Bybit Card Review: Pros & Cons, Benefits, Features, Fees, & Alternative

With the added complexities, selecting the best crypto debit card is even more challenging than choosing a traditional card. However, we’ve looked at the top available products.

Throughout our Bybit card review, we’ll take a detailed look at the product, discussing features, fees, performance, and its support for digital assets. Additionally, we’ll answer pressing questions like how the Bybit debit card compares to other crypto cards. Let’s get started.

Bybit Crypto Card Key Takeaways

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• The Bybit card is a prepaid debit card that can be loaded by transferring cryptocurrency to fiat currency into a Bybit funding account.
• The Bybit card is available in the European Economic Area and Australia. Users can shop with 100+ million merchants across over 200 countries.
• The Bybit crypto card only supports five cryptocurrencies, making topping up the card challenging.
• Using the Bybit Auto Savings feature, users can earn interest on idle assets stored in their funding account.
• While the prepaid debit card has very few account-level fees, it's expensive to transact as Bybit levies spending and one-click conversion fees.

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Bybit Card Quick Summary

• The Bybit card is a debit card.
• Users can fund it with crypto or fiat currency.
• The physical card can take 60 days to arrive.
• The card is topped up via a Bybit funding account.
• Cardholders get $100 in free withdrawals monthly.

Bybit Card Explanation

The Bybit card is one of the most popular crypto debit cards on the market. It allows users to spend their crypto throughout their everyday transactions. The card connects directly to your Bybit funding account, streamlining the process of spending crypto using the card. Users can order a physical or virtual Bybit card, making it suitable for online and offline transactions.

How Does The Bybit Card Work?

The Bybit card works similarly to a traditional debit card. People wishing to spend their crypto add crypto or fiat currencies to their funding wallet, and the card will sell these assets to cover any spending. The card issuer is Mastercard, meaning it can be used with over 100 million merchants across 200+ countries.

On top of facilitating crypto spending, the Bybit crypto debit card also offers a few bonuses, like the ability to earn interest on your idle assets and a cashback rewards program.

• Seamless Spending: The card connects directly to a Bybit account, so converting assets for spending is seamless.
• Rewards: While the card primarily aims to facilitate crypto spending, it also offers rewards to help people get more from their money.
• Mastercard debit card: Because Mastercard is the world’s largest financial network, it can be used globally and almost anywhere.

Bybit Card Alternative

swissmoney is a leading financial services platform offering an innovative way to spend cryptocurrency as if it were fiat. Users can fund their accounts using a credit/debit card or crypto, making a swissmoney account highly accessible.

In contrast to products like the Bybit card, swissmoney offers dedicated IBAN accounts for EUR, USD, GBP, and CHF. Additionally, anyone with a swissmoney account can send SEPA and SWIFT transactions, making the platform ideal for people wishing to send money overseas or to set up a direct debit to pay bills.

• Lower Costs: Compared to the Bybit debit card, swissmoney is far more cost-effective for everyday transactions. The platform charges only a small for exchanges, making it much more appealing than the costly Bybit card.
• Send SEPA Transactions: Unlike other crypto debit cards, swissmoney provides users with dedicated IBAN accounts and the ability to send SEPA transactions. As such, swissmoney yields superior control over funds and enables users to conduct more types of transactions.

Bybit Card Tiers and Features Comparison

After reaching for our Bybit card review, we found that the product doesn’t offer tiers. As such, all users can enjoy the same benefits. Some of the Bybit card’s features include earning loyalty rewards, free ATM withdrawals, earning interest on idle assets, and a cashback rewards program.

While no Bybit card tiers exist, your Bybit VIP level will affect specific features like the maximum monthly loyalty points a user can earn.

• No Tiers: As Bybit doesn’t offer card tiers, all users are on equal footing and have access to the same tools. 
• Earning Features: Bybit has implemented several ways for users to earn rewards on their spending, affording cardholders better value for money.
• VIP Program: Some aspects of the Bybit card are tied to the crypto exchange’s VIP program. As such, users seeking a higher loyalty point threshold must trade on Bybit.

The Bybit card has a robust set of features available to everyone, as the product doesn’t have typical tiers. While Bybit’s rewards program is affected by loyalty tiers, it isn’t instrumental in operating the card, making it entirely voluntary.

Bybit Card Pros & Cons

Bybit Benefits in Detail

While writing our Bybit card review, we were impressed by some of the benefits offered by the product. While the Btbit card doesn’t boast as many unique benefits as products like the Nexo card, it does come with several valuable tools for getting the most out of your money.

