10 Reasons Why You Should Own a Crypto Card

Crypto credit and debit cards are popular additions to the crypto sector that are receiving positive sentiment in the market. These bank cards are typically tied to cryptocurrency exchanges, with a user's digital assets in a crypto wallet instead of a traditional bank account backed by fiat currency. These crypto cards function just like a traditional credit card, using a different underlying asset and with added twists on it.

As these new cards and payment options emerge in the crypto market, you might be asking if you should jump on the bandwagon. First, let's talk a little bit about crypto, and then we'll get into some of the reasons why taking the plunge into the world of web3 and using crypto cards backed by digital currencies might be a good idea.

Key Takeaways:

• Crypto cards are increasing in popularity because of their ease of use and rewards program. Users can pay merchants for everyday transactions using cryptocurrencies and earn cashback rewards.
• Some of the most popular reasons why you should own a crypto card include the ability to earn unique crypto rewards, the enjoyment of no annual fees as well as widespread usability.
• Crypto cards are just like the credit and debit cards that you've been using all your life, except better in every way.

Why Is It Good to Invest in Crypto?

The crypto sector has been growing exponentially, with more widespread adoption from financial institutions and retailers, despite some of the debacles that threw crypto into turmoil in late 2022. Still, crypto investment is perceived to be an investment class with a high return on investment, especially with the continual innovations in web3, non-fungible tokens (NFTs) and DeFi.

Crypto also offers a way to diversify an investor's portfolio. Beyond utility tokens, governance tokens, stablecoins and more, there is an eclectic selection of digital assets such as NFTs for users to invest in. The decentralized nature of these digital assets gives investors more control over their assets, and protection against inflation and political instability.

Learn more: Crypto Investing vs. Trading: Which Suits You Better?

Why Are Crypto Cards Becoming More Popular?

Crypto cards are increasing in popularity because of their ease of use. Users can pay merchants for everyday transactions using cryptocurrencies. This grants them more privacy than the wire transfer they would normally receive from a bank or another financial institution, as anonymity is one of the main tenets of the blockchain technology on which crypto is based.

Another factor is the widespread acceptance that these cards offer in financial systems. Not only can they be used online, but at point-of-sales machines in stores as well. You can complete secure transactions anywhere in the world using your digital assets.

What's even more enticing are the rewards programs that these crypto cards offer. Users can earn cashback in the form of crypto or fiat currencies. This helps new users get their hands on crypto without paying hefty fees to purchase it.

Learn more: Traditional Debit Card vs. Crypto Debit Card: Which One Is Right For You?

Top Reasons Why You Should Own a Crypto Card

As the allure of crypto cards captivates the financial world, Bybit has stepped up and unveiled its own crypto debit card in response to this rising demand. 

The Bybit Card is a Mastercard crypto debit card that enables users to access and spend their cryptocurrencies in an effortless manner, bridging the gap between digital assets and everyday transactions. Designed with the modern user in mind, the Bybit Card offers a convenient way for users to off-ramp their trading profits and spend them anywhere, anytime. 

With the Bybit Loyalty Rewards Program, you can accumulate Reward Points for every 1 USD/EUR or 900 ARS spent and exchange these points for exclusive rewards such as bonuses, coupons, exclusive merchandise on Reward Market. You can also convert them for cashback via the Auto Cashback function which gives you automatic cashback for all purchases done with fiat and crypto in USDT. 

Furthermore, you can also earn a passive income through the Auto-Savings feature that puts your idle assets to work. And if these benefits weren’t compelling enough, here are even more reasons why owning a crypto card is an absolute must.Learn more: What Is Bybit Card and How To Use It

Reason 1: Get unique crypto rewards

Instead of receiving traditional spending points, which will expire before they can be redeemed for anything of value, crypto card users can receive cashback in the form of crypto — which can be reinvested into the ecosystem for investment appreciation.

Learn more: How to Use the Bybit Card to Earn Passive Income

Reason 2: Grant access to web3

One of the most important features of crypto cards is the access they grant to web3. Crypto cards elevate the interoperability of networks since they can be used across different blockchains to facilitate cross-chain transactions between DApps and protocols. 

Another perk is that private keys are stored offline on the cards, so they’re less susceptible to hacks. Overall, crypto cards make transactions on web3 far more accessible, eliminating the technical expertise needed to manage private keys and navigate the complicated crypto ecosystem.

Reason 3: No need for credit score evaluation

Traditional credit cards require a credit score check, while crypto cards are much easier to obtain. Users have access to the freedom and benefits of card ownership, without being punished for student loan debt or mistakes they made five or more years ago. Instead, the only requirements for obtaining a crypto credit card are having a valid digital currency wallet and an account with the crypto exchange offering the card service, although other terms and some minor fees can be assessed by the exchange.

