Binance Card Review

Almost everybody that knows about cryptocurrency and how to buy or sell it would have heard or even know about the Binance wallet because it is one of the most popular cryptocurrency wallets in the world.

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The Binance card is just a debit card just like that given to everybody by their various banks once they create an account with the bank.

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With the Binance card, you can buy goods and services both online and offline with crypto.

All you have to do is just to Top up your card with any of the accepted cryptocurrencies which I will list out later in this article.

To encourage the use of cryptocurrency and to also make it a payment method, the card will be accepted by more than 46 million merchants offline and online in 200 regions and territories.

You can use it to buy groceries, pay bills online, buy gifts and every other thing your normal currency and card can buy online can also be bought using the binance card.

However, it is important to note that the Binance Card is currently available as a virtual card in a Beta version, with a physical card coming shortly.

The card is formally issued by Contis Financial Services Ltd who is authorized by the Financial Conduct Authority to issue e-money (Firm Reference Number: 900025) and is a member of Visa and was around since March 2020 but was officially announced on the 15th of December 2020.

However, the card would start shipping to the European Economic Area that are mentioned below.

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

The card has support for BNB (Binance Coin), BUSD (Binance USD), BTC (Bitcoin), ETH (Ethereum), and SXP (Swipe). Also, it supports the EUR fiat currency.

Binance Card Benefits

Zero Fees: Your Binance Visa Card is completely free! Binance do not charge any fees.

Hold crypto and exchange only when you need to: you don’t need to sell your crypto in other to buy goods anymore as you can now do that directly using your card.

Up to 8% cashback on your purchases: Get up to 8% cashback on all eligible purchases made with your Binance Visa Card.

The Binance network offers an interesting cashback feature which most of the same platform doesn’t.

For people who don’t understand what cashback is, let me explain:

With cashback, you will get a particular percentage of the total money you use in buying goods or services anytime you buy with the Binance card and the cashback will be transferred back to you in the form of BNB-tokens.

However, the percentage is actually from 0.1-8%, depending upon how many BNB-tokens you hold.

8% is a very high cashback level, one of highest there is. Another card company with a cashback function (Wirex), only offers 1.50% in cashback. The aggregate amount of cashbacks that you have generated are also displayed on your Binance Card Interface (see the picture above).

Binance Card Limits

To know the limits placed on your Binance Card, you can do that by checking the Cardholder agreement or on the Binance.com Card Wallet as shown below:

Your today’s spendings are shown with the bold font (circled in red) and the total daily limit is shown with the plain font (circled in blue). Daily spending limits for your Binance card are as follows:

Virtual Card – EUR 870
Physical Card – EUR 8,700
Daily ATM limit is EUR 290

Conclusion

The Binance card is a good innovation introduce by the Binance network which would enable users to buy goods or services with crypto and without having to sell their cryptos for their local currency so as to purchase goods.

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