Auto-Savings

Bybit’s Auto Savings feature automatically invests selected assets into its Flexible Savings Product. It functions identically to Bybit Earn Savings. Users set minimum and maximum limits, and Bybit automatically allocates funds at 10 AM UTC daily. The feature also comes with an Auto-Deduction mode, which allows funds in Auto Savings to be used to cover card spending.

Connects to Funding Wallet

The Bybit card doesn’t need to be topped up directly. Instead, it connects to a user’s Bybit funding account and converts crypto to cover spending on the fly. This approach affords greater convenience to users and allows people to keep control of their assets, even when allocated to the prepaid debit card.

Free ATM Withdrawals

A significant benefit of using the Bybit card over a competing product like Wirex or Robinhood cards is access to free withdrawals. Limits are relatively low at £/$/€100 based on the card’s native currency. Nevertheless, having the ability to cash out Ethereum and other cryptos without being charged a withdrawal fee is a substantial bonus for the Bybit card.

📚Related: Bitcoin ATM Withdrawal Guide

Bybit Limitations and Drawbacks

The Bybit card is one of the most popular crypto debit cards on the market. However, both the virtual and physical Bybit cards have limitations. When deciding whether a particular crypto debit card is right for you, weighing the benefits and drawbacks against each other is essential.

VIP Program

While the Bybit debit card doesn’t have different tiers, Bybit’s VIP program has some effect on earning points. Bybit has linked its VIP program to a user’s activities on the exchange. Higher VIP levels will be unattainable if you’re looking for a crypto debit card and don’t need an exchange.

High Fees

One of the most prominent disadvantages of using a Bybit debit card is its extremely high fees. While there are no significant account-centric costs, users have to pay hefty conversion fees to swap crypto for spending. Moreover, a further 0.5% is levied against non-native currency transactions, reducing its effectiveness as a travel card.

Limited Crypto Support

Unfortunately, Bybit only allows users to fund their cards with five cryptocurrencies and a couple of fiat currencies. Many users will have to swap their crypto for one of Bybit’s supported assets, which negatively impacts convenience and could lead to additional exchange fees.

Bybit Card Fees

If you plan to use a crypto debit card frequently, being aware of its fees is critical. Otherwise, you could end up spending more than you anticipated. Thankfully, Bybit is transparent with its fee structure and doesn’t hide any charges, unlike products like the Crypto.com card.

Transaction Fees

Unfortunately, Bybit’s 0.9% crypto conversion fee is already very high. However, with an additional one-click buy fee of around 1%, using the card becomes very expensive. Moreover, an additional 0.5% (or 1% in Australia) foreign exchange fee is levied against transactions made outside of its native fiat currency, further reducing cost-effectiveness.

Account Fees

While the Bybit card’s transaction fees aren’t user-friendly, the platform does boast extremely competitive account fees. Users do not have to pay inactivity, cancellation, or annual fees. However, Bybit does charge a $5 card replacement/issuance fee.

Fees Overall

While the Bybit debit card boasts extremely reasonable account fees, it needs to improve its transaction fees. A 0.9% fee for all purchases is already high. But when combined with a roughly 1% one-click buy fee, it becomes unreasonable. Compared to traditional cards or other crypto debit cards, using Bybit’s product is costly.

Bybit Card Limits

The Bybit card boasts relatively few limits, which makes it ideal for power users who frequently transact. However, Bybit has to impose restrictions on certain activities to protect its customers and adhere to Anti-Money Laundering (AML) laws.

The Bybit card limits are based on daily, monthly, and yearly thresholds. While some activities have high daily limits, users would quickly hit yearly thresholds if they conducted the largest supported transaction daily. Therefore, keeping track of your spending is essential, particularly if you plan a large purchase or withdrawal.

• GEO-Based Limits: The Bybit card’s limits differ significantly depending on whether you’re in the European Economic Area (EEA) or Australia. 
• High Limits: The Bybit card boasts high limits, which will appeal to people planning to transact frequently. 
• Cumulative Thresholds: While the card has high limits, it utilizes cumulative yearly thresholds. 

Bybit Card Cashback

The Bybit debit card lets users earn cashback rewards through points, which users can spend in Bybit’s loyalty rewards shop for exclusive offers and rewards from the exchange partners. Unfortunately, the rewards program is tied to a user’s VIP level, so users will need high trading volumes to get the maximum value from the program.

• Crypto Cashback Tied to VIP Level: To get the most cashback rewards, you must advance in the Bybit VIP program by trading on the exchange. 
• Loyalty Points: Bybit doesn’t pay cashback rewards in fiat currency or crypto assets. Instead, the company provides loyalty points, which are far more challenging to cash out. 

