Cryptocurrency debit cards have been competing with one another to satisfy their users over the years. This has resulted in improved resources to make spending of digital currencies fun. Crypto enthusiasts can now withdraw and deposit digital currencies and fiat using ATM, POS terminal, mobile app and other resources. Indeed, the cryptocurrency industry has continued to grow and this will aid mass adoption of digital currencies.
Let us review two of the best crypto debit cards out there; Revolut and BitPay cards, Let us take a look at their features and how we can benefit from using them.
Revolut Debit Card
Revolut is a digital banking platform that makes conversion between digital currencies; Bitcoin and Ethereum and fiat look so easy. Apart from having an amazing application that makes using the platform absolutely fun, Revolut is arguably the best Bitcoin and Ethereum debit card provider at the moment. This cryptocurrency debit card allows crypto holders to use their digital currencies to pay for any bill and carry out other bank transactions as we would do on any debit card. As their name implies, this is indeed a revolutionary initiative.
Currency denomination
Revolut denominates in over 25 currencies including USD, EUR and GBP. This makes this card the biggest in the cryptocurrency sector.
Top-up and withdrawal limits
As per my research, there is no specified top up or withdrawal limits on Revolut. The only withdrawal limits available have to do with fee-free limits (i.e. how much you can withdraw without paying any charges). This is another barrier-breaking features that make Revolut the best Bitcoin card out there.
Card fees
Revolut offers reasonable fees on transactions. The virtual card can be accessed in less than 5 minutes after sign up free of charge. The physical plastic card takes a few weeks and it costs standard users $4.99 while premium and metal users get it for free. Express delivering costs UK users £11.99, other parts of the Europe €19.99 while users from anywhere else are required to pay €29.99.
Instant transfer to all bank accounts is free for all three levels of users. Also, turbo transfer attracts no fee from premium and metal users but standard users are required to pay $6/€6/£5 or your country currency equivalent.
Fee-free withdrawal limit for standard users is $200 or your currency equivalent, premium users limit is $400 and that of metal users is $600. Anything exceeding these limits will attract 2% of ATM withdrawal value.
Standard users are not required to pay any monthly or annual fee aside from their transaction fees. Premium users pay $8.99/£6.99/€7.99 monthly or $92/£72.00/€82 annually. As for the Metal users, they either pay $15.99/£12.99/€13.99 monthly or $160/£120/€135 annually.
BitPay Debit Card
Many of the best cryptocurrency debit cards out there cannot be accessed by the people living in the United States. This is due to the strong financial regulations that could not be met by these cards. BitPay is one of the few cards that lay emphasis on the crypto enthusiasts residing in the States.
BitPay is a well-known company that provides crypto holders in the United States with the ability to spend their tokens using their Bitcoin debit card. This card can be used at ATMs and POS terminals all over the 50 US states and also to run online transactions. This card supports Bitcoin, Ethereum, LiteCoin and Ripple. While it could be used to pay for purchases, it also allows traders to accept payment in the form of the listed digital currencies.
Currency denomination
At first, Bitpay card only denominates in USD but they now have GBP card that accepts British Pound Sterling. Although cryptocurrency holders living outside the United Kingdom and the States can use this debit card, they would be charged 3% of their withdrawal value as the transaction fees provided you are using USD denomination and £3 for GBP.
Top up and withdrawal limits
Although there is no specified minimum top-up limit, the maximum amount you can top up daily is $10,000. The maximum daily purchase limit is $10,000 while you cannot withdraw more than $3,000 in cash from ATM. You can transfer as much as $500 between cards in a day. Nevertheless, your card balance cannot exceed $25,000.
Card fees
You can get the virtual card instantly but plastic cards take a few weeks to arrive. BitPay debit card costs an industry-moderate of $9.95. Standard delivery is free. If you want an express delivery which usually takes less than 48 hours, you will be required to pay an additional $25. BitPay charges 1% of your payment every time you use it to pay for purchases online or with the use of POS terminal. As well, withdrawing cash from ATM attracts $2 inside US and $3 outside the States.
Below are the features of Revolut and BitPay debit cards head-to-head.
| Feature | Revolut Card | BitPay Card |
|---|---|---|
| Card Cost | Standard users: $4.99, Premium & Metal users: Free | $9.95 |
| Card delivery | Express delivery is £11.99 for UK users and £19.99 outside UK | Express delivery is 25 |
| Denomination currencies | 25 currencies including USD, EUR and GBP | USD & GBP |
| Supported currencies | BTC & ETH | BTC, ETH, LTC & XRP |
| Loading fee | Free | Free |
| Transfer fee | Instant transfer: Free, turbo transfer: Free for Premium and metal users, Standard users pay $6/€6/£5 | $2 inside US, $3 outside US |
| Minimum loading | No minimum limit | No minimum limit |
| Maximum daily top up | Not specified | $10,000 |
| POS | 3% | 1% |
| ATM withdrawals | Standard users: $200 fee-free monthly, Premium users: $400 fee-free monthly, Metal users: $600 fee-free monthly. Exceeding these limits attract 2% | $2 inside US, $3/3% outside US |
| Monthly subscription | Standard users: Free, Premium users: $8.99/£6.99/€7.99, Metal users: $15.99/£12.99/€13.99 | Free |
| Annual subscription | Standard users: Free, Premium users: $92/£72.00/€82, Metal users: $160/£120/€135 | Free |
Learn more about these Debit Cards through the following links:
References
- The best cryptocurrency debit cards of 2019
- Crypto Debit Cards review
- Revolut Debit Card Review
- Revolut Review 2019
- Revolut fees
- BitPay Review
Disclaimer
The information contained here shall not be used as a guide in your next crypto trade. The writer is not a financial advisor but a crypto trader just like you. Information presented in this blog is for educational use only.