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Crypterium Visa Card Review
The Crypterium Visa card is an offering of Crypterium, a mobile and desktop application that provides a variety of crypto-related services. This crypto debit card is integrated into the entire suite of functions, which includes a wallet, exchange service, bank transfers, and more. In this review we’ll cover all of the pros, cons, and benefits of using this card to spend your crypto.
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Crypterium Visa Card
- Fee-based crypto credit card that is available worldwide
- Crypto assets are fully insured
- Supports a wide variety of different digital assets including BTC, ETH and LTC
- Solid app that makes controlling your finances easy
Overview
Pros
Can send crypto to practically any bank account in the world
Pay bills with digital assets
Available in 178 countries
Crypto assets held in the Crypterium app are 100% insured
Control your Visa crypto card via the Crypterium app
Supports many digital assets
Cons
Has its own proprietary token that complicates the user experience
Wallet is custodial
Monthly fee
Visa version of the card is not currently available
What is the Crypterium Visa Card?
The Crypterium Visa card is part of the Crypterium app, which integrates a wallet, crypto debit card, and a variety of other services into a single application, which is available on mobile and desktop. The app makes it as easy to use Bitcoin, Ether, and other popular cryptocurrencies in the real world.
Users are able to trade between different cryptocurrencies, spend their crypto assets, and even send bank transfers based on the spending power of their crypto holdings from Crypterium. This app also has its own propriety token, known as CRPT.
What are the Benefits of the Crypterium Visa Card?
While there are specific rewards and benefits planned for a future release of the Crypterium Visa card, there is currently not much in terms of cashback rewards or discounts at specific merchants.
For now, the biggest advantage of the card is that nearly anyone in the world can use it, as it’s available in 178 different countries. For people who live in regions where crypto debit cards are not commonly available, this may be one of the few options they have.
Potential Crypterium Visa Card Dealbreakers
The real dealbreaker with the card is that it doesn’t actually exist. The current version of this crypto debit card comes from UnionPay, and many of its touted features are not actually available at this time. Additionally, the Visa card will only be available to those living in Europe once it has launched.
The crypto debit cards offered by Crypterium also aren’t free, which some users will view as a dealbreaker in an industry where free prepaid cards for spending cryptocurrency are commonplace.
Obviously, Crypterium’s use of a propriety token will also be viewed as a dealbreaker for many potential users, especially Bitcoin purists. The tokens that are attached to many different crypto debit card offerings are problematic in many cases, and it seems that Crypterium is moving in the same direction with future plans to force its CRPT token on its users, who likely just want to be able to spend their crypto holdings via a prepaid card.
Lastly, it should be remembered that the Crypterium wallet is custodial, which means you’re are not actually in control of your own private keys, which is also problematic for many would-be users.
Is the Crypterium Visa Card Right for Me?
When you’re trying to choose the best crypto debit card, it’s important to think about your specific situation more than all of the bells and whistles. For example, a card that offers high cashback rewards may not even be available in your country.
That said, the Crypterium prepaid card’s availability across, basically, the entire world, will make it an attractive option for some , as there are some countries where the availability of crypto debit cards is quite limited.
The fees associated with the Crypterium card are not outrageous, and there are a good number of crypto assets supported by this platform. If you’re not turned off by Crypterium’s own token offering or the fact that the wallet is custodial, then this may be a card worth trying. However, it’s always a good idea to consider all of the different cards that are available in your country before making a final decision.
Crypterium Frequently Asked Questions
The Crypterium mobile app allows users to access all of the products and services offered by this crypto company. Users can store their crypto assets in the custodial wallet, buy cryptocurrency with their debit card, trade between different crypto assets, send money to anyone in the world, or even track the latest news in the cryptocurrency industry.
For Crypterium cardholders, specifically, it’s easy to track all of the card’s transactions. Users can access the card once they have downloaded the app on their mobile phone or desktop computer.
There are a variety of fees to track. First, there is a fee just for gaining access to the card, although this can be refunded if the user agrees to stake Crypterium’s proprietary token for a year.
Any transaction on the Crypterium platform also has a base fee of 0.5% that must be paid in CRPT tokens. Those CRPT tokens are then burned. If the user does not have CRPT tokens, then they can convert some of their other coins to CRPT in order to pay this fee.
For loading cryptocurrencies onto the Crypterium Visa card, there is a 1% fee. There is also a minimum fee of $2.50 applied to this type of transaction, which makes extremely low-value transfers to the card uneconomical.
For those who lose their Crypterium Visa card, there is a $10 fee for a replacement.
There is also a monthly maintenance fee if there is not enough money deposited onto the card on a monthly basis. Users who hold CRPT tokens in their Crypterium wallets are also able to gain access to various discounts on fees.
The Crypterium Visa card is intended to be a worldwide solution as a crypto prepaid card. The only non-participating countries are: Cuba, Crimea Region, Iran, North Korea, Sudan, and Syria. This list is also subject to change.
It should be noted that some versions of the card are only available in Europe.
All cardholders have the same limits when it comes to purchases and ATM withdrawals. There is a daily load limit of $10,000 and a monthly load limit of $60,000. The minimum amount of money that can be loaded onto the card is $25.00, and the balance on the card cannot be greater than $50,000.
Users can only transact with their Crypterium card twelve times per day, and yearly transactions made with the card cannot exceed $160,000.
For ATM withdrawals, there is a limit of $2,500 per 24 hours.
CRPT is a token that was created by Crypterium near the peak of the ICO bubble of late 2017. There is a 0.5% fee attached to all transactions on the Crypterium mobile app, and this must be paid in CRPT tokens.
The tokens used to pay these fees are then destroyed. The economic theory behind this structure is that the price of CRPT should increase as Crypterium gains more fee-paying users; however, this claim is unproven and similar schemes in the crypto space have not worked in the past. In reality, a large holder of CRPT tokens dumping their coins would have a much larger impact on the price than the burning process.
According to their website, it appears that Crypterium wants to add more benefits for cardholders who use CRPT.
