As the global cryptocurrency ecosystem evolves, there is a growing demand for the practical application of on-chain assets in everyday life. However, the challenge of effectively utilizing these digital assets has consistently been a point of concern among cryptocurrency enthusiasts. In response to this need, crypto payment cards, commonly referred to as “U cards,” have emerged as a significant solution. These cards not only facilitate the final step in the utilization of digital assets but also redefine the conventional understanding of wallets, payment finance (PayFi), and payment networks. Crypto payment cards have diversified functionalities, ranging from direct integration with mobile payment applications for purchases to leveraging Bitcoin as collateral for borrowing stablecoins, enabling users to adapt to market fluctuations. While some cards are tied to exchanges and focus on stability and cashback incentives, others are linked to wallets or protocols, highlighting the importance of on-chain native assets and their interoperable potential. The current landscape of crypto payment cards has matured, creating a practical entry point into the realm of crypto finance.
### Comprehensive Analysis of Leading Crypto Payment Cards
To provide clarity on the user experiences and distinctions among various crypto payment cards available today, Odaily Planet Daily has conducted a thorough evaluation of ten prominent options, including Bybit, Bitget, SafePal, Morph, Infini, Coinbase, Nexo, MetaMask, 1inch, and RedotPay. This analysis systematically organizes and contrasts their application requirements, supported assets, fee structures, cashback features, and on-chain interaction capabilities, assisting readers in identifying the most suitable card for their needs in this rapidly evolving domain.
### Bybit Card: The Most Popular U Card for Users
The Bybit Card, a virtual debit card recently introduced, has garnered significant attention on social media due to its absence of annual fees and its low application threshold. This card supports Know Your Customer (KYC) certification for mainland users, with a straightforward application process. Users are required to create a Bybit account, complete identity verification, and can reportedly pass KYC using a Chinese identity. After certification, users can find the “Card” option on the homepage to access the application page, selecting their preferred region. For example, selecting Australia allows users to apply for a virtual card without needing to provide address proof. The review process typically takes about five to seven business days. The card defaults to USD as its currency, although users can opt for a version in the European Economic Area (EEA) that defaults to Euro, necessitating address verification in Europe. Users can manage the card through the Bybit app, linking it directly to Apple Pay and Google Pay for global transactions at any Mastercard-accepting merchant. However, recent updates indicate that the Australian version can no longer link to Alipay and WeChat Pay due to excessive exploitation of cashback promotions, although some users have reported success using Alipay’s tap-to-pay feature. The card boasts competitive transaction fees ranging from 0.9% to 3%, influenced by factors such as the card’s region and transaction currency, with additional costs potentially incurred by intermediary fees. Currently, the platform offers a promotional 10% cashback for new cardholders, though users should be mindful of currency conversion fees for transactions made in foreign currencies.
### Bitget Card: A Premium Offering for VIP Users
In contrast to traditional bank cards, the Bitget Card promotes “no annual fee” and the ability to directly spend USDT as its primary selling points, attracting many crypto users. This card is issued by DCS (DeCard), a regulated bank in Singapore, which Bitget has acquired a majority stake in. While DeCard also allows individual applications, the requirements can be stringent, making the Bitget platform a more accessible option. However, eligibility for the Bitget Card is limited to VIP users, typically requiring an account balance of at least 30,000 USDT or equivalent assets. The card supports integration with popular payment platforms such as Apple Pay, Google Pay, Alipay, and WeChat, facilitating the real-world use of on-chain assets. It’s worth noting that different types of Bitget cards exist; the standard one is a Visa card with USD as the base currency, while a premium version popular on social media is a Mastercard/UnionPay card based on Singapore Dollar. Users have reported smooth transactions at Mastercard-accepting merchants. Transaction fees are similar to those of the Bybit Card, ranging from 0.9% to 3%, influenced by transaction specifics, and various payment channels might impact timing and costs. Overall, as a virtual financial tool tied to an exchange, the Bitget Card serves as an effective means for users to utilize crypto assets for everyday purchases, particularly for those with substantial assets and frequent cross-border transactions.
