From application process to rates, an in-depth comparison of the top ten crypto payment cards

الأصل | Odaily Planet Daily ( @أوديلي تشاينا )

المؤلف: جك

As the global تشفيرcurrency infrastructure matures, users’ demand for the “real usability” of on-chain assets is growing. However, how to truly use on-chain assets in real life has always been a concern for crypto users.

Crypto payment cards (also known as U cards) have quietly emerged in this context. They not only open up the last mile of asset use, but also quietly reshape peoples understanding of wallets, PayFi and payment networks.

Whether it is directly binding to mobile payment software for consumption , or flexibly responding to market conditions by lending stablecoins by pledging Bitcoin , the ways to play with crypto payment cards are becoming more and more diverse. Among them, some are based on exchanges, focusing on stability and cashback rewards, while others are based on wallets or protocols, emphasizing on-chain native assets and composability. Todays crypto payment cards have become a practical and increasingly mature crypto financial entrance.

In order to clarify the real usage experience and differences of such products, Odaily Planet Daily has deeply disassembled the top ten most representative crypto payment cards in the current market based on a large amount of information collection and user feedback from social platforms, including Bybit, Bitget, SafePal, Morph, Infini, Coinbase, Nexo, MetaMask, 1inch and RedotPay, and combined their application thresholds, supported assets, rate structures, cashback mechanisms and on-chain interaction capabilities, to conduct systematic sorting and horizontal comparison to help readers find the pass that best suits them in this rapidly evolving field.

Newbie U card for Chinese users

Bybit Card: The most widely used exchange U card

Bybits recently launched virtual debit card has become very popular on social platforms due to its low annual fee and low threshold . This card supports mainland KYC certification and the application process is free.

The application process is quite simple: users first need to register a Bybit account. After completing the registration, they need to conduct real-name authentication on the platform. It is reported that using a mainland China identity can pass the KYC review. After passing the authentication, find the Card option on the homepage to enter the application page, and then users can choose different regions to open a card:

1. Select Australia as the card issuance region. If you select this option, you do not need to provide proof of address when applying for a virtual card . After submitting your application, the review time will take about 5 to 7 working days. In this version, the default currency of the card is US dollars.

2. Users can also choose the European Economic Area (EEA), but please note that the EEA version requires proof of address in the European Economic Area, such as utility bills, credit card bills, etc. The default currency of the card in this version is the Euro.

In terms of usage, the card can be managed in the Bybit App. The virtual card can be directly bound to Apple Pay, Google Pay and other consumption, and can be used by swiping the card at merchants around the world that support Mastercard.

According to a recent Twitter news, the Australian version of the virtual card can no longer be bound to Alipay and WeChat Pay for consumption , mainly due to the excessive use of cashback activities by the Luma Studio. However, there are also user news that Alipays touch-and-pay can be used for transactions, which may vary depending on the risk control of each users account. If you need to bind these payment tools, you can consider applying for the European card version. According to Twitter information, the European card version can still be bound to Alipay and other payment tools for use.

In terms of fees, the Bybit card is quite competitive: transaction fees range from 0.9% to 3%, depending on factors such as the card opening region, transaction currency, and consumption location. Some transactions may incur additional intermediary fees (such as platforms such as Alipay). The platform is currently carrying out a new card promotion, and users can enjoy a 10% cashback discount on consumption.  

It is important to note that consumption in different regions may incur additional costs such as currency conversion fees. For example, if a user pays with a card at a merchant that uses Japanese yen, the final handling fee may include the exchange rate from USD/EUR to Japanese yen, which the user will also have to bear. Overall, this card has obvious advantages in terms of usage as it is linked to an exchange, and is one of the more convenient options on the current market.

Bitget Card: Exclusive payment card for VIPs

Compared with traditional bank cards, the virtual debit card launched by Bitget also uses no annual fee and direct consumption of USDT as its main selling points, attracting the attention of many crypto users. The card currently supports two card organization options: UnionPay and Mastercard, covering the actual needs of different regions and consumption scenarios.

