As the global cryptocurrency infrastructure matures, users' demand for the "real availability" of on-chain assets is also growing. However, how to actually use the assets on the chain in real life has always been a concern for crypto users.
Crypto payment cards (also known as "U cards") have quietly emerged in this context. They not only open up the "last mile" of asset use, but are also quietly reshaping people's understanding of wallets, PayFi and payment networks.
Whether it is directly linking to mobile payment software for consumption, or borrowing stablecoins by pledging Bitcoin to flexibly respond to market conditions, the ways to play with crypto payment cards are becoming more and more diverse. Among them, some are based on exchanges, focusing on stability and cashback rewards, while others are based on wallets or protocols, emphasizing on-chain native assets and composability. Today's crypto payment cards have become a practical and increasingly mature entry point into crypto finance.
In order to clarify the real user experience and differences of such products, Odaily Odaily has deeply disassembled the top ten most representative crypto payment cards in the current market based on a large amount of information collection and user feedback from social platforms, including Bybit, Bitget, SafePal, Morph, Infini, Coinbase, Nexo, MetaMask, 1inch and RedotPay, and combined their application thresholds, supported assets, rate structures, cashback mechanisms and on-chain interaction capabilities, to conduct systematic sorting and horizontal comparison to help readers find the "pass" that best suits them in this rapidly evolving field.
Newbie U card for Chinese users
Bybit Card: The most widely used exchange U card
Bybit’s recently launched virtual debit card has become quite popular on social platforms recently due to its features of no annual fee and low threshold. This card supports mainland China KYC certification and the application process is free.
The application process is quite simple: users first need to register a Bybit account. After completing the registration, they need to conduct real-name authentication on the platform. It is reported that using a mainland Chinese identity can pass the KYC audit. After the authentication is passed, find the "Card" option on the homepage to enter the application page, and then the user can choose different regions to open the card:
- Select Australia as the card opening region. If you choose this option, you do not need to provide proof of address when applying for a virtual card. After submitting your application, the review process will take approximately 5 to 7 working days. In this version, the default currency of the card is USD.
- Users can also choose the European Economic Area (EEA), but please note that the EEA version requires proof of address in the European Economic Area, such as utility bills, credit card bills, etc. for a European address. The default currency for cards in this version is Euro.
In terms of usage, the card can be managed in the Bybit App. The virtual card can be directly linked to Apple Pay, Google Pay, etc., and can be used by swiping the card in merchants around the world that support Mastercard.
According to a recent message on Twitter, the Australian version of the virtual card has recently been unable to be linked to Alipay and WeChat Pay for consumption. This is mainly due to the excessive use of cash back activities by the wool-pulling studio and others. However, there are also messages from users saying that Alipay's tap-to-pay feature can be used for transactions, which may vary depending on the risk control of each user's account. If you need to link these payment tools, you can consider applying for the European Card version. According to Twitter information, the European Card version can still be linked to Alipay and other payment tools for use.
In terms of fees, the Bybit card is quite competitive: transaction fees range from 0.9% to 3%, depending on factors such as the card opening region, transaction currency, and consumption location. Some transactions may incur additional intermediary fees (such as Alipay and other platforms). The platform is currently carrying out a new card promotion, and users can enjoy a 10% cash back discount on their purchases.
It is important to note that consumption in different regions may incur additional costs such as currency conversion fees. For example, if a user pays by credit card at a merchant that accepts Japanese yen, the final transaction fee may include the exchange rate from USD/EUR to Japanese yen, which the user will also need to bear. Overall, this card has obvious advantages in terms of usage as it is linked to the exchange and is one of the more convenient options on the current market.
Bitget Card: Exclusive payment card for VIPs
Compared with traditional bank cards, the virtual debit card launched by Bitget also uses "no annual fee" and "direct consumption of USDT" as its main selling points, attracting the attention of many crypto users. The card currently supports two card organization options: UnionPay and Mastercard, covering the actual needs in different regions and consumption scenarios.
