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 raxcard – one of the many crypto debit cards.
raxcard only supports Bitcoin. With respect to fiat currencies, it supports one: the USD.
Raxcard is an EFTPOS-card. EFTPOS stands for Electronic Funds Transfer at Point of Sale and denotes an electronic payment system. It comes from USA and initially rolled out in 1982. See more about EFTPOS here. EFTPOS-cards can be used essentially everywhere and doesn’t limit the card holder in any substantial manner compared to holding a Visa-card or MasterCard.
US-investors may also use this card.
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ATM-usage results in a fixed fee of USD 0.99 on the withdrawn amount.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.
If not, you can also check out one of the other cards in our crypto debit card list. Good luck!