The issuer of Bitget Card is DCS (DeCard), a local regulated issuing bank in Singapore . According to market news, Bitget has acquired most of its shares. Although DeCard also provides card application services for individual users, this path usually requires applicants to have local Singapore identity authentication and mobile phone numbers, which is a high threshold. Therefore, applying through the Bitget platform is a more feasible way.

It should be noted that Bitget Card is not currently open to all users. According to the current rules of the platform, only users who have reached the VIP level are eligible to apply, and one of the common thresholds is that the account balance must reach 30,000 USDT or equivalent assets. Therefore, the target user group of this card is more for high net worth or active trading users.

Currently, Bitget Card also supports binding operations such as Apple Pay, Google Pay, Alipay, and WeChat . Its function focuses on the release of liquidity of on-chain assets and daily consumption. It should be noted that there are different types of Bitget cards. The Bitget card on the official website is a Visa card with the US dollar as the underlying settlement currency, while the more popular Bitget Premium Payment Card on Twitter is a Mastercard/UnionPay card with the Singapore dollar as the underlying settlement currency, which is slightly different. According to the user experience on Twitter, this card can be used smoothly in all places that support Mastercard.

At the same time, Bitget stated on its homepage that there will be opportunities for BGB cashback in the future.

In terms of fees, the transaction fee of Bitget Card is also 0.9% to 3% , which is mainly affected by factors such as transaction currency, consumption location, and whether currency exchange is involved. For example, if a transaction settled in USDT is conducted in a non-USD/SGD region, a certain currency exchange fee may be triggered. In addition, different payment channels (such as UnionPay and Mastercard) may also affect the arrival time and intermediate fees. At the same time, Alipay and WeChat Pay will also charge fees for transactions above 300 yuan.

Overall, as a virtual financial product derived from the exchange, Bitget Card provides users with another channel to use encrypted assets in real-world consumption scenarios. It is especially suitable for users with large assets and frequent cross-border consumption.  

SafePal x Fiat 24: Not just a U card, but also a compliant bank account

Different from the traditional virtual card, SafePal provides a more integrated encrypted financial service, which is supported by the Swiss registered bank Fiat 24. After completing identity authentication and address verification, users will obtain a real European bank account (including IBAN) that can be used for international collection, withdrawal, and even debit card consumption associated with the account.

The application process is slightly more complicated than other cards. Users must first enter the relevant module in the SafePal wallet interface, provided that the account is located in a region that supports the service (currently including mainland China). Next, users need to transfer a small amount of ETH on the Arbitrum network to mint identity NFTs as necessary credentials for obtaining Fiat 24 banking services. After completing KYC and address authentication, the system will assign a Fiat 24 bank account, and you can simultaneously apply for a Mastercard debit card bound to the account. Some users received Visa cards in 2023, and the current mainstream version is Mastercard.

The card also supports binding with Apple Pay, Google Pay, Alipay, WeChat Pay, etc. The underlying settlement currencies support Euro, US Dollar, Swiss Franc and RMB.

In terms of fees, the comprehensive fee range of SafePal debit cards is 1% to 3%, depending on the specific transaction structure. The account withdrawal process is about 1% handling fee, and there is no additional charge for the same currency consumption, which is good news for users who have consumption needs in the above four currencies. Once the fiat currency balance in the bank card is exhausted, the system will automatically deduct the fee from the bound cryptocurrency balance to realize the consumption of encrypted assets.

في نفس الوقت، because users get a complete bank account that supports international transfers to major banks, as well as international digital banks such as ifast, Wise, and Revolut, there are a lot of experiments and rate evaluations on social platforms.

Compared with other exchange-led card products, the cooperation between SafePal and Fiat 24 is closer to the extension of traditional financial services to the crypto world. It provides users with more than just a card, but also a complete financial account that can freely send and receive euros, link crypto assets, and has a compliant identity tag. It is particularly suitable for users with cross-border payment needs or asset export needs.

