Binance.com credit card review (2024): up to 8% cashback
The Binance.com credit card is perhaps the most well-known crypto credit card in the world. With the Binance credit card, you can take advantage of a maximum cashback of 8% on all your transactions. In this comprehensive review, I discuss whether the Binance.com crypto credit card is worth it.
Do you also want to apply for a free crypto credit card with Binance? Click here to open an account & request your free credit card.
What are the biggest advantages of the Binance.com credit card?
- Most well-known: the Binance crypto credit card is the most well-known in the market.
- Cashback: with a minimal investment, you already receive 2% cashback.
- Free: you can apply for the Binance crypto credit card for free.
- Visa: the Binance.com credit card is a Visa card that can be used anywhere.
What are the biggest disadvantages of the Binance.com credit card?
- Not user-friendly: the Binance crypto credit card is difficult to use.
- No perks: besides cashback, you don’t receive any other benefits.
- Customer service: Binance’s customer service is slow and disappointing.
What is Binance?
Before I dive into the Binance.com credit card, let me quickly describe what Binance is. Binance is the largest and most well-known crypto exchange in the world. You can trade crypto at unprecedented low rates on Binance (0.075%). Do you want to try Binance.com? Click here to open an account with Binance and permanently benefit from a 20% discount on all your transactions!
Apply for the Binance.com credit card
You can easily apply for the Binance credit card on the Binance website. Go to the credit card page and click the apply button. Then fill in the required details and the Binance credit card will be sent to your address!
Due to its high popularity, it may take a long time before you actually receive the Binance credit card. In my case, it took about four weeks before the credit card arrived at my doorstep.
How does the Binance.com credit card work?
The Binance.com credit card is actually a debit card, which means that you have to add funds to the card yourself. You can do this by transferring cryptocurrencies from your spot wallet to your pay wallet within your account by clicking the transfer button.
Once you have added funds to your card, you can use them to make purchases. Please note that when you make a purchase, your crypto will be sold for fiat. Due to the volatile prices of cryptocurrencies, the value of the funds on your crypto credit card may fluctuate greatly.
Unfortunately, it is more difficult for Europeans to buy crypto on Binance. Many deposit options are blocked pending an official licence. This makes the Binance crypto credit card not the most user-friendly on the market.
Cashback on the Binance credit card
The biggest advantage of the Binance credit card is the cashback that customers receive. The amount of cashback depends on the amount of Binance Coins you hold. The Binance credit card is therefore mainly interesting for people who believe in the future of this crypto.
The table below shows how much cashback you will receive:
| 0 BNB | 0,1% |
| 1 BNB | 2% |
| 10 BNB | 3% |
| 40 BNB | 4% |
| 100 BNB | 5% |
| 250 BNB | 6% |
| 600 BNB | 8% |
To achieve the highest cashback of 8%, you would need to make a huge investment. At the current BNB price of €300, you would have to buy €180,000 worth of BNB. Fortunately, with an investment of 1 BNB, which is €300 at the time of writing, you can already benefit from 2% cashback, and the cashback percentage of 3% is also achievable.
What are the costs of the Binance.com credit card?
An important part of the review of the Binance.com credit card are the costs. Binance does not have a very extensive overview of the costs of the Binance.com crypto credit card. The following costs apply, however:
- Transaction fees (payment & ATM withdrawal): up to 0.9%
- Reissuing credit card: €25
In addition, when you make a transaction in a different currency, you will pay conversion fees. Binance uses the exchange rate determined by Visa, which you can find here.
Conclusion Binance.com credit card
The Binance credit card is an attractive credit card for users who have a lot of confidence in BNB and want to take advantage of cashback. Applying for the Binance credit card is also 100% free, and even without BNB, you will receive a small cashback. However, using the Binance.com credit card is more complicated than using the Crypto.com and Plutus credit cards, as you cannot deposit money directly onto the credit card.
Do you want to try the Binance credit card? Click here to open an account with Binance and permanently benefit from a 20% discount on all your transaction fees!
