Eidoo Card Review
Wouldn’t it be nice if you could convert your crypto assets into everyday purchases and buy goods with bitcoin and other altcoins? Well, now you can. Just get a cryptocurrency debit card and buy also non-virtual goods (coffee, beer, clothes, etc.) with your crypto assets. This is a review of Eidoo Card – one of the many crypto debit cards.
Eidoo Card supports Bitcoin, Ethereum and all ERC20-tokens.
Is it a VISA-card or a MasterCard? We do not know this yet. The company has informed us that they are restricted from telling us this due to an NDA, until 13 May 2020. Naturally, we will update this review on 13 May 2020 when the company has announced what type of card it will be.
The card is not available to order yet, but you can pre-order it. There will be no US-cardholders initially, but the only people eligible to order the card are residents from the European Union (plus United Kingdom).
One very interesting feature of the Eidoo Card is what they call the "crypto cashback"-function. If you spend any amount on the card, you will get EDO Tokens (the card company's native token) back on the amount you spent. The amount you get back range from 0.5% to 10%, dependent upon which card you have and how many EDO tokens you stake (see picture below with the differences between cards).
Picture of Card
This is a picture of the card (the basic version of it).
Three types of cards
The below picture shows the three different types of cards now available for pre-order. As is evident from the below picture, the Eidoo Black Card is naturally the most desirable but also the most difficult to be eligible to for. In order to get the VIP card, you need to stake 25,000 EDO (today, 8 April 2020, corresponding to roughly USD 2,650), for a year. In order to the get the Black Card (the best of them all), you need to stake 200,000 EDO (today, 8 April 2020, corresponding to roughly USD 21,100), for a year.
Eidoo Card Fees
Eidoo Card’s fees are low.
There are no monthly fees and no fees for ATM-usage either. This is very unusual and clearly a competitive edge relative to the market standard, as most cards charge at least USD 1.00-2.00 monthly fees and sometimes quite hefty ATM-fees.
There is an issuance fee (sort of), as the company requires anyone ordering the Basic Version to burn 100 EDO to get it. On the date of first writing this review (8 April 2020), 100 EDO corresponded to roughly USD 10, so this is quite in line with industry average crypto debit card issuance fees (normally between USD 10.00 to USD 15.00).
The most important fee of them all is the commission on spending. Unfortunately, on the date of this review, the company is restricted from releasing this info. Naturally, when the card is available to order (and not only pre-order), this information will become public and we will then also post it here. Industry average spending fees are 2.00%-3.00% of the amount spent.
Maximum and/or minimum deposit limits are also restricted from disclosure due to the NDA, which expires on 13 May 2020. After that, we will post that information here.
To pre-order your Eidoo card and get up to 10% Crypto Cashback, click here.