Morph Black Card: The leader in high-end credit cards

Morph Black Card is a flagship membership rights carrier launched by Morph, which is positioned as a consumer L2. It is positioned as a combination product of on-chain identity + real-world privileges for high-net-worth crypto users. Unlike traditional virtual debit cards, the application threshold for Morph Black is to hold a specific NFT – Morph Black NFT, whose current floor price in the secondary market is about 0.87 ETH. This NFT not only symbolizes the users membership status, but also embeds the pricing and circulation functions of on-chain financial rights.

In terms of functional design, Morph Black NFT is officially تحديned as the flagship asset of the MorphPay ecosystem. Its holders may receive future Morph رمز مميز airdrops from the platform and enjoy the right to distribute at the lowest fully diluted valuation (FDV) stage. At the same time, NFT will also be linked to multiple ecological projects including BAI Fund to bring airdrop incentives to users. Cardholders can also participate in on-chain deposits on the platform and obtain annualized returns of up to 30%.

In terms of card benefits, the Morph Black card is a 22g physical black and gold card. Cardholders can apply for the card after completing KYC. The advertised benefits include exemption from the annual fee of about $300 common in traditional black cards, and enjoy a handling fee as low as 0.3% during the deposit and withdrawal process (depending on the exchange demand). The card has a daily deposit and withdrawal limit of up to $1 million, and will also come with a US dollar bank account in Singapore. At the same time, according to the platforms public information and community discussions, the card will also link hotels, air ticket reservations and private concierge services worldwide, and may provide support through the Aspire VIP system to create travel and life supporting services similar to traditional high-end credit cards for crypto asset holders.

In addition, according to community and social platform news, the Morph Black physical card may be built based on the DCS (DeCard) issuance system. Its investor Bitget is rumored to have acquired most of DCSs shares. Therefore, the card is very likely to be developed based on DCSs Mastercard card. Some rights and interests may come from the DCS black card Imperium World Elite Card, and it has a credit card mechanism.

According to the Morph team, in the future, a regular card version will be launched for a wider range of users to expand its payment network and ecological penetration. Overall, Morph Black Card is one of the most high-end financial symbolic card products on the market, suitable for senior crypto users who seek asset exclusivity and rights composability.

ومن الجدير بالذكر أن Morph just started selling Morph Platinum SBT a few days ago. By minting Morph Platinum SBT, users can secure their stake in the ecosystem at a FDV of $50 billion and unlock 50% of tokens at TGE. At the same time, SBT holders will receive a Morph Platinum Card. Details of the card have not yet been disclosed, but it is also a U card that supports direct cryptocurrency consumption and comes with a one-year Black Card trial worth $300. Currently, the cost of minting Morph Platinum SBT is 0.3 ETH.

Infini Card: A virtual card that supports OnlyFans

Infini has three different cards: Meow Card and Rabbit Card are core virtual card products , providing flexible on-chain payment and daily consumption solutions for different user needs. Currently, both cards are sold at a price of US$9.9, with no annual or monthly fees, and support binding with Alipay and WeChat Pay . It is one of the few overseas virtual card products compatible with mainstream payment tools for Chinese users.

Meow Card belongs to the Mastercard network and is more suitable for daily consumption scenarios denominated in RMB . Its transaction service fee is 0.8% of the amount of each consumption . When making payments in non-US currencies, the system will automatically convert the currency and charge a cross-border fee of 1% to 1.5% , with a minimum of US$0.01.  

Rabbit Card uses the Visa network and is more focused on US dollar merchants. It is particularly suitable for a series of subscription platforms, including ChatGPT Plus, OpenAI API, Midjourney, Cursor, AWS, Google Cloud, Notion, Godaddy, GitHub and other development services, while covering mainstream consumer platforms such as Netflix, YouTube, eBay, Amazon, etc., basically covering all US dollar subscription services that need to be used daily. The basic service fee of Rabbit Card is also 0.8% per transaction, but its fee for non-US merchants or non-US dollar transactions is a fixed 1% plus $0.50, and there is also a minimum rate threshold of $0.01.

