The Phemex Mastercard allows users to spend USDT or USDC directly from their spot account without the need for pre-loading funds. The card is currently available to residents of the European Economic Area and supports integration with Apple Pay and Google Pay.
The platform offers a cashback program paid in USDT directly to the user's spot account. Standard users receive 0.25% cashback, while VIP users earn 1%. There is no monthly cap on rewards, and payments are credited on the 10th of the following month.
Phemex does not charge issuance, annual, or account closure fees. However, the company applies a variable charge during the conversion of stablecoins into fiat currency. The card settles in US dollars, and additional conversion fees may apply for transactions made in other currencies like the euro.
Unlike some prepaid crypto cards that require manual transfers to a separate balance, the Phemex solution is designed to integrate spending directly into the user's existing trading account. Certain categories, such as insurance and education payments, are excluded from the cashback program.