Reason 4: No annual fees

Also unlike traditional credit cards, crypto credit cards typically do not have annual fees and high interest rates. Still, there are small fees in certain circumstances, particularly with crypto credit cards, but all fees are announced in advance, so you won't have any surprises when you check your account.

Learn more: Fees and Limits (Bybit Card)

Reason 5: Easier to get your hands on crypto via crypto cashback

Another major benefit is the crypto cashback system that crypto cards offer, allowing users to receive cashback in the form of crypto tokens. This is also another form of diversifying your crypto assets, as these tokens can increase in value as their use becomes more widespread. This allows you to receive additional crypto without having to pay any gas or transaction fees, which you might experience while trading on an exchange.

Reason 6: Short lead times so you can instantly access and process funds

The blockchain technology that cryptocurrencies are built on provides users with a faster and better experience, especially with processing payments or deposits. Processing refunds, for example, can take up to three days with a bank or up to ten days with some prepaid debit cards. Crypto cards can reduce those wait times and make transactions nearly instantaneous. You'll no longer have to wait a few days to get your money back after accidentally being double-charged at a shop.

Learn more: 21 Best Crypto Credit and Debit Cards For Crypto Beginners and Veterans in 2023

Reason 7: No ATM fees

Unlike cards that offer fees for using another bank's ATM, or prepaid cards that even charge ATM fees for balance checks, crypto cards are ATM fee-free, allowing crypto wallet users to access their money without paying exorbitant fees that can add up over time. You can withdraw money from your crypto assets without giving away hundreds of dollars in fees every year to a multibillion-dollar international banking institution.

Reason 8: Two-Factor Authentication

Another benefit that crypto credit and debit card owners can use to protect their money is the use of two-factor authentication (2FA) before making purchases. This reduces the risk of stolen cards and identity theft that can lead to bad actors stealing your money. You can even use 2FA for in-person purchases as well. Blockchain’s speed will send the notification to your phone immediately, and the simple press of a button means the card can be used by you and only you.

This feature is optional, of course, and can be disabled if you're the type of person who doesn't like to have their phone on and in their hands at all times. It’s simply an option that can be used to provide more secure transactions and reduce the risk of a stolen card falling into the wrong hands.

Learn more: Crypto User Protection Guide: Best Practices to Safeguard Your Assets

Reason 9: Widespread Usability

Unlike American Express or Discover cards, which can be used in fiat currencies in many places but not everywhere, crypto debit cards and crypto credit cards can be used anywhere that accepts Visa or Mastercard, depending on the card issuer. This is because the system converts your crypto assets into fiat currency (i.e., Bitcoin to United States Dollars or British Pound Sterling) for the transaction, so you'll always be able to pay in the local currency, no matter where you are in the world.

Learn more: Will Crypto Cards Take Over Conventional Credit & Debit Cards?

Reason 10: Travel

Speaking of traveling, most traditional debit and credit card users know the hassle of going on vacation or a business trip with their cards. You have to tell your bank where you're going and how long you'll be gone and, even then, you'll probably experience an embarrassed store clerk telling you that your card has been declined because it was flagged by the bank's Fraud Detection Department.

However, with a crypto debit or crypto credit card, you can feel free to travel at your leisure. If you want to spend a few extra days abroad, you won't have to call the bank and feel like you're getting some college intern's permission to live your life. Since your crypto assets are converted into local currency at the point of sale, you'll never have to worry about foreign transaction fees, either.

Crypto Debit or Credit Cards: Are They Right for You?

Crypto debit and credit cards are perfect for anyone who has a Bitcoin wallet, and would like to use their crypto to pay for everyday purchases. They're also an excellent choice for users who would prefer to make cryptocurrency transactions with a little more privacy, security and speed than with traditional financial institutions.

They're also perfect for people who like to give gifts to their loved ones. For example, if you're married and have shared finances, it can be difficult to make a surprise purchase for your significant other without their seeing the transaction on the bank statement before the gift arrives. However, with a crypto credit or debit card, you can purchase anything you want without the transaction being seen.

Learn more: Crypto Credit Cards vs. Crypto Debit Cards: The Key Differences

Is a Crypto Card Worth It?

For most people with even a modest amount of crypto assets, these cards are definitely considered a good idea. The ability to control one's own money directly, while being able to avoid paying hefty fees to a bank or other financial institution, is a dream come true for many people. Even if you have a small amount of a crypto asset and don't think you'd use the card, it's very handy to have in emergencies. If your car breaks down a day before payday and you need emergency maintenance or repair, you'll be glad to know that your crypto card will cover you until your paycheck arrives.

Conclusion

The above are just a few of the reasons why crypto credit and debit cards are quickly becoming popular choices for investors. If you're getting tired of your bank and their numerous fees, a crypto credit or debit card may be the perfect choice for your wallet. To put it simply, crypto cards are just like the credit and debit cards that you've been using all your life, except better in every way. 

#Bybit #TheCryptoArk