Of course, the Infini official website also thoughtfully indicates to users that both Meow Card and Rabbit Card support OnlyFans subscriptions, which really meets user needs.

Although both cards are virtual, they can be quickly linked to Alipay and WeChat Pay in actual use to achieve a seamless payment experience. It can be seen on the official website that Infinis physical card product Woof Card is in preparation and will support Apple Pay and Google Pay in the future, and will have a wider range of offline payment capabilities, which is expected to further expand the user base.

Welfare cards for overseas residents: no-fee cards, cashback cards, and “loan” cards

Note: All the following KYC requirements are for residents regardless of nationality . That is, residents who can provide proof of local residential address , such as utility bills and credit card bills, will have different KYC difficulty levels depending on the requirements of different card issuers.

Coinbase Card: The only “no-fee, no-loss” payment card  

As one of the worlds largest and most compliant cryptocurrency trading platforms, the debit card launched by Coinbase has significant advantages in terms of user trust and fund security. The card is issued to users with Coinbase accounts, especially for residents of the United States or the European Economic Area (EEA). Applicants must have legal residence status and real residential address in their location, and KYC review in mainland China is not supported.

However, strict KYC brings high-end benefits: One of the biggest features of the Coinbase debit card is that it is free of all fees ; its native asset payment mechanism allows users to directly use stablecoins such as USDC for daily consumption. The platform also supports the exchange of fiat currency into USDC without fees, which greatly reduces the asset conversion cost of cardholders. Daily transactions and ATM withdrawals are also usually free of fees, providing users with an almost lossless payment experience. In addition, the card is a VISA debit card and can be used normally in merchants and services that support the network worldwide, covering a wide range of scenarios.

When users withdraw funds from Coinbase to local bank accounts, if the account is located in a country or region supported by Coinbase, the funds are usually transferred quickly, and the entire process is widely regarded as smooth and stable. In addition, Coinbase occasionally launches cashback activities for debit card users. Although the frequency is not high, it is an additional incentive for long-term cardholders.

In general, the Coinbase debit card has become one of the most popular crypto debit cards among European and American users due to its compliance background, low fee system and good fiat currency deposit and withdrawal experience. For users who already manage their assets on the Coinbase platform, this card is undoubtedly an ideal extension of their daily use scenarios for on-chain assets.

Nexo Card: Cashback Credit Card for People Living in Europe  

Nexo Card is launched by Nexo, a crypto trading platform headquartered in France with compliance licenses in the EU and the UK. It is only open to residents of the European Economic Area (EEA) and the UK. Chinese passport holders need a European address certificate and residence card to open it. This card not only supports crypto asset consumption, but is also a rare U card with a true credit card model , allowing users to pay first and return later, and also supports cash back at a considerable rate. It is one of the few dessert cards that can compete with North American credit cards.

Nexo Card belongs to the Mastercard network and can be used at almost all merchants in the network.

Nexo Cards cashback mechanism uses a dynamic reward model based on user asset allocation. All daily consumption can get cryptocurrency cashback, with a basic cashback of 0.5% of the consumption amount. The payment currency can be flexibly selected as NEXO Token or Bitcoin (BTC) on the platform. When the total amount of crypto assets held in the users account exceeds US$5,000, it will be automatically included in the Loyalty Program and divided into different loyalty levels according to the proportion of NEXO tokens in the asset portfolio, so as to obtain a higher proportion of cashback incentives.

خاصة، the highest platinum level users can get up to 2% NEXO token cashback, or choose to return BTC at a rate of 0.5%; gold level users are 1% and 0.3% respectively; silver level is 0.7% and 0.2%; and the basic level is maintained at 0.5% NEXO or 0.1% BTC cashback. This tiered reward mechanism encourages users to hold more NEXO Tokens on the platform, thereby enhancing user stickiness and the intrinsic value support of the platform token.

