{"id":624288,"date":"2023-05-11T11:43:45","date_gmt":"2023-05-11T11:43:45","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=624288"},"modified":"2024-01-17T07:43:26","modified_gmt":"2024-01-17T07:43:26","slug":"bitpay-card","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/bitpay-card\/","title":{"rendered":"BitPay card review"},"content":{"rendered":"\n
7<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>The BitPay card is a debit card with a linear product offering that allows you to spend your crypto like cash anywhere where MasterCard is accepted. Unlike most other cards on the market, there\u2019s no rewards program which lets you earn a percentage back on your purchases or tiered categories for spending. There\u2019s also a plethora of relatively high fees such as a 2% conversion fee, a flat $2.50 fee for every ATM withdrawal, a $10 card issuance fee and a $5 inactivity fee. However, there\u2019s no annual, maintenance or transaction fees, no credit check to obtain the card, you can track your spending via the modern BitPay mobile app and the card comes with high ATM withdrawal and purchase limits.<\/div><\/div><\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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5.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Limits<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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8<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Rewards<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.4<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Support<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.4<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • High ATM withdrawal and purchase limits\r<\/li>
  • No annual, maintenance or transaction fees\r<\/li>
  • Regulated by the De Nederlandsche Bank as a payment service provider \r<\/li>
  • Track spending via the modern BitPay mobile app\r<\/li>
  • No credit check to obtain the card\r<\/li>
  • Easily convert crypto into FIAT for spending or at ATMs <\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Relatively high 2% conversion fee\r<\/li>
    • $2.50 fee for every ATM withdrawal\r<\/li>
    • $5 inactivity fee\r<\/li>
    • No ability to earn rewards on purchases\r<\/li>
    • No tiered categories for spending<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Fees<\/h2>\n\n\n\n

      The BitPay card doesn\u2019t charge transaction fees but you need to pay a relatively high 2% conversion fee<\/strong> and a flat $2.50 fee every time you cash out your funds at an ATM. The card has zero annual or maintenance fees, but you have to pay a $10 issuance fee to receive your card and another $10 if you lose it. <\/p>\n\n\n\n

      Type of fee<\/th>Amount<\/th><\/tr><\/thead>
      Annual<\/td>No fee<\/td><\/tr>
      Topup<\/td>No fee<\/td><\/tr>
      Transaction<\/td>No fee<\/td><\/tr>
      ATM withdrawal<\/td>$2.50 fee for every ATM withdrawal <\/td><\/tr>
      Currency exchange (non CAD)<\/td>2% conversion fee <\/td><\/tr>
      Account closure<\/td>No fee<\/td><\/tr>
      Reissue card<\/td>$10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, the Wirex card doesn\u2019t charge conversion or inactivity fees but you need to pay a monthly $1.50 card maintenance fee<\/strong> and a 2% fee on ATM withdrawals that exceed $200. The card has zero annual, transaction or issuance fees and there\u2019s also no reissuance fee if you lose your card. <\/p>\n\n\n\n

      Limits<\/h2>\n\n\n\n

      The BitPay card has a high daily ATM withdrawal limit <\/strong>of $2,000, $25,000 for the month and you can cash out your funds up to three times a day. BitPay hasn\u2019t disclosed its load frequency limits but you can spend up to $10,000 a day and there\u2019s a high maximum balance limit of $25,000. <\/p>\n\n\n\n

      Type of limit<\/th>Amount<\/th><\/tr><\/thead>
      Free ATM withdrawal<\/td>No free ATM withdrawals <\/td><\/tr>
      ATM withdrawal limit<\/td>$2,000 a day and $25,000 a month<\/td><\/tr>
      ATM withdrawal frequency<\/td>Three times a day<\/td><\/tr>
      Max balance<\/td>$25,000 <\/td><\/tr>
      POS purchase <\/td>$10,000 a day <\/td><\/tr>
      Load frequency<\/td>Undisclosed<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      With the Wirex card, there\u2019s a relatively low daily ATM withdrawal limit <\/strong>of $700, $2,700 for the month and you can cash out your funds up to four times a day. Wirex hasn\u2019t disclosed its load frequency limits but you can spend up to $5,500 a day or $13,000 a month and unlike the BitPay card, there\u2019s no maximum balance limit.<\/p>\n\n\n\n