The issuer of Bitget Card is DCS (DeCard), a local regulated card issuing bank in Singapore. According to market information, Bitget has acquired a majority stake in the bank. Although DeCard also provides card application services for individual users, this path usually requires applicants to have local Singapore identity verification and mobile phone numbers, which has a high threshold. Therefore, applying through the Bitget platform is a more feasible way.
It should be noted that Bitget card is not currently open to all users. According to the current rules of the platform, only users who have reached the VIP level are eligible to apply. One of the common thresholds is that the account balance must reach 30,000 USDT or equivalent assets. Therefore, the target user group of this card is more oriented towards high net worth or active transaction users.
Currently, Bitget Card also supports Apple Pay, Google Pay, Alipay, WeChat and other linked operations. Its functions focus on the release of liquidity of on-chain assets and the combination with daily consumption. It should be noted that there are different types of Bitget cards. The Bitget card on the official website is a Visa card with the US dollar as the underlying settlement currency, while the Bitget Premium Payment Card, which is more popular on Twitter, is a Mastercard/UnionPay card with the Singapore dollar as the underlying settlement currency, which is slightly different. According to user experience on Twitter, this card can be used smoothly in all places that support Mastercard.
At the same time, Bitget stated on its homepage that there will be BGB cashback opportunities in the future.
In terms of fees, the transaction fee of Bitget Card is also 0.9% to 3%, which is mainly affected by factors such as transaction currency, consumption location and whether currency exchange is involved. For example, if a transaction is settled in USDT in a non-USD/SGD region, certain currency conversion fees may be triggered. In addition, different payment channels (such as UnionPay and Mastercard) may also affect the arrival time and intermediary handling fees. At the same time, Alipay and WeChat Pay will also charge a handling fee for transactions above 300 yuan.
Overall, as a virtual financial product derived from the exchange, Bitget Card provides users with another channel to use encrypted assets in real-world consumption scenarios. It is especially suitable for users with large assets and frequent cross-border consumption.
SafePal x Fiat24: Not just a U card, but also a compliant bank account
Different from the traditional "virtual card", SafePal provides a more integrated crypto-financial service, with basic account support provided by Fiat24, a Swiss registered bank. After completing identity authentication and address verification, users will obtain a real European bank account (including IBAN) that can be used for international payments, withdrawals, and even debit card purchases associated with the account.
The application process is slightly more complicated than other cards. Users must first enter the relevant module in the SafePal wallet interface, provided that the account is located in a region that supports the service (currently including Mainland China). Next, the user needs to transfer a small amount of ETH on the Arbitrum network to mint the identity NFT, which serves as the necessary credentials for obtaining Fiat24 banking services. After completing KYC and address verification, the system will allocate a Fiat24 bank account and you can simultaneously apply for a Mastercard debit card linked to the account. Some users received Visa cards in 2023, and the current mainstream version is Mastercard.
The card also supports integration with Apple Pay, Google Pay, Alipay, WeChat Pay, etc. The underlying settlement currencies support Euro, US Dollar, Swiss Franc and RMB.
In terms of fees, the comprehensive fee range for SafePal debit cards is 1% to 3%, depending on the specific transaction structure. There is a handling fee of about 1% for account withdrawals, and no additional charges for consumption in the same currency. This is good news for users who have consumption needs in the above four currencies. Once the fiat currency balance in the bank card is exhausted, the system will automatically deduct the fees from the linked cryptocurrency balance to realize the consumption of crypto assets.
At the same time, because users get a complete bank account that supports international transfers to major banks, as well as international digital banks such as ifast, Wise, and Revolut, there are many experiments and rate evaluations on social platforms.
Compared with other exchange-led card products, the collaboration between SafePal and Fiat24 is closer to the extension of traditional financial services into the crypto world. It provides users with more than just a card. It also provides a complete financial account that can freely send and receive euros, link crypto assets, and has a compliant identity tag. It is particularly suitable for users with cross-border payment needs or asset export needs.
