What Is Bybit Card and How to Use It
Curious about crypto debit cards and how to use them? Enter a whole new world of spending your crypto on the go with the Bybit Card. Not only is using this crypto debit card convenient and reliable, but itâs also a secure and fast way to make the most use of your crypto assets.
Letâs explore more on the Bybit Card and the limitless opportunities that it unlocks.
Key Takeaways:
The Bybit Card s a virtual Mastercard crypto debit card that allows you to spend your crypto easily and securely wherever Mastercard is accepted.
njoy benefits like loyalty rewards, no annual fees, and multi-cryptocurrency support to enhance the integration of crypto into daily life.
The Bybit Card's user-friendly dashboard and 24/7 multilingual customer support help you manage your funds effortlessly for a seamless crypto spending experience.
What Is Bybit Card?
The Bybit Card is a Mastercard crypto debit card that lets you access your crypto funds quickly and easily, allowing you to spend your crypto wherever and whenever. It comes in both virtual and physical versions, and is currently available to users in EEA and CH regions, AIFC, Australia, Brazil and Argentina.Â
Brought to you by Bybit and Mastercard, two of the leading innovators in fintech, a Bybit Card is the perfect way to ensure that youâre always digital-ready for everything crypto.
As a reliable and convenient way to off-ramp your crypto and spend on the go, the Bybit Card helps you to maximize and fully integrate crypto into your daily life. With it, you can utilize your earnings from Bybit's full suite of trading products and pay for your shopping â instantly.
But that's not all. Unlock a world of exclusive benefits with the Bybit Card Loyalty Rewards Program â including rewards from partners, such as unique offers and special experiences.
Additionally, the Bybit Card is easy and affordable to maintain. Itâs valid for three years and its virtual version comes with auto-renewal after expiration. There are no annual or dormancy fees, and thereâs a minimal 5 EUR/USDT issuance fee for the physical card.For the virtual version of the card, you wonât be charged any issuance or account closure fees. The only chargeable fees are the foreign exchange and crypto conversion fees for certain countries, as well as 2% ATM withdrawal fees for EEA and CH (after the first 100 EUR monthly), Australia (after the first 100 USD monthly) and Argentina (after the first $95K monthly).
Advantages of Using Bybit Card
Transacting using your crypto assets shouldnât be complicated. As such, Bybit has created a way to make life easier for its users through this crypto debit card. The following are some of the unique selling points of the Bybit Card:
Widely Accepted
Over 90 million merchants accept the Bybit crypto debit card. All you need is to shop and pay at stores that display the Mastercard logo. As one of the leading global electronic payment providers, Mastercard has an expansive merchant network around the world.Â
Bybitâs strategic partnership with Mastercard provides a secure platform for its users to conveniently pay for goods and services using cryptocurrencies. Â
Wide Variety of Crypto Options
Currently, you can select and pay anytime, with one of the following six cryptocurrencies using your Bybit Card âBitcoin (BTC), Ether (ETH), Ripple (XRP), Tether (USDT), USD Coin (USDC) and Toncoin (TON). The transaction process is fast and straightforward since it is done directly from your Bybit account through an intuitive and user-friendly dashboard. We're also adding more crypto options and allowing multi-asset spending in a single transaction in the future, so stay tuned for the upcoming developments!
3D Secure EMV
At Bybit, keeping our customers' funds safe is a priority. For that reason, we saw Mastercard as a perfect fit, since their platform observes strict security standards to prevent loss of funds and customer information.
The Bybit crypto debit card is EMV 3D Secure-enabled which is a cutting-edge fraud prevention technology that allows for consumer authentication when making online payments. When using your Bybit Card, you can comfortably shop knowing that thereâs an additional layer of security present to keep fraudsters at bay.
24/7 Multilingual Customer Service
As a customer-centric platform, Bybit provides 24/7 multilingual customer support for all its products, including the Bybit Card. We have a team of dedicated live agents to address any questions, concerns or inquiries related to your Bybit Card.
Loyalty Rewards Program
Bybit Cardâs exciting Loyalty Rewards Program lets you earn Bybit Card Loyalty points every time you pay using our crypto debit card. Depending upon the Loyalty points accumulated, you can redeem them for different rewards. You can also activate the Auto Cashback function to automatically receive cashback on all purchases conducted with fiat and crypto in USDT, to be credited to your Funding Account every day between 00:00 and 01:00 UTC.
Convenient Off-ramping
Bybit has over 20 trading products available on its exchange, including Spot Trading, Derivatives, Bybit Earn and Margin Trading. With the Bybit Card, you can easily and quickly off-ramp your earnings and spend them to make online payments.
Sign up for Bybit Card to unlock rewards
How to Use Bybit Card
You can use the Bybit Card with online retailers and merchants all across the globe. With a Virtual Bybit Card, you can make online payments once youâve applied successfully, while a physical Bybit Card allows you to make online payments, as well as contactless payments in retail stores using point-of-sale (POS) terminals that support contactless payments. You can add Bybit Card to Google Pay (available for EEA and CH, Argentina, Brazil and Australia), Apple Pay (EEA, Argentina and Brazil) and Samsung Pay (EEA & CH and AIFC).
