Looking for the best cryptocurrency debit card? In this guide, we’ll break down the best options for investors based on factors like cashback rewards, fees, and availability by region!
Quick Look: Best Crypto Debit Cards Coinbase: Best Overall Crypto.com: Best for Benefits and Perks Monolith: Best DeFi Debit Card Wirex: Best Cashback Rewards for US Investors Binance: Best for Non-US Investors Coinbase Best overall Coinbase offers a VISA debit card funded by your Coinbase account balance. The Coinbase Card offers cashback rewards and is a great choice for existing Coinbase users! Pros: Cryptocurrency rewards: Coinbase offers cashback rewards in cryptocurrency. Your rewards may vary based on the type of cryptocurrency you choose to receive rewards in. Typically, ‘up-and-coming’ cryptocurrencies — rather than established cryptos like BTC and ETH — offer higher rewards.
Here are some reward rates that we’ve seen on the Coinbase Card in the past.
Bitcoin: 1.5% Ethereum: 1% USD. Coin: 1% Dai: 1% The Graph: 4% Coinbase integration: The Coinbase Card is integrated with the Coinbase ecosystem. That means you can fund your debit card and sell off your rewards on your Coinbase account — making the debit card a great choice for existing Coinbase customers. No annual fees: The Coinbase Card has $0 annual fees! Cons: Lower rewards: The Coinbase Card offers lower cashback rewards than some of the other debit cards on this list. Monthly spend limits: The Coinbase Card has a monthly spend limit for users. The spending limit varies based on your activity, but is typically high four figures to low five figures. Crypto.com Best for benefits and perks Crypto.com’s debit card comes with benefits and perks for users who stake a large amount of CRO (Crypto.com’s cryptocurrency). Cashback rewards are as high as 5%! Pros: Cryptocurrency rewards: Crypto.com offers cashback rewards between 1-5%. The more CRO you stake, the higher your reward rate. No annual fees: Crypto.com does not have annual fees. However, there is a monthly inactivity fee of $4.95 if you do not use your card during a month. Subscription reimbursements: Crypto.com offers reimbursements for select subscriptions — like Spotify, Netflix, and Amazon Prime! Cons: Need to stake CRO to receive benefits: Most of Crypto.com's benefits are only available to users who stake CRO for at least 180 days. You’ll need to keep your CRO staked to receive your cash back benefits. Highest benefits only available for users staking large amounts of CRO: 5% cashback rewards are only available for users who stake $400,000 of CRO. Withdrawal limits: The Crypto.com debit card has ATM withdrawal limits based on what tier card you have. The lowest tier card — Midnight Blue — only allows users to withdraw up to $200 a day. Monolith Best DeFi debit card Monolith is the first DeFi protocol to offer a debit card! The Monolith debit card allows you to take control of your private keys without the need for a centralized custodian. Pros: No centralized custodian: Unlike other debit cards, Monolith does not require your funds to be held by a centralized custodian. That means the card is a great option for investors who value decentralization! No annual fees: Monolith does not have monthly or annual fees for users. Cons: Availability: The Monolith debit card is not available in the United States, Mexico, Argentina, and other countries. The Monolith debit card primarily serves users in the United Kingdom and Europe. No cashback rewards: Unlike other debit cards, the Monolith debit card does not offer cashback rewards. Usage Fees: The Monolith card comes with a 1% fee for adding cryptocurrency to the card (0% for TKN and DAI). In addition, there is a 1.75% fee on all purchases. Withdrawal Limits: The Monolith debit card has a £300 daily ATM withdrawal limit. Wirex Best cashback rewards for US investors Wirex is a payments platform based in the United Kingdom. The Wirex crypto debit card offers some of the highest cashback rewards in the industry! Pros: High rewards: The Wirex debit card offers cashback rewards from 1-8% depending on your pricing plan — the highest of any debit card on this list! Low fees: Wirex does not have monthly, annual, or usage fees! The debit card allows you to withdraw up to $250 free via ATM, with a 2% fee afterwards! Availability: The Wirex debit card is available in the United States, United Kingdom, and Australia. Cons: Reward structure: Unlike other debit cards on this list, the Wirex debit card only allows users to receive rewards in WXT — Wirex’s native cryptocurrency. Price tiers: The Wirex debit card has three tiers: Standard, Premium, and Elite. Your cashback reward rate and maximum reward per month varies depending on your tier. WXT purchase required: You’ll need to purchase WXT to receive rewards and upgrade to different price tiers. Binance Best for non-US investors Binance, the world’s largest cryptocurrency exchange, offers a crypto debit card to users! The debit card offers rewards of up to 8% for investors who stake a large amount of BNB — Binance’s native cryptocurrency. Pros: High rewards: Binance offers high rewards — up to 8% for investors staking a substantial amount of BNB! Part of the Binance ecosystem: The Binance debit card is part of the Binance ecosystem, making it a great choice for existing Binance exchange users! Cons: Availability: The Binance debit card is not available in the United States! High rewards for BNB stakers only: Binance’s cashback rewards are on a sliding scale. The more BNB you stake, the higher your rewards! The card offers .1% cashback if your account has 0 BNB and 8% cashback if your account has 600+ BNB. Fees: The Binance debit card has a 0.9% commission fee on all transactions. While this is a relatively low transaction fee, other crypto debit cards offer no fees on transactions! How do crypto debit cards work?
