How to Choose the Right Crypto Card?
With cryptocurrencies on the rise, no wonder more people want to use them for everyday payments. Until recently, using Bitcoin for regular purchases was simply not practical. You had to wait for several days to withdraw it. That isn’t the case anymore.
The appearance of crypto debit cards has enabled users to spend cryptocurrencies on the go, without the need to withdraw them first. This breakthrough payment solution makes crypto a more convenient alternative for those interested in moving on a fully digital environment.
But how to choose the best crypto card for you? While there are certainly fewer crypto debit cards than traditional ones in the market, it is vital to recognize the differences between them and pick one that fits all of your needs. Let’s get to it!
Can You Order A Card?
Geographical limitations are the main setback for the majority of crypto cards. Some companies will allow you to create an account, but as soon as you try to order a physical crypto card, you will realize it’s a dead-end.
Don’t make early conclusions. Before opening an account, verify that you are eligible for a Bitcoin card on the company’s website. Reading the terms of service is the first step that should be made towards becoming a crypto card owner.
To date, the only cryptocurrency debit card globally available is the Crypterium Card. No matter where you are based or what your nationality is, you can order it.
Safety Comes First
Another important parameter when choosing the right crypto debit card should be security. As with almost any regular bank card, owning a debit card carries a dose of risk and it presents a great opportunity for fraud-like activities. As most of these cards aren’t issued by well-established banks, make sure the companies behind them are fully compliant with the law.
Apart from some basic safety measures, such as keeping your card information for yourself or avoid losing it, there are extra precautions that should be taken in order to improve safety. While card issuing companies will make their best to guarantee your security, it is your responsibility to be informed about all the safety methods you can rely on:
Verified By Visa
CVV2 (Card Verification Value 2)
Some companies will also offer additional security measures. Following our previous example, the Crypterium Card allows you to block/unblock your card from the app in seconds, as well as change your PIN code. Make sure that some of these methods are available when choosing your new crypto debit card.
Your favorite currency is...
As a general rule, crypto debit cards use US dollar, euro or pound as a base currency. That doesn’t mean you cannot use them in other currencies. But if you are purchasing something in South Korean won, keep in mind that there might be an extra FX fee. Speaking of the devil...
Think About the Fees
Another thing you should take into consideration when choosing the perfect crypto debit card for you are all the fees. Having a clear vision on the fees accompanying the card will make your decision easier. Cryptocurrency prepaid cards usually include the following fees:
The issuance of any crypto debit cards will most likely result in a small fee. Bear in mind that this is a one-time fee, and you will only have to pay this sum again if you need another card issued (usually when the card is lost or expired).
The issuance fee is often combined with the delivery fee. This particular fee depends on the selected shipping method and delivery time. The average delivery fees is about $10.
The loading fee is possibly the most important one when it comes to crypto debit cards. This fee is charged each time you top up the card from your wallet or ATM.
One of the great advantages of crypto cards is the ability to quickly withdraw your digital currencies. As you could expect, it is not for free. Usually, the ATM is between 1-2%. Always try to withdraw your funds with the lowest possible fee, and avoid using the third-party banks’ ATMs (unless you have no other choice, of course).
Foreign Transactions Fee
Every card has its own foreign transactions policy for ATM and over the counter withdrawals, and POS purchases. If you are planning to travel with a crypto debit card, the Crypterium Card is probably your best choice. This card offers competitive fees on a global scale.
And finally, the maintenance fee. Each company has a different approach to it. Wirex goes for a low maintenance fee of 1 GBP per month, while Crypterium doesn’t charge any.
Watch out the limits!
Fellow future crypto cardholder, before you make your decision you should think about the transactions you are planning to make with that card. If you need a card where you can add large amounts of money, you might want to check on the balance limits of the card. Not all the crypto cards will allow you to have unlimited balance, so this is yet another parameter you shouldn’t overlook.
Looking into the details such as purchase limits, daily and monthly withdrawal limits, and loading limits can also be of great value before your pick and order a crypto card. The Wirex Card offers an unlimited balance, but sets a total spending limit of 15 000 GBP. On the contrary, the Crypterium Card lets you spend up to 60 000 USD per month.
To Sum Up
There is no doubt that crypto prepaid cards are the easiest way for cryptocurrency holders to use digital assets. If you’re considering getting one in the near future, here is a quick recipe on the aspects you should consider before committing to one:
The card is available in your country
The card is safe enough
The base currencies of card suit your needs
The fees associated with the card are acceptable
The card limits are aligned to your lifestyle