Binance Visa Card Guide: Take a Look Before Placing Your Order

Binance Visa Card Guide: Take a Look Before Placing Your Order. Using Bitcoin and Ethereum, among others, to pay at stores and eateries is becoming more convenient daily. Increasing numbers of businesses see the value in cryptocurrency and incorporate it into their operations. Recently, debit cards have emerged, lowering merchants’ acceptance of digital assets as payment. Cryptocurrency debit cards work like regular debit cards, letting you spend Bitcoin, Ethereum, Ripple, and other altcoins for everyday purchases.

The most active cryptocurrency exchange in the world, Binance, has also entered the race by launching a new Visa debit card based on Bitcoin. It allows users to convert their cryptocurrency to EUR during transactions instantly. The most recent Visa debit card is evidence of Binance’s efforts to make cryptocurrency usage as widely as feasible.

What is a Binance Visa Card?

You can spend cryptocurrency anywhere that Visa is accepted with your Binance Card; it is simply a Visa debit card linked to your Binance account. Like a traditional debit card, this one is prepaid and requires cryptocurrency to be filled out before use. As of right now, it’s only accessible to Binance customers in a handful of European countries: Denmark, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Portugal, Romania, Poland, Republic of Cyprus, Spain, and Sweden.

It is accepted by over 60 million retailers in 200 countries and territories worldwide that take Visa. Cryptocurrencies are currently available for purchase and conversion using Binance Card: BNB, BUSD, USDT, BTC, SXP, ETH, EUR, ADA, DOT, LAZIO, PORTO, and SANTOS.

Why (or Why Not) to Order a Binance Visa Card?

The Binance Visa Card provides a convenient way to spend your crypto profits.

Pros

• Low transaction and processing fees
• You can use your crypto-based Visa card worldwide wherever Visa is accepted.
• Binance is among the most popular and secure crypto platforms.

Cons

• Taxation:  You need to know the tax rules (if any) and amounts for each country’s cryptocurrency before you can spend it. This is because exchanging cryptocurrency for fiat money is the first purchase step.

Features of the Binance Visa Card

In addition to furthering utility and adoption, the Binance Visa Card has introduced a few more features:

• Binance charges neither transaction fees nor administration costs.
• To buy things with your cryptocurrency, you don’t have to convert it to fiat. The cryptocurrency is only converted by Binance when needed so that you can hold on to it until then.
• Depending on your average monthly Binance Coin (BNB) balance, you can receive up to 8% cashback. Your Binance account will be credited with this cashback offered in BNB.

Now, let’s look at how to apply for a Binance Visa Card.

Binance Card: How to Get One?

Non-Binance Users

Unless you already have a Binance account, you must create one first. Signing up takes a few minutes. Another pre-requisite before ordering the card is that the user account will need to be KYC level 2 verified.

Existing Binance Users

For existing Binance users, here are the necessary steps to receive your brand-new card:

Step 1: Apply for the Binance Visa Card by visiting the website.

Step 2: Click “Get Started”

Step 3: Once you are redirected to the Binance Card’s order page, you can choose how your name appears on the card. Click “Next” after confirming it.

Step 4: Create a PIN for your Binance Visa Card. There are two security measures to keep in mind. When creating a PIN, it’s advisable not to use four consecutive numbers, such as – 1234 or 6789. Do not use sequences such as 7777.

Note: if you skip this step, your PIN will be auto-generated. You can later change it using an ATM.

Step 5: You can verify the card’s delivery address when the PIN is generated. When you sign up with Binance, your provided address will be filled in automatically. Please double-check everything and fill in any blanks if necessary.

Step 6: Confirm all your details and agree to the Terms of Use, Privacy Policy, Cardholder Agreement, and KYC consent.

Step 7: To complete the process, click “Order.”

In most cases, you may expect to receive your Binance Visa Card within one to three weeks, though this can vary by country. However, Binance Card can be loaded through Google and Samsung Pay if you want to use it.

Activating the Binance Visa Card

Your digital Binance Visa card will be activated when your order is processed. But you have to visit the Card Dashboard to activate your actual card. Keep in mind that until the card’s status changes from “Pending” to “Shipped,” the yellow part labelled “Activate You Card” will be greyed out and inaccessible. To activate your card, you must wait for the status to be declared “Shipped” before clicking the emblem. For security reasons, waiting to start the card until you have received the physical ones is recommended.

Checking your Binance Visa Card Details

You can check your details after you activate the physical Binance Card. The View Details function only supports virtual Binance Cards.

On the Binance website, hover over the navigation menu that says “Finance” and click the “Binance Visa Card” option in the dropdown menu. Or scroll down to the bottom of the screen and click on “Cards” below the “Products” section. Alternatively, you can log in to your Binance app and select “More.” Below “Finance,” tap the “Card” option. To view card details, click “Show Card Details,” then enter your 2-factor Authentication (2FA) code. Click “View PIN” to view your PIN and enter your 2FA verification code again. It is important to note that the number will be displayed for a limited time only.

In addition, you can’t use a virtual Binance Visa Card without entering the PIN code. You can purchase with your Virtual Visa Card without entering a PIN if you link it to Samsung Pay or Google Pay.