In-depth comparison of the top ten crypto payment cards from application process to fees

Author: jk, Odaily Planet Daily

As the global cryptocurrency infrastructure matures, users' demand for the "real-world usability" of on-chain assets is also increasing. However, how to truly utilize on-chain assets in real life has always been a concern for crypto users.

Crypto payment cards (also known as "U cards") have quietly risen in this context—they not only bridge the "last mile" of asset usage but also subtly reshape people's understanding of wallets, PayFi, and payment networks.

Whether it's directly linking mobile payment apps for consumption or using Bitcoin as collateral to borrow stablecoins to flexibly respond to market conditions, the ways to use crypto payment cards are becoming increasingly diverse. Among them, some are based on exchanges, focusing on stability and cashback rewards, while others are based on wallets or protocols, emphasizing on-chain native assets and composability. Today's crypto payment cards have become a practical and increasingly mature entry point into crypto finance.

To clarify the real user experiences and differences of these products, Odaily Planet Daily has conducted an in-depth analysis of the ten most representative crypto payment cards in the current market, including Bybit, Bitget, SafePal, Morph, Infini, Coinbase, Nexo, MetaMask, 1inch, and RedotPay, systematically organizing and horizontally comparing their application thresholds, supported assets, fee structures, cashback mechanisms, and on-chain interaction capabilities to help readers find the most suitable "pass" for themselves in this rapidly evolving field.

Newbie U Cards suitable for Chinese users

Bybit Card: The most widely used exchange U card

The virtual debit card recently launched by Bybit has gained popularity on social media due to its no annual fee and low threshold features. This card supports mainland KYC certification, and the application process is free.

The application process is quite simple: users first need to register a Bybit account, complete real-name verification on the platform after registration, and it is reported that using a mainland Chinese identity can pass the KYC review. Once certified, users can find the "Card" option on the homepage to enter the application page, where they can choose different regions to open the card:

1. Selecting Australia as the card opening region, applying for a virtual card does not require providing address proof. After submitting the application, the review time takes about 5 to 7 working days. In this version, the default currency of the card is USD.

2. Users can also choose the European Economic Area (EEA), but it should be noted that the EEA version requires providing address proof from the European Economic Area, such as utility bills or credit card statements from a European address. In this version, the default currency of the card is Euro.

In terms of usage, the card can be managed within the Bybit App, and the virtual card can be directly linked to Apple Pay, Google Pay, etc., for consumption, and can be used at any merchant worldwide that supports Mastercard.

Recent news on Twitter indicates that the Australian version of the virtual card can no longer be linked to Alipay and WeChat Pay for consumption, mainly due to cashback activities being excessively exploited by certain groups. However, some users have reported that Alipay's tap-to-pay feature can still be used for transactions, which may vary based on each user's account risk control. If you need to link these payment tools, you might consider applying for the Euro card version; according to Twitter information, the Euro card version can still be linked to Alipay and used normally.

In terms of fees, the Bybit card is quite competitive: transaction fees range from 0.9% to 3%, depending on the card opening region, transaction currency, and consumption location. Some transactions may incur additional intermediary fees (such as those from platforms like Alipay). Currently, the platform is running a promotion for new cards, allowing users to enjoy a 10% cashback on their spending.

It is important to note that consumption in different regions may incur additional currency conversion fees. For example, if a user makes a card payment at a merchant using Japanese Yen, the final fee may include the exchange rate from USD/Euro to Yen, and this part also needs to be borne by the user. Overall, this card has a clear advantage in usage due to its connection with the exchange, making it one of the more convenient choices in the current market.

Bitget Card: Exclusive payment card for VIPs

Compared to traditional bank cards, the virtual debit card launched by Bitget also emphasizes "no annual fee" and "direct consumption of USDT" as its main selling points, attracting the attention of many crypto users. This card currently supports two card organization options: UnionPay and Mastercard, covering actual needs in different regions and consumption scenarios.

