Ultimate BitPay Card Review

If you are from the US, you can enjoy what the BitPay card offers. This crypto card a US-based company founded in 2011 when Bitcoin was still on its starting point. When BitPay Inc. saw the potential of cryptocurrency, they found the opportunity to provide payment solutions for Bitcoin. Thus, the birth of BitPay.

As of now, the company boasts that there are over 10,000 merchants who trust them, which include Microsoft, Shopify, Neteller, and more.

If you are from the United States, you will never have a problem availing the BitPay services because it is available in the 50 states of America. Moreover, because the BitPay card is Visa type, you can do transactions globally as long as the place accepts Visa.

Aside from personal use, BitPay also offers business services for sellers and merchants to aid them with their transactions. It also provides its customers with faster Bitcoin payment and more options.

Therefore, BitPay is one of the most popular cryptocurrency financial solutions for both sellers and consumers.

Benefits and Transaction Fees

Account and Funding

If you are outside the US and want a BitPay card, you can kiss it goodbye because BitPay only accepts customers from the US. If you think just by registering and setting your location to the US would fool the system to think that you are from the US, you are wrong. To be able to avail BitPay services, you need a government ID, social security number, and proof of home address.

Therefore, you can say that BitPay is strict when it comes to their customers’ registration.
Once registered and verified, you can top up your account through crypto, direct, and ACH deposit. You can also fund your account through wire transfer, credit, card, and Paypal.

Currently, BitPay supports Bitcoin and Bitcoin Cash. It also hopes of adding more cryptocurrencies in the future. The only fiat currency BitPay supports is the US dollar.

If you are going to compare it to other crypto cards, you can place it on the average. Other cards are offering better services and fewer transaction fees. However, what the BitPay is proud of is the security it provides.

They secure their customers’ accounts with multi-sig and encryption keys. Also, customers can manage their wallets on different platforms. They can also see the history of their transactions through emails and notifications.

Fees and Limits

Compare to other crypto cards, the amount of fees and number of transactions that you can do with the BitPay card is average. There are better cards and less desirable cards out there.

However, compared to several crypto card providers, the amount of fees offered by BitPay is less costly.

If you want the card, expect an issuance fee of 2.95 USD. The card itself has a cost of 9.95 USD. Expect that it will arrive at your doorstep a week or more.

For every ATM and over-the-counter withdrawal, expect a charge of 2 USD. If you are outside the US, the cost is 3 USD. Therefore, if you have to withdraw a large amount of money from an ATM that only allows a smaller withdrawal amount, it means that you have the withdraw many times. Every withdrawal will charge you 2 USD or 3 USD.

If you are in this situation, your better option is the over-the-counter withdrawal, where you can take out a higher amount of money for just a 2 USD fee.

You also have to be mindful of the possible fees for depositing money into your account. For ACH deposits, you have to pay 5 USD fee. If the system declines your ACH deposit due to some reasons, the charge is 15 USD.

Cash loading through Greendot or Western Unions has fees too. The amount may reach up to 4.95 USD, depending on the wire transfer’s branch location.

For every purchase in the US, BitPay will take 1 percent of the price. It is 3 percent outside the US. Therefore, if you buy a shirt that costs 200 USD, BitPay will deduct 202 USD from your account if you purchased it in the US. Meanwhile, if you bought it outside the US, BitPay will deduct 203 USD from your account.

Aside from your purchasing transactions, you have to make sure that you are always active. If you are inactive for 90 days, BitPay will charge you $5.90 per month until you use it once again. What is good about this card is that you do not have to pay a maintenance fee.

If you are going to request a card to card transfer, you have to pay 5 USD for each request. Availing some customer service requests also have fees: 3 USD for a mailed statement, 9.95 USD for card replacement, and 25 USD for expedited shipment.

BitPay also provides transaction limits. You can only enjoy up to 10,000 USD purchase limit per day, 3000 USD for cash withdrawal per day, 750 USD per transaction, and card balance of up to 25,000 USD.

Rewards and Incentives

Currently, the BitPay card offers no rewards and incentives. You have to look for third-party companies or services to avail cashback and rewards.

Recommendations

If you are the type of person who wants to spend his or her crypto-asset on regular purchases, this card is for you. Crypto card like this prepaid card provides a better way to spend your crypto assets without the hassle of spending some time converting them into fiat. BitPay card provides a hassle-free payment option for buying regular stuff in a store, movie theaters, and the like.

What is good about BitPay is that the company is legitimate and popular. The Metropolitan Commercial Bank, a member of FDIC, issues their BitPay Visa card. Aside from the company’s legitimacy, it also secures your every transaction with security backups and multi-sig.

BitPay places as average when it comes to rating. There are better crypto cards out there that provide cheaper and fewer transaction fees. On the other hand, there are also crypto cards that demand higher transaction fees.