The Coinbase card offers up to 4% cash back on purchases with rewards paid out in the cryptocurrency of your choice. You can choose from popular options like Bitcoin and Ethereum or take a chance on an up-and-coming asset. This is a great option with no limit to the number of rewards you can earn.
The CoinJar Card is a crypto debit card by Mastercard. The card is managed through the CoinJar app and allows you to fund spending by selecting specific assets in your wallet. The CoinJar card is accepted anywhere Mastercard is accepted, whether in person or online. You can choose between a digital or a physical version of the card based on your preferences and spending habits.
The CoinJar card has no monthly or annual fees and no activation cost. However, the CoinJar card does charge a 1% fee for purchases and ATM withdrawals, but users will receive 100 points for every $1 they spend in transaction fees. These points can later be redeemed in the CoinJar rewards store for various physical and virtual rewards.
The Binance card is a Visa Debit card that offers physical and virtual spending options. With the Binance card, you fill your funding wallet with the crypto of your choice and can use your card anywhere. In addition, the Binance card has no monthly, annual, or transaction fees.
The Binance card offers a levelled reward system based on your monthly average balance of BNB (Binance’s native coin). The higher your monthly average BNB holdings, the higher return you get on spending with the top-level offering 8% back on all purchases. Rewards are returned to your funding wallet as BNB and can be spent or withdrawn instantly.
How to Choose the Crypto Debit Card that is right for you
Choosing a crypto credit card can be a difficult task. First, you will want to find the card that offers the rewards that you like the most. Some of the cards listed above require you to get involved with a site’s native currency, while others do not. If you already use one of these services as a crypto wallet, you may see the benefits of using their card.
Picking a crypto credit card is all about finding a trusted service to turn your crypto assets into usable resources while providing valuable rewards.
As with traditional banking, there are other options when it comes to payment providers and types of cards. Below are some other methods that may be a better fit.
Crypto Credit Card
Crypto credit cards vary slightly depending on your service provider. Some crypto cards work just like traditional credit cards but offer cryptocurrency as rewards for spending and paying on time.
Other crypto credit cards give you a line of credit based on your crypto wallet. You can then use this credit like you usually would but could pay back the card using either cash or crypto.
Crypto Prepaid Card
A prepaid crypto card is exactly as the name implies. Using your crypto wallet, you can load money onto the prepaid card and spend it as you please. When the funds on your prepaid card are finished, you will have to load more funds onto the card using the crypto in your wallet.