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

Author:jk , Odaily Planet Daily

As the global cryptocurrency infrastructure gradually matures, users' demand for " realistic availability" of on-chain assets is also growing. However, how to truly use the assets on the chain in real life has always been a concern for crypto users.

Crypto payment cards (also known as "U cards") are quietly rising in this context - they not only open up the "last mile" of asset use, but also quietly reshape people's understanding of wallets, PayFi and payment networks.

Whether it is directly binding mobile payment software for consumption , or lending stablecoins to flexibly respond to market conditions by collateralizing Bitcoin , the gameplay of crypto payment cards is becoming more and more diverse. Among them, some rely on exchanges and focus on stability and cashback rewards, and some are based on wallets or agreements that emphasize on-chain native assets and composability. Today's crypto payment cards have become a practical and increasingly mature crypto finance entrance.

In order to clarify the real user experience and differences of this type of product, Odaily Planet Daily has deeply dismantled 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. Combined with its application threshold, support assets, rate structure, cashback mechanism and on-chain interaction capabilities, it systematically sorts out and horizontally compares it to help readers find the "pass" that suits them best in this rapidly evolving field.

U card suitable for newbies in Chinese area users

Bybit card: The most widely used exchange U card

Bybit's recently launched virtual debit cards are quite popular on social platforms recently because of their no-annual fee and low threshold . This card supports mainland KYC certification and the processing process is free.

The application process is quite simple: the user first needs to register a Bybit account, and after completing the registration, he will conduct real-name authentication on the platform. It is reported that using a mainland Chinese identity can pass KYC review. After passing the certification, find the "Card" option on the homepage and enter the application page. Then the user can select different regions to open the card:

1. When selecting Australia as the card opening area, when selecting this option, you do not need to provide a proof of address to apply for a virtual card . After submitting the application, the review time takes approximately 5 to 7 working days. Under this version, the default currency of the card is USD.

2. Users can also choose the European Economic Area (EEA), but it is necessary to note that the EEA version requires a proof of the European Economic Area address, such as the water and electricity bills, credit card bills, etc. of the European address. The default currency of the card under this version is Euro.

In terms of use, the card can be managed in the Bybit App, and the virtual card can be directly bound to Apple Pay, Google Pay and other consumption. It can be used by merchants who support Mastercard around the world.

According to recent Twitter reports, the Australian version of virtual cards has been unable to bind Alipay and WeChat Pay for consumption recently , which is mainly due to excessive use of cashback activities by hair removal studios and other people. However, there are also users who say that Alipay’s touch can conduct transactions, which may vary depending on the risk control of each user’s account. If you need to bind these payment tools, you can consider applying for the Ouka version. According to Twitter information, the Ouka version can still be used normally with Alipay, etc.

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

It should be noted that consumption in different regions may incur additional currency conversion fees and other costs. For example, if the user swipes a card for merchants using the Japanese yen, the final handling fee may include the exchange rate converted from USD/Euro to Japanese yen, and this part is also borne by the user. Overall, this card has obvious advantages in terms of being linked to the exchange and is one of the more convenient choices in the market at present.

Bitget Card: Exclusive payment card for VIP

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

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

It should be noted that the Bitget card is not currently open to all users for applications. According to the current rules of the platform, only users who have reached the VIP level are eligible for application. One common threshold is that the account balance must reach USDT or equivalent assets. Therefore, the target user group of this card is more targeted at high net worth or active trading users.

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

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

From the perspective of fee rates, the transaction fee of Bitget card is also from 0.9% to 3% , which is mainly affected by factors such as the transaction currency, consumption location, and whether currency exchange is involved. For example, if transactions settled in USDT in non-USD/SGD areas may trigger certain currency exchange fees. In addition, different payment channels (such as UnionPay and Mastercard) may also affect the account time and intermediate handling fees. At the same time, Alipay and WeChat Pay will also charge handling fees for transactions with a limit of more than 300 yuan.

