Binance Card Review - Up To 8% Cashback For Your Purchases!

Binance card is a Visa debit card that offers withdrawals from your Binance holdings. Your digital currency is converted to fiat money when you make a purchase.

The Binance card can be used for our purchases internationally, so we decided to summarize the main features, fees, limits, how to set it up and all other benefits of this payment card and write a review for you.

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Basic information

Binance card review

Binance runs one of the largest exchanges and apart from the crypto exchange they partner with Swipe to issue its Visa debit card.. The card can be used worldwide anywhere Visa is accepted. It allows you to transfer and spend cryptocurrencies for real-life purchases.

Binance started shipping physical cards to users in the EEA in December 2020, and the card is currently only supported for customers in EEA countries. You must have an active Binance account to apply.

Once you have created and activated it, you need to transfer your cryptocurrencies from your spot wallet to your funding wallet and you are ready to go.

The Funding Wallet supports conversion and spending between exchange-supported cryptocurrencies. Your funds are converted to local fiat currency in real time at the time of purchase. The Binance Card keeps cryptocurrency in your wallet and only transfers what is needed at the time of purchase. 

You can get both physical and virtual versions of the card. Binance Virtual Card is supported by Google Pay and Samsung Pay (Apple Pay is not available).

There is no transaction fee from Binance and it offers the highest cashback rate in the market. The design of the debit card with all black and silver color shade is very pleasing. The card is plastic.

How the Binance card works

If you fund your Binance card with multiple cryptocurrencies, the card will use default order to determine which of your cryptocurrencies to use in your transactions first.

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The good news is that you can manually adjust the order of your cryptocurrency spend order in your Binance dashboard. So if you want to spend BTC first and then ETH, USDT and BNB, you can adjust your spending sequence as needed.

This default order is:

• BNB
• BUSD
• BTC
• USDT
• SXP
• ETH
• ADA
• DOT
• LAZIO
• PORTO
• SANTOS
• USDT

This default command would mean that your binance card would automatically use your BNB balance to pay for transactions until you run out of coins. If your BNB balance was insufficient, it would use your BUSD balance before switching to your BTC balance.

When you make a purchase or withdraw money from an ATM, any cryptocurrency in your account will be converted to EUR using the latest Binance market exchange rate.

Key features of the Binance Card

Cashback rewards

In addition to real-time conversions, another advantage is that Binance offers, Cashback. You can earn up to 8 % in BNB for all eligible purchases you make with Binance Visa.

Your Cashback depends on the amount of Binance Coins you deposit in your account. It is calculated daily for each settled purchase from the previous date. Binance may deduct Cashback in the event of a refund. The Binance card has 7 levels and depending on the average BNB balance; you are entitled to the corresponding cashback.

Here is a table representing the average balance of BNB and Cashback.

Based on the table, you can get the highest Cashback in BNB if your average monthly BNB balance is 600 BNB.

Monthly average BNB balance means the average BNB holdings in your Binance wallets for the 29-day period prior to yesterday.

Binance.com

Cashback is paid daily to your funding wallet and you can view all your cashback transactions in the cashback vault on your mobile app or desktop. Not all transactions are included in the cashback program; transactions eligible for Cashback are at the discretion of Binance and its partners.

E.g. states that transactions on digital wallets, crypto exchanges, digital banking services, money remittances, stored value products and special other categories are not considered for the cashback program.

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Mobile applications and push notifications

Using the mobile application, you can quickly check your daily transfers and all the transactions you make with the card. It is supported on IOS and Android. You will receive notifications for every purchase you make with your Binance Card.

The app layout is intuitive and easy to configure. To access your card, you must open the app, go to your funding wallet and select your card.

Other features include:

• No monthly fees or minimum balance requirements.
• Support for contactless payments.
• Easily manage your cards through the Binance dashboard.
• A convenient process of topping up the card with your balance.

Binance card fees

Binance does not charge any processing and administrative fees; however, third party fees may apply. The card uses funds from your financial wallet and cannot be topped up from other external platforms.

Web Binance only lists the following fees:

• Transaction Fees: up to 0.90 %
• Fee for reissuing a physical card: 25 EUR

Binance Card's 0.90 % per transaction fee isn't bad (it's actually quite competitive). However, it is not clear what "up to 0.90 %" means here and when you can get lower fees when using the card.

As I mentioned above, Binance also states that "third-party services and network fees" may apply to your card transactions, although it is unclear what this actually means and in what situations these additional fees may apply.

On Binance card there are relatively few limits :

• Daily spending limit (virtual card): 870 EUR
• Daily spending limit (physical card): 8,700 EUR
• Daily withdrawal limit (physical card): 290 EUR
• Limit of one contactless transaction: 50 EUR
• Total daily contactless transaction limits: 150 EUR

Binance card instructions

Card application

First, you must have an active verified Binance account to apply for a card. You can order the card on your computer or mobile phone.

1. Go to your Binance dashboard.
2. Click on Finance and Binance Visa Card at the top of the screen.
3. Click before confirming Start and read the KYC consent.
4. You will be taken to the page Order with details including your name automatically filled in from your Binance account. You will need to enter other details such as the date of issue of your passport or driver's license, phone number and any missing fields in the delivery address section.
5. If your information is correct, you can continue, and in case of incorrect information, you must contact the Binance support team.
6. Agree to the terms and click on Order Binance Card.
7. Binance will generate your virtual card immediately, but it may take a few days to activate your physical card.
8. Your physical card will be mailed to the address provided. Delivery of the physical card can take up to 45 days.

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Card activation and settings

When the day comes that you receive your card, you will need to activate it.

1. Log in to your Binance account and click Activate on the Card Dashboard.
2. You will need to enter the last four digits of your card. You will then be prompted to enter your CVV. Once they verify the information entered, your physical Binance card will be activated and you will receive your PIN to access the ATM.

In order to use the card, you will need to transfer money from your Spot wallet to your card wallet. You need to ensure that your wallet is funded and replenished regularly.

Safety

Binance Swipe Account and Visa Debit Card are electronic money services provided by Contis Financial Services Ltd. Your funds are protected in a regulated bank account and are segregated from company funds. 

In the event of insolvency of Contis Financial Services, they are protected against any claims. Binance Card is regulated and safe to use. You will need to perform 3DS (3D Secure Verification) before making any online transactions with your Binance Card.

You can contact customer service through various channels, but users still report very slow response times. We can confirm that response times are a bit slow.

While you wait, you can visit their site and try to find your answers in their FAQ section and other educational resources they offer.

Pros

• Linked to your Binance account for easy top-up.
• No monthly fees or minimum balance requirements.
• Available as a physical and virtual card.
• Instant access to your virtual card after registration.
• A co-branded Visa card that is widely accepted worldwide.
• The largest cryptocurrency exchange platform.

Cons

• It is only available for countries in the EEA.
• Does not support Apple Pay (only Google Pay and Samsung Pay).
• Many limits and restrictions in the cashback rewards program.

Conclusion

The card is linked to one of the largest cryptocurrency exchanges, and since we use the exchange daily, it's a very convenient way to spend your cryptocurrencies in the real world. The card and the company behind it are secure and you can feel safe using it.

The cashback program comes with pluses and minuses, you cannot unlock the highest rate (8 %) without holding hundreds of thousands of EUR BNB in your account.

The Binance Card is a standard cryptocurrency-backed debit card that allows you to use a select number of supported cryptocurrencies to pay for your daily transactions.

We see no reason against ordering a card if you are a cryptocurrency trader using or planning to use the Binance exchange. It gives you a great and smooth way to use your crypto assets for everyday purchases.

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.