As cryptocurrencies have matured, while shopping I’ve often thought, “I really wish I could just spend some of my crypto on this”. In years past, that meant you had to stop what you were doing, sell your crypto on an exchange, and then wire transfer that over to your bank to gain access to the funds. This takes awhile, and the transaction fees can be very expensive. There are a couple solutions out there that allow you to spend your crypto, and I have tried just about every single one of them, so i’ll save you time and frustration by telling you that none of them can compete with the Binance Visa Debit Card.
This is in large part due to BNB’s tokenomics and the way the requirements work for holding BNB. For example, you do not need to lock up any BNB for any period of months, just simply hold an average amount of BNB. The amount of BNB required will change depending on the level of card you obtain. This means you can change card levels on the daily based on your BNB balance.
There isn’t much information on the official Binance website for their debit cards which is why I will help you decide if the Binance Visa Debit Card is right for you. First off, the perks of the debit card will be Zero Fees on their end, safety of funds, real time payments meaning that you will hold crypto on your Binance Card until point of sale (POS) which will convert your crypto to fiat for payments, as well as, impressively, up to 8% cashback on all eligible purchases made with the card!
These are the levels of the Binance Card in order from 1 to 7 and current prices for the amount of BNB required as of writing this article on July 4th, 2021.
- 0 BNB = 0.10% Cashback (0$)
- 1 BNB = 2% Cashback (309$)
- 10 BNB = 3% Cashback (3,099$)
- 40 BNB = 4% Cashback (12,400$)
- 100 BNB = 5% Cashback (31,002$)
- 250 BNB = 6% Cashback (77,505$)
- 600 BNB = 8% Cashback (186,012$)
As the levels go up, you may find that the amount required to stake for 8% cashback might look extremely high, although competitors would require a $400,000+ stake in their native coin for 8% cashback while locking it up for 6 months that can’t be touched despite being at risk of volatility in the markets. Binance has it currently cheaper than a competitor and doesn’t require any lock ups making it a safer option. Binance’s Visa Debit Card’s Required BNB Holdings per level has been reduced on April 21st, 2021, as can be read here due to BNB’s price increase, showing the community that they will honorably adjust the tiers as the price of BNB changes.
- Zero Fees
- Your Binance Visa Card is completely free! Binance will not charge any administrative or processing fees*.
- Up to 8% cashback on your purchases
- Get up to 8% cashback on all eligible purchases made with your Binance Visa Card!
- Hold crypto and exchange only when you need to
- Hold crypto in your Binance Card wallet and exchange only when you’re making payments.
- Your funds are SAFU
- All your Binance Card funds are protected by the highest security standards available at Binance. Sleep tight, we’ve got you covered.
One significant benefit of the Binance Card is simplicity. When it comes to cashback, the required amount of BNB per level gives fair rates at the current BNB prices. Lastly, BNB has performed very well over the years, going from under $0.10 in 2017 to over $686 in May 2021. BNB is currently at $313 at the time of publication.
This performance has shown that BNB is an excellent cryptocurrency to hold and allows you to feel more comfortable holding a larger amount when shooting for the higher Binance Visa Debit Card cash back perks.
This is not financial advice and I am not a financial advisor. Always make sure to do your own research. If you’d like to order a Binance Visa Debit Card and activate it after reading this article, you can follow the steps here.