Since the beginning of bitcoin, bitcoin debit cards have been on high demand.
If you are looking for a way to spend your bitcoin online and offline, on this post bitcoinfella will explain the importance of having a bitcoin card and how to choose a bitcoin debit card.
What are bitcoin debit cards?
Bitcoin debit cards are similar to the bank issued cards we use to make payments and withdrawals.
Accept bitcoin cards are linked to bitcoin wallets loaded with bitcoin instead of the regular fiat currency and they offer less risk compared to regular credit cards.
Types of bitcoin debit cards
Plastic Debit Cards – Plastic debit cards are physical cards that you can put in your wallet or purse similar to bank cards. With a plastic card you can with draw funds from ATM’s.
You can also make payments anywhere were there’s a point of sale. This means you can pay with them in supermarkets, at a bar, clothing stores and more.
You will need a security pin in order to make payment with a plastic card.
Your card will come with a security pin but you can change and is always wise to keep the security pin to yourself, for security reasons.
Virtual Debit Cards – Virtual debit cards are electronic cards that can only be used online. They are not physical cards like the ones we are often used to.
With a virtual card you can only make payment on the internet when buying something. You will have access to your card through the bitcoin debit card company website.
They work similar to the plastic debit cards accept they are not physical, you can not hold them in your hand.
You can pay with virtual debit cards mostly on online stores or eCommerce sites like shopify, bitcoin store, amazon(if they do accept bitcoin).
Why use a bitcoin debit card?
A bitcoin debit card allows you to make payment any where in the world, you can also withdraw cash in ATM’s with it. There are many companies who accept bitcoin as payment and with a bitcoin debit card you will be able to make payments even in merchants that don’t accept bitcoin. The merchant will receive the money in their currency.
You can make small transactions with minimal cost, which does not apply in a credit card system. You can avoid the risk associated with the credit card system of having to pay extra fees.
Since financial privacy is a global issue, with bitcoin card you can buy something anywhere anonymously.
You can use it when you travel to other countries, and you will be able to spend your money without having to use regulated banks or financial institutions.
It gives you privacy to your finances, that’s what bitcoin was created for. Is a decentralized financial system that is backed by a global community.
What you should look for in a bitcoin debit card?
Company Reputation – Before applying for the bitcoin debit card read some reviews about the company.
You will find a lot of information in review sites, forums like reddit, bitcoin forums and more. Rather choose a good company with good reviews than a unknown company.
Fees – Fees are very important when choosing a bitcoin debit card. Often times you will get charged a certain amount when paying with your debit card.
There are also monthly fees that the bitcoin debit card company might withdraw every month. Find out how much they charge per month.
Expiry Date – Most debit cards take five years to expire. But is your responsibility to know in advance when the card will expire. Find that information when applying for the debit card.
Processor – There are two major processors of bitcoin cards, VISA and Mastercard. This two processors are accepted world wide. Find out which one will work for you. There processors will help you make transaction.
Limits – Most bitcoin debit cards have a their own daily limits, find out from the company website how what type of limits you will get. Look for top up limits, both minimum and maximum. Also look ATM withdrawal limits so that you wont try to exceed your daily withdrawal limit
List of bitcoin debit cards to choose from
Cryptopay Debit Card
Cryptopay is a licensed bitcoin wallet and a bitcoin debit card company. They registered in both UK and Wales, they’ve been operating since 2013. Cryptopay card uses the VISA as a processor, meaning you can pay with it anywhere VISA is accepted.
This card works around the world and can be issued to people around the world accept in the US. You can buy the cryptopay debit card with Bitcoin, USD, EUR, GBP and you can even spend your funds using all those major currencies.
In order to apply for the card you will have to verify your account in order to order a cryptopay debit card. You can verify it by uploading either a valid Passport, National ID or a valid Driver’s License.
You can apply for the this card for just $15 and the standard delivery is free all over the world but if you prefer to receive your card sooner you can use the express delivery which will cost you $75. The withdrawal fee is $2.5 and international currency change adds 3% per transaction.
The monthly maintenance fee is $1 and if you are not a verified user you can load up to $1000. The daily withdrawal limit is $400 and you can withdraw up to $200 per transaction.
Go to Cryptopay
Spectrocoin Debit Card
Spectrocoin started in 2015 and it has been one of the old bitcoin card since then. It offers both plastic cards and virtual cards, you can apply for their plastic card on their website and it will be delivered within one to four weeks.
This is one of the exceptional cards since it can be used everywhere theres a VISA or Mastercard sign. So it means bitcoin card can be used around the world to make payments. Use it in online shops, withdraw cash with it on ATM’s and make payments in offline stores.
If you want to get higher limits you will have to verify your identity by uploading a copy of your ID document. You can withdraw twice a day with a spectrocoin card and that’s up to $2000 a day.
You can either buy bitcoin on spectrocoin or load the the card with bitcoin before using it. The loading limit is $1000 for verified users and there are no limits when it comes to point of sale(POS). The monthly fees for spectrocoin is $1 and the withdrawal fee for the plastic card is $2.5 per transaction and there’s none for virtual card.
You can get the plastic card for $50 it will be delivered within 2-4 business days(this can also depend on the delivery company used). The virtual card cost $9 and you get instantly.
Go to Spectrocoin
Wirexapp Debit Card
Wirexapp is well established bitcoin company from London UK, they sell bitcoin cards to bitcoin users. You can load the card with bitcoin, ethereum, litecoin, and ripple which can be converted to dollars, euros or pounds
Wirexapp is accepted in many countries you can see the list of accepted countries here. You will notice that in some countries verification will be required. This is especially important for those who wish to use the USD/EUR/GBP features in Wirexapp.
The main processor of wirex is VISA, you can use the wirex card anywhere in the world were Visa is accepted. This includes shops, restaurants, ATMs, online stores, bars and more.
The Wirexpp bitcoin card fees are as follows:
Monthly Management Fee: $1.5 per month
ATM Withdrawal = $2.5 if you are in the Euro Zone and is $3.5 if you are anywhere else in the world.
Go To Wirexapp
Shift Bitcoin Debit Card
Shift is US base bitcoin card that you can connect to your coinbase wallet and Dwolla. It enable users to pay with online or offline through POS.
The cryptopay debit card is powered by VISA, and is available in 41 states in the US. You can apply for the card for only $20. The fees on this card are reasonable, you will be charged $2.50 for domestic ATM withdrawals and additional 3% for international transactions.
For international ATM withdrawals you will be charged $3.50 and it will only cost you $10 for a card replacement. You wont have to pay for any monthly fees or annual fees if you use the shift bitcoin card.
Go to Shiftpayments