Fees & Limits
Bybit Card Review
Some people prefer regular or fiat currency over cryptocurrency because they believe you can't use cryptocurrency to buy everyday items. However, this is only partially true. You can use a cryptocurrency debit card like the Bybit Card to buy groceries and other essentials. This article offers an overview of Bybit Card as one of the available crypto debit cards.
The Bybit Card is a new card that has caught our attention at Cryptowisser.com. This card is operated by a company headquartered in the UK (Moorwand Ltd).
Customers will be able to complete purchases using a virtual Mastercard, as well as track their funds and expenditure through the Bybit mobile app. You can kick off your crypto journey with Bybit Card, a reliable and convenient tool for off-ramping your crypto and spending it anywhere, anytime. You can get it here.
The card is designed for new and experienced crypto investors, adopters of crypto, and travelers. It has features that will appeal to all of these groups.
Powered by Mastercard
The global acceptance of the Bybit Card is powered by Mastercard, which is accepted by all major payment networks worldwide. This is a significant advantage as Mastercard and VISA are the most accepted cards in the world.
Bybit Card allows you to make purchases with Bitcoin (BTC), Ether (ETH), Ripple (XRP), Tether (USDT), and USD Coin (USDC), and available fiat currencies are EUR and GBP (depending on your country of residence).
Picture of Card
Below is a picture of the card. Unlike other brands, Bybit only offers one version of its card, rather than giving out different bonuses and loyalty rewards depending on how active the card users are and how much they’ve deposited into the account.
Bybit Card Rewards
The Bybit Card also offers unique rewards to customers who make purchases, which is available at over 90 million merchants worldwide. While the company has yet to disclose the rewards' details, we know that loyalty rewards points can earn you perks when you make purchases. You can redeem Bybit partners' unique offers and exclusive rewards with these points. As part of the timeline for rolling out the Bybit card in 2023, the company will reveal more regarding the Loyalty Rewards Shop and the VIP Program in time.
Bybit Card Fees
As you’d expect with any major debit card, fees are attached when using the Bybit debit card. Moreover, this isn’t just any debit card, and customers will receive various rewards and bonuses for spending.
Bybit customers will be charged a 0.50% foreign exchange fee and a 0.90% crypto conversion fee, applicable for conversions of a minimum of 10 EUR/GBP. A great feature of the Bybit card is that customers won’t be charged an annual, activity, or card cancellation fee.
We touched on it before, but customers will be charged an issuance fee of 5 EUR/GBP/USDT for the physical card, though this fee won’t be applied to customers who order the virtual card.
The final charge is the ATM, which entails a fee of 2.00% applied (after the first 100 EUR/GBP monthly) to each withdrawal. There is an ATM withdrawal limit when using a physical Bybit Card, which breaks down as follows:
Bybit Card Limits
Both virtual and physical Bybit Cards have the same spending limit. If Trader E has 1,000 EUR in his Funding Account and spends 100 EUR using his virtual card, he can still use his virtual or physical card to pay the remaining balance of 900 EUR. To break down the fees exactly, we divide them into Daily, Monthly, and Annual. The maximum limits are as follows:
- Daily - 5,000 EUR/GBP
- Monthly - 50,000 EUR/GBP
- Annual - 250,000 EUR/GBP
Bybit is becoming more popular and drawing in a new group of users. They now offer a crypto debit card allowing users to spend their cryptocurrency. It would be great to see this option available in other regions like America, the Middle East, Asia, and Africa where it is needed. However, at the moment, we must wait and watch.
If you are in a supported country for the crypto debit card, take advantage of this new offering from Bybit! You can easily order it here.