The issuer of the Bitget card is DCS (DeCard) brand, which is a locally regulated issuing bank in Singapore and has reportedly been acquired by Bitget for a majority stake. Although DeCard also provides card application services for individual users, this path typically requires applicants to have local identity verification and a phone number in Singapore, which has a higher threshold. Therefore, applying through the Bitget platform is a more feasible option.

It should be noted that the Bitget card is currently not open for application to all users. According to the platform's current rules, only users who reach VIP status are eligible to apply, with one common threshold being that the account balance must reach 30,000 USDT or equivalent assets. Therefore, the target user group for this card is more focused on high-net-worth or active trading users.

Currently, the Bitget card also supports linking to Apple Pay, Google Pay, Alipay, WeChat, etc., focusing on the liquidity release of on-chain assets combined with daily consumption. It is important to note that the types of Bitget cards differ; the Bitget card on the official website is a Visa card with USD as the underlying settlement currency, while the Bitget premium payment card that is popular on Twitter is a Mastercard/UnionPay card with Singapore Dollar as the underlying settlement currency, which is slightly different. According to user experiences on Twitter, this card can be used smoothly in all places that support Mastercard.

At the same time, Bitget states on its homepage that there will be opportunities for BGB cashback in the future.

In terms of fees, the transaction fees for the Bitget card also range from 0.9% to 3%, mainly influenced by the transaction currency, consumption location, and whether currency conversion is involved. For example, if a transaction settled in USDT is conducted in a region that does not use USD/Singapore Dollar, certain currency conversion fees may be triggered. Additionally, different payment channels (such as UnionPay and Mastercard) may also affect the time of receipt and intermediary fees. At the same time, Alipay and WeChat Pay will also charge fees for transactions over 300 RMB.

Overall, as a virtual financial product derived from the exchange, the Bitget card provides users with another channel to use crypto assets for real-world consumption, especially suitable for users with larger asset scales and frequent cross-border consumption.

SafePal x Fiat 24: Not just a U card, but a compliant bank account

Unlike the traditional concept of a "virtual card," SafePal offers a more integrated crypto financial service, supported by the Swiss-registered bank Fiat 24. After completing identity verification and address validation, users will receive a real European bank account (including IBAN), which can be used for international receipts, withdrawals, and even consumption with the associated debit card.

The application process is slightly more complex compared to other cards. Users need to enter the relevant module within the SafePal wallet interface, provided that the account's region supports this service (currently including mainland China). Next, users need to transfer a small amount of ETH on the Arbitrum network to mint an identity NFT, which is a necessary credential for obtaining Fiat 24 bank services. After completing KYC and address verification, the system will assign a Fiat 24 bank account, and users can simultaneously apply for a Mastercard debit card linked to the account. Some users received Visa cards in 2023, but the mainstream version is Mastercard.

This card also supports linking to Apple Pay, Google Pay, Alipay, and WeChat Pay, etc., with underlying settlement currencies supporting Euro, USD, Swiss Franc, and RMB.

In terms of fees, the comprehensive fee range for the SafePal debit card is between 1% and 3%, depending on the specific transaction structure. The account withdrawal fee is about 1%, while there are no additional charges for consumption in the same currency, which is good news for users needing to spend in any of the four currencies mentioned. Once the fiat currency balance in the bank card is exhausted, the system will automatically deduct from the linked crypto balance for consumption.

At the same time, since users receive a complete bank account, this account supports international transfers to major banks, as well as to international digital banks like ifast, Wise, Revolut, and there are many experiments and fee assessments on social platforms.

Compared to other exchange-dominated card products, the collaboration between SafePal and Fiat 24 is closer to the extension of traditional financial services into the crypto world. It provides users with not just a card, but a complete financial account that allows for free receipt and payment in Euros, links to crypto assets, and has a compliant identity label, making it particularly suitable for users with cross-border income and asset export needs.

