Bybit Card, announced on February 14, 2023, joins the list of "crypto cards", but how does it differ from the others? Let's find out together.
Premise
Bybit is one of the largest cryptocurrency exchanges based in Singapore with over 2 million active users, sponsor of the Oracle Red Bull Racing Formula 1 team and the FIFA World Cup, offering a wide variety of crypto services and products, including including spot trading, futures, staking, earn and the new Bybit Card.
BYBIT CARD
https://www.bybit.com/fiat/cards
It is a debit card on the Mastercard circuit and does not require staking any tokens. The cryptocurrencies that can be used for payments are BTC, ETH, XRP, USDT and USDC.
So, it is free and available for anyone who has a level 2 KYC verified account.
CASHBACK and REWARDS
https://www.bybit.com/en-US/promo/global/card-rewards
https://www.bybit.com/fiat/cards/rewards
By making purchases you accumulate Rewards Points with a percentage of up to 10% of the expenditure in reward points (500 points for every 1 EUR/GBP spent). These points can be used in the Rewards Market to acquire gift cards from various partners including Ikea, Playstation store, Spotify, Nike, Amazon etc...
To date, with 3000 points you can obtain cards worth 5 euros
FEES AND LIMITS
https://www.bybit.com/en-US/help-center/s/article/Fees-and-Spending-Limits-Bybit-Card
The card's commissions are in line with the competition: zero on transactions carried out in Fiat, while 0.9% fee on crypto/fiat conversions made at the time of spending. The latest commissions concern conversions between currencies (example: you pay in USD because you are in the USA but we have euros loaded on the card, the fee in this case is 0.5%).
Ordering, canceling or renewing your card is totally free.
As for the limits, you can spend up to 5000 euros per day and withdraw up to 2000 euros per day.
CONCLUSIONS
I haven't tried the card, but nothing rules out the possibility of doing so in the future. It seems very interesting and with offers that make it very competitive compared to its rivals (Binance, Nexo and Crypto.com)
It appears as a convenient, flexible but above all very simple card.
