The Bybit Card seamlessly bridges the gap between traditional finance and the crypto economy, allowing you to spend both fiat currency and digital assets anywhere Mastercard is accepted. It automatically converts your cryptocurrency to fiat at the point of sale if your local currency balance is insufficient, making everyday purchases straightforward and efficient.
When you make a purchase, the system first uses the available fiat balance in your Funding Account. If that isn't enough, it automatically converts your pre-selected cryptocurrency to cover the remaining amount. However, if both your fiat and crypto balances are too low, the transaction will be declined. Please note that a minimum conversion amount applies: 1 EUR or USD, 5,000 ARS, or 10 BRL.
Once a transaction is authorized, the corresponding amount in your Funding Account is temporarily frozen. This amount is only deducted after the merchant finalizes the transaction, which can take up to 30 days. If the authorization is reversed, the frozen funds are promptly released back into your available balance.
Detailed Transaction Scenarios
To better understand how the Bybit Card handles different spending situations, let's explore some common scenarios. Each example assumes the card is denominated in EUR and that USDT is the selected payment cryptocurrency, unless stated otherwise.
Scenario 1: Sufficient Fiat Balance
You are making a purchase of 500 EUR. Your Funding Account holds 1,000 EUR. Since your fiat balance is more than enough to cover the cost, the entire 500 EUR is deducted directly from your available EUR balance. No cryptocurrency conversion is necessary.
Scenario 2: Insufficient Fiat, Sufficient Crypto
You are buying an item that costs 1,030 EUR. Your Funding Account has 1,000 EUR and 1,000 USDT. The system will use all 1,000 EUR from your fiat balance. The remaining 30 EUR will be automatically covered by converting a corresponding amount of your USDT into EUR. This conversion uses the current One-Click Sell Rate plus a small conversion fee.
Scenario 3: Foreign Currency Transaction
You are charged 1,260 USD for a purchase. Your Funding Account holds 1,000 EUR. This is a foreign exchange transaction. First, the USD amount is converted to EUR using Mastercard's prevailing exchange rate, plus a foreign exchange fee. If we assume a rate of 1.05 USD/EUR, the 1,260 USD charge is equivalent to 1,200 EUR.
Your entire 1,000 EUR balance will be used. The remaining 200 EUR will be paid by converting your USDT balance at the One-Click Sell Rate, plus the standard crypto conversion fee.
Scenario 4: Mismatched Fiat Currency
You wish to pay for a 20 EUR item. Your Funding Account has 50 USD but no EUR. Since the card's base currency is EUR, the available USD balance cannot be used directly for the transaction. Instead, the entire 20 EUR amount will be paid by automatically converting your USDT balance into EUR at the current rate, plus the applicable fee.
Scenario 5: Incorrect Crypto Asset Selected
You attempt a 1,260 USD transaction and have selected USDT as your payment crypto. However, your Funding Account only holds 1,000 XRP and no USDT. In this case, the transaction will be declined because the specific cryptocurrency you selected for automatic conversion is not available. You would need to change your preferred payment crypto asset to XRP in your card settings to proceed. Remember, you can only select one cryptocurrency for automatic payments at a time.
For a deeper dive into optimizing your spending strategy with digital assets, you can explore more card management tips.
Managing Your Bybit Card Account
To ensure smooth transactions, it's important to manage the assets in your Funding Account.
- Topping Up Fiat or Crypto: You can add funds by using the 'Buy Crypto' feature with a credit card or bank transfer. Alternatively, you can deposit cryptocurrency from an external wallet into your Bybit Funding Account.
- Understanding Fees: It is crucial to be aware of all associated costs, including conversion fees and foreign transaction fees, to avoid any surprises.
- Choosing Your Crypto: You can select which cryptocurrency you want to use for automatic conversions in your card settings. This choice should be based on which assets you hold and are comfortable spending.
To get the most out of your card and understand all its features, view real-time tools and guides.
Frequently Asked Questions
How long does it take for a held authorization to clear?
When a merchant places a hold on funds, it can take up to 30 days for the transaction to be finalized and for the funds to be permanently deducted. If the transaction is canceled, the hold is released immediately.
Why was my card transaction declined?
A transaction can be declined for a few key reasons: insufficient total funds (both fiat and crypto), selecting a payment crypto asset you do not hold, or attempting a transaction that is below the minimum conversion threshold for your cryptocurrency.
Can I use multiple cryptocurrencies for a single payment?
No, the system is currently designed to use only one pre-selected cryptocurrency for automatic conversions if your fiat balance is insufficient. You must choose this asset in your card settings beforehand.
Are there fees for using my card abroad?
Yes, for transactions in a currency different from your card's denomination, Mastercard's exchange rate will apply, and an additional foreign exchange fee will be charged by Bybit.
What is the minimum amount of crypto that can be converted?
The minimum conversion amount is 1 EUR or USD, 5,000 ARS, or 10 BRL. Transactions requiring a conversion below this value will not be processed.
How do I change my preferred payment cryptocurrency?
You can easily change which digital asset is used for automatic conversions within your Bybit Card management settings on the platform or app.