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Bitpay Mastercard Review
Bitpay is one of the oldest and most well-respected brands in the Bitcoin industry. Founded in May 2011, the company originally focused on becoming the most popular Bitcoin payment processor in the world. Since then, the company has branched out into other offerings, such as the Bitpay wallet and the Bitpay Mastercard. These two products are interconnected and enable anyone in the United States to more easily store and spend their cryptocurrency holdings. Although Bitpay was originally only focused on Bitcoin, they’ve branched out to offer other digital asset integrations over time. Perhaps the biggest benefit to using this particular Bitcoin debit card is that users are able to work with one of the most trusted names in the crypto asset industry, which goes a long ways these days.
Bitpay Mastercard Overview
- Simple, easy-to-use Bitcoin-based Mastercard
- Available in the United States
- Card costs a very reasonable $10
- No need to invest in proprietary token
Bitpay Pros & Cons
One of the oldest Bitcoin companies in existence
No monthly fee
Integrated into the Bitpay wallet app
No proprietary token
Available in the United States
No fees for loading bitcoin onto the card
Card isn’t free
$5 inactivity fee
Bitcoin support only
No cashback rewards or benefits
Currently only available in the United States
High ATM withdrawal limits
Bitpay Mastercard Card at a Glance
|Funding methods:||ACH credit, cryptocurrency, direct deposit|
|Issuing bank:||Metropolitan Commercial Bank|
What is the Bitpay Mastercard Card?
The Bitpay Mastercard card is one of the many Bitcoin and cryptocurrency services provided by Bitpay. Although the company was originally founded as a Bitcoin payment processor all the way back in 2011 (only two years after the launch of the Bitcoin network itself), Bitpay has launched a variety of other products and services since this time. One of these products is the Bitpay Mastercard card, which allows users to easily convert their crypto assets into spendable value on a Mastercard prepaid card with the click of a button in the Bitpay mobile wallet. Combined with the Bitpay app for iOS and Android, Bitpay enables its users to manage all of their crypto financials in one easy-to-use interface.
What are the Benefits of the Bitpay Mastercard Card?
The biggest benefit of using the Bitpay Mastercard card is that there are no exchange fees associated with converting some bitcoin into dollars and placing that value on the card. That said, Bitpay adds mining and network fees associated with the Bitcoin transaction used to move funds onto the Bitpay Mastercard. These fees vary from time to time, so users should be sure to check the fees associated with adding funds to their Bitpay debit card before confirming the process.
Another key benefit of the Bitpay Bitcoin Mastercard is that it is available in the United States. Many other prepaid crypto cards have avoided this U.S. jurisdiction, but this card is available in all 50 states.
A third benefit of this crypto credit card that will probably be overlooked by many newcomers to the cryptocurrency space is that Bitpay is a reputable, trusted company that has been operating in the Bitcoin industry since 2011. No other companies offering Bitcoin prepaid cards have been around as long as Bitpay, and there are some extra assurances and peace of mind that can be enjoyed when choosing to become a user of such a reputable brand.
A final factor to consider with the Bitpay debit card is that the ATM limits are quite high. While other cards are often limited at a few hundred dollars’ worth of withdrawals per day, Bitpay cardholders are able to withdraw up to $6,000 from ATMs per day. Of course, some may view this as a potential security issue in situations where their cards are lost or stolen.
Potential Bitpay Mastercard Card Dealbreakers
While there are no cashback rewards associated with the Bitpay crypto debit card, there is also no proprietary token associated with the overall Bitpay platform, which helps users avoid the “Ponzinomics” associated with some of the other cards on the market. That said, some will still view the lack of a utility token associated with the Bitpay Mastercard card as a dealbreaker.
The Bitpay Bitcoin debit card is not free. It costs $10 to acquire the card, and this $10 fee must be paid again in situations where a user’s card was lost or stolen. There’s also a $5 inactivity fee charged to users if they do not use their card for a period of 90 days.
While it is a huge plus that the Bitpay Mastercard prepaid card is available in the United States, everybody else in the world is out of luck because the card is only available in the United States at this time. That said, Bitpay has offered Bitcoin debit cards on an international basis in the past, and they plan to do so again in the future.
A final dealbreaker to consider with the Bitpay Bitcoin card is that it does not support many cryptocurrencies. Only bitcoin can be used to load the card, according to Bitpay’s support center on their website. Other crypto assets are supported on the greater Bitpay platform, so it’s possible this policy could change in the future.
Is the Bitpay Mastercard Card Right for Me?
The Bitpay Mastercard is likely best suited for Bitcoin purists who live in the United States. If you’re someone who likes to dabble in a wide variety of altcoins, then this definitely isn’t the crypto credit card for you.
If you live outside the United States, you obviously won’t be able to gain access to this crypto debit card. However, you should keep checking the Bitpay website to see when this changes, as the company is currently working on bringing their card offering to other parts of the world.
As always, it’s important to check out all of the different crypto debit card options available in your particular jurisdiction before making a final decision. That said, the lack of fees associated with converting bitcoin into U.S. dollars on a prepaid Mastercard card in the United States has to be an extremely attractive offer to most people, even with the lack of cashback rewards. The high ATM withdrawal limits may also be too good for some Americans to pass up.
Bitpay Frequently Asked Questions
Do get access to the Bitpay Bitcoin debit card, you will first need to download the Bitpay app on your mobile device. Once you have the Bitpay app, which includes a Bitcoin wallet, you can then load the wallet with some bitcoin. After you’ve done that, you’ll then be able to order the card from within the app. The cost for the Bitpay Mastercard card is $10.
While there are no additional fees associated with loading bitcoin onto the Bitpay debit card, there are still a number of different fees and costs to look out for when using this card. First off, even though there is no exchange fee for adding funds to the card, users are still responsible for various Bitcoin network fees associated with these types of transactions. This basically amounts to a bit more than the median Bitcoin network transaction fee at the time of the transaction.
Bitpay users who want to gain access to the Bitpay credit card will also need to pay for this privilege It costs $10 to get a Bitpay prepaid card, and this fee will need to be paid again in a situation where a replacement card is needed.
If you want to use the Bitpay debit card at the ATM to gain access to some physical U.S. dollars, you’ll need to pay $2.50 per transaction.
Another fee to worry about comes into effect if you are traveling to another country. Transactions that require U.S. dollars to be converted into another currency on the merchant’s end come with an additional 3% charge.
Finally, the most controversial fee associated with the Bitpay crypto card is likely the inactivity fee, which comes in at $5 per 90 days with no transactions.
The Bitpay Mastercard is currently only available in the United States, but the good news is that it is available in all 50 states. Bitpay has plans to offer some sort of crypto debit card to more countries around the world in the near future. If you’re interested in hearing about when Bitpay’s crypto credit card will be available in your country, you can join a waiting list on their website.
As mentioned above, the Bitpay crypto debit card has a massively high daily ATM withdrawal limit of $6,000. However, it should be noted that there is a $2,000 limit per withdrawal, which means multiple ATM visits will be needed to reach this maximum limit.
In terms of loading funds onto the card in the first place, there is a daily limit of $10,000. The daily spending limit is also $10,000.
Finally, the maximum balance that can be held on a Bitpay Bitcoin prepaid card is $25,000.
Yes, you can load money onto your Bitpay crypto card via ACH transfers. You will just need to provide the account and routing numbers associated with your Bitpay account to the bank from which the funds being added to the card will originate. There is a $5 fee for this service.
Users can also receive their paychecks directly to their Bitpay crypto debit cards via direct deposit.