The popularity of cryptocurrencies is rising every day, with a constant increase in people who own such assets. While usually people are being attracted to the possibility of earning a large sum in a relatively short period, there are also fanatics of the technology involved.
Since many people already hold such value tokens, they are always looking for ways where they can spend this money. For that purpose, major companies have invented crypto debit cards that you can use for shopping in any store. You fill the cards with crypto, and the quick exchange lets you pay in places where they don’t accept cryptos as a payment method.
Many firms offer such debit cards, so you will have to research to understand which is suitable for your situation. To make this process easier, we have made this article where all the best crypto debit cards in our opinion will be listed. But before that, you will be informed about some things you should know before applying for one.
Types of cards
The debit cards are usually meant for spending all the finances that you have on them. They are a handy tool that lets you go out without carrying too many things with you. To avoid spending too much, people set limits to their crypto debit cards and mostly use the options where you fill the card and use that money.
In addition, there are options where you are being awarded for similarly using the debit as cashback. However, instead of regular money, you will be getting cryptos in return. Not only that you are benefiting from getting something in return, but you have the chance of getting cryptos with the potential to rise even more.
That is why you should consider the type before you apply for one. Having the option where you get the cashback is great, so you should look for an option of that type.
You have to apply to acquire such a card
These cards are usually coming from all the major trading or exchanging companies. So, to get a debit, you will have to apply to the provider that you are using. However, you might have to fulfill certain requirements to be alleged for the crypto debit card.
For example, you will have to give your personal information including a picture of your id. In addition, there are conditions where you might have to put finances on the account to activate it. These expenses can cost from above 300 up to a couple of thousand dollars.
Your finances are safe
If you had concerns about the safety of using such a debit card that holds your cryptos, you should not be. They are as safe as any other option that you get from the bank. However, you should keep all your information a secret, and prevent your things from being stolen.
There are taxes you should cover
Since you are getting in the market, and you are using this card to pay for the things you wanted, you will have to cover the taxes. Although some companies may help you in tracking all your payments, so you can find out how much you owe in taxes, it is still advisable to do that by yourself.
There are expenses for using a crypto debit card
Like any other card that comes from a regular bank, there are certain expenses that the institution charges you for using their product. These fees can vary from company to company, so you should calculate this before you apply for it.
They can be fees that you pay for every exchange or something that is fixed and you have to pay every month. Consider these expenses, and see if the card you are interested in is worth it.
Since we have gone through all the things you should know before you apply for the crypto debit card, it is time to list some of the best options in our opinion.
This debit option is coming from a company that has been established for a long time. The Wirex card is one of the best options that are only available for people living in Europe. The expenses around this option are one of the lowest which makes it such an affordable option.
It accepts almost all major cryptos and it especially has low fees for Bitcoin. Read more about how you can trade your way to acquiring Bitcoins so you can use Wirex’s card.
In addition, it has a record of all the transactions, so calculating your taxing expenses should be relatively easy. You can use this card on an ATM to get cash, or you can use pay with it directly. Keep in mind that there are additional costs for withdrawals.
Another alternative is a great option if you are looking for a way to spend your cryptos. As a company, Coinbase is one of the most popular places where people purchase cryptos and do all the needed exchanges.
It is being overseen by many major companies in the financial field, so that makes it one of the safest options possible. In addition, you can control everything through your account. Starting from adding more funds, to converting sessions and tracking all the spendings.
The application is new, so you may run into certain problems but they are quickly overcome. The fees are good, where they charge 0.2 percent for regular uses and a larger percent for transactions done internationally.
Our third selection is the option coming from TenX, unlike the other alternatives, with this card you take a credit quickly. It supports various currencies so it is suitable for many people. The expenses are related to user habits. If you use this card a lot, the expenses are being smaller.
It is a monthly expense, that comes for fifteen dollars. Another thing with this alternative is the minimum spending limitation. For example, there is an amount you have to hit in a year, or you will have to settle an additional expense.
Although this looks like a costly possession, it is highly reliable and that is why many people use it. the ability to get funds quickly especially if you are in a situation where you cannot wait is great. The only drawback is that people from the states or the UK cannot use this card since it is not supported there.
There are many great alternatives besides the ones we have listed. Although we think that these are some of the best options, there are still many more to be considered depending on your situation. Before the application, go through all the features, and choose the crypto debit card that is best for you.