CEX Crypto Payment Cards Showdown: Cashback, Fees, User Experience - Which One Reigns Supreme?

Original Title: "An Overview of Top Cryptocurrency Exchange Payment Products: Credit Cards, Debit Cards, and Apps Creating a 'Transaction is Life' Scenario, Intense Competition Begins"

Original Author: Weilin, PANews

As stablecoins and payments gradually become the focus of this round of hot cryptocurrency narratives, top centralized cryptocurrency exchanges (CEX) have successively laid out the track for user daily consumption payments, intensifying the ecological layout around cryptocurrency credit cards, debit cards, and app payments. From Coinbase, Gemini, Crypto.com, to Kraken, Bybit, Bitget, Gate, KuCoin, and others, major exchanges have launched or upgraded payment products, competing for the connection channel between cryptocurrency assets and the real world. Most cryptocurrency payment cards support the European Economic Area, the United States, and other major markets, with many platforms offering 2%-10% cryptocurrency cashback rewards. In this article, PANews will introduce the latest cryptocurrency payment cards or payment apps launched by these exchanges.

Coinbase: Leveraging the American Express Network, Launches Coinbase One Card

On June 13, Coinbase announced the launch of the Coinbase One Card, which will be exclusively available to Coinbase One members in the United States. Coinbase One is the cryptocurrency platform's monthly subscription product, offering zero transaction fees, higher staking rewards, and other benefits. In addition, Coinbase has also introduced a lower-priced "Base" subscription package, supported by the American Express network, with plans to launch the Coinbase One Card in the fall of 2025.

Cardholders will be able to receive 2% to 4% Bitcoin back, and users can enjoy the experience, protection, and other benefits provided in conjunction with the American Express network. Coinbase One has a monthly fee of $29.99, while the basic level with less Bitcoin back charges $4.99 per month or $49.99 per year. This is Coinbase's first introduction of a cryptocurrency credit card, as it previously partnered with Visa in 2020 to launch a cryptocurrency prepaid debit card.

Gemini: Rewards Cryptocurrency Based on Spending Categories, Emphasizing Instant Reward Mechanism

Gemini, on the other hand, attracts users with a more flexible consumer rebate structure, offering a no-annual-fee credit card that supports over 50 cryptocurrencies as a cashback form. If users are approved for the credit card before June 30, 2025, and spend over $3,000 within the first 90 days of account opening, they will receive a $200 cryptocurrency reward.

This is a Mastercard that offers some benefits through the network, including rewards for Instacart and Peacock Premium, with Gemini credit card holders receiving rewards in optional cryptocurrency form. Gemini offers rewards in the following types of spending:

· 4% back on up to $300 in monthly gas and electric vehicle charging expenses, 1% back on additional spending; spending reset on the 1st of each month

· 3% back on dining

· 2% back on groceries

· 1% back on all other eligible spending

Gemini supports over 50 cryptocurrencies, including mainstream coins such as Bitcoin and Ethereum. Users can change the type of cryptocurrency earned through spending at any time. When applying for this credit card, a Gemini trading account needs to be opened. Unlike many other credit cards, rewards earned with the Gemini card cannot be used directly for repayments. Additionally, the Gemini credit card does not have an annual fee or foreign transaction fee. However, if cryptocurrency rewards are sold or converted, relevant transaction fees still apply. The card has an annual percentage rate (APR) for borrowing of 17.24%–29.24%, with a maximum late payment fee of $8 and a maximum returned payment fee of $35.

Crypto.com: Tiered Cashback, Building a Cryptocurrency Credit Card Rewards Ecosystem

PANews previously introduced Crypto.com's prepaid card in May, similar to a debit card, requiring a balance. In June of this year, specifically for the U.S. market, Crypto.com launched the Crypto.com Visa Signature credit card. This card has a borrowing APR of 18.24%–32.24%, floating based on creditworthiness at account opening and the Prime Rate for the most favorable rate; balance transfer fees are 5% of the transfer amount or $10, whichever is higher; foreign transaction fees amount to 3% of the transaction, calculated in U.S. dollars.

