It has been a dream of many folks to be able to spend their cryptocurrency holdings like it is “normal” money. In that sense, we have seen a few services offering debit cards that provided such functionality, enabling users to swipe the card like it’s any other Visa card. At some point, however, Visa (and MasterCard) reacted and decided to shut down few of those services.
That is not the case with Wirex’s card that in addition to letting you spend some of your cryptocurrency, also offers incentives in the form of cash back rewards. Interested? You should be – here’s what’s it all about…
Better than banking?
Wirex touts its service as “Better Than Banking,” offering crypto-friendly currency accounts. This presumes that Wirex allows users to store, transfer, and exchange cryptocurrency instantly via mobile and desktop, as well as be able to spend anywhere with instant currency conversion (fiat or crypto). Moreover, the platform provides an easy way to track your spending, along with the ability to earn 0.5% cashback, even when you’re spending the cryptocurrency! This sort of service is offered with many traditional credit cards, but it is the first time we’re seeing in a crypto-related product.
There’s more, with the Wirex account you also get free money transfers around the globe with support to deposit more than 50 altcoins; and let’s not forget complimentary access to educational eBooks, guides, video, podcasts and live events.
Yes, it sounds compelling; let’s take a look at that debit card…
The Wirex Debit Card
Arguably the single most important feature of Wirex’s offering is its Visa Bitcoin debit card, which — check this out — is available for free and also offers 0.5% cashback (Wirex calls it “cryptoback“) in the form of BTC whenever in-store retail purchases are made using the card.
This means that no one can stop you from spending your cryptocurrency at just about any place that accepts Visa, and that would include the majority of stores, bars, restaurants and other places all around the world.
The problem is the availability, though; the Wirex crypto debit card is available in UK and a few other European countries. You can fund it with GBP, USD, EUR, Bitcoin or Litecoin.
The service fee costs $1.50, €1.20 or £1 per month, and online purchases are free except if you’re spending dollars when they cost $0.28. Also, there is the free of administration / payment operations support of $28, €23, or £20. Currency exchange fee for the international transactions and payments not in card’s currency is calculated at “wholesale rate.” Finally, there is the max balance of $10,000, €8,000 or £7,500.
For what it matters, contactless (Tap-and-Pay) Wirex Debit Cards are now in manufacturing and should be available soon.
Final word – we love it!
We can’t but praise Wirex for its efforts to bring cryptocurrencies to the mainstream. Crypto debit cards have been around for quite some time now, and the addition of cashback rewards will make them even more popular.
Pair that with an excellent service, and you get a market winner. Or so we think, though we don’t want to provide any investment advice here.
Wirex the company was formed in 2015 and is headquartered in London. As of 2017, it has served more than 900,000 customers in over 130 countries.