### SafePal x Fiat 24: More Than Just a U Card
Differing from the conventional notion of a “virtual card,” SafePal presents a more comprehensive crypto financial service in partnership with the Swiss-registered bank Fiat 24. Upon completing identity verification and address validation, users are granted access to a genuine European bank account (including IBAN), which facilitates international transactions and withdrawals, along with a linked debit card for spending. The application process is more intricate compared to other cards, requiring users to navigate through the SafePal wallet interface and transfer a small amount of ETH on the Arbitrum network to mint an identity NFT, a prerequisite for accessing Fiat 24 services. Following KYC completion, users receive their assigned Fiat 24 bank account and can simultaneously apply for a Mastercard debit card associated with the account. Although some users received Visa cards in 2023, the prevalent version remains Mastercard. This card supports mobile payment integration with Apple Pay, Google Pay, Alipay, and WeChat, with supported currencies including Euro, USD, Swiss Franc, and RMB. In terms of fees, the SafePal debit card incurs a range of 1% to 3% depending on specific transaction conditions. Users can withdraw funds from their bank account with minimal fees, and once the fiat balance on the card is depleted, crypto funds are automatically utilized for purchases. The collaboration with Fiat 24 signifies a move toward integrating traditional banking services within the crypto space, providing users with a bank account that allows seamless transactions and compliance, thus catering to those with cross-border income and asset management needs.
### Morph Black Card: A High-End Financial Solution
The Morph Black Card, a premier offering from Morph, is designed as a high-end financial product for affluent crypto users, merging on-chain identity with real-world privileges. Unlike standard virtual debit cards, applying for the Morph Black Card requires holding a specific NFT—the Morph Black NFT—currently priced at around 0.87 ETH in the secondary market. This NFT not only signifies membership but also incorporates financial rights related to pricing and circulation. Functionally, the Morph Black NFT is the cornerstone of the MorphPay ecosystem, providing holders with potential future airdrops and exclusive access to additional benefits. The card itself is a 22g physical black gold card, and after KYC verification, cardholders can apply for it, enjoying waived annual fees and transaction costs as low as 0.3% for deposits and withdrawals. The card allows for significant daily transaction limits and includes a USD bank account in Singapore. Furthermore, the Morph Black Card aims to connect users with global travel and lifestyle services akin to traditional luxury credit cards. There are indications that the card may be built on the DCS issuance framework, suggesting a sophisticated and exclusive financial product for discerning crypto users. The Morph team has plans to introduce a standard card version in the future to broaden its user base.
### Infini Card: A Versatile Payment Solution
Infini offers three distinct card options, including the Meow Card and Rabbit Card, tailored for various user needs. Both cards are priced at $9.90, with no annual or monthly fees, and they support integration with Alipay and WeChat Pay, making them accessible for Chinese users. The Meow Card operates on the Mastercard network, making it ideal for transactions priced in RMB, while the Rabbit Card utilizes the Visa network and is more suited for USD-centric merchants. The Meow Card incurs a transaction service fee of 0.8%, whereas the Rabbit Card has a similar fee structure but includes additional charges for non-USD transactions. Notably, both cards can be used for subscriptions to platforms like OnlyFans, catering to specific user demands. While currently virtual, Infini is developing a physical card, the Woof Card, which will support offline payments and expand its user reach.
### Coinbase Card: The No-Fee Payment U Card
The Coinbase Card, launched by one of the largest and most compliant cryptocurrency exchanges, offers significant advantages in terms of user trust and security. This card is available to Coinbase account holders and is especially suitable for residents in the U.S. and the EEA. Applicants must provide proof of residency, and KYC verification is not available for mainland China. The Coinbase Card is notable for its unique “no-fee” structure, allowing users to spend stablecoins like USDC directly without incurring transaction fees. The card also facilitates fee-free conversions of fiat currency to USDC, significantly lowering asset conversion costs. Daily transactions and ATM withdrawals are generally free, making it an attractive option for users seeking a seamless payment experience. Additionally, the card operates on the VISA network, ensuring broad acceptance globally. Occasionally, Coinbase promotes cashback incentives for cardholders, adding further appeal. The combination of its compliant framework, minimal fees, and efficient deposit and withdrawal processes positions the Coinbase Card as a top choice for users in Europe and the U.S. looking to integrate on-chain assets into their daily financial activities.
