With a crypto debit card, you can spend your cryptocurrencies on everyday goods and services. Yet, with crypto regulation being something of a grey area, there are some obstacles to keep in mind. For instance, selling crypto, even to use as a currency with a debit card, may trigger a taxable event. Residents of the US need to be aware that most conversions and sales of cryptocurrencies are currently considered taxable events. Despite their relative newness, there are already numerous crypto debit cards to consider. These cards vary in terms, perks, fees, and other features, so we did all the research for you. Here are our picks for the five best crypto debit cards: The company’s background and experience have also lent a great deal of security to its card. Not only is the card protected by the company’s transaction security, but users can freeze their physical card from anywhere using the companion app. Coinbase also offers up to 4% cashback on purchases with this Visa. One of the challenges with crypto debit cards is the stark contrast between how many cryptocurrencies exist and how many are compatible with these cards. While not top in the industry for the number of cryptos that work with their card, Coinbase offers a broader selection than many competitors. Cardholders can utilize any supported crypto on Coinbase and US dollars on purchases with the card, including withdrawals at ATMs. Coinbase has stated that they’ve removed transaction fees, making this a potentially fee-less process. There is a 2.49% conversion fee listed in the user agreement, specified for transactions from cryptos other than USD Coin. Cardholders may wish to maintain a portion of their assets in USDC for the purpose of fee-less transactions. The wide utilitarian usage of the Coinbase Visa, combined with the removal of fees, the large number of compatible cryptocurrencies, high-level security, and strong rewards program earned this card its spot as best overall on our list. Pros
Strong security featuresNo transaction feesLarge selection of compatible cryptos Strong rewards system Companion app
Cons
There is a potential 2.49% conversion fee for non-USDC cryptos upon transactions or ATM withdrawals.
BitPay is one of the forerunners in this industry. It was founded in 2011, well before cryptocurrency had expanded into the vast sphere of coins it is today. The company’s history and experience have lent towards making a crypto debit card with minimal costs, impressive ease of access and utility, and strong security. While rewards would be a nice caveat, the lack thereof doesn’t keep the BitPay Mastercard from being runner up for best overall on our review list. Pros
Supports 13 coins No conversion fees Easy to reload from a many popular wallets Strong security features Companion app
Cons
No reward features
Thanks to its utility, low fees, and robust investment-based rewards system, the Crypto.com card earned a spot on this list as best for high-end investors. While the Crypto.com Visa has a steeper cost to play, it offers nearly unparalleled benefits for those who are willing and able to invest into the top tiers of card. No matter your tier, this card is usable at merchants and ATMs both, making it a viable everyday debit card. Pros
High rewards at top tiersHigh number of compatible cryptosLow feesCompanion app
Cons
Best rewards tier requires heavy investmentTransactions have a fee after a threshold has been reached
Every crypto debit card has its own nuances when it comes to cashback and how cardholders can receive these rewards. BlockFi breaks with some of its competitors by allowing cardholders to select which crypto they would like to use when receiving their cashback rewards. Combined with the card’s unlimited cashback, the option to choose earns it a spot on our list as the best crypto debit card for unrestricted cashback rewards. Pros
Earn cashback in a variety of cryptosUnlimited 1.5% cashback on all purchasesNo annual or foreign transaction feesIncludes travel and dining benefitsCompanion app
Cons
Requires spending $30,000 or more annually to reach the 2% cashback rewards tier
Due to filing and regulatory issues, residents of the US and the UK are no longer eligible for the Binance Visa card. With crypto regulations and norms changing rapidly, this may remain a barrier long-term, or it may change once again. Still, despite this restriction, the Binance Visa offers some of the best cashback rewards found in crypto debit cards. The potential for 8% cashback, requiring heavy investment, earned the Binance Visa best for cashback on our list. Pros
Large cashback reward potentialLarge number of supported cryptosLow feesCompanion app
Cons
Cashback rewards are only in BNB No longer available for US and UK citizens
If a high percentage of cashback is your top priority, you may want to consider the Binance Visa or the Crypto.com Card. If the number of cryptocurrencies you can convert and use through your card is most important, you may want the Crypto.com Card or Coinbase Visa. Suppose you want a cashback reward program that can fluctuate some with the market. In that case, the BlockFi Rewards Visa Signature Card may suit your purposes. If you want a Mastercard crypto debit card with no fees and an interchangeable app, the BitPay Card might be a good choice.
These debit cards work by selling some of those crypto assets for you and converting them into a legal currency at the point of transaction or ATM withdrawal. In short, the card either sells some of your cryptos and converts them into cash when you use it, or it requires you to keep it pre-loaded with a specific cryptocurrency.