      Merchant and POS network<\/h2>\n\n\n\n

      The BitPay card uses the MasterCard network which is available in Canada and at 37 million merchants worldwide. For instance, you can use the card at leading Canadian stores <\/strong>like Sobeys, Loblaws or Tim Hortons. <\/p>\n\n\n\n

      Rewards<\/h2>\n\n\n\n

      Unlike most other cards on the market, the BitPay card has no rewards program <\/strong>or tiered categories for spending.<\/p>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      Card users can\u2019t stake their cryptos and earn rewards as this isn\u2019t available at BitPay. <\/p>\n\n\n\n

      Is BitPay card safe?<\/h2>\n\n\n\n

      BitPay has been in operation since 2011, amassing over three million users across the world and has industry-standard security measures in place<\/strong>. For example, accounts are secured with state-of-the-art facial verification technology and there\u2019s multi-signature wallets with key encryption, while the company runs a bug bounty program to secure its web network. BitPay passed its security and compliance audit known as the Service Organization Control 2 (SOC 2), which is a renowned criteria developed by the American Institute of CPAs. In addition, BitPay is regulated by the De Nederlandsche Bank as a payment service provider, pursuant to Section 23b (1) of the Money Laundering and Terrorist Financing Prevention Act.<\/p>\n\n\n\n

      Trustpilot<\/td>1.3 star<\/td><\/tr>
      Investopedia<\/td>Unrated<\/td><\/tr>
      Forbes<\/td>Unrated<\/td><\/tr>
      Nerdwallet<\/td>Unrated<\/td><\/tr>
      Business Insider<\/td>Unrated<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      A low percentage of users (4%) rate BitPay with five stars<\/strong> on Trustpilot, which is a low indicator of safety. The most common issues raised are related to account, refund and payment concerns, with many users even alleging that BitPay has stolen funds from their accounts. In addition, BitPay underwent a large-scale hack in 2015 whereby 5,000 Bitcoin, amounting to $1.8 million, was stolen via the account of the company\u2019s Chief Financial Officer, Bryan Krohn. However, people praise them for a great mobile app. <\/p>\n\n\n\n

      How to get a BitPay card?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to sign up for a BitPay account in order to apply for the card and this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the mobile app and inputting your email address and full name so you can create a password and start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address and select if you\u2019re opening an individual or business account. <\/li>\n\n\n\n
      3. After verifying your email address, you then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      4. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      5. Upon successful registration and passing verification, visit the dashboard and click on the \u2018Card\u2019 icon in the left-hand corner of the screen. <\/li>\n\n\n\n
      6. You are then redirected to a new page where you can request a card.<\/li>\n\n\n\n
      7. You then need to confirm the name you want to appear on the card and your delivery address in order to receive the card.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        Multi-step KYC verification is mandatory for all BitPay card users in Canada. The company asks you for proof of identity, which can be a drivers license, government-issued ID or passport, as well as proof of address, which can be a utility bill, letter from your local municipality, house rental agreement, tax letter, credit card statement or bank account statement. You must provide a clear and visible picture of the front and back side of your documents and you <\/strong>can either submit a selfie or complete facial verification. <\/strong><\/p>\n\n\n\n

        Delivery<\/h3>\n\n\n\n

        You can receive your physical card in up to 10 working days <\/strong>but it\u2019s not possible to get a virtual card for online use. <\/p>\n\n\n\n

        Loading or topup BitPay card<\/h2>\n\n\n\n

        The card is funded by the cash or crypto balance in your BitPay account <\/strong>and the accepted payment methods to fund your BitPay account include debit and credit card, bank transfer, Google Pay or Apple Pay.<\/p>\n\n\n\n

        CashtoCode eVoucher<\/h2>\n\n\n\n

        You can\u2019t fund your card with a CashtoCode eVoucher as this isn\u2019t offered at BitPay.<\/p>\n\n\n\n

        Customer Support<\/h2>\n\n\n\n

        Customer service options are limited at BitPay with only an online Help Center that displays FAQs and no phone support or live chat function.<\/p>\n\n\n\n

        Live chat<\/td>No live chat function<\/td><\/tr>
        Phone support<\/td>No customer phone line available<\/td><\/tr>
        Email<\/td>support@bitpay.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        BitPay uses a ticketing system<\/strong> where you need to fill in an online form that includes a subject, description and additional attachment option. For users who are dealing with emergency account issues, there\u2019s no way to speak with customer service on the phone or through live chat. <\/p>\n\n\n\n