UPDATE 13 January 2019: This card has been outed as a scam in the cryptocommunity. Accordingly, we have removed the link out to this website.
To find an active crypto debit card that you can use today, please visit our Crypto Debit Card List to see what options there are.
A common argument for regular money (also known as fiat currency) as opposed to cryptocurrency is that you can’t use cryptocurrency to buy groceries and other everyday items. Well, through the use of a cryptocurrency debit card, you can. This is a review of raxcard, one of the crypto debit cards out there.
Raxcard refers to itself as a Prepaid Bitcoin ATM Card. When looking at raxcard's website, we can't help but feeling that it is somehow a scam. We have no proof of that, but what we do know is that common denominator among many different fraudulent sites is that they have some guy in a suit talking about how lucrative the business offered by the website at hand is.
That the title above the guy in the suit is "BITCOIN ATM CARD BUY BITCOINS PRICE FREE BITCOIN", in particular the phrase "free Bitcoin", is not a good sign either. In the website's copy, where the card is described, they have a paragraph as follows:
"It is Re-loadable ATM Visa Debit Card and Master Card, One of the best supper ultra most favorite product in the digital market all over the world. People from around the glob is really pride to have and hold this item into their pocket."
We are not trying to disparage people writing in English that are not native speakers, but if we personally would purchase a finance product, pay USD 50 for the issuance, and then connect fill it with crypto assets, then we would expect the company to express themselves better on their website.
With respect to fiat currencies, raxcard supports one: USD.
US-investors may also use this card.
Raxcard is a Mastercard, meaning that you can use the card at any point of payment that accepts Mastercard. This is of course a great advantage, seeing that Mastercard (and VISA) are the most accepted cards in the world.
Picture of Card
raxcard’s fees are not particularly high.
There are no monthly fees. This is competitive relative to the market standard, as most cards charge at least USD 1.00-2.00 monthly fee.
There is an issuance fee set to USD 50.00. In contrast to the monthly fees, this is not competitive relative to the market standard. The industry average is around USD 10.00-15.00.
ATM-usage results in a fixed fee of USD 0.99 on the withdrawn amount. This is a moderate fee.
The most important fee of them all is the commission on spending. Raxcard sets you back only 1.00%. This means that if you buy a T-shirt for USD 40, this will reduce your crypto assets with USD 40.40. This is a far smaller fee relative to most other cards out there today. Fees like 3.00% are far from unusual.
We have not been able to verify the maximum deposit limited for raxcard. Accordingly, we urge anyone interested in getting this card to obtain this information for himself or herself prior to getting the card.
Finally, if this is the card for you, congrats. But we doubt it.
If not, you can also check out one of the other cards in our crypto debit card list. Good luck!