Each card purchase earns cryptocurrency rewards:

· Obsidian: 6.5% back in the first year, then 5% back

· Rose/Icy: 5% back in the first year, then 4% back

· Jade/Indigo: 3.5% back in the first year, then 3% back

· Ruby: 2.5% return in the first year, then 2% return

· Midnight: 1.5% return

Please note: The first-year reward rate is valid for 12 months from the date of tier upgrade or credit card opening.

Kraken: Launches Payment App "Krak" to Compete with Venmo and Paypal

The trading platform Kraken is entering the payment space in the form of an application. On June 26, Kraken officially released Krak: a new-generation integrated global currency application. Users can seamlessly manage over 300 different fiat currencies and digital assets. The Krak app will have the following features:

· Peer-to-Peer Payments: Economically send instant transfers to other Krak app users in 110 different countries/regions. Using personalized payment IDs called Kraktags, users can send and request payments across 300+ assets (including cryptocurrencies, stablecoins, and fiat currencies if available) without entering bank information or crypto wallet addresses.

· Exclusive Spending and Rewards Account: Seamlessly pay and earn rewards with no lock-up period, minimum deposit amount, or subscription. Eligible users can receive up to a 4.1% USDG stablecoin balance reward and up to 10% additional returns on over 20 digital assets.

· Krak's Future Development Plans: Launching physical and virtual Krak cards, enabling seamless consumption for millions of merchants (online and offline) within the Krak app using fiat and crypto assets; a range of prepaid services including lending, loans, and credit card schemes.

Bybit: Featuring Crypto Debit Card, Premium Users Enjoy 10% Cashback

The Bybit Card is a Mastercard crypto debit card that allows users to conveniently use cryptocurrency funds for spending anytime, anywhere. The Bybit Card offers two versions: virtual and physical cards, currently available to users in the European Economic Area (EEA) and Switzerland, AIFC, Australia, Brazil, and Argentina.

The physical card has a €10 issuance fee, EEA users are charged a 2% fee for monthly cash withdrawals over €100, crypto asset transactions are subject to a 0.9% markup above the Bybit spot rate, and foreign currency exchanges will incur an additional 0.5% on top of the Mastercard rate. When shopping, users can enjoy cashback ranging from 2% to 10%, depending on their Bybit VIP level. During the promotional phase of the card, Bybit offered a 10% cashback to new Bybit cardholders registered between January 1, 2025, and March 31, 2025. This card supports the USD fiat currency. The supported cryptocurrencies currently include: BTC, ETH, XRP, TON, USDT, USDC, MNT, and BNB.

Bitget: Dual Card Layout, Wallet Card and Credit Card Each with Its Own Focus

The Bitget Wallet Card is a credit card that supports users in conveniently using cryptocurrency for everyday expenses. Currently, this card is jointly issued by Bitget's trading platform Bitget Wallet and Immersve, based on the Mastercard network. By completing Know Your Customer (KYC) verification, users can activate the card and receive 5% cashback. When using the card for non-USD transactions, a 1.7% fiat currency conversion fee will be applied and deducted automatically; no fee is required for USD transactions.

Currently, residents of the following countries or regions are supported: European Economic Area and the UK, Latin America (Argentina, Chile, Colombia, Ecuador, El Salvador, Guatemala, Mexico, Panama, and Peru), Australia, New Zealand, and services are currently only available to whitelisted users.

The card issuance fee is $10, which needs to be paid upon card activation. Immersve-issued cards have no annual fee, no monthly fee, and no reloading fees. Currently, USDC on the Base network is supported for reloading, allowing users to directly use the card's assets for spending. The daily spending limit is $5,000, and the annual spending limit is $100,000.

It supports linking to major third-party payment platforms, including Apple Pay, PayPal, and Google Pay, among others. Users can also use the card for spending on many overseas e-commerce and service platforms, including but not limited to Amazon, TikTok, ChatGPT, Grab, etc.

