Bybit, the world’s third most visited cryptocurrency exchange, has introduced this debit card that is powered by the Mastercard network and issued by Moorwand. With this innovative offering, Bybit is revolutionizing the way users can access their digital assets and bring them into the real world. So, if you are interested in learning more about the Bybit Card and its features, read on for all the details.
Why did Bybit launch its own Debit Card?
Bybit has launched its own debit card to provide users with a more convenient way to use their cryptocurrency. With the Bybit Card, users can bypass intermediaries and off-ramp providers and debit their crypto balances directly to pay for goods and services. Which will eliminate the need for multiple steps and fees typically associated with traditional off-ramping processes.
What cryptocurrencies will the Bybit Card support?
The Bybit Card will initially support a select group of blue-chip cryptocurrencies, including BTC, ETH, USDT, USDC, and XRP. Users can use these cryptocurrencies to make payments, which will be automatically converted into EUR or GBP, depending on your country of residence.
How to apply for the Bybit Card?
You can apply for the virtual card from now on, If you are interested in getting your very own Bybit Card, the process is quick and easy:
1. Log in to Bybit: The first step is to log in to your Bybit account. You can do this either on the Bybit website or through the Bybit app.
2. Apply: Once you are logged in, click on the “Apply Now” button located on the Bybit Card page. Follow the prompts to complete the application process. You will be required to provide some personal information, such as your name, address, and identification documents.
Note: Bybit Card has more stringent requirements for Identity Verification. Hence, you may be requested to update your Identity Verification even though you have already completed it previously.
3. Check Application Status: After submitting your application, you can check the status of your application by clicking the “Check Application Status” button.
4. Spend: Once your application is approved, you can start using your virtual Bybit Card right away. There is no need to activate your card; you can start using it immediately to make purchases at millions of locations worldwide.
Are there spending limits for my Bybit Card?
Yes, there are limits on the amount you can spend using your Bybit Card (for both virtual and physical Bybit Cards). The spending limits are as follows:
- Daily spending limit: 5,000 EUR/GBP
- Monthly spending limit: 50,000 EUR/GBP
- Annual spending limit: 250,000 EUR/GBP
Where does it get my funds from?
The Bybit Card does not have its own wallet balance. Instead, it uses the crypto funds from your Bybit Funding account. To use your Bybit Card, you will need to top up your Funding account by transferring or purchasing fiat or crypto. You do not need to worry about your trades being closed due to an insufficient balance on your Funding account, as the Bybit Card only uses the funds available in your funding account at the time of the transaction.
What are the fees of the Bybit Card?
The Bybit Card has a few fees associated with its use:
- Foreign exchange fee: 0.5% (on top of Mastercard’s foreign exchange rate)
- Crypto liquidation fee: 0.9% (on top of Spot fees)
- Annual fee: None
- Dormancy/Inactivity fee: None
- Card cancellation: None
- Card reissuance: None for virtual Bybit Card
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