WHAT IS BINANCE CARD

7 min readOct 24, 2022

24/10/2022

By Duru Mbadiwe

INTRODUCING THE BINANCE CARD

The Binance Card does everything a regular payment card does, plus much more. It works like a regular debit card issued by your bank – which, in this case, is your Binance.com account. You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you're ready to go. It's as simple as transferring BNB from one wallet to another. Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment. The Binance Card will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.

Buying gifts for your loved ones, shopping for groceries, or paying your internet bill online? The Binance Card does it all. No longer will you need to sell your crypto to pay bills. With the Binance Card, you can keep HODLing, and spend only what you need to make a payment.

The Binance Card is currently available as a virtual card in a Beta version, with a physical card coming shortly.

WHAT IS BINANCE CARD?

Binance Card is a Visa debit card connected to your Binance account. By loading up your Card’s Funding Wallet, you can spend crypto anywhere that Visa is accepted. It acts in the same way as the prepaid crypto debit cards mentioned above.

WHICH COUNTRIES IS BINANCE CARD AVAILABLE IN?

Binance card is available only to users from selected countries, including:

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

HOW TO APPLY FOR A BINANCE CARD

Getting a card is simple if you've already got a Binance account and live in an eligible country. If you aren't yet registered with Binance, you can follow our Binance Beginner's Guide and be set up in minutes. You will need to complete all relevant KYC and AML processes before successfully applying for a Binance Card.

To order your card, make sure you’re logged in and go to the Binance Card page. You can also navigate to this page by hovering over [Finance] on the Binance homepage and clicking [Binance Visa Card].

Next, click [Get Started] followed by [Order Card]. You’ll now see some KYC information and an agreement to confirm.

After confirming, you will land on the Order Card page. Here you can choose the format of your name to appear on the card. Once you have confirmed your choice, click [Continue].

You will now find your details pre-filled out with extra missing information for you to fill in. Finally, agree to the Privacy Policy, Terms of Use, and Cardholder Agreement before clicking [Order Your Binance Card].

Once you’ve ordered your card, you’ll also have access to a virtual card to use before your physical one comes. You can add this card to Google Pay Send, or even use it for online purchases. If you prefer to use the Binance mobile app, you can also order your card there. For more details on how to order a Binance Card, head to our FAQ.

BENEFITS OF USING BINANCE CARD

Apart from allowing you to spend your crypto in stores, restaurants, and VISA acceptors worldwide, Binance Card also has some unique benefits and perks.

1. Zero Fees -

A Binance Visa Card is free for any Binance user. There are no Binance administrative, processing, or annual fees, but you may occasionally be subject to third-party fees.

2. You can keep holding your crypto -

There's no need to exchange your crypto into fiat in preparation for purchasing something. Binance converts it exactly when you need to, which means that your crypto can still earn possible market gains.

3. Up to 8% cashback -

Depending on your BNB monthly average balance, you will get up to 8% cashback on all your purchases. This cashback is given to you in BNB in your Binance account. You can read more details on the cashback program here.

4. Safe funds -

Your crypto funds are SAFU and protected by Binance. Binance has a high level of safety and uses robust security standards.

HOW TO USE BINANCE CARD

With the Binance Card, every European resident can convert and spend cryptocurrencies in over 60 million online and physical stores. Follow these steps on how to order a Binance Card and learn important tips on how to use it.

1. Register a Binance account and complete Identity Verification

Start by registering for a Binance account, then complete Identity Verification (KYC).

2. How to order a Binance Card?

2.1 Before ordering a card, make sure you’ve added a phone number from an EEA country to your Binance account. You can do this by going to [Security]. Please note that for security reasons, withdrawals, P2P selling, and payment services will be disabled for 24 hours after you change the phone number.

2.2 To order a Binance Card, hover over [Finance] and click [Binance Visa Card] from the top navigation bar.

2.3 You may find the instructions for the next steps from How to Order and Activate My Binance Card.

3. How to use the Binance Card?

3.1 To top up your card, you need to transfer your assets from the Spot Wallet to the Funding Wallet. Click [Top up] in the Card Dashboard and enter the amount to transfer. The funds will be credited to your account instantly. There is no fee for the transfer. For more information, check out our guide on how to top up or recharge my Binance Card via the Funding Wallet.

3.2 To view your card details, such as the card number, CVV code, and expiry date, click [Show details] below the image of the card in the Card Dashboard and enter your 2FA code.

To temporarily freeze your card, click [Manage] - [Freeze]. You can also unfreeze your card by clicking the [Unfreeze] button.

3.3 To adjust the sequence of spending currencies, click on the edit icon under [Edit Payment Priority] and drag and move the cryptocurrency names to reorder. Please note that this function only works when the [Hide small balances] box is unchecked.

4. How to make payments with Binance Card

With the Binance Card, you can convert and spend cryptocurrencies in over 60 million online and physical stores. For more details, please refer to how to make payments with Binance Card.

5. Do I receive any cashback when I pay with my Binance Card?

Binance Card offers a cashback of 0.1% to 8% for every purchase you make with the card*. The cashback percentage depends on your card level, based on the amount of BNB holdings in your Binance wallets. Cashback is calculated daily for each settled** purchase from the previous date. Binance will continue to add new benefits to this program.

*Cashback is paid daily in BNB to your Funding Wallet. The Binance Card cashback program only applies to eligible purchases made with your Binance Card. The list of qualified merchants and conditions is subject to change by Binance’s sole discretion.
**"Settled" purchase or transaction means that the funds of this purchase have arrived in the bank account of the seller, e.g. your grocery store. The process of settlement is performed by the payment network and may take up to 30 days.

CLOSING THOUGHTS

If you have some crypto that you no longer want to HODL, a crypto card makes converting to fiat simple. Without using a Binance card, you’d need to go through the conversion process and transfer the fiat manually to your bank account. This can take days to do, depending on your bank and cryptocurrency exchange. A Binance card really is one of the fastest ways to use your crypto for purchasing things and is a welcome development. However, always make sure that you keep accounts of what you spend for tax reasons.

Get on the link below to get started

https://www.binance.com/en/cards/?ref=412852301