Morph Black Card: The leader in high-end credit cards
Morph Black Card is a flagship membership rights carrier launched by Morph, which is positioned as a consumer L2. It is a combination product of "on-chain identity + real-world privileges" for high-net-worth crypto users. Unlike traditional virtual debit cards, the application threshold for Morph Black is to hold a specific NFT - Morph Black NFT, whose current floor price in the secondary market is approximately 0.87 ETH. This NFT not only symbolizes the user's membership status, but also embeds the pricing and circulation functions of on-chain financial rights.
In terms of functional design, Morph Black NFT is officially defined as the flagship asset of the MorphPay ecosystem. Its holders may receive future Morph Token airdrops on the platform and enjoy the right to distribution at the lowest fully diluted valuation (FDV) stage. At the same time, NFT will also be linked to multiple ecological projects including BAI Fund to bring airdrop incentives to users. Cardholders can also participate in platform chain deposits and obtain an annualized return of up to 30%.
In terms of card benefits, the Morph Black card is a 22g physical black and gold card. Cardholders can apply for the card after completing KYC. The advertised benefits include exemption from the annual fee of approximately US$300 common in traditional black cards, and enjoyment of a handling fee as low as 0.3% during the deposit and withdrawal process (depending on the currency exchange needs). The card has a daily deposit limit of up to US$1 million and will come with a US dollar bank account in Singapore. At the same time, according to the platform's public information and community discussions, the card will also link to global hotels, air ticket reservations and private concierge services, and may provide support through the Aspire VIP system to create travel and life supporting services similar to traditional high-end credit cards for crypto asset holders.
In addition, according to information from social media and social platforms, the Morph Black physical card may be built based on the DCS (DeCard) issuance system. Its investor Bitget is rumored to have acquired most of DCS's shares. Therefore, the card is very likely to be developed based on DCS's Mastercard card. Some of the benefits may come from the DCS black card Imperium World Elite Card and have a credit card mechanism.
According to the Morph team, a regular card version will be launched in the future for a wider range of users to expand the package's payment network and ecological penetration. Overall, Morph Black Card is one of the most "high-end financial" card products on the market, suitable for senior crypto users who seek asset exclusivity and rights composability.
It’s worth mentioning that Morph just started selling the Morph Platinum SBT a few days ago. By minting Morph Platinum SBT, users can secure their stake in the ecosystem at a FDV of $50 billion and unlock 50% of tokens at the TGE. At the same time, SBT holders will receive a Morph Platinum Card. Details of the card have not yet been disclosed, but it is also a U card that supports direct cryptocurrency consumption and comes with a one-year Black Card trial worth $300. Currently, the fee for minting Morph Platinum SBT is 0.3 ETH.
Infini Card: A virtual card that supports OnlyFans
Infini owns three different cards: Meow Card and Rabbit Card are core virtual card products that provide flexible on-chain payment and daily consumption solutions for different user needs. Currently, both cards are priced at US$9.9, with no annual or monthly fees. They support Alipay and WeChat Pay and are one of the few overseas virtual card products that are compatible with mainstream payment tools for Chinese users.
Meow Card belongs to the Mastercard network and is more suitable for daily consumption scenarios denominated in RMB. Its transaction service fee is 0.8% of the amount of each consumption. When making payments in non-US dollar currencies, the system will automatically convert the currency and charge a cross-border fee of 1% to 1.5%, with a minimum of US$0.01.
Rabbit Card uses the Visa network and is more focused on U.S. dollar merchants. It is particularly suitable for a series of subscription platforms, including ChatGPT Plus, OpenAI API, Midjourney, Cursor, AWS, Google Cloud, Notion, Godaddy, GitHub and other development services. It also covers mainstream consumer platforms such as Netflix, YouTube, eBay, Amazon, etc., basically covering all U.S. dollar subscription services that need to be used in daily life. The Rabbit Card's basic service fee is also 0.8% per transaction, but its fee for non-US merchants or non-US dollar transactions is a fixed 1% plus $0.50, and there is also a minimum fee threshold of $0.01.