Cryptocurrency debit cards are designed to make it easy for you to use your cryptocurrency holdings for real-world purchases. Cryptocurrency exchanges partner with companies like Visa and MasterCard to make sure that your crypto debit card is accepted by the vast majority of vendors and merchants.
Here’s how crypto debit cards work:
Load your card with a set amount of cryptocurrency. When you make a purchase, the card will automatically convert your cryptocurrency to fiat currency, then transfer the cash to the seller. Pros and cons of crypto debit cards
Let’s walk through some of the pros and cons of crypto debit cards.
Pros: Spend cryptocurrency on everyday purchases! Earn crypto through cashback rewards! Low fees compared to other types of cards! Cons: Spending crypto is a taxable event. Must keep your debit card supplied with cryptocurrency to spend. Can I replace my normal debit card with a crypto debit card?
You should consider your own unique situation before replacing your traditional debit card with a crypto debit card. Crypto debit cards often offer higher rewards than traditional debit cards (typically between 1-2%).
However, unlike traditional debit cards, you may incur capital gains or losses when you make purchases with a crypto debit card (more on this later in the article).
Can I get a crypto debit card with no KYC?
All of the debit cards listed in this article require customers to fill out KYC (Know Your Customer) information before opening a debit card. It’s unlikely that you’ll find a reputable crypto debit card provider that doesn’t require KYC.
Should I get a crypto debit card or credit card?
The answer to whether you should get started with a crypto debit card or a credit card depends on your unique situation. Crypto credit cards offer advantages such as helping users build credit — however, they often require credit checks to get started!
Gemini credit card is a popular option for crypto credit card users — the card offers benefits like 3% cashback on dining! How to choose a crypto debit card
Here are some factors you should consider before opening a crypto debit card.
Rewards: Before you choose a crypto debit card, you should understand the cashback reward rate and other potential perks and benefits you can receive. Fees: Understand what fees your crypto debit card charges before you get started. It’s possible that you may be charged liquidation, foreign transaction, and/or withdrawal fees. Convenience: Many investors choose debit cards based on convenience. For example, it may be easy for an existing Coinbase user to get started with the Coinbase debit card rather than opening an account with another exchange. Tax implications: You should research whether your debit card comes with tax implications. Some cards allow you to make purchases with stablecoin — reducing the potential capital gains impact! How are crypto debit cards taxed?
When you convert crypto to fiat currency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.
Crypto debit cards work by converting cryptocurrency to fiat currency at the point of sale. This means making purchases on a crypto debit card will be subject to
capital gains tax.
minimize taxes, many investors choose to fund their debit cards with stablecoin. Because stablecoins are pegged to the US dollar, the associated capital gain from a disposal will be close to ‘0’. Are cashback rewards taxed?
Based on previous IRS guidance, crypto cashback rewards will likely be considered a non-taxable rebate. However, your cashback rewards will be subject to capital gains tax upon disposal.
To better understand how your debit card is taxed, check out our
guide to crypto debit card taxes.