Crypto bank cards are now widely known, it is likely that most Hive users have used, are using or will most likely use such cards in the near future.
I'm no exception, I've used them before. (Wirex, Monolith) Since Monolith is based on ETH and I was not fully aware of the potential shift in gas costs when I ordered it, I did not use it later. I have had good experiences with Wirex, it served its purpose and was cheaper than its competitors. However, it expired and I canceled it.
Since I haven't looked at the market for this matter in a long time, and I will surely need one in the near future, it was time to compare the offers.
For me, (With) Tap was the winner. It offers the most options I need and is the cheapest. I will write about this and ordering cards below.
Since I live in the EU, but not in the Eurozone, this is what I had to look at first. Tap offers its service in 45 countries (not listed on their website), focusing primarily on EEA countries.
3 FIAT accounts are displayed in the app (EUR, USD, GBP) and countless (at least 40-50) crypto wallets can be created (not created by default, the user has to create them one by one).
Expenses, fees
The service and card application and issue are completely free, and no monthly fees are charged. Below you can see the more important limits and costs. (3 different categories are available, I opened the basic account as it is enough for me.)
Since January 2023, they have had a new (cheaper) tariff, which, however, has not been updated on their website, only in the app. The upgrading fee for the card framed in red has been abolished, it is also free.
As you can see, there is no account fee, only if the account is inactive for more than 1 year.
Personally, I mainly used these cards for shopping, and I will do so as well (with insignificant amounts), so the limits of the basic account will be sufficient. Unfortunately, in an EEA country, but not in the Eurozone, no matter what other currency you open an account, the 1.5% cash withdrawal shown here also applies. Based on my personal experience, it is more like 3-4% from the customer's point of view (even if the other part is not charged by Tap). I found this a lot in the past and still today, so I rarely used crypto cards for cash withdrawals.
The app, KYC, card ordering
The opening page of the app looks like this after logging in. There is not much difference compared to similar providers.
KYC, which I really hate. On the positive side, it happened quite quickly, everything was verified within 1 hour. At first he accepted all the pictures.
So the virtual card has become active. By clicking on the card shown in the picture, the card data will be displayed for 30 seconds.
All that was left was to order the physical card. Mainly because up until now it has always taken 2-3 weeks for me to receive it, and you never know if it will be needed in a few weeks or just a few months.
When it arrives, you just need to activate it and it's ready to use.
A few minutes later I received a confirmation email. Officially 10-12 business days.
The Tap (XTP) token is probably worth mentioning. If you're interested, check out yourself.
https://coinmarketcap.com/currencies/tap/
Personally, I see no alternative in it, based on my experience with Wirex. It is worth comparing the two, they are almost exactly the same in terms of value and max supply.
Final thoughts
Personally, I mainly use such cards for shopping. I never keep even a small amount permanently in these accounts, neither in crypto nor in FIAT. The associated risk is almost 0, but I'm still more cautious in this area. If I need a certain amount on the card, I exchange and top up the card with it.
To this day, I can't even count how many providers I've heard and read about, so I recommend that everyone do a thorough comparison before choosing a provider. The Tap card may be the best choice primarily for those living in the Eurozone, in an EEA country.
The above is not investment advice, it is simply a presentation of the crypto-related service I need, with the aim that it can be a useful information and cheaper solution in daily use for others who, like me, need such a service.
Images are owned by Tap.