In terms of fees, Nexo Card has no annual or monthly fees, and the foreign exchange conversion fee structure is relatively transparent, but it is different from the traditional conversion fee design. If the transaction currency is the same as the cards default currency (Euro or Pound) , there is no fee ; for transactions where the card currency (Euro or Pound) is different from the merchants local currency, that is, foreign currency transactions, the system will convert the transaction amount into currency. If the transaction is settled in Euros, Swiss Francs or Pounds, the currency conversion fee is only 0.2% ; while the currencies of other countries or regions are 2%. In addition, all foreign currency transactions conducted on weekends will be subject to an additional 0.5% fee, which is a somewhat strange rule.

Combining its credit payment capabilities, dynamic cashback system and crypto-asset-oriented membership model, Nexo Card has established a relatively mature bridge between the traditional financial system and crypto-asset usage scenarios, and is suitable for users who live in Europe and have cashback needs.  

RedotPay (Little Red Card): A payment-friendly solution for Hong Kong, Macau and Taiwan

RedotPay is a crypto payment company headquartered in Hong Kong. It officially launched its cryptocurrency payment card at the end of 2023, aiming to meet users convenient needs for using crypto assets in real-world scenarios. The core positioning of this card is similar to that of a traditional debit card . When users consume, the system will directly deduct the equivalent amount of cryptocurrency from their bound account to pay for the consumption amount. The entire process does not require pre-charge to a fiat currency account, nor does it involve a credit loan function. Unlike the card products with an exchange background introduced earlier, RedotPay is not a virtual currency exchange, but focuses on providing blockchain-based payment solutions. Therefore, its card products are also more focused on the use path of on-chain assets themselves.

The card currently does not support registration and use by residents of mainland China, but can be applied for and consumed in multiple overseas regions. The overall fee structure is at a medium level, with a comprehensive handling fee of approximately 1% to 3%, depending on the currency conversion and consumption scenario. A highlight of the RedotPay card is its direct support for Binance Pay . Users can complete recharge and settlement through the Binance wallet system, giving it a certain advantage in the interoperability of the on-chain ecosystem.

In terms of card types, RedotPay provides VISA cards, which are relatively rare in the crypto card market. In addition, the card is exempt from annual fees, which reduces the long-term card holding costs for users, but a one-time fee of $100 is required for the physical card application.

In terms of rates, Redotpay provides a complete rate table:

As you can see, the transaction fee for non-default underlying currencies is 1.2%, the ATM withdrawal fee is 2%, and the transaction fee is 1%. These fees do not include fees charged by trading platforms (such as Alipay).

In general, the RedotPay crypto card is aimed at overseas users with cross-border living or online consumption needs. It is suitable for users who want to use on-chain assets directly for daily payments and do not rely on centralized exchanges for asset custody. It is one of the few representative products in the current crypto card market that takes the light platform route.

Decentralized project U card series, focusing on self-custody funds

MetaMask Card: Metamasks official low-fee payment card

MetaMask Card is a lightweight crypto payment tool launched by crypto wallet giant MetaMask. It is mainly aimed at existing wallet users and aims to extend on-chain funds directly to daily consumption scenarios. The card is currently in the early stages of opening and is only open to residents of certain countries and regions, including the United States (excluding New York and Vermont), the United Kingdom, EU member states, Switzerland, Mexico, Colombia and Brazil. Its global version has not yet been fully opened.

Metamask cards also belong to the Mastercard merchant network. It is reported that physical metal cards will be available as airdrop benefits in the future.

In terms of asset support, MetaMask Card currently supports three tokens: USDC, USDT and wETH . All funds must be stored in the Linea network , and users need to cross-chain related assets to the chain for recharge. After recharging, the card can be directly connected to Apple Pay or Google Pay for mobile payment, and can be used without a physical card. During use, the system will convert the selected encrypted assets into legal currency in real time for each consumption, and settle it in local currency. The conversion process is completed immediately when the transaction is initiated.

