Investing in crypto is great, but some people want to use their coins which is not easy when they stored on cold wallets, or on an exchange. Even worse, not everyone accepts cryptocurrency. However, crypto based debit cards exist, and are a great means of making purchases.
Currently, there are not many options available, but the two best are the CRYPTO.COM Visa Debit Card, and the Plutus Card. Let's break them down.
Crypto.com Visa Debit Card
Crypto.com offers a debit card that allows users to spend their cryptocurrencies at merchants accepting card payments. The Crypto.com Visa card is a sleek, pure metal card that offers various benefits to cardholders.
Features of the Crypto.com Debit Card
- Cashback Rewards: Users can enjoy up to 5% back on all spending made with the Crypto.com Visa card. The rewards are provided in the form of cryptocurrency.
- No Annual Fees: The Crypto.com debit card does not have any annual fees, making it a cost-effective option for users.
- Fiat or Crypto Top-Up: Cardholders can top up their Crypto.com debit card with either fiat currency or cryptocurrencies.
- Multiple Card Options: Crypto.com offers different card tiers with varying benefits, such as higher cashback rates, airport lounge access, and more, based on the cardholder's staking level.
- Wide Acceptance: The Crypto.com Visa card is widely accepted at merchants around the world, allowing users to spend their cryptocurrencies conveniently.
Using the Crypto.com debit card, users can leverage their cryptocurrency holdings to make everyday purchases, bridging the gap between the crypto world and traditional payment systems. The card provides an opportunity to utilize cryptocurrencies as a medium of exchange in real-world scenarios, offering benefits and rewards to enhance the user experience.
The Obsidian Card is their top tier and requires a lock-up of $400,000 in CRO for a 6-month period. This lesser cards range from a lock-up of $40,000 to $0.
It's important to note that the availability and specific features of the Crypto.com debit card may vary based on jurisdictional limitations and regulatory restrictions. It's advisable to visit the Crypto.com website or app for the most up-to-date information regarding the debit card and its offerings.
Plutus Card
Plutus is a financial technology company that offers a decentralized banking platform, including a debit card that allows users to spend both cryptocurrencies and traditional fiat currencies.
The Plutus debit card works in conjunction with the Plutus mobile app, which serves as the user interface for managing funds and making transactions. Users can link their cryptocurrency wallets to the Plutus app and convert their crypto holdings into fiat currency in real-time using the PlutusDEX exchange.
Once the conversion is complete, users can load their Plutus debit card with the desired amount of fiat currency and use it for everyday purchases at any merchant that accepts card payments. The card operates on existing payment networks, such as Visa or Mastercard, enabling widespread acceptance.
One notable feature of the Plutus debit card is its rewards program. Users can earn Pluton (PLU) tokens, the native cryptocurrency of the Plutus platform, as cashback on their card transactions. These tokens can be stored in the Plutus app, sold, or used for future purchases.
The Plutus debit card aims to bridge the gap between traditional financial systems and the world of cryptocurrencies, providing users with a convenient way to spend their crypto holdings in real-world scenarios. It offers flexibility, security, and the potential to earn rewards, making it an attractive option for individuals seeking to integrate cryptocurrencies into their everyday financial activities.
The starter Plutus Card has zero fees, but the Everyday and Premium plans will have a monthly cost. Most people will find it necessary to have a paid tier of card, as this allows for a larger monthly spend. The increased amount of cashback and choice of additional perks should more than cover the fees. However, these cards are geared more for the United Kingdom, and many of the perks will not be useful to an international user.
The Breakdown
Plutus Card
The Plutus Card is a cryptocurrency debit card that allows users to spend their cryptocurrencies at any merchant that accepts traditional card payments. Plutus aims to provide a seamless and convenient way for users to use their digital assets for everyday transactions. The card works by converting the user's cryptocurrencies into fiat currency at the time of the transaction, enabling them to make purchases just like with a regular debit card.
Plutus offers features such as
- Crypto-to-Fiat Conversion: The Plutus Card automatically converts the user's cryptocurrencies into fiat currency (such as USD or EUR) at the point of sale, allowing them to spend their digital assets anywhere that accepts card payments.
- Rewards Program: Plutus provides a rewards program where users can earn Plutus Loyalty Points (PLU) for using the card. These loyalty points can be redeemed for various benefits, including discounts on fees and additional rewards.
- Mobile App: Plutus offers a mobile app that allows users to manage their cryptocurrency balances, track transactions, and monitor their rewards.
- Security Measures: Plutus emphasizes security and employs measures such as two-factor authentication (2FA) and multi-signature technology to secure user accounts and transactions.
Crypto.com Debit Card (Crypto.com Visa Card)
The Crypto.com Debit Card, also known as the Crypto.com Visa Card, is a cryptocurrency debit card issued by Crypto.com. It allows users to spend their cryptocurrencies at any merchant that accepts Visa card payments. The card supports multiple cryptocurrencies and offers various benefits to the cardholders.
Key features of the Crypto.com Debit Card include
- Cashback Rewards: Cardholders can earn cashback rewards for their card spending, with higher cashback rates available for users who stake and hold Crypto.com's native token, CRO.
- Metal Card Tiers: Crypto.com offers different tiers of the Visa card, including Midnight Blue, Ruby Steel, Jade Green, Royal Indigo, and Obsidian Black, each with its own set of benefits and perks.
- No Annual Fees: The Crypto.com Debit Card does not have annual fees, making it more cost-effective for users.
- Fiat and Crypto Top-Up: Cardholders can top up their Crypto.com Visa Card using both fiat currency and supported cryptocurrencies.
- Additional Benefits: Depending on the card tier, additional benefits may include airport lounge access, higher cashback rates, rebates on subscription services (such as Spotify and Netflix), and more.
Please note that the specific details and features of these cards can change or update. It is recommended to visit the official websites of Plutus and Crypto.com for the most up-to-date and accurate information about their respective debit cards.
My Final Thoughts
For me, I maintain both cards. I no longer have a premium Plutus card, but still keep the Everyday plan which I use for monthly subscriptions. I save a good amount, and am pleased with the card. But I use the Crypto.com Card for regular purchases, as it easier for me to use and transfer funds. Keeping both cards at a free level might be a good move, as you do not risk much exposure, and have the benefit of getting in their system before additional regulations make applying more difficult.
