Everything You Need to Know About the Bybit Debit Card

Bybit is a leading centralized cryptocurrency exchange that empowers traders with cutting-edge tools and services. Serving over 80 million users and boasting an average daily trading volume of more than $15 billion, Bybit has established itself as an integral part of the web3 landscape. The platform offers a wide range of trading opportunities, including up to 200x leverage, deep liquidity, and advanced features designed for both beginners and experienced traders.

Beyond trading, Bybit offers innovative products such as the Bybit Debit Card, enabling seamless integration of crypto assets in everyday transactions. It is a secure and fast way to make use of your crypto assets.

In this blog, we will take a look at the Bybit debit card, how you can acquire it, its benefits, and more.

Let’s take a look!

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Bybit Debit Card

The Bybit debit card is a crypto debit card that gives you access to your crypto assets easily and quickly. The card is available in both physical and virtual versions, allowing users to utilize their crypto holdings whenever and wherever. At the moment, the card is available in:

• EEA and CH regions
• AIFC
• Australia
• Brazil
• Argentina
• Mexico
• APAC

Bybit plans to make the debit card available in more regions soon. It is available as a Visa debit card in the Asia Pacific (APAC) region, whereas users in the European Economic Area & Switzerland (denoted by CH) will have access to a Mastercard debit card.

How Bybit Debit Card Works?

With the Bybit debit card, you can use one fiat currency and eight crypto assets. The fiat currency assigned to your debit card will be according to the country of your Advanced Identity Verification. For example, if the country corresponding to your Identity Verification is in the Asia Pacific (APAC), your Bybit debit card will be denominated in USD. Every transaction will be deducted from your Funding Account. If you don’t have enough USD for the transaction, your crypto holdings will be used to cover the remaining balance.

You will have to set your preferred crypto asset for crypto payments on the My Bybit Card. At the moment, Bybit supports BTC, ETH, XRP, MNT, USDT, USDC, TON, and BNB. Your fiat will be deducted first during transactions. Once you have exhausted the fiat in your account, then the card will use the crypto payment option. The cryptocurrency will be liquidated based on the Bybit One-Click Sell exchange rate, plus a 0.9% Bybit Card crypto conversion fee.

Users can enjoy between 2% and 10% cashback, depending on their Bybit VIP level. New Bybit debit card holders are eligible for a full 10% cashback within the first month. If they fund the card with at least 100 USDT (or equivalent in other cryptocurrencies), users can earn up to $150. By doing so, users will also become eligible for promos and can spend cryptocurrencies across five purchase categories, including transportation, travel, restaurants, beauty & wellness, and fashion.

Applying for the Bybit Debit Card

You can apply for a virtual or a physical Bybit debit card. While the virtual card can be used for online payments, the physical card can be used at the ATM or in-store. Let’s take a look at how you can apply for both types of cards.

Applying for the Virtual Bybit Debit Card

To apply for the virtual Bybit debit card, you will have to:

Click on Finance at the top of the navigation bar and select card.

• Once you enter the application page, click on Apply Now.
• Choose your country of residence.

• Complete the first requirement of the Eligibility Check: Identity Verification. Click on Verify.

• Complete the second requirement, i.e., Eligibility Check: Address Verification.
• Select your country and click Verify.

• Confirm your registered email address. You may be asked to set up Google 2FA if you haven’t already.

• After submitting your information, your virtual Bybit Car application will be under review.

The review may take a few minutes or seven working days. You will be notified via email if your application is successful or not.

Applying for the Physical Bybit Debit Card

To apply for the physical Bybit debit card, you will have to:

• Go to the navigation bar and click on Finance. Choose Card and then click on the physical Bybit Card Application banner.

• Enter the display name you want on the card. Make sure the name contains up to 21 Latin characters and spaces.

• Edit your shipping address and make sure it is the same as the one you submitted for the virtual card application.
• Set up a PIN and verify it. The PIN will be used for all ATM transactions and while making large purchases at retail merchants.

• Click on Apply after you have confirmed all details. If you changed your address, the request may take seven business days.

• Pay for the card issuance fee once your application is accepted.

• Once the payment is completed, a pop-up message will appear to confirm that your application was successful.

Final Takeaways

The Bybit debit card is a simple and easy way to integrate your crypto assets into your daily transactions. This card is compatible with Netflix, Spotify, ChatGPT, TradingView, Prime, Samsung Pay, Apple Pay, and Google Pay. Additionally, the Bybit debit card has no annual fees, and users can withdraw $100 or its equivalent each month for free. After that, a 2% fee will be applied.

FAQs

Who can apply for the Bybit debit card?

Anyone can apply for the Bybit debit card and can receive it once they complete Identity Verification level 2. Users will have to provide proof of address and identity.

What are the fees associated with the Bybit Debit Card?

Here is a complete breakdown of all the fees associated with Bybit Debit cards:

• Foreign Exchange Fee: 1% (on top of Mastercard's exchange rate)
• Crypto Conversion Fee: 0.9% (on top of Spot trading fees)
• Annual Fee: None
• Dormancy/Inactivity Fee: None
• Card Cancellation Fee: None
• Card Issuance/Replacement Fee: None for Bybit Virtual Card; 5 USD/USDT for Bybit Physical Card
• ATM Withdrawal Fee: 2% (applies after reaching the monthly free ATM withdrawal limit of 100 USD)

How do I add funds to my Bybit card?

The Bybit card does not have a separate wallet balance as it relies on your funding account. You will need to top up your funding account wallet.

Can I set a spending limit for your Bybit card?

You cannot set a spending limit on your Bybit card. The card already has fixed limits such as $250,000 Annual Limit, $50,000 monthly limit, and a $5,000 daily limit.

Can I withdraw money from an ATM with my Bybit trading card?

Yes, you can withdraw funds from the ATMS with contactless payments (Apple Pay and Google Pay). ATM withdrawal fees will be applied to each transaction.