Overall, Bitget Card, as a virtual financial product derived from the exchange, provides users with another channel for using crypto assets in real consumption scenarios, especially suitable for user groups with large asset scale and frequent cross-border consumption.

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

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

The application process is slightly more complicated than other cards. Users need to first enter the relevant modules in the SafePal wallet interface, provided that the account area 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 can synchronize the application for a Mastercard debit card bound to the account. In 2023, some users received Visa cards, and the current mainstream version is Mastercard.

The card also supports binding to Apple Pay, Google Pay, Alipay and WeChat Pay, etc. The underlying settlement currency supports euro, US dollar, Swiss franc and RMB.

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

At the same time, because the user obtains a complete bank account, the account supports international transfer to major banks, as well as international digital banks such as ifast, Wise, and Revolut, and there are many experiments and rate assessments on social platforms.

Compared with card products dominated by other exchanges, SafePal’s cooperation with 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, associate crypto assets, and have a compliant identity tag. It is especially suitable for users with cross-border revenue and expenditure 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 targets consumer L2, and is positioned as a combination of "on-chain identity + reality privilege" products for high-net-worth encrypted users. Unlike traditional virtual debit cards, Morph Black's application threshold 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 user's membership, but also embeds the pricing and circulation functions of on-chain financial rights.

In terms of functional design, Morph Black NFT is officially defined as the flagship asset of the MorphPay ecosystem. Its holders will likely obtain the platform's future Morph Token airdrop and enjoy the allocation rights of the lowest complete dilution valuation (FDV) stage. At the same time, NFT will also link 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 up to 30%.

At the card equity level, Morph Black card is a physical black gold card with 22 g. Cardholders can apply for the card after completing the KYC. The promotional rights include exempting the annual fee of approximately US$300 for traditional black cards and enjoying a handling fee of as low as 0.3% during the deposit and withdrawal process (depending on the exchange demand). The card has a single-day entry and exit amount of up to $1 million and will also come with a Singapore dollar bank account. At the same time, according to the platform's public information and community discussions, the card will also link hotel, air ticket booking and private concierge services around the world, 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 platforms, Morph Black physical card may be built on the DCS (DeCard) issuance system. Its investor, Bitget, is rumored to have acquired most of DCS's equity. Therefore, the card is most likely developed based on DCS's Mastercard card. Some of the interests may come from DCS's black card Imperium World Elite Card, and have a credit card mechanism.

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

It is worth mentioning that Morph just started selling Morph Platinum SBT a few days ago. By minting Morph Platinum SBT, users can secure their quota interests in the ecosystem under $50 billion FDV and unlock 50% of the tokens on TGE. Meanwhile, SBT holders will receive a Morph Platinum Card. Details about the card have not been disclosed, but are also a U card that supports direct consumption of cryptocurrencies , giving away a one-year black card benefit trial worth $300. Currently, the cost of casting Morph Platinum SBT is 0.3 ETH.

Infini Card: Virtual Cards that support OnlyFans

Infini has three different cards: Meow Card and Rabbit Card are core virtual card products that provide flexible on-chain payment and daily consumption solutions for different user needs. Currently, both cards are sold at a price of US$9.9, and there is no annual or monthly fee. It supports binding Alipay and WeChat payment . It is one of the few overseas virtual card products that are 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 each consumption amount . When making non-USD currency payments, the system will automatically exchange currency and charge a cross-border handling fee of 1% to 1.5% , with a minimum of USD 0.01.

Rabbit Card uses the Visa network and focuses more on US dollar merchants, especially for a series of subscription platforms, including ChatGPT Plus, OpenAI API, Midjourney, Cursor, AWS, Google Cloud, Notion, Godaddy, GitHub and other development services, and also covers mainstream consumer platforms such as Netflix, YouTube, eBay, and Amazon, basically covering all US dollar subscription services that need to be used in daily life. Rabbit Card's basic service fee is also 0.8% per transaction, but its non-U.S. merchant or non-U.S. transaction fee is a fixed 1% plus $0.50, with a minimum rate threshold of $0.01.