Morph Black Card: The "heavyweight" in high-end credit cards

The Morph Black Card is a flagship membership rights carrier launched by Morph, positioned as a "combination product of on-chain identity + real-world privileges" for high-net-worth crypto users. Unlike traditional virtual debit cards, the application threshold for Morph Black is holding a specific NFT—Morph Black NFT, which currently has a floor price of about 0.87 ETH in the secondary market. This NFT not only symbolizes the user's membership identity but also embeds the pricing and circulation functions of on-chain financial rights.

In terms of functional design, the Morph Black NFT is officially defined as the flagship asset of the MorphPay ecosystem, and its holders may receive future Morph Token airdrops from the platform, enjoying allocation rights during the minimum fully diluted valuation (FDV) phase. At the same time, the NFT will link to multiple ecological projects, including the BAI Fund, to bring airdrop incentives to users, and cardholders can also participate in on-chain deposits on the platform, earning annualized returns of up to 30%.

In terms of card rights, the Morph Black card is a 22g physical black gold card. After completing KYC, cardholders can apply for this card, with advertised rights including waiving the common annual fee of about 300 USD for traditional black cards and enjoying transaction fees as low as 0.3% during deposits and withdrawals (depending on currency exchange needs). The card has a daily deposit and withdrawal limit of up to 1 million USD and will also come with a USD bank account in Singapore. Additionally, according to publicly available platform information and community discussions, the card will also connect with global hotel, flight booking, and private concierge services, potentially supported by the Aspire VIP system, creating travel and lifestyle support services similar to traditional high-end credit cards for crypto asset holders.

Furthermore, according to community and social platform news, the Morph Black physical card may be built on the DCS (DeCard) issuance system, with its funder Bitget reportedly having acquired a majority stake in DCS, so this card is likely developed based on DCS's Mastercard card, with some rights possibly coming from DCS's black card Imperium World Elite Card, and it features a credit card mechanism.

According to the Morph team, they plan to launch a regular card version for a broader user base in the future to expand its payment network and ecological penetration. Overall, the Morph Black Card is one of the most symbolically "high-end financial" card products currently on the market, suitable for seasoned crypto users seeking asset exclusivity and combinable rights.

It is worth mentioning that Morph just started selling Morph Platinum SBT a few days ago. By minting Morph Platinum SBT, users can secure their quota rights in the ecosystem under a 50 billion USD FDV and unlock 50% of the tokens at TGE. At the same time, SBT holders will receive the Morph Platinum Card, the details of which have not yet been disclosed, but it is also a U card that supports direct consumption of cryptocurrencies, offering a trial of black card privileges worth 300 USD for one year. Currently, the minting fee for Morph Platinum SBT is 0.3 ETH.

Infini Card: A virtual card supporting OnlyFans

Infini has three different cards: Meow Card and Rabbit Card are core virtual card products that provide flexible on-chain payment and daily consumption solutions for different user needs. Currently, both cards are priced at 9.9 USD, with no annual or monthly fees, and support linking to Alipay and WeChat Pay, making them one of the few overseas virtual card products compatible with mainstream payment tools for Chinese users.

Meow Card belongs to the Mastercard network, making it more suitable for daily consumption scenarios priced in RMB, with a transaction service fee of 0.8% of each consumption amount. When making payments in non-USD currencies, the system will automatically perform currency conversion, charging a cross-border fee of 1% to 1.5%, with a minimum of 0.01 USD.

Rabbit Card, on the other hand, uses the Visa network, focusing more on USD merchants, especially suitable for a range of subscription-based platforms, including ChatGPT Plus, OpenAI API, Midjourney, Cursor, AWS, Google Cloud, Notion, Godaddy, GitHub, and other development services, as well as mainstream consumption platforms like Netflix, YouTube, eBay, and Amazon, covering basically all daily USD subscription services. The basic service fee for Rabbit Card is also 0.8% per transaction, but for non-US merchants or non-USD transactions, the fee is a fixed 1% plus 0.50 USD, with a minimum fee threshold of 0.01 USD.

