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Bybit is becoming a crypto bank and is no longer just a platform to trade, invest or earn interest on your ideal crypto-assets.
Bybit, a popular crypto exchange headquartered in Dubai, UAE 🇦🇪, recently launched a crypto debit card called “Bybit card,” From the look of it, it seems quite interesting.
In this guide, I will share everything you need to know about Bybit Debit cards, so you don’t have to spend time searching online for information.
A little background :
A few years back, it was a dream to spend your cryptocurrencies using a debit card. Services like Bitrefill flourished as they allowed users to spend their crypto using gift cards, and later a few of the crypto companies started offering crypto debit cards.
As the cryptocurrency world is becoming less unregulated, companies like VISA, and Mastercard are partnering with crypto service providers to offer debit cards, which can be used to spend their cryptocurrencies.
This is a huge development and something you should keep an eye on. In this guide, I will share vital information about the Bybit debit card, and everything you need to know to order your debit card from Bybit exchange.
Bybit Crypto card – What is it & How To order?
- Card type – Mastercard
- A debit card which utilises your funds in Bybit funding wallet
- Available as Virtual debit card and also as a physical card.
- Need to have level 2 verification on Bybit to be able to use it.
- Available in limited jurisdictions of EU / UK (except Croatia, Iceland, Ireland, Liechtenstein and Romania)
What do you need in order to apply for Bybit debit card?
- You need to have an active Bybit account. If you don’t have, apply one here.
- Your account should have a linked email address, Phone number and 2FA (Google authenticator) should be enabled.
- Your account need to have level 2 KYC.
- You should be from one of these regions – EU / UK (except Croatia, Iceland, Ireland, Liechtenstein and Romania)
Once you have fulfilled all the qualifications, you can apply for a Bybit debit card. However, before you do that, let’s understand all the features of the Bybit debit card and its associated fees.
Features of Bybit debit card
- Spend money locally or internationally. Any where Mastercard is supported, you can spend your crypto using Bybit debit card.
- This card is a debit card, and cannot be use for credit card transactions.
- There are no annual fees at the time of launch. So, the only cost to you is the fees you pay on transacting with your Bybit debit card.
- Bybit Card VIP Program and loyalty Rewards Shop will be launched in the Q2 of 2023.
- Apple Pay and Google pay integration is not yet live, and expected to go live in 2023.
Supported fiat currencies: EUR and GBP
Supported crypto: BTC, ETH, XRP, USDT and USDC
Fees associated with Bybit debit card –
Fees is something you should keep in mind before you start swiping your card.
Here are all the fees associated with this card –
– Foreign exchange fee: 0.5% (on top of Mastercard’s foreign exchange rate)
– Crypto liquidation fee: 0.9% (on top of Spot fees)
– Annual fee: None
– Dormancy/Inactivity fee: None
– Card cancellation: None
– Card reissuance: None for virtual Bybit Card
And wondering how much can you spend using Bybit debit card?
Do note – Think of your Bybit card verification as a separate to your Bybit account. You may be asked to do verification again based on your usage.
Alright! How do I apply for Bybit debit card?
If it all sounds good, here is how you can apply for Bybit debit card.
- Login to your Bybit account. If you don’t have one, apply for one here.
- Make sure your account has completed Level 2 verification, and you have added phone number, email and also enabled 2 factor authentication.
- Once you are logged in to your Bybit account, head over to this page and click on apply now.
Follow the on-screen instructions, and submit your application. Once approved, you should be able to use the virtual debit card immediately. There is no need to activate your Bybit Card for overseas transactions separately.
Fine points –
- Currently only virtual debit card is available, and we will let you know when the physical card is ready to order.
- Bybit Card is valid for 3 years. The virtual Bybit Card will be automatically renewed after expiration.
- You can only hold one valid virtual Bybit Card at a time. You may apply again after you terminate the card.
Conclusion – Bybit debit card
Bybit is one of many exchanges to launch a debit card, as exchanges like Binance and Coinbase also offer a debit card. However, as Bybit is gaining popularity, and attracting a whole new user base, offers like a crypto debit card will help users to be able to spend their crypto.
I want these debit cards to be available to more countries, such as the Middle East, Asia, and Africa, where needed. However, for now, we only need to wait and watch. And if you are from one of the crypto debit card-supported countries, enjoy the newest offering from Bybit.
- Do you plan to use this debit card to spend crypto online?
- Do you find it cheaper than a traditional debit card, or is the cost high now?
Also, if you are new to Bybit, do check out our recent free Bybit training video:
About Harsh Agrawal :
An award-winning blogger with a track record of 14+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who believes in blockchain and the crypto world.
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Expertise:
Harsh has experience of 12+ years in Fintech and 7+ years in Blockchain and Bitcoin. He has also moderated the panel of Blockchain experts and attended international blockchain events like BTCMiami, and Token2049.
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