COMPANY detail
PYRA card HOLD. EARN. SPEND
Card Feature Overview.
CARD NAME
PYRA CARD
W BONUS
NONE
REGISTER FEE
FREE
CASHBACK
0%
NEED KYC
YES
FX FEE
UP TO 2%
APR / YIELD
YES
CARD TYPE
VIRTUAL AND PHYSICAL CARD
CARD NETWORK
BLOCKCHAIN
REGION
WALLET TYPE
NON CUSTODIAL
MOBILE PAY
YES
BANK TRANSFER
NO
ATM LIMIT
NOT DISCLOSED
DAILY LIMIT
NOT DISCLOSED
GET THE CARD
PYRA CARD
| W BONUS | NONE |
|---|---|
| REGISTER FEE | FREE |
| CASHBACK | 0% |
| NEED KYC | YES |
| FX FEE | UP TO 2% |
| APR / YIELD | YES |
| CARD TYPE | VIRTUAL AND PHYSICAL CARD |
| CARD NETWORK | |
| BLOCKCHAIN | |
| REGION | |
| WALLET TYPE | NON CUSTODIAL |
| MOBILE PAY | YES |
| BANK TRANSFER | NO |
| ATM LIMIT | NOT DISCLOSED |
| DAILY LIMIT | NOT DISCLOSED |
REGIONAL AVAILABILITY
VIEW GLOBAL NETWORK
Available
Restricted
Not Specified
The Real Story on This Card.
PROS
NO ANNUAL FEE
NON CUSTODIAL
MULTI REGION SUPPORT
Liquidation protection
DeFi loan to cover the transaction
spend credit instead of selling assets
CONS
ONLY SUPPORTS SOLANA
NO IBAN
UP TO 2% FX FEE
NEED KYC
Daily limits not provided
GENERAL Questions.
How does the Pyra card work?
Traditional crypto cards require you to sell your investments (like SOL, BTC) for fiat or stablecoins in order to spend. Instead of selling, Pyra takes out a DeFi loan to cover the transaction whenever you pay with your card. DeFi loans are an on-chain, overcollateralized line of credit secured by your crypto assets. Because they’re used as collateral, your deposits stay earning yield in DeFi even after you pay.
Basically, you spend credit instead of selling your assets - so you keep earning yield, benefit from all price increases, and don’t incur capital gains tax.
Basically, you spend credit instead of selling your assets - so you keep earning yield, benefit from all price increases, and don’t incur capital gains tax.
Where do the yield and loans come from?
Pyra uses a smart contract on Solana to provide yield on your assets and DeFi loans for your card or withdrawals. Pyra loans are powered by Drift which aggregates user funds into lending pools. You earn interest in the form of yield for providing collateral to this pool, and pay interest when you borrow assets from it.
All DeFi loans are always over-collateralized, so if you want to borrow funds, you must have more than enough collateral to cover the value of your loan. This means that unlike with a fiat bank, DeFi protocols cannot lend out more money than they have received, and if users don't repay their loans their collateral is simply liquidated to cover the debt.
All DeFi loans are always over-collateralized, so if you want to borrow funds, you must have more than enough collateral to cover the value of your loan. This means that unlike with a fiat bank, DeFi protocols cannot lend out more money than they have received, and if users don't repay their loans their collateral is simply liquidated to cover the debt.
Where can I use my Pyra card?
You can use your Pyra card anywhere Visa is accepted, both online and in-person at over 42M+ merchants worldwide. You can pay in any fiat currency supported by Visa, and we can accept KYC information from more than 75 countries, with more regions being added soon.
How is there no capital gains tax?
Capital gains tax is a tax on the profit made when selling an asset. With Pyra, you borrow against your assets instead of selling, so you don't create a taxable event. Capital gains tax law is dependant on regional tax legislation, so get professional advice from a tax advisor to see how disposals are treated in your jurisdiction.
Does applying for my Pyra card require a credit check?
All loans on Pyra are overcollateralized, so there are no credit checks or pulls required to apply for or use your Pyra credit card.
How much does Pyra cost?
Pyra charges no spend, top-up, sign-up, maintenance, liquidation, or hidden fees. 1 USDC = $1 USD. The only fees are:
0.5% fee on collateral swaps
0.5% fee on bank transfers
1.2 - 2% foreign exchange fee on non-USD card transactions (the more you spend, the lower the fee)
0.5% fee on collateral swaps
0.5% fee on bank transfers
1.2 - 2% foreign exchange fee on non-USD card transactions (the more you spend, the lower the fee)
