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With the Binance Visa card, you can use the crypto assets in your Binance account to spend them and transact at more than 60 million locations around the world, wherever Visa is accepted.
Cryptocurrency exchange Binance has unveiled its long-awaited crypto Visa card for its users in the European Economic Area (EEA). The debut of the Binance cards marks for the Changpeng Zhao–led the company the beginning of a new era of dishing out enhanced value-added services to its customers across the board.
As noted by the company, the Binance cards are currently available as virtual cards with the plans geared up to begin the distribution of the physical cards in the coming months. The Binance Visa card represents one of the many programs from the company to continue in its aggressive market encroachment.
Binance Visa Card: Perks, and Leverages For Customers
As the company announced, the launch of the Binance Visa cards is commemorated with the offering of the highest cashback rate of about 7%, arguably higher than found anywhere in the world. The Binance Visa cards come with a zero service fee, a zero transaction fee, and no subscription fee. With the crypto cards, users can hold funds and spend anywhere and at any time convenient.
With the Binance Visa card, you can use the crypto assets in your Binance account to spend and transact at more than 60 million locations around the world, wherever Visa is accepted. In addition, you can now link your Binance Card virtually with Google Pay and Samsung Pay.
According to Binance, the Visa cards work just like the traditional debit cards except for the currency of domiciliation which in this case is crypto. The card is powered by Swipe and its linked to a Card Wallet within the user’s Binance account, which can be replenished with the funds stored in the user’s Spot Wallet.
“When you spend using your Binance Visa Card, it converts your crypto funds into your local currency automatically, allowing you to spend at 60 million locations around the world seamlessly. What makes this possible is Swipe’s technology, which powers the conversion and creates a frictionless user experience for both online and offline merchants,” Binance detailed in its official announcement.
7% Cashback Incentive
Making purchases using the Binance Visa cards helps customers get a reasonable cashback in Binance Coin (BNB). To qualify for the cashback incentive, customers only need to hold an average amount of BNB in their Binance accounts within a 30-day period. The amount of cashback each customer gets will depend on the amount held.
While customers who hold about 10 BNB in their accounts can access about 2% chargebacks, those with 50 BNB can benefit up to a 3% chargeback. The percentage of chargebacks increases by a factor of 1 for customers who hold 200, 500, 2000, and 6000 BNB respectively. While understanding that customer’s capacity differs, the exchange has made a reasonable allowance for customers with less than 10 BNB in their accounts to benefit a 1% cashback. This way, everyone can benefit from the Binance crypto Visa card offer.