Phemex has launched a Mastercard that addresses a practical friction point in crypto spending: the need to transfer funds into a separate card balance before making purchases. The card instead draws directly from available USDT or USDC held in a user's exchange spot account, converting stablecoins to fiat when a payment is made.
For users already holding stablecoins on Phemex, the card removes an extra account management step. Rather than deciding how much to set aside for a separate card balance, users can spend from their available trading balance without a preliminary withdrawal or transfer.
How the Card Works
The Phemex Card supports Apple Pay and Google Pay and is currently available to eligible residents of the European Economic Area. The card settles in US dollars, and spending in other currencies incurs exchange rate conversions through the card network and potentially additional charges from Phemex.
Phemex charges no issuance fee, annual fee, or account closure fee. However, the company builds a variable conversion charge into the exchange rate used to convert stablecoins to fiat. The published fee schedule does not specify fixed percentages for these costs.
Cashback Structure
The card pays cashback directly in USDT to the user's spot account. Standard users earn 0.25% cashback, while VIP users receive 1%. There is no monthly cashback cap, and eligible purchases continue to earn rewards within the card's spending limits.
Certain purchases do not qualify for cashback, including insurance and education payments. Cashback arrives on the 10th of the following month and can be used for additional purchases or trading.
Comparison to Other Crypto Cards
The key difference from competitors like Crypto.com is the funding source. Crypto.com's prepaid card holds a separate balance and offers automatic top-ups when funds fall below a chosen threshold, but money still transfers into the card before spending. Bybit's card can convert selected crypto when the fiat balance is insufficient, but Phemex's direct spot account integration removes that intermediate step.
Unlike rewards cards that use volatile exchange tokens or points systems, Phemex's dollar-linked USDT rewards are straightforward to track and use.
