The cryptocurrency industry has gained momentum by providing many facilities to its users. Crypto cards are one of such facilities and a trending topic in the crypto industry, which have added convenience for crypto enthusiasts. There are many crypto cards available in the market. So, which card should you choose? In this blog, we will discuss how to pick between crypto cards and seven things to look out for before choosing one of them.
So, let’s get started!
What are crypto cards?
Crypto cards are almost similar to regular payment cards, but with these cards, you use cryptocurrency instead of fiat currency (USD, EUR) for making payments. These cards come as crypto credit cards and crypto debit cards. Coinbase, BlockFi, Binance cards are one of the most popular cryptocurrency cards, but before choosing one of them you should follow a few things like availability, supported cryptocurrencies, taxes, and so on.
VISA and MasterCard support crypto cards. A crypto exchange having a license from these companies issues these cards.
When you make payments through these cards, your cryptocurrency is first converted into the local fiat currency and then sent to the retailers.
Check out this Crypto Tax Calculator Australia.
How to pick between crypto cards? 7 Things to lookout
If you are interested in having a crypto card, you must know how to pick between crypto cards. The following are a few things to look out for before choosing one of them.
Cryptocurrency adoption is on the rise globally. But some countries are still reluctant about moving towards cryptocurrency. There are some countries where cryptocurrency is entirely banned, such as China, Iraq, Turkey, Nepal. Algeria, etc. It is also reported that India will soon ban cryptocurrency. On the other hand, there are countries where cryptocurrency is entirely legal. Even in El Salvador, Bitcoin has become a legal tender.
So, before choosing crypto cards, you should find out whether the service is available in your country or not.
If cryptocurrency is legal in your country and you decide to choose crypto cards, you first need to look out for the supported cryptocurrencies. Many crypto cards offer conversion to a few cryptocurrencies. Also, if you favor any particular cryptocurrency, check out if it is supported by the card, you are willing to choose.
Choose a card that supports a variety of cryptocurrencies and your favorite crypto as well.
Internal Revenue Service considers cryptocurrency as property, similar to bonds and stocks. It means you need to report your capital gains or losses when making purchases using crypto cards. Therefore, you have to pay tax on this capital gain or loss.
Check out cryptocurrency tax details to know how much tax you will have to pay on purchases through crypto cards.
Crypto cards providers charge different fees associated with the card. The fees could be withdrawal fee, deposit fee, transaction fee, currency conversion fee, and foreign transaction fee, annual
fee, etc. Some cards providers also waive fees if you hit a certain threshold of yearly crypto transactions.
It is essential to compare the fee structure of different crypto cards before choosing one. Choose the one which suits you the best.
Different cards providers offer different daily or monthly transaction limits. Check out the transaction limit of the cards and choose the one which has a higher transaction limit or no transaction limit.
Crypto cards offer rewards to users for making frequent purchases. Therefore, before choosing a crypto card, it is essential to know its reward structure. If you are a heavy spender, then the reward structure will benefit you.
Check out the eligibility criteria for rewards and how much reward you can attain using a crypto card.
Some crypto cards require you to maintain a minimum stake in your account to be eligible for certain rewards. Therefore, check out the staking requirement and choose the one with the most minor stake requirement.
Security is one of the most important parameters to look into any sector of the crypto industry. Choose the card that ensures the best security service, meeting the industry’s standards.
You need to fund your card before using it for payments. The funding could be through a bank account or crypto wallet.
Choose the card with your preferred funding method.
Cryptocurrency is here to stay, so does crypto cards. You can choose to use the crypto card to become a part crypto financial revolution. However, the only thing you have to do is be careful in selecting a crypto card. Choose the one that best meets your demands. Because your experience with crypto cards entirely depends on which crypto card you are using.
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