How most crypto cards scam fees out of you

Crypto debit cards bridge the gap when shops do not accept Bitcoin directly. Using Bitcoin to pay for ALL your daily needs truly feels like the future, but for most crypto cards on the market today, that future comes at a steep - and often hidden - price. While the promise is simple ("Spend your Bitcoin anywhere"), the reality is packed with conversion tricks, hidden spreads and FX fees that quietly drain your stack more than you would expect.

While most Bitcoiners would love to have the Bitcoin-only card (such as our wavecard®), unfortunately most alternatives are crypto cards that also support shitcoins. So, for the sake of exposing the true financial gymnastics, we will compare the wider market of crypto cards against wavecard® - our own ultimate Bitcoin-only debit card.

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1. Bitcoin conversion fees

Every time you pay with a crypto debit card, your Bitcoin needs to be converted into fiat. This conversion often comes with a massive fee, sometimes up to 3% or even more. People usually make smaller payments via cards, without seeing the conversation rates, thus, such fees go largely unnoticed. Coinbase Card, for example, charges 2.49% conversion fee going from crypto to fiat.

And what's worse - this isn’t always disclosed clearly. You might think you’re just paying the market rate, but what you’re actually getting is a rate with hefty padding built in.

🟠 wavecard: we charge a simple 1% conversion fee, almost 2x smaller than the market average.

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2. The hidden spread: Your invisible enemy

On top of the conversion fees, most crypto card providers also drain you by offering a much worse exchange rate. This is called a spread, and it's baked into the Bitcoin price that you get. People are usually oblivious to that, because companies do not disclose them properly.

Example:

• Bitcoin is trading at €101,000.
• Your crypto card provider sells it to you at €99,500.
• That’s a €1,500 spread—per Bitcoin—pocketed silently.

You don’t see the fee on your statement. You just get less euro per Bitcoin sold. Over time, this adds up to hundreds or even thousands lost in “invisible” fees.

While it's acceptable to have a small spread that's usually there to cover for liquidity or exposure risks, they should be rational and visible.

🟠 wavecard: we have up to 0.5% spread that is passed at cost from our liquidity providers. We do not make money off of this.

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3. Foreign exchange (FX) fees that stack on top

Spending in another currency abroad? Most cards charge foreign exchange fees on top of everything else. Even traditional banks are more transparent here. One of the most popular cards by Crypto.com charges 2% FX fees. Coinbase? 1.5% FX fees.

Bitcoiners are free people that like to travel globally. FX fees handicap their BTC power even more, and that's on top of all the other shenanigans.

🟠 wavecard: 0% FX fees. Travel & spend your BTC anywhere, anytime. Euros, Dollars, Pesos - it doesn't matter - you get the proper interbank rate.

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4. Fixed transaction fees

While not as common, some crypto cards also charge fixed fees for each card payment. This is not % based, but something like 0.30€ per each transaction. This doesn't seem like a lot, but we all make a bunch of small transactions every day - buying coffee, breakfast or paying for transport. In all of those cases, such fixed charges would equal to double-digit percentage fees.

🟠 wavecard: no fixed transaction fees.

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The bottom line

Most crypto cards promise freedom, but they deliver silent taxation through bad rates and hidden fees. If you’re serious about living on Bitcoin, choose tools that respect your money.

Crypto cards are usually issued by exchanges or companies that have other main products, and for them, crypto card is a silent cash cow. Let's take Coinbase as an example again:

• 2.49% conversion fee
• 1.5% spread
• 2.49% FX fee
• TOTAL = ~6.5% in fees!!!

Most users never bother to check the rate they’re getting, as it's not like they are seeing the trade happen in front of their eyes, because people simply purchase things and continue about their day. Meanwhile, these companies make millions by banking on your inattention.

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Here at wave.space we have launched an ultimate Bitcoin debit card that actually makes sense for Bitcoiners in Europe:

• Bitcoin-only and holds BTC until the last second you pay with the card
• 1% conversion fee + 0.5% spread = 1.5% total fees (among the cheapest in the market)
• Pseudonymous - set any name you want on the card
• Pay anytime, anywhere. It's accepted by 150M+ shops globally
• Open as many virtual cards as you want for free
• NWC support - spend BTC from your Lightning wallet automatically (coming soon)

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