Of course, Infini's official website kindly indicates that both Meow Card and Rabbit Card support subscriptions to OnlyFans, truly addressing user needs.

Although both cards are virtual, they can quickly link to Alipay and WeChat Pay for a seamless payment experience. The official website indicates that Infini's physical card product, Woof Card, is in preparation, which will support Apple Pay and Google Pay and have broader offline payment capabilities, expected to further expand the user base.

Welfare card types for overseas residents: no-fee cards, cashback cards, "lending" cards

Note: All KYC requirements below are for "residents," regardless of nationality. That is, residents who can provide local proof of residence, such as utility bills and credit card statements, will face varying KYC difficulties depending on the issuer's requirements.

Coinbase Card: The only "no-fee, no-loss" payment U card

As one of the largest and most compliant cryptocurrency trading platforms globally, the debit card launched by Coinbase has significant advantages in user trust and fund security. This card is issued to users with Coinbase accounts, particularly suitable for residents in the United States or the European Economic Area (EEA). Applicants must have legal residency status and a real residential address in their location, and KYC verification is not supported for mainland China.

However, strict KYC brings high-end benefits: one of the biggest features of the Coinbase debit card is the exemption from all fees; its "native asset payment" mechanism allows users to directly use stablecoins like USDC for daily consumption. The platform also supports fee-free conversion of fiat currency to USDC, which significantly reduces the asset conversion costs for cardholders. Daily transactions and ATM withdrawals are usually also fee-free, providing users with an almost no-loss payment experience. Additionally, the card is a VISA debit card, which can be used normally at merchants and services worldwide that support this network, covering a wide range of scenarios.

When users withdraw funds from Coinbase to their local bank accounts, if the account is located in a country or region supported by Coinbase, it can usually achieve quick arrival, and the entire process is widely regarded as "smooth and stable." Moreover, Coinbase occasionally launches cashback activities for debit card users, although the frequency is not high, it serves as an additional incentive for long-term cardholders.

Overall, the Coinbase debit card, due to its compliant background, low fee structure, and good fiat deposit and withdrawal experience, has become one of the most popular crypto debit cards among users in Europe and the United States. For users already managing assets on the Coinbase platform, this card is undoubtedly an ideal extension of their daily usage scenarios for on-chain assets.

Nexo Card: Cashback credit card for residents in Europe

The Nexo Card is launched by Nexo, a crypto trading platform headquartered in France with compliance licenses in the EU and the UK, and is only open to residents of the European Economic Area (EEA) and the UK. Holders of Chinese passports need proof of address and a residence card in Europe to open this card. This card not only supports consumption of crypto assets but is also one of the few true "credit card models" U cards, allowing users to pay first and repay later, and supports a relatively favorable cashback rate, making it one of the few that can compete with North American credit cards.

The Nexo Card belongs to the Mastercard network, and it can generally be used at merchants within the network.

The cashback mechanism of the Nexo Card adopts a dynamic reward model based on user asset allocation. All daily consumption can earn cryptocurrency cashback, with a base cashback of 0.5% of the consumption amount, and the payment currency can be flexibly chosen between NEXO Token or Bitcoin (BTC). When the total amount of crypto assets held in the user's account exceeds 5,000 USD, they will automatically be included in the Loyalty Program and classified into different loyalty levels based on the proportion of NEXO tokens in their asset portfolio, thus obtaining higher cashback incentives.

Specifically, the highest platinum-level users can receive up to 2% cashback in NEXO tokens, or choose to receive 0.5% in BTC; gold-level users receive 1% and 0.3%; silver-level users receive 0.7% and 0.2%; while the basic level remains at 0.5% in NEXO or 0.1% in BTC cashback. This tiered reward mechanism encourages users to hold more NEXO tokens on the platform, thereby enhancing user stickiness and the intrinsic value support of the platform's tokens.

