Blockchain News

A Look Into Binance Debit Card

Binance Visa card has proven to be a huge stride into delivering seamless crypto-based services as you can convert and spend your favorite cryptocurrencies. It is as simple as sending crypto from your spot wallet to your card wallet, thereby enabling you to spend crypto anytime at over 60 million merchants worldwide, according to the Binance Team.

What Features Does this Debit Card Offer?

  1. Binance will not charge you for any administrative or processing fee hence making the visa card totally free for acquisition and use however third-party fees might still be applicable.
  2. You can hold crypto in your Binance card wallet and exchange only when needed especially when at the point of making payments.
  3. Enjoy up to 8% cashback on your purchases made with the Binance Visa Team.
  4. Be rest assured that your Binance Card funds are protected by the highest security standards available at Binance.

Recent Development Regarding Binance Card

Binance recently announced that

 “Binance Card will lower the daily average BNB Holding requirement over a 30-day period on receiving cashback for ALL Binance Card users which would be birthed into reality on the 23rd of April, 2021 (UTC).”

Pertaining to the Levels (1-7), the BNB Holding over the 30-Day period before the adjustment for all five levels were 0, 10, 50, 200, 500, 2000, 6000 BNB, for cashback of 0.1%, 2%, 3%, 4%, 5%, 6%, 8% respectively, the BNB Holding post-adjustment for the same percentage cashback across all seven levels would now be 0, 1, 10, 40, 100, 250, 600 BNB respectively thus making it easier for more BNB Holders to enjoy the benefit of the cashback packages on the debit card and may also serve to attract more BNB Holders into using the Binance card.

However, the Binance Team warns about the very subjective nature of cryptocurrency trading to the high market risk and encourages that trades be made cautiously and they would choose high-quality coins to the best of their efforts but wouldn’t be responsible for trade losses.

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