Of course, the Infini official website also thoughtfully indicates to users that both Meow Card and Rabbit Card support OnlyFans subscriptions, which truly meets the needs of users.
Although both cards are virtual, they can be quickly linked to Alipay and WeChat Pay in actual use to achieve a seamless payment experience. It can be seen on the official website that Infini's physical card product Woof Card is under preparation. In the future, it will support Apple Pay and Google Pay and have a wider range of offline payment capabilities, which is expected to further expand the user base.
Welfare cards for overseas residents: no-fee cards, cashback cards, and loan cards
Note: All the following KYC requirements are for "residents" regardless of nationality. That is, for residents who can provide proof of local residential address, such as utility bills and credit card bills, the difficulty of KYC varies according to the requirements of different card issuers.
Coinbase Card: The only payment card with no fees and no losses
As one of the world's largest and most compliant cryptocurrency trading platforms, the debit card launched by Coinbase has significant advantages in user trust and fund security. The card is issued to users with a Coinbase account and is specifically intended for residents of the United States or the European Economic Area (EEA). Applicants must have legal residence status and real residential address in their location. KYC audits in mainland China are not supported.
However, strict KYC is exchanged for high-level benefits: one of the biggest features of the Coinbase debit card is that it is free of all fees; its "native asset payment" mechanism allows users to directly use stablecoins such as USDC for daily consumption. The platform also supports the exchange of fiat currency into USDC without any fees, which greatly reduces the asset conversion cost for cardholders. Daily transactions and ATM withdrawals are also usually free of charge, providing users with a virtually lossless payment experience. In addition, the card is a VISA debit card and can be used normally in merchants and services that support the network worldwide, covering a wide range of scenarios.
When users withdraw funds from Coinbase to a local bank account, if the account is located in a country or region supported by Coinbase, the funds are usually transferred to the account quickly, and the entire process is widely regarded as "smooth and stable." In addition, Coinbase occasionally launches cashback activities for debit card users. Although the frequency is not high, it is an additional incentive for long-term cardholders.
Overall, the Coinbase debit card has become one of the most popular crypto debit cards among European and American users due to its compliance background, low fee system, and good fiat currency deposit and withdrawal experience. For users who already manage their assets on the Coinbase platform, this card is undoubtedly an ideal extension of their daily use scenarios for on-chain assets.
Nexo Card: Cashback Credit Card for People Living in Europe
Nexo Card is launched by Nexo, a crypto trading platform headquartered in France with compliance licenses in the EU and the UK. It is only open to residents of the European Economic Area (EEA) and the UK. Chinese passport holders need a European proof of address and residence card to open one. This card not only supports crypto asset consumption, but is also one of the few U cards with a true "credit card model", allowing users to pay first and repay later. It also supports cash back at a considerable rate, making it one of the few dessert cards that can compete with North American credit cards.
Nexo Card belongs to the Mastercard network and can be used at almost all merchants in the network.
Nexo Card’s cashback mechanism adopts a dynamic reward model based on the user’s asset allocation. All daily consumption can get cryptocurrency cashback, with a basic cashback of 0.5% of the consumption amount. The payment currency can be flexibly selected from NEXO Token or Bitcoin (BTC) on the platform. When the total amount of crypto assets held in a user's account exceeds US$5,000, they will be automatically included in the Loyalty Program and divided into different loyalty levels based on the proportion of NEXO tokens in their asset portfolio, thereby receiving a higher proportion of cash back incentives.
Specifically, the highest platinum level users can get up to 2% NEXO token cashback, or choose to return BTC at a rate of 0.5%; gold level users are 1% and 0.3% respectively; silver level is 0.7% and 0.2%; and the basic level is maintained at a cashback level of 0.5% NEXO or 0.1% BTC. This tiered reward mechanism encourages users to hold more NEXO Tokens on the platform, thereby enhancing user stickiness and the intrinsic value support of the platform tokens.