In terms of fees, the Nexo Card has no annual or monthly fees, and the foreign exchange conversion fee structure is also relatively transparent, but it differs from traditional conversion fee designs. If the transaction currency is the same as the card's default currency (Euro or GBP), there are no charges; for transactions where the card currency (Euro or GBP) differs from the merchant's local currency, i.e., foreign currency transactions, the system will convert the transaction amount. If the transaction is settled in Euro, Swiss Franc, or GBP, the currency conversion fee is only 0.2%; while for currencies from other countries or regions, the fee is 2%. Additionally, all foreign currency transactions conducted on weekends will incur an extra 0.5% fee, which is somewhat peculiar.

Combining its credit payment capabilities, dynamic cashback system, and crypto asset-oriented membership model, the Nexo Card establishes a relatively mature bridge between traditional financial systems and the use of crypto assets, suitable for users residing in Europe who need cashback.

RedotPay (Little Red Card): A payment-friendly solution for Hong Kong, Macau, and Taiwan regions

RedotPay is a crypto payment company headquartered in Hong Kong, officially launching its cryptocurrency payment card at the end of 2023, aimed at meeting users' convenient needs for using crypto assets in real scenarios. The core positioning of this card is similar to traditional debit cards, where the system directly deducts the equivalent amount of cryptocurrency from the linked account for payment during consumption, without the need to pre-load funds into a fiat account or involve credit loan functions. Unlike the previously introduced exchange-based card products, RedotPay is not a virtual currency exchange but focuses on providing blockchain-based payment solutions, so its card product is more focused on the usage path of on-chain assets themselves.

This card currently does not support registration and use for mainland Chinese residents but can be applied for and consumed in multiple overseas regions. The overall fee structure is at a moderate level, with comprehensive fees ranging from 1% to 3%, depending on currency conversion and consumption scenarios. One of the highlights of the RedotPay card is its direct support for Binance Pay, allowing users to recharge and settle through the Binance wallet system, giving it a certain advantage in on-chain ecological interoperability.

In terms of card types, RedotPay offers a VISA card, which is relatively rare in the crypto card market. Additionally, this card waives the annual fee, reducing the long-term holding costs for users, but a one-time fee of 100 USD is required for applying for the physical card.

In terms of fees, Redotpay provides a complete fee schedule:

Here, it can be seen that the transaction fee for non-default underlying currencies is 1.2%, the ATM withdrawal fee is 2%, and the transaction fee is 1%. These fees do not include fees charged by trading platforms (such as Alipay).

Overall, the RedotPay crypto card is aimed at overseas users with cross-border living or online consumption needs, suitable for those who wish to use on-chain assets directly for daily payments without relying on centralized exchanges for asset custody, making it one of the few products in the crypto card market that follows a "light platform" approach.

Decentralized project U card series, focusing on self-custody funds

MetaMask Card: Low-fee payment card launched by MetaMask

The MetaMask Card is a lightweight crypto payment tool launched by the crypto wallet giant MetaMask, primarily aimed at existing wallet users, intending to extend on-chain funds directly into daily consumption scenarios. This card is currently in the early open phase, available for registration only to residents of certain countries and regions, including the United States (excluding New York and Vermont), the UK, EU member states, Switzerland, Mexico, Colombia, and Brazil. Its global version has not yet been fully opened.

The MetaMask card also belongs to the Mastercard merchant network. It is reported that a physical metal card will be available as an airdrop benefit in the future.

In terms of asset support, the MetaMask Card currently supports USDC, USDT, and wETH tokens, and all funds must be stored on the Linea network, requiring users to cross-chain the relevant assets to recharge. After recharging, the card can be directly connected to Apple Pay or Google Pay for mobile payments, allowing usage without a physical card. During usage, each transaction will instantly convert the selected crypto asset into fiat currency and settle in the local currency, with the conversion process completed at the time of transaction initiation.

