Bybit, as one of the leading crypto exchanges, offers, among other services, a Mastercard debit Bybit card that allows users to directly spend funds in cryptocurrencies.
Key features of Bybit payment card
Global Use: The card can be used worldwide at any location that accepts Mastercard, allowing for seamless transactions with both fiat and cryptocurrency.
No Extra Accounts or Wallets: Users can transact globally using multiple cryptocurrencies directly from their Funding Account without needing additional accounts or wallets.
No Staking Requirements: The card offers various tiers without requiring users to stake any cryptocurrency.
Loyalty Rewards: Users can earn loyalty points on their purchases, which can be redeemed for unique offers and exclusive rewards from Bybit’s partners.
No Annual or Hidden Fees: The Bybit payment card has no annual fees or hidden charges, making it a cost-effective option for crypto transactions.
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Easy Fund Management: Payments made with the card automatically deducted from the user’s Funding Account, converting crypto to fiat if necessary to cover the remaining balance.
Flexible Card Management: Users can view transactions and manage their cards through the My Bybit Card dashboard, accessible via the Bybit Web and App.
Application Process: Users can check the status of their card application on the Bybit Web page, with the review process taking up to 7 working days.
Funding the Card: The Bybit Card does not have its wallet balance. Instead, it uses the balance from the user’s Funding Account, which can be topped up by purchasing fiat or crypto on Bybit or transferring from other platforms or wallets.
Pros & Cons
Eligible areas
Currently only available for users in AUS and The European Economic Area (EEA) area, with the exceptions.
To complete Identity Verification Level 2 for your Bybit Card application, you must provide a Proof of Address from eligible EEA countries (excluding Croatia, Iceland, Ireland, Liechtenstein, and Romania) issued within the last three (3) months.
Bybit does not offer services or products to Users in a few excluded jurisdictions including the United States, the United Kingdom, mainland China, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), Syria.
Fee structure
| Foreign exchange fee: | 0.5% (on top of Mastercard’s foreign exchange rate) |
| Crypto conversion fee: | 0.9% (on top of Spot fees) |
| Annual fee: | none |
| Dormancy/Inactivity fee: | none |
| Card cancellation: | none |
| Card issuance: | None for virtual Bybit Card; 5 EUR/GBP/USDT for physical Bybit card |
| ATM fees: | Free for first 100 EUR/GBP ATM withdrawals every month, then 2% thereafter |
Limits on Bybit card
Daily spending limit: 5,000 EUR/GBP
Monthly spending limit: 50,000 EUR/GBP
Annual spending limit: 250,000 EUR/GBP
Supported currencies
Although Bybit as an exchange supports a large number of different cryptocurrencies, in addition to only two fiat currencies, only a few crypto assets are supported by the Bybit card.
Fiat: EUR or GBP, depending on your country of residence
Crypto: BTC, ETH, XRP, USDT and USDC
Auto-Savings function
The Auto-Savings function on the Bybit Card dashboard allows users to earn interest on idle assets in Flexible Savings and automatically redeem those assets for spending when needed. You can enable this feature for specific supported coins based on your trading preferences, ensuring effective planning and use of idle crypto assets. The function’s flexibility allows assets to be unstaked at any time, providing real-time access while earning daily yields. Additionally, enabling Auto-Deduction on the dashboard lets you earn compounding interest on your Flexible Savings.
Conclusion
The Bybit payment card aims to provide users with an easy, secure, and flexible way to spend their cryptocurrency holdings globally.
To find more Here is a full review about Bybit exchange
Note:
Your Bybit Card is provided by Moorwand Ltd (FCA Reference No 900709), a Principal member of Mastercard International Incorporated. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. Any communications in relation to the card can be sent to Moorwand Ltd, Irongate House, 30 Dukes Place, London, EC3A 7LP, United Kingdom