Of course, Infini's official website also considerately indicates to users that both Meow Card and Rabbit Card support OnlyFans subscriptions, which really put user needs into practice.

Although the two cards are virtual, they can be quickly bound to Alipay and WeChat Pay in actual use to achieve a seamless payment experience. As you can see on the official website, the Infini physical card product Woof Card is in preparation. It will support Apple Pay and Google Pay in the future, and have a wider offline payment capability. It is expected to further expand the user base.

Welfare cards for overseas residents: no-fee card, cash back card, "loan"

card

Note: All the following KYC requirements are " residents" and are not limited to nationality . That is, residents who can provide local residence address proof , such as water and electricity bills and credit card bills, will also have different KYC difficulties according to the requirements of different card issuers.

Coinbase card: the only payment U card with no handling fee, no loss

As one of the world's largest and most compliant cryptocurrency trading platforms, Coinbase's debit cards have significant advantages in user trust and fund security. The card is issued to users with a Coinbase account and is especially suitable for residents in the United States or European Economic Area (EEA). The applicant must have the legal residence status and real residence address of the location, and does not support KYC review in mainland China.

However, strict KYC is exchanged for high-end benefits: One of the biggest features of Coinbase debit cards is that they are exempt from all fees ; its "native asset payment" mechanism allows users to directly use stablecoins such as USDC for daily consumption. The platform also supports exchanging fiat currency to USDC with no fees, which greatly reduces the asset conversion cost of cardholders. Daily transactions and ATM withdrawals are also usually free of charge, providing users with an almost loss-free 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 a local bank account, if the account is located in a country or region supported by Coinbase, it can usually be quickly received, and the entire process is widely rated as "silky and stable". Additionally, Coinbase occasionally launches cashback activities for debit card users, although not very frequent, but is an additional incentive for long-term cardholders.

Overall, Coinbase debit cards have become one of the most popular crypto debit cards among European and American users due to their compliance background, low-rate system and good fiat currency deposit and withdrawal experience. For users who are already in asset management on the Coinbase platform, this card is undoubtedly an ideal extension in the daily use of their on-chain assets.

Nexo Card: Cashback Credit Card for People Resident in Europe

Nexo Card is launched by Nexo, a crypto trading platform headquartered in France and with compliant licenses in the EU and the UK. It is only open to European Economic Area (EEA) and UK residents. Chinese passport holders need European address certificates and residence cards to open. This card not only supports crypto asset consumption, but also is one of the few U cards in the real " credit card model" . It allows users to pay first and return later, and also supports cashback at a fair 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 by merchants on the Internet.

Nexo Card’s cashback mechanism adopts a dynamic reward model based on user asset allocation. All daily consumption can receive cryptocurrency cashback, with the basic cashback being 0.5% of the consumption amount. The payment currency can be flexibly selected from NEXO Token or Bitcoin (BTC) within the platform. When the total amount of crypto assets held in the user account exceeds USD 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, thereby obtaining a higher proportion of cashback incentives.

Specifically, the highest platinum-level users can receive up to 2% of NEXO token cashback, or choose to return BTC at 0.5%, 1% and 0.3% for gold-level users; 0.7% and 0.2% for silver-level users; while the base level maintains the cashback level of 0.5% NEXO or 0.1% BTC. This step-by-step reward mechanism encourages users to hold more NEXO tokens on the platform, thereby enhancing user stickiness and intrinsic value support for platform tokens.

