Binance Card

What is Binance Card?

Crypto assets are translated to fiat currency in real time at the moment of transaction; you may also top up your Binance fiat wallet with your default fiat currency and withdraw from it. The Binance Card, which is a Visa debit card, may be used at over 60 million retailers in 200 countries and territories around the world.

How do I apply for Binance Card?

To apply for a Binance Card, go to Binance's website and place an order. You'll need to register a Binance account if you don't already have one, which is as simple as submitting your email address and personal information. It's worth noting, though, that you may only apply for a Binance card if your account has been validated at KYC level 2.

KYC stands for "Know Your Customer/Client," and it's a method used in financial services to verify people's identities. In other words, it assists Binance in verifying that you are who you claim to be. You'll need to provide a form of legitimate ID, such as a passport or driver's license, as well as proof of address verification, such as a utility bill, to attain KYC level 2 on Binance. This may seem alarming to newcomers to cryptocurrency, but it's very typical, especially on a reputable exchange like Binance.

You can order your card here if you've completed KYC level 2 by clicking on, you guessed it, Order Card. Follow the on-screen directions to finish your order, and if it's approved, you'll be given a virtual card right away, with your physical card arriving later. Due to great demand, it's unknown how long you'll have to wait for the real card at the time of writing.

When you receive your card, go to Binance's Card Wallet area and click the Activate button. You'll next be prompted to input your CVV number, after which your four-digit pin code will be shown. If you do not activate your card within 45 days of receiving it, it will be deactivated automatically.

How do I set up my Binance Card?

You'll want to familiarize yourself with how the card works once you've set up your virtual and/or physical card. The most crucial thing to remember is that the card does not automatically withdraw monies from your Binance cryptocurrency holdings.

To use the card, transfer funds from your Spot Wallet (the default Binance wallet that maintains your holdings and allows you to deposit and withdraw funds) to your Card Wallet. You can send fiat and other supported crypto to your Card Wallet, as well as specify the sequence in which monies should be deducted. If your top two funds are Euros and BNB, for example, the card will debit your Euro amount first, then move on to BNB once the Euros are diminished.

The Card Wallet is best viewed as an extra storage space for your valuables. Transferring funds may appear to some to be an unnecessary step, but it does provide you the option of limiting the amount of money on the card in the case that it is lost or stolen. It's also a good addition to be able to prioritize which assets are spent first.

What are the benefits and fees of Binance Card?

One of the main draws of the Binance Card is its cashback system, which rewards your account with up to 8% cashback on eligible purchases. The payback is in BNB, and the amount you get depends on how much BNB you have on Binance right now. Your cashback transactions will appear in the cashback vault, with one of three statuses: Pending (which means they've been calculated but haven't yet been sent to your Spot Wallet), Completed (which means they've already been sent to your Spot Wallet), and Declined (which means the transaction was not eligible for cashback).

The payback is paid out once a month, whereas some competitors pay out once a week. It's also worth mentioning that the payback % is calculated using your average BNB holdings during the previous month. This is unfortunate because it implies you'll have to wait a month and hold BNB to get greater reward rates. On a more positive note, aside from the $15 card issue charge, there are no monthly or annual card maintenance fees, which is a pleasant bonus.

In terms of card restrictions, the virtual card now has a daily spending limit of EUR 870, whilst the real card has a far higher maximum of EUR 8,700. The daily ATM withdrawal limit is EUR 290.

Website

Visit the official wallet website, which contains detailed valuable information about it. You'll also find here answers to frequently asked questions, various support tools, or interesting news and articles.