### Nexo Card: A Cashback Credit Card for Europeans
The Nexo Card, introduced by the France-based crypto trading platform Nexo, is exclusively available to residents of the EEA and the UK, including specific requirements for holders of Chinese passports. This card stands out as one of the few crypto U cards that operates on a credit model, allowing users to spend first and repay later, coupled with a competitive cashback structure. Operating on the Mastercard network, the Nexo Card is usable at a wide array of merchants. Users earn cryptocurrency cashback on their daily spending, starting at a base rate of 0.5%. As users accumulate crypto assets exceeding $5,000, they can access higher cashback rewards based on their loyalty tier, with potential rewards reaching up to 2% for platinum-level users. The card has no annual fees, and its transparent fee structure differentiates it from traditional credit cards, with relatively low foreign exchange conversion fees. This card effectively bridges the gap between traditional finance and crypto asset utilization, catering to European residents seeking cashback benefits.
### RedotPay: A Convenient Payment Solution for Hong Kong, Macau, and Taiwan
RedotPay, a crypto payment service based in Hong Kong, launched its cryptocurrency payment card at the end of 2023. This card is designed to meet the demands of users seeking convenient ways to utilize crypto assets in real-world transactions. Functionally akin to traditional debit cards, the RedotPay card directly deducts the equivalent cryptocurrency amount from the linked account during purchases, bypassing the need for pre-funded fiat accounts or credit features. Unlike many exchange-based card products, RedotPay focuses on delivering on-chain payment solutions and is currently unavailable for mainland Chinese residents but can be applied for in various overseas regions. The card boasts a moderate fee structure, with comprehensive fees ranging from 1% to 3%, influenced by currency conversion and transaction scenarios. One of its standout features is support for Binance Pay, allowing users to recharge and settle payments through their Binance wallets. The RedotPay card, which operates on the VISA network, waives annual fees while requiring a one-time fee for physical card issuance, making it an attractive option for overseas users wishing to leverage on-chain assets in their daily transactions.
### MetaMask Card: A Low-Fee Payment Card for Wallet Users
The MetaMask Card is a lightweight payment tool introduced by the widely-used crypto wallet MetaMask, primarily targeting existing wallet users to facilitate direct on-chain asset usage for everyday purchases. Currently in an early access phase, the card is available for residents in select regions, including the U.S. (excluding New York and Vermont), the UK, EU member states, Switzerland, Mexico, Colombia, and Brazil. The MetaMask Card operates on the Mastercard network, with plans to offer a physical metal card as a future airdrop benefit. It supports USDC, USDT, and wETH, with users required to transfer assets to the Linea network for recharging. The card can be connected to Apple Pay or Google Pay for mobile payments, eliminating the need for a physical card. Each transaction converts the selected crypto asset into fiat currency for settlement, with only minor gas fees for stablecoins. Users can expect a cashback reward of 1% in USDC for all purchases, enhancing its appeal for those familiar with decentralized finance and on-chain transactions.
### 1inch Card: A Unique “Lending” Payment Solution
The 1inch Card, launched by the crypto aggregation platform 1inch, provides users with a distinctive “collateral + lending” model alongside standard on-chain payment capabilities. Supported by Crypto Life and utilizing Baanx for compliance services, the card is primarily available to residents of the EEA and the UK, with KYC requirements similar to other products in the Baanx ecosystem. Unlike typical crypto cards, the 1inch Card allows users to collateralize BTC or ETH to borrow stablecoins for everyday spending. Users can select from USDC, USDT, or EURT as their borrowing currency, choosing repayment terms of six to twenty-four months. This innovative model is particularly advantageous for long-term crypto investors, as it allows them to maintain exposure to their assets while meeting immediate liquidity needs. Although borrowing incurs interest, as long as the appreciation of collateralized assets exceeds this cost, users can benefit significantly from this mechanism. The card supports major Layer 1 assets for payments, with a clear fee structure: a 2% consumption fee, 1.75% exchange fees, and various costs associated with withdrawing crypto or fiat. The 1inch Card also offers a 2% cashback on all transactions, further incentivizing its use as a multifaceted financial tool for crypto holders.
ChainCatcher advises readers to approach blockchain technology with a rational mindset, heightening their risk awareness and exercising caution regarding virtual token offerings and speculative investments. All information presented is intended for market insights and does not constitute investment advice. Please report any sensitive content, and it will be addressed promptly.