Bybit Card Withdrawal

Users fund their Bybit card via their funding account. Therefore, Bybit doesn’t immediately convert them to fiat for spending. As such, users can transfer assets back out of their funding wallet to withdraw them to an external wallet or exchange. The only other way to withdraw from the Bybit debit card is via an ATM withdrawal. Every user gets $/£/€100 in free monthly withdrawals.

• Transfer From Funding Account: Unlike other popular crypto cards, like Crypto.com’s product, Bybit card users can withdraw assets allocated to their card as they’re stored in a funding account and not converted. 
• EEA vs. AUS: Bybit debit card owners will have different withdrawal limits depending on location. While EEA residents enjoy high limits, Australia-based crypto holders can withdraw notably less from ATMs.

📚Related: Best Ways to Turn Bitcoin into Cash

Bybit Card Supported Cryptocurrencies

The Bybit card can be funded using digital assets stored in a Bybit funding account or transferred from an external crypto wallet. While Bybit supports a mixture of stablecoins and cryptocurrencies, users can only use a few assets to fund the card.

The assets supported by the Bybit debit card are BTC, ETH, XRP, USDT, and USDC. Users can also fund their card with EUR / GBP, depending on where they live.

• Few Assets: Unfortunately, Bybit supports only five assets with which users can fund their cards. As such, convenience for many users will be reduced.
• Multi-Fiat Support: While Bybit only supports a few crypto assets, users can fund the card with multiple fiat currencies, depending on where they live.
• No Small-Cap Assets: Bybit only supports a few of the largest cryptocurrencies, so people wishing to spend lesser-known assets must convert them first on the Bybit exchange.

Bybit Card Global Acceptance

The Bybit debit card is available across many EEA countries except Croatia, Iceland, Ireland, and Liechtenstein. Australian residents can also apply for a Bybit card. Although only available in these jurisdictions, the card can be used at 100+ million merchants across 200+ countries globally as Mastercard issues it.

• Available in EEA and AUS: While some crypto debit cards, like the BitPay card, are only available in one specific country, the Bybit card is available across the EEA and in Australia, making it accessible to millions of customers. 
• Issued by Mastercard: The Bybit card is issued by Mastercard, which has the world’s largest payments network. Thus, it can be used globally without worry. 

Bybit Card Security and Reliability

As an exchange that offers a crypto debit card, Bybit prioritizes security. To keep its customers safe, Bybit has implemented numerous security measures focused on card and general account security. Since launching in 2018, Bybit has not been hacked, indicating that the exchange is highly reliable. 

Account Security

Bybit provides users with plenty of tools to protect their accounts. The platform offers Two-Factor Authentication (2FA) to protect against account hijackings, an anti-phishing code to combat malicious emails, and a withdrawal address lock.

Card Security

To protect its customers, Bybit has made it simple for users to freeze their crypto debit card, preventing theft if the card is lost. Users can also reset their PIN using the Bybit mobile app. To add additional security to a card, Bybit recommends users turn on biometric verification. In addition to Bybit’s measures, the card also benefits from Mastercard’s security features, which include fraud detection.

Bybit Card Areas of Improvement:

The Bybit card is a popular product used by thousands of people worldwide. It successfully bridges the gap between cryptocurrency and traditional finance. However, there are a few areas that, if improved, would elevate the Bybit card to new heights.

Increased Crypto Support

While users can fund the Bybit Mastercard debit card with five cryptocurrencies and two fiat currencies, this selection needs to be increased. Most users will have to convert their assets to a supported crypto. However, if Bybit introduced support for more cryptos, users could fund their accounts more conveniently and use active investments.

Reduced Fees

Although the Bybit card boasts next to no account fees, its transaction fees are incredibly high. With fees for each purchase costing nearly 2% of the transaction value, the Bybit debit card is not very cost-effective. If the company reduced charges on the card, it could compete with lower-cost crypto debit cards and traditional bank cards.

Simplified Cashback Program

Bybit has implemented a cashback system offering loyalty points to users. However, the points are not directly exchangeable for fiat or crypto. Additionally, users must rank up in Bybit’s VIP program to gain maximum cashback value. If the company simplified its cashback program and introduced crypto rewards, it could attract people looking for a cashback card.

How to Top Up Bybit Card

Top Up from Fiat Wallet

Step 1: Decide how much fiat to transfer.

Step 2: Convert it to a supported currency if needed.

Step 3: Transfer fiat to your funding account.

Step 4: Active your debit card and start spending.