Activating Bybit Card
Your virtual Bybit Card is activated automatically and is available for immediate use once your application is successful. In addition, you donât need to activate foreign transactions separately. Your Bybit Card tier follows your Bybit account's VIP level. Please refer to this link for more information on Bybit Card benefits for different VIP levels.
Managing Funds
Managing funds on your Bybit Card is straightforward. It is, however, important to understand how your funds are deducted during payments, especially during times when you have insufficient fiat in your account.Â
Adding Funds
The Bybit Card doesnât have a separate wallet. As such, it uses the balance in your Bybit Funding Account. To add funds to your Funding Account, you can use the Buy Crypto option or deposit crypto from other platforms/wallets.
Fund Deductions During Payments
When making a transaction using the Bybit Card, the fiat currency is automatically denominated based on the Proof of Address (POA) youâve indicated during your Know Your Customer (KYC) Level 2 process.Â
Once you pay using your crypto debit card and the transaction is authorized, the amount youâve spent will be frozen in your Funding Account, and then it will be deducted once the merchant completes the transaction.
Should the merchant cancel (i.e., reverse) prior authorization or refund the transaction, the frozen amount will be returned to your Funding Accountâs Available Balance.
In a situation where thereâs not enough fiat in your Funding Account to complete a transaction, your chosen crypto in your account will be converted to fiat to cover the deficit. Note that thereâs a minimum crypto conversion fee of 1 EUR/AUD or 5,000 ARS.
Payments will automatically be denominated in the currency on your card, even if youâre making foreign transactions. If you purchase a product thatâs charged in foreign currency, your funds will be deducted according to Mastercard's foreign exchange rate, plus the Bybit Card foreign exchange fee of 0.5% for EEA, 1% for Australia, 7% for Argentina, 1.5% for Brazil and 2% for AIFC. For more information on exchange rate, refer here.
Insufficient Funds
When there are insufficient crypto and fiat funds in your Funding Account, the transaction will be declined. You can top off your Funding Account either through the Buy Crypto feature, or the direct deposit of crypto from external platforms or wallets via the Bybit dashboard.
Making Transactions
Using the Virtual Card
Follow these five simple steps to pay using your Bybit Virtual Card:
- Obtain your virtual card details (i.e. card number, cvv, expiry date) from the Card Dashboard in your Bybit Account.
2. Input your card details on any online sites that support Mastercard.
3. Proceed to make payment. Depending upon the merchant, you may be required to perform a transaction authentication, in which case youâll be prompted to authenticate via the Bybit App.
Note: Remember to allow notifications for Bybit App.
4. Double-check the transaction amount, and then click on Pay to authenticate the transaction. Once you've successfully done so, return to the merchant's website to complete your payment.
5. If payment has been successful, the amount will then be frozen in your Funding Account, and the transaction will be in a pending status until itâs completed by the merchant. This completion usually takes one day, but can take up to 30 days.
Using the Bybit Physical Card
You can use the Bybit Physical Card for both online and offline transactions. To make payment for online purchases, you can obtain your physical card details (i.e. card number, CVV and expiration date) either from the Card Dashboard in your Bybit Account, or the physical card itself. The Bybit Physical Card can be used for any in-store payments that support contactless chip and PIN purchases.Â
Please note that there are contactless usage limits in Europe. A single transaction has a maximum limit of 50 EUR, and the cumulative amount of contactless payments is 150 EUR. Additionally, the maximum number of consecutive contactless payments is five.Â
Your card will be declined if you make contactless transactions exceeding these limits.
Disputing Transactions
In case of a dispute regarding a transaction youâve made, we highly recommend that you reach out directly to the merchant involved if you wish to request a refund.
If you donât recognize any particular transaction, or you otherwise suspect that your card credentials may have been compromised, you can choose either to freeze your crypto debit card immediately or replace it, and then contact our Customer Support within 45 days of the transaction for further assistance.
Ways To Protect Yourself From Debit Card Frauds
As cybersecurity crimes continue to become more sophisticated, itâs important to learn how to detect them â and how to protect yourself from debit card fraud. Itâs easy to detect suspicious activity on your Bybit Card, since youâll notice funds missing in your Funding Account balance.Â
Because your Bybit Card is available virtually, you need to stay alert for any fraudulent activities. Here are some ways to help you prevent fraudulent activities on your Bybit Card:
Avoid saving your passwords and credentials on your personal or work gadgets
Avoid installing apps that give third parties remote access to your device
Conduct all transactions over a secured network
Enable authentication prompts and push notifications to ensure that youâre authorizing the correct transaction
Donât share your card information with anyone, especially on social media
Beware of online phishing scams
Regularly check your transaction history to keep track of them
Contact Bybit Card Customer Care if you suspect any suspicious account activity
Conclusion
Using a crypto debit card increases the liquidity of your digital assets and provides you the convenience of spending cryptocurrency in your daily life. Whether youâre paying bills or buying goods online, the Bybit Card helps you maximize your crypto usage while keeping your funds safe. Itâs issued in partnership with Mastercard, so you can spend your preferred cryptocurrencies anywhere a merchant displays the Mastercard logo. Easy to use with its intuitive mobile app, the Bybit Card gives you an efficient way to manage your digital assets on the go!
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