Exchange-issued cards make sense for people whose assets already sit on the exchange. Bybit's works well: competitive conversion rates, straightforward cashback and quick issuance for eligible users in supported European markets.
What it costs
No monthly fee, with the conversion spread applied at the point of sale. Rates are competitive against the consumer-focused programmes, and as always, spending from a stablecoin balance minimises the cost.
The custody question
Using the card means holding a balance on Bybit. In February 2025 the exchange lost roughly $1.5bn in a cold-wallet compromise — it covered the shortfall in full and kept withdrawals open, which is the best possible response to the worst possible event. It still happened, and a card that requires an exchange balance inherits that exposure.
Availability
Limited to selected European markets, with eligibility rules that change as the exchange's regulatory position evolves. That volatility in availability is itself a consideration.
Who should use it
Active Bybit traders in supported countries who keep working capital there anyway and top the card up as needed. Anyone else is taking on exchange exposure for a convenience they do not need.