Binance Card: Review after 1 Year of use 💳

The famous Binance exchange has for some time now offered the possibility of taking advantage of a rechargeable card which as a peculiarity has that of guaranteeing a cashback of up to 8%. This is an excellent opportunity to get a discount on all daily expenses and at the same time accumulate BNB, the Binance coin. After a year of intensive use here is my review with the impressions I had and the cashback I have accumulated.   What is "Binance Card" and how it works First of all, we specify that the Binance Card allows you to spend both FIAT currency and cryptocurrencies and can be used both as a physical card (with a pin code) and associated with payment applications such as Google Pay or Paypal. Its operation is not complicated, let's see it in simple points: Cashback: based on how many BNBs are held within the exchange, you are entitled to a certain cashback on expenses. It starts from a basic level (1%) up to 8% for those who hold more than 600 BNB. Held BNBs can be months for income or used in Launchpads or Launchpools, but they must always remain within Binance. Finally, based on the level at which you fall, there is an upper limit to the cashback you receive in a month that increases as the level increases. Top-up: it is done from the Spot account and is bi-directional, i.e. you can move funds to the card (instantly) and vice versa. This allows for extreme flexibility and there are no movement limits within the exchange. Limits: The daily spending limit is set at $8700, while the ATM withdrawal limit is $290.   Binance Card FAQ   Comparison with other rechargeable cards The comparison that is made most often is that with the cards issued by Crypto.com, a very close-knit competitor. I will not go into describing them, as the operation is very simple, but with some substantial differences. The first of these concerns card recharging: on Binance it is possible to transfer funds from the card to the Spot wallet and vice versa, while on Crypto.com this cannot be done. Once reloaded, in fact, the funds can only be spent. Transferring funds to the Spot wallet is very useful in case you don't intend to spend them right away. In this case, in fact, it is possible to take advantage of the Binance Earn options that allow you to receive passive interest on "Flexible Savings". Subsequently, a further difference is found in the fact that in order to receive the cashback it is not necessary to block funds, but simply hold them in stock. When you decide to give up cashback it is possible to sell them without waiting for the blocking period present in Crypto.com. Finally, the last discrepancy concerns the transition from one cashback level to another higher: on Crypto.com you have to accumulate the necessary CROs and request the card upgrade, while on Binance you simply need to buy the necessary BNB and the level is update automatically. These considerations made me lean towards choosing the Binance Card to the detriment of the competitor Crypto.com Card, even if the latter offered refunds on Netflix and Spotify.   Review: 1 year later Let's start with the premises to make you understand how I used the card and the revenue it guaranteed me. I started using the Binance Card in February 2021, pairing it with Google Pay for convenience, with an average monthly spend of around $300. I immediately purchased the BNB needed to receive the 2% cashback, and therefore every transaction made in the last year guaranteed me a discount equal to that percentage. Finally, I tried to use it only for the expenses that guarantee cashback, thus excluding taxes, bills and fuel supplies. Once the KYC process was completed and the Binance Card was ordered, it was sent to me in about a week. It comes in black, plastic and with a clear Binance symbol on the front. I found the use of the card really simple and user-friendly. The management takes place entirely through the Binance website or, more conveniently, from the mobile app. Payments have always worked both in Italy, where I have used it the most, and in Hungary, Croatia, Austria and Slovenia. I have not yet had the opportunity to test it outside Europe but I will fix it soon. Finally, over the course of a year, I received about 0.5 BNB (0.34BNB in ​​2021 and 0.15BNB in ​​2022) as cashback on my expenses, credited directly to the card wallet. Today the value of 1 BNB is close to $400 therefore, having changed them from time to time to dollars, I have accumulated about $200.   My final words Overall, I consider myself a very satisfied user of the Binance Card. Indeed, I decided to increase my cashback level from 2% to 3% both because I consider it an excellent income and because the exposure of a part of my portfolio to BNB guarantees me the opportunity to participate in projects such as Launchpads. The Binance Card will not have the full reimbursement of services such as Netflix or Spotify but, adding the revenues from Launchpad and Launchpool to the cashback on expenses, what you earn is much higher. Finally, I think it is a useful way to spend some surplus deriving from trading or staking activities and which you do not want to reinvest. Finally, since it is free, I recommend using it or at least trying it to everyone.       Read Also:       Not signed up for Binance yet? 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