7 Bitcoin Debit Cards Compared and Reviewed
“Bitcoin Debit Cards. Which One Is Right For You: 5 Bitcoin Debit Card Companies To Choose From”
Bitcoin Debit Cards
The number of merchants permitting Bitcoins as a method of payment continues to grow, but people can’t buy everything they need with Bitcoins. Thanks to the efforts of a few companies within the Bitcoin ecosystem, people can now apply for a Bitcoin debit card – and yes, it’s connected to your Bitcoin account.
Bitcoin Debit Cards. What Are The Benefits To Using A Bitcoin Debit Card?
It would appear that the benefits to using a bitcoin debit card are obvious. After all, you can use it wherever a place that accepts bitcoins and debit/credit cards. The debit card company pays the merchant, and the charge is taken out of your bitcoin balance. This lets you live entirely on Bitcoin.
Bitcoin Debit Cards. What Are The Disadvantages Of Using A Bitcoin Debit Card?
The biggest drawback to using the debit card is its centralization. If you’re going to use it, you must have money in the account. This means total control over the account is handed to a third party entity. You decrease the risk by not putting all your bitcoins into the account – only the amount you can afford to lose in case something happens.
Since you’re using these companies for your debit card, you’ll often be charged fees for their services. There currently seven Bitcoin debit card companies to choose from. Which is one right for you? Here’s a look at five of them:
Bitcoin Debit Cards. BitPay Bitcoin Debit Card
The great thing about BitPay is that it’s known throughout the world, with a globally accepted debit card. The only problem is that only U.S. residents are granted them, and they don’t go with a chip and pin. It also requires verification to use.
BitPay offers payment solutions for individuals and companies, giving them a prepaid Visa card that’s connected to your BitPay account. The option is open to any resident of the U.S. – in all 50 states. In order to apply, you must have a home address (P.O. Boxes are not accepted), Social Security number and government-issued ID.
The card has a flat fee of $9.95 and takes up to seven days.
If you travel outside the U.S., you must pay a 3% fee to address the currency conversion cost. There is also a $2 ATM or cash-back withdrawal fee. There’s a $3 outside-the-U.S. ATM and cash-back withdrawal fee.
BitPay doesn’t have any transaction fees.
Bitcoin Debit Cards. CryptoPay Bitcoin Debit Card
This debit card is available anywhere in the world, offering both virtual and physical cards to its users. The problem it has includes its load maintenance fees.
CryptoPay offers a Bitcoin debit card that can be used anywhere in the world. You can use a chip & pin physical card or a virtual debit card to be used for online shopping. A physical card will cost $15 and is shipped around the world for free. There is a $2.50 ATM withdrawal fees and a 3% international currency exchange fee. There is also a monthly $1 maintenance fee and a 1% commission for loading your money. Without verification, which isn’t required, you can load up to €2500.
Bitcoin Debit Cards. Xapo Bitcoin Debit Card
Xapo is a well-known company that can be used in most countries. There are fairly redundant fees, but the cards have no pin or chips.
Xapo was a leader in offering Bitcoin debit cards – a simple credit card with no chip and pin for most folks. The card’s cost is $20 with a yearly $12 fee. Xapo can be shipped to most countries in the world, but not all. They also have an odd change pin fee. If you don’t verify your account, you can only use $2,500 of your money.
Bitcoin Debit Cards. Wirex Bitcoin Debit Card
Wirex is an established company – once known as E-coin – that offers both virtual and Chip & Pin cards. The problem with the Wirex bitcoin debit card is how expensive it can be. While the fees are similar to other debit card companies, they are still rather high. For instance, you have to spend $17 to get an actual card in your hands (although you can use the virtual card if you want). There is a 3% charge for international transaction and a $2.50 ATM withdrawal fee. Wirex charges their fees monthly – not annually.
Bitcoin Debit Cards. Shift Bitcoin Debit Card
You can easily connect the debit card to your Coinbase account, and there are not a lot of fees. The bad thing is that only 45 of the 50 states allow their use. It’s also not available in all countries. However, Shift has labeled themselves as the leading U.S. Bitcoin debit card company. It cost $10 to get, but there are no recurring fees. There is the standard $2.50 ATM withdrawal fee and a 3% international transaction fee.
Bitcoin Debit Cards. Which Card Is Right For You?
The majority of the debit cards have similarities to one another. Perhaps it’s because they use the same card supplier with the only difference being the brand. Be sure the card you opt for is available to use in your country (or state). You should also find one that offers the lowest possible fees, steering clear of cards that have recurring fees. If you live in the U.S., Shift may be your best option.
February 3 2018