In terms of fees, Nexo Card has no annual and monthly fees, and the foreign exchange conversion fee structure is also relatively transparent, but it is not the same as the traditional conversion rate design. If the transaction currency is the same as the default currency of the card (Euro or pound) , there is no charge ; for transactions with different card currency (Euro or pound) than the merchant’s local currency, i.e., foreign currency transactions, the system will convert the transaction amount in currency. If the transaction is settled in euros, Swiss francs or pounds, the currency conversion fee is only 0.2% ; while the currency in other countries or regions is a 2% rate. In addition, there will be an additional 0.5% handling fee for all foreign currency transactions on weekends , which is a bit strange.

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 the use scenarios of crypto asset, suitable for users who live in Europe and need cashback needs.

RedotPay: Payment-friendly solution in Hong Kong, Macao and Taiwan

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

This card does not currently support registration and use by mainland Chinese residents, but can be applied for and consumed in multiple overseas areas. The overall fee structure is at a medium level, with the comprehensive fee ranging from about 1% to 3%. The specific fee rate depends on currency conversion and consumption scenarios. A highlight of RedotPay card is its direct support for Binance Pay . Users can complete recharge and settlement through the Binance wallet system, giving it certain advantages in the interoperability of the on-chain ecosystem.

When it comes to card types, RedotPay offers VISA cards, which is relatively rare in the crypto card market. In addition, the card is exempt from an annual fee, which reduces the cost of long-term cardholding for users, but a one-time fee of US$100 will be required to apply for a physical card.

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

It can be seen that the transaction fee rate for non-default underlying currencies is 1.2%, the ATM cash withdrawal fee is 2%, and the transaction fee is 1%. These fees do not include fees charged by trading platforms such as Alipay.

Overall, RedotPay cryptocard is aimed at overseas users with cross-border life 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 cryptocard market that are currently taking the "light platform" route.

Decentralized project-based U card series, focusing on self-custodial

funds

MetaMask Card: Metamask officially launched low-cost 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 directly extend on-chain funds to daily consumption scenarios. The card is currently in its early stage of opening, and registration is only open to residents in some 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 in the future, physical metal cards will be opened as airdrop rights.

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

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

In addition, MetaMask Card provides a 1% USDC consumption cashback to all consumers , further improving the cost-effectiveness of users in the on-chain direct consumption scenarios. This cashback model and visual fee structure make the card very suitable for users familiar with DeFi and on-chain operations, especially those who already use MetaMask wallet as the main asset management tool.

1inch Card: A magical "loan" card that allows mortgage loans to be used

for consumption

1inch Card launched by crypto aggregation trading platform 1inch is a crypto asset consumption card powered by Crypto Life and uses Baanx as a compliant deposit and withdrawal service provider. This 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 program required by 1inch Card is similar to other products under the Baanx ecosystem, and is mainly open to compliant residents in the European Economic Area and the UK, requiring local address proof.

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

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

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

In terms of payment currency, 1inch Card supports mainstream Layer 1 assets such as BTC, ETH, LTC, XRP, etc. , 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 settlement. The platform's charging structure is relatively complex but clear: the card consumption fee is 2%, the exchange between cryptocurrencies and the conversion of cryptocurrencies to fiat currency is 1.75%; if it is withdrawal of crypto assets, the fee is 0.4% to 0.5%; if it is withdrawal of fiat currency through bank transfer, 3.49% is required. In terms of card services, there is no annual fee or maintenance fee, but a €2.50 is required to withdraw cash from GBP and €3.00 is required to withdraw cash from foreign currency plus a 1.5% handling fee.

The above handling fees seem high, but they are not actually superimposed. In other words, direct card consumption is 2% plus potential foreign exchange conversion fees, and after converting it into fiat currency at a rate of 1.75%, you can directly consume it in fiat currency, which is not much different from other crypto assets.

In addition, 1inch Card provides 2% crypto cashback per purchase, further improving the cost-effectiveness of daily use. Combining its collateral-based stablecoin lending capabilities, flexible maturity settings and widely supported asset types, 1inch Card is not only a consumption card, but also a microfinance toolkit for crypto asset holders, occupying a unique position in the increasingly integrated DeFi and real-world financial scenarios.