Fees: 0.9% spending fee, variable one-click conversion fee.

Top Up via Credit/debit Card

Step 1: Select either Peer-to-Peer (P2P) trading or Bybit’s one-click buy system.

Step 2: Use a credit/debit card to purchase a supported cryptocurrency.

Step 3: Transfer the assets to your funding account.

Step 4: Activate your Bybit card and use it to spend crypto.

Fees: Variable one-click buy fee, 0.9% spending fee, variable one-click conversion fee.

Top Up via Crypto

Step 1: Deposit cryptocurrency to Bybit.

Step 2: Convert the crypto to a supported asset (if required).

Step 3: Transfer the assets to your funding account.

Step 4: Activate your Bybit card and use it for spending.

Fees: Variable network fee for deposits, 0.1% exchange fee, 0.9% spending fee, variable one-click conversion fee.

Is a Bybit card worth it?

The Bybit debit card is a relatively robust product that offers a streamlined way of using crypto in everyday transactions. The card is topped up via a Bybit funding wallet, meaning crypto can easily be transferred in and out. The card is widely accessible and globally accepted, making it suitable for travel.

Unfortunately, Bybit card transactions are costly, with spending and one-click conversion fees both levied. Foreign transactions will also incur another fee. The card also only supports a few cryptocurrencies and takes a long time to arrive, making it far less convenient than options like swissmoney.

Concluding our Bybit card review, the product completes the goal Bybit designed it for well. However, the Bybit card only supports a few assets and has steep fees. As such, it’s best for people who require flexibility and are not concerned with costs.

Can a Bybit card be used anywhere?

Because Mastercard issues it, the Bybit debit card can be used with 100+ million merchants where the payments network is supported. That said, if you want to use the card for traveling, it’s important to note that transactions outside of its native currency will incur a fee of between 0.5% and 1%.

How do you withdraw money from a Bybit Card?

To withdraw funds from a Bybit debit card, you can head to an ATM and withdraw cash. However, Bybit only offers $100 in free withdrawals per month. Alternatively, you can withdraw the crypto from your funding account and send it to an external wallet or exchange.

Can I use my Bybit card at an ATM?

With a physical Bybit card, you can withdraw from any ATM that supports Mastercard transactions. However, it’s critical to note that Bybit only offers $100 in free withdrawals. Any transactions over this figure are subject to a 2% withdrawal fee.

Is Bybit card free?

Anyone with a verified Bybit account can order a crypto debit card. However, while the virtual card can be used immediately and for free, users wanting a physical Bybit card must pay a £/$/€5 issuance fee.

Why use a Bybit card?

There are many reasons to use a Bybit card. The most common use is to facilitate crypto spending throughout everyday life. Users may also have a poor credit score and require a prepaid debit card. Alternatively, they could want to participate in Bybit’s rewards program.

How Do I Get a Bybit Card?

If you have a verified Bybit account and live in the European Economic Area (EEA) or Australia, you can apply for a Bybit debit card. You’ll need to provide proof of address through a bank statement or utility bill. Once your application is approved, you can order a physical card and use the virtual debit card immediately.

How long does it take to get a Bybit card?

In contrast to other crypto cards we’ve looked at, the Bybit card takes a long time to arrive. The initial application stage can take seven days to be approved. However, if you want a physical card, it could take up to 60 days to arrive (although most users receive it within 30 days).

How do I use a Bybit card?

Using a Bybit card is simple. Transfer one of the five supported cryptocurrencies or the two supported fiat currencies to your funding account, and you’re ready. The card can then be used in-store or online, anywhere Mastercard is accepted.

Is Bybit trustworthy?

Bybit has a stellar track record since entering the cryptocurrency industry in 2018. The exchange ranks amongst the most popular trading platforms in the world. Bybit has also never been hacked, which boosts its trustworthiness.

Is the Bybit card suitable for crypto newcomers or those with limited experience?

The Bybit card is straightforward to use. However, as it requires users to transfer crypto to a funding account on Bybit, users will need some understanding of how a crypto exchange functions to use the card successfully.

How does the Bybit card compare to other crypto cards?

The Bybit card is a straightforward product that makes it simple to spend crypto. However, compared to products we’ve reviewed, like Nexo, Crypto.com, or Wirex cards, it boasts notably higher fees and supports fewer assets. 

Further Reading:

• Best Crypto Debit Cards
• Best Crypto Cards for UK Investors
• Wirex Card Review
• Bitpay Card Review
• Nexo Card Review
• Crypto.com Card Review
• Binance Crypto Card Review
• How to Use a Crypto Card: All You Need to Know