Binance Visa Card: everything about the Binance debit card
With the Binance Visa Card, you can pay for products and services with cryptos. When you use the Binance credit card, you can even receive up to 8% cashback on all your purchases. In this article, we will discuss the Binance Visa card in more detail.
How to apply for a Binance Visa card?
Before you can apply for a Binance Visa Card, you first need an account on Binance. Click here to open a free account on Binance & benefit from a 20% permanent discount on all your transactions through our website!
After you have opened an account, it is important to complete the verification process. Only verified users can apply for the Binance Visa card.
After you have completed all the steps, you can apply for the Binance Visa Card via Finance and then Binance Visa Card. Then press the get started button to apply for your Visa card. Applying for a Binance Visa card is completely free. Check all your address details and then press the Order your Binance Card button. Due to the great popularity, it can take a long time before the credit card is delivered.
What is the Binance Visa card?
The Binance Visa Card is not a real credit card. A credit card allows you to buy products and services on credit. This is not the case with the Binance Visa Card: with this card, you must first deposit the cryptos on your card.
Fortunately, the use of the Binance Visa Card is entirely free. However, other parties may of course charge extra for the use of a credit card. After you have submitted the application, you will receive both a physical and a digital card that you can use.
How to use the Binance Visa Card?
The Binance Visa Card will not just use cryptos from your spot wallet. You need to load the debit card first by adding cryptocurrencies. You do this by navigating to transfer: here you can easily move cryptos from your spot-wallet to your pay-wallet.
Please note that the value of the amount you put on Binance Visa Card can fluctuate. Cryptocurrencies are volatile, so the value of the crypto on your debit card may also rise or fall rapidly.
The cashback: up to 8% back on your purchases
One major advantage of the Binance Visa Card is that you can receive money back on the payments you make. With your Binance Visa Card, you can receive up to 8% back on your purchases.
The percentage of cashback you receive depends on your average BNB balance over a 30-day period. You can examine the cashback level below:
|Level||Average 30-day BNB balance||Reward in BNB for your purchases|
As you can see, for the optimal cashback level, you need to keep numerous BNB in your account. Fortunately, you do not have to hold this BNB passively: through Binance Earn, for example, you can stake the crypto coins and earn additional returns on your crypto coins.
You will also receive your cashback in Binance Coin. The limit you can receive in one month is €1800.
How secure is the Binance Visa Card?
Before you use the Binance Visa Card, you may want to know how secure it is. The Binance Visa Card is protected by the SAFU fund. Binance deposits 10% of the transaction fees into this fund to compensate users in case of a hack of the Binance platform.
Please note: if you do not protect your account sufficiently, losses by hacks will be at your own expense. Therefore, please read this article about securing your Binance account.
Personally, I would not convert your entire savings account to crypto. Storing crypto on an exchange remains risky. In this article, you can read how the Binance wallet works and how you can transfer cryptos to an external wallet.
How does paying with the Binance Visa Card work?
Paying with the Binance Visa Card works the same as paying with any other Visa card. When you shop online, you simply fill in the credit card details to receive the payment on your account. You can also pay with a Visa card in most shops. When a payment is €100, an equal amount of crypto will be taken from your wallet. Keep in mind that cryptos are very volatile, so your payment might be unexpectedly higher or lower.
How does withdrawing money with your Visa Card work?
You can also withdraw money from an ATM with your Binance Visa Card. This is also a good way to convert money from your Binance account to fiat currency. Please note that ATMs often charge additional fees for withdrawing money with a Visa card. The amount you can withdraw depends on the value of the crypto on your account.
Conclusion Binance Visa Card
The Binance Visa Card makes it possible to pay with cryptos at millions of companies worldwide. The fact that you do not pay any fees for applying for the Visa card and even receive cashback makes this an attractive option. However, it is important to take the volatility of cryptos into account. Depending on the price of Bitcoin, the price of a laptop in euros can rise or fall significantly over time.
I still know the story of someone who bought a pizza for 1,000 bitcoin in the early days of crypto. This number of bitcoin would be worth a fortune now. Maybe you will experience the same with the laptop you buy with Bitcoin. At the same time, there is always the possibility of sharp declines, so the sword can cut both ways.