In terms of fees, when using stablecoins like USDC or USDT for payment, only the gas fee for the Linea network needs to be borne, which is usually around $0.02; if using non-stablecoins like wETH, an additional 0.875% on-chain swap fee applies. All fees will be displayed in the card's backend "Manage" module after the transaction is completed, allowing users to view detailed bills, including exchange rates, deduction amounts, and fees.

Additionally, the MetaMask Card offers 1% cashback in USDC for all consumption, further enhancing the cost-effectiveness of users in direct consumption scenarios with on-chain assets. This cashback model and the visualized fee structure make this card very suitable for users familiar with DeFi and on-chain operations, especially those who have already made the MetaMask wallet their primary asset management tool.

1inch Card: The magical "lending" card that allows borrowing stablecoins for consumption

The 1inch Card, launched by the crypto aggregation trading platform 1inch, is supported by Crypto Life and uses Baanx as the compliance deposit and withdrawal service provider. This card not only has the usual on-chain payment capabilities but also provides users with more strategic asset consumption options through a "collateral + lending" model. In terms of identity verification, the KYC process required for the 1inch Card is similar to other products under the Baanx ecosystem, mainly open to compliant residents of the European Economic Area and the UK, requiring local address proof.

Unlike most crypto cards that directly consume on-chain assets, the 1inch Card allows users to use BTC or ETH as collateral to borrow stablecoins for daily consumption. Users can choose USDC, USDT, or EURT as the borrowing currency and set the borrowing period between 6, 12, 18, or 24 months. This lending model is particularly friendly for users who are bullish on crypto assets in the long term. For example, when Bitcoin prices are low, users can borrow stablecoins for consumption by collateralizing BTC, without directly consuming their Bitcoin. When BTC prices rise, users can choose to repay the stablecoins, thereby redeeming their original assets at a higher value. This mechanism not only preserves the future growth potential of the assets but also meets real liquidity needs.

Of course, borrowing stablecoins will incur interest, but as long as the appreciation of the collateralized assets can cover this interest, the advantages of the lending card become very apparent. According to the official website, during the lending period, the interest portion must be automatically repaid monthly, with the deduction operation completed automatically through the system's stablecoin wallet. Once the loan and interest are fully repaid, users will receive all collateralized assets back in their original form.

At the same time, the platform supports users obtaining a credit limit of up to 60% of the value of their collateralized assets.

In terms of payment currencies, the 1inch Card supports mainstream Layer 1 assets like BTC, ETH, LTC, XRP, but does not currently support Layer 2 network assets. When users consume, the system will automatically convert to fiat currency and complete the settlement. The platform's fee structure is relatively complex but clear: the card consumption fee is 2%, and the exchange between cryptocurrencies and the conversion of crypto to fiat currency are both 1.75%; if withdrawing crypto assets, the fee is between 0.4% and 0.5%; withdrawing fiat currency via bank transfer incurs a fee of 3.49%. In terms of card services, there are no annual or maintenance fees, but withdrawing GBP incurs a fee of €2.50, while withdrawing foreign currency incurs a fee of €3.00 plus 1.5%.

These fees may seem high, but they do not stack. In other words, direct card consumption incurs a fee of 2% plus potential foreign exchange conversion fees, while converting to fiat currency at a rate of 1.75% allows for direct consumption in fiat currency, overall not significantly different from other crypto assets.

Additionally, the 1inch Card offers 2% cashback on each consumption, further enhancing the cost-effectiveness of daily use. Combining its collateral-based stablecoin lending capability, flexible term settings, and wide range of supported asset types, the 1inch Card is not just a consumption card but a micro-financial toolkit for crypto asset holders, occupying a unique position in the increasingly integrated DeFi and real financial scenarios.