In terms of fees, Nexo Card has no annual or monthly fees, and the foreign exchange conversion fee structure is relatively transparent, but it is different from the traditional conversion fee design. If the transaction currency is the same as the card's preset currency (Euro or Pound), there is no charge; for transactions where the card currency (Euro or Pound) is different from the merchant's local currency, that is, foreign currency transactions, the system will convert the transaction amount into different currencies. If the transaction is settled in Euros, Swiss Francs or British Pounds, the currency conversion fee is only 0.2%; for currencies other than those in other regions, the fee is 2%. In addition, all foreign currency transactions conducted on weekends will be subject to an additional 0.5% handling fee, which is a somewhat strange rule.
Combining its credit payment capabilities, dynamic cashback system and crypto-asset-oriented membership model, Nexo Card has established a relatively mature bridge between the traditional financial system and crypto-asset usage scenarios, and is suitable for users who live in Europe and have cashback needs.
RedotPay (Little Red Card): A payment-friendly solution for Hong Kong, Macau and Taiwan
RedotPay is a Hong Kong-based crypto payment company that officially launched its cryptocurrency payment card at the end of 2023, aiming to meet users' needs for convenient use of crypto assets in real-world scenarios. The core positioning of this card is similar to that of a traditional debit card. When users make purchases, the system will directly deduct the equivalent amount of cryptocurrency from their linked account to pay for the consumption amount. The entire process does not require advance deposits to a fiat currency account, nor does it involve credit loan functions. Different from the card products with exchange background introduced earlier, RedotPay is not a virtual currency exchange, but focuses on providing blockchain-based payment solutions. Therefore, its card products are more focused on the usage path of on-chain assets.
The card currently does not support registration and use by residents of mainland China, but can be applied for and used in multiple overseas regions. The overall fee structure is at a medium level, with comprehensive handling fees ranging from approximately 1% to 3%. The specific rate depends on the currency conversion and consumption scenario. A major highlight of the RedotPay card is its direct support for Binance Pay. Users can complete deposits and settlements through the Binance wallet system, giving it certain advantages in terms of interoperability of the on-chain ecosystem.
In terms of card types, RedotPay provides VISA cards, which is relatively rare in the crypto card market. In addition, the card has no annual fee, reducing long-term card holding costs for users, but a one-time fee of US$100 is required to apply for a physical card.
In terms of rates, Redotpay provides a complete rate table:
It can be seen that the transaction fee rate for non-preset underlying currencies is 1.2%, the ATM withdrawal fee is 2%, and the transaction fee is 1%. These fees do not include fees charged by trading platforms such as Alipay.
In general, the RedotPay crypto card is aimed at overseas users with cross-border life or online consumption needs. It is suitable for users who want to use on-chain assets directly for daily payments and do not rely on centralized exchanges for asset custody. It is one of the few representative products in the current crypto card market that takes the "light platform" route.
Decentralized project Fang U card series, focusing on self-custody funds
MetaMask Card: Metamask's official low-fee payment card
MetaMask Card is a lightweight crypto payment tool launched by crypto wallet giant MetaMask. It is mainly aimed at users with existing wallets and aims to extend on-chain funds directly to daily consumption scenarios. The card is currently in its early stages of opening and is only open to residents of certain countries and regions, including the United States (excluding New York and Vermont), the United Kingdom, EU member states, Switzerland, Mexico, Colombia and Brazil. Its global version has not yet been fully opened.
The Metamask card also belongs to the Mastercard merchant network. It is reported that physical metal cards will be available as airdrop benefits in the future.
In terms of asset support, MetaMask Card currently supports three tokens: USDC, USDT and wETH. All funds must be stored in the Linea network, and users need to cross-chain related assets to the chain for deposit. After depositing funds, the card can be directly connected to Apple Pay or Google Pay for mobile payments, and can be used without the need for a physical card. During use, the system will instantly convert the selected crypto assets into fiat currency and settle it in local currency for each consumption. The conversion process is completed instantly when the transaction is initiated.
