There are several Mastercard cards that allow users to spend bitcoin in fiat currency.
These cards are backed by crypto wallets or exchanges, where users can deposit bitcoin and cryptocurrencies into their accounts, and which allow them to make regular fiat currency payments on the Mastercard circuit powered by cryptocurrencies.
In other words, there is no need to have fiat money to pay, because cryptocurrencies are converted instantly into fiat currency at the time of payment.
The two main ones are certainly those mentioned by Mastercard itself as partners: Wirex and BitPay. The only other card mentioned by Mastercard is that of the LVL exchange.
These three cards are genuine Mastercard partnerships with crypto operators, while the others are normal cards that are powered by cryptocurrencies and allow payments on the Mastercard circuit.
Five other cards are those listed on bestbitcoincard.com/mastercard (AdvCash, Revolut, Bitwala, Raxcard and Bitplastic), but there are also others, such as N26 and Uquid.
In fact, many cryptocurrency-powered debit cards run on Visa, and the most widely used and popular ones belong to this group.
The only exception is Wirex, which is by far one of the most well-known and widely used crypto cards in the world, as well as one of the first. Indeed, Wirex even allows choosing between Visa and Mastercard.
Certainly, BitPay‘s card is also well known and used, but it does not belong to the small group of crypto cards that are very popular in this industry.
The different types of Mastercard with which to spend Bitcoin
However, a distinction must be made between different types.
First off, there are Mastercard cards that are associated with non-custodial wallets, and others that are backed by third-party wallets.
Among the latter, there is certainly Revolut, one of the most widely used, but which does not allow users to possess the private keys of the wallet. Instead, the BitPay wallet, for example, is non-custodial, so users have full and exclusive possession of their tokens.
In addition, there are cards that allow the direct deposit and withdrawal of tokens, and others that only allow the purchase and sale. Among the latter is Revolut, which although it is absolutely one of the most famous and used in the world is also at the same time one of those with the fewest crypto features. In truth, however, most of them also allow direct deposits and withdrawals of tokens.
Another difference concerns the costs of possession and use. Generally, owning one of these cards does not have a cost, but for example Revolut is an exception from this point of view. However, it must be said that Revolut is not just a debit card, but a real bank account with many features. Certainly, it is the one that, together with N26, offers the most traditional fiat-based services, but the fewest crypto services.
Another key point is transaction costs, and in particular fiat exchange. For example Wirex offers zero fees on exchanges, but others also offer the same feature.
From this point of view, however, the possible spread on exchange rates is probably even more important, since it is usually on fiat exchange that the card operator earns money. This information is often not easy to acquire and not at all easy to verify. In general, however, cards that do not have management costs have higher usage costs.
Finally, each card has its own usage limits. For example, Wirex has a £400 limit on monthly withdrawals, but no spending limits. As debit cards are powered by cryptocurrencies, once you hold tokens on the relevant wallet you can generally spend these freely, although managers are required to raise the bar when user turnover rises.
In other words, there is something for everyone, so it’s worth comparing the features before choosing which card to use.