In terms of fees, when using stablecoins such as USDC or USDT for payment, you only need to bear the gas fee of the Linea network once, which is usually around $0.02; if you use non-stable coins such as wETH, you will also need to pay an additional 0.875% on-chain swap fee. All fees will be displayed in the Manage module of the card background after the transaction is completed. Users can view detailed bills, including exchange rate, deduction amount, and fees.

فضلاً عن ذلك، MetaMask Card provides 1% USDC cashback for all consumption , further improving the cost-effectiveness of users in the direct consumption scenario of on-chain assets. This cashback model and visual fee structure make the card very suitable for users who are familiar with DeFi and on-chain operations, especially those who have already used MetaMask wallet as their main asset management tool.

1inch Card: A magical “lending” card that allows you to borrow stablecoins for consumption

1inch Card, launched by the crypto aggregation trading platform 1inch, is a crypto asset consumption card supported by Crypto Life and with Baanx as a compliant deposit and withdrawal service provider. The card not only has conventional on-chain payment capabilities , but also provides users with more strategic asset consumption options through the mortgage + lending model. In terms of identity verification, the KYC procedures required for 1inch Card are similar to other products under the Baanx ecosystem. It is mainly open to compliant residents in the European Economic Area and the United Kingdom, and requires local address proof.

Unlike most crypto cards that consume on-chain assets directly, 1inch Card allows users to use BTC or ETH as collateral to borrow stablecoins for daily consumption. Users can choose USDC, USDT or EURT as the borrowing currency, and can set the borrowing period between 6, 12, 18 or 24 months. This lending model is particularly friendly to users who are bullish on crypto assets in the long term. For example, when the price of Bitcoin is low, users can borrow stablecoins for consumption by pledging BTC without directly consuming their own Bitcoin. When the price of BTC rises, users can choose to return the stablecoins to redeem the original assets of higher value. This mechanism not only retains the future growth potential of assets, but also meets the actual liquidity needs.

Of course, stablecoin lending will inevitably have interest, but as long as the increase in the mortgage assets can cover this part of the interest, the advantages of the loan card are very obvious. According to the official website, during the loan period, the interest part must be automatically repaid every month, and the deduction operation is automatically completed through the stablecoin wallet in the system. Once the loan and interest are fully repaid, the user will recover all the mortgage assets as is.

At the same time, the platform supports users to obtain a credit line of up to 60% of the value of their mortgaged assets.

In terms of payment currencies, 1inch Card supports mainstream Layer 1 assets such as BTC, ETH, LTC, XRP , but does not support Layer 2 network assets for the time being. When users consume, the system will automatically convert to fiat currency and complete the settlement. The platforms charging structure is relatively complex but clear: the card consumption fee is 2%, and the exchange between cryptocurrencies and crypto-to-fiat currency are both 1.75%; if you withdraw crypto assets, the fee is 0.4% to 0.5%; if you withdraw fiat currency through a bank transfer, you will have to pay 3.49%. In terms of card services, there are no annual fees or maintenance fees, but you will have to pay €2.50 for withdrawing pounds, and €3.00 plus a 1.5% handling fee for withdrawing foreign currencies.

The above fees seem high, but they are not actually superimposed. In other words, if you pay by credit card directly, it is 2% plus the potential foreign exchange conversion fee, and after converting to fiat currency at a rate of 1.75%, you can spend it directly in fiat currency, which is generally not much different from other crypto assets.

فضلاً عن ذلك، 1inch Card provides 2% crypto cashback for each purchase, further improving the cost-effectiveness of daily use. Combined with its collateral-based stablecoin lending capabilities, flexible term settings and a wide range of supported asset types, 1inch Card is not only a consumer card, but also a microfinance toolkit for crypto asset holders, occupying a unique position in the increasingly integrated DeFi and real-world financial scenarios.

This article is sourced from the internet: From application process to rates, an in-depth comparison of the top ten crypto payment cards

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