In terms of transaction fees, when using stablecoins such as USDC or USDT for payment, you only need to pay the gas fee of the Linea network once, which is usually around $0.02; if you use non-stablecoins such as wETH, you will also need to pay an additional 0.875% on-chain swap fee. All fees will be displayed in the "Manage" module of the card background after the transaction is completed. Users can view detailed bills, including exchange rate, deduction amount and handling fees.
In addition, MetaMask Card provides 1% USDC cashback on all consumption, further improving the cost-effectiveness of users in direct consumption scenarios of on-chain assets. This cashback model and visual fee structure make the card very suitable for users who are familiar with DeFi and on-chain operations, especially those who already use the MetaMask wallet as their main asset management tool.
1inch Card: A magical "lending" card that allows you to borrow stablecoins for consumption
1inch Card, launched by the crypto aggregation trading platform 1inch, is a crypto asset consumption card supported by Crypto Life and with Baanx as a compliant deposit and withdrawal service provider. The card not only has conventional on-chain payment capabilities, but also provides users with more strategic asset consumption options through the "mortgage + lending" model. In terms of identity verification, the KYC procedures required for 1inch Card are similar to those of other products under the Baanx ecosystem. It is mainly open to compliant residents in the European Economic Area and the United Kingdom and requires local proof of address.
Unlike most crypto cards that directly consume on-chain assets, 1inch Card allows users to use BTC or ETH as collateral to borrow stablecoins for daily consumption. Users can choose USDC, USDT or EURT as the lending currency and set the loan period between 6, 12, 18 or 24 months. This lending model is particularly friendly to users who are bullish on crypto assets in the long term. For example, when the price of Bitcoin is low, users can borrow stablecoins for consumption by pledging BTC without directly spending their own Bitcoin. When the price of BTC rises, users can choose to return the stablecoins and redeem the original assets of higher value. This mechanism not only preserves the future growth potential of assets, but also meets actual liquidity needs.
Of course, stablecoin lending will inevitably have interest, but as long as the increase in the mortgage assets can cover this interest, the advantages of loan cards are very obvious. According to the official website, during the loan period, the interest portion must be repaid automatically every month, and the deduction operation is automatically completed through the stablecoin wallet in the system. Once the loan and interest are fully repaid, the user will recover all the mortgaged assets in their original form.
At the same time, the platform supports users to obtain a credit line of up to 60% of the value of their mortgaged assets.
In terms of payment currencies, 1inch Card supports mainstream Layer 1 assets such as BTC, ETH, LTC, XRP, but does not currently support Layer 2 network assets. When users consume, the system will automatically convert it into legal currency and complete the settlement. The platform's charging structure is relatively complex but clear: the card transaction fee is 2%, the exchange between cryptocurrencies and the conversion of crypto into fiat currency are both 1.75%; if the crypto assets are withdrawn, the fee is 0.4% to 0.5%; if the fiat currency is withdrawn through bank transfer, a fee of 3.49% is required. In terms of card services, there are no annual fees or maintenance fees, but cash withdrawals in pounds sterling cost €2.50, while foreign currency withdrawals cost €3.00 plus a 1.5% handling fee.
The above fees may seem high, but they don’t actually add up. In other words, direct card payments are 2% plus potential foreign exchange conversion fees, and after converting into fiat currency at a rate of 1.75%, you can spend directly with fiat currency. Overall, it is not much different from other crypto assets.
In addition, 1inch Card offers 2% crypto cashback on every purchase, further improving the cost-effectiveness for daily use. Combined with its collateral-based stablecoin lending capabilities, flexible term settings and a wide range of supported asset types, 1inch Card is not only a consumer card, but also a microfinance toolkit for crypto asset holders, occupying a unique position in the increasingly integrated DeFi and real-world financial scenarios.