In addition, Bitget's trading platform has also launched a cryptocurrency credit card based on the Visa network, currently only available to VIP users through invitation. There is no annual fee, and the first virtual and physical cards are issued for free. The transaction fee is 0.9%, with an additional 0.65 USD plus 2% fee for ATM withdrawals. Cryptocurrency payments are settled in USD, and there is no limit for Visa card spending. Cardholders must maintain a sufficient balance in their Bitget account to make successful payments. Users can use the Bitget card wherever Visa is accepted. Currently, the Bitget card only supports Tether (USDT), but will soon add support for currencies such as BTC, ETH, BGB, USDC, etc.

MEXC: European Users Can Apply, Clear Fee Structure

The MEXC Mastercard Debit Card supports applications from users in most countries within the European Economic Area and charges a 1% reloading fee. The single transaction limit is 3,000 USDT; the monthly transaction limit is 30,000 USDT; and the card capacity is 100,000 USDT. Transaction fees within the European Economic Area (EEA) are 0, while transaction fees outside the EEA are 2% (with a minimum of 0.60 euros per transaction), and the monthly fee for this card is 1 euro. Although the official introduction of the MEXC card is relatively brief, with its stable cost structure and wide application area, it may become the entry choice for many European cryptocurrency users in the future.

Gate: Rebate Collaboration Platform Equity, Highlighting Consumer Scene Advantages

The Gate Card is an encrypted credit/debit card product launched by the Gate platform, aiming to bring cryptocurrency services to daily life. Users can top up with cryptocurrency or directly consume encrypted assets through their trading account, while enjoying various platform and off-platform benefits.

The card currency is Visa-EUR, and both virtual and physical cards have no issuance fee. Payment types include top-up consumption, with a top-up fee of 0.9%, and a foreign exchange fee of 0.2% for non-Euro transactions (within Europe) and 2% for non-Euro transactions (outside Europe). The daily consumption limit is 25,000 EUR, and the Gate Card supports Google Pay/ATM.

In terms of consumption scenes, users enjoy a 1% USDT cashback on each transaction, a 7% hotel and flight cashback, exclusive Gate Travel offers, and new users receive a 2% consumption cashback. Four types of cryptocurrency are offered as cashback options: USDT, BTC, ETH, and GT.

KuCoin: Exclusive for European Economic Area Users, Supports Real-time Cryptocurrency Conversion

The KuCard currently supports VISA and is only available to citizens and residents of the European Economic Area (EEA). It supports 54 different cryptocurrencies (KCS, USDT, USDC, BTC, ETH, XRP, etc.) as well as one fiat currency (EUR). The physical card application fee is 9.99 EUR per card, Euro transactions are free, non-Euro transactions incur a 2% fee, ATM withdrawals are charged at 2 EUR, and international ATM withdrawals are charged 2% of the transaction amount.

The KuCard supports real-time cryptocurrency-to-fiat currency conversion and provides cardholders with exclusive rewards and benefits, such as shopping cashback, merchant discounts, etc. The KuCard sets a monthly cashback limit based on the user's account assets and VIP level, with regular users able to receive up to €30 per month and high-level VIPs up to €250 per month. The debit card supports multiple cryptocurrencies, ensuring that users can use their favorite digital assets in everyday transactions. The KuCard supports Apple Pay and Google Pay.

Conclusion:

Overall, for the most part, the battlefield of cryptocurrency trading platforms has mainly focused on spot, derivatives, and staking areas in the past. Now, the payment track has become a new hotspot. From credit cards and debit cards to integrated payment apps and DeFi services, mainstream trading platforms are seeking to create a "trading meets life" consumption loop.

Collaboration with traditional financial institutions (such as Visa, Mastercard, American Express) is still a viable path forward, but there are also exchanges attempting to build their own independent wallet and stablecoin ecosystem, such as from Krak to Bitget Wallet. In the second half of 2025, as more exchange cards are officially rolled out, the global competition for crypto payments will enter an accelerated phase. Ultimately, which platform will stand out? Let's wait and see.

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