Do you want to buy groceries, pay rent, and settle bills using cryptocurrency? The Bitpay Card is a leading solution for seamless crypto-to-fiat transactions. As Bitpay’s tagline suggests, you can “Live on Crypto” effortlessly with this prepaid Mastercard. In this comprehensive review, we’ll explore its features, benefits, fees, and more.
Summary (TL;DR)
- Prepaid Mastercard: The Bitpay Card is a reloadable prepaid debit card (not a credit card).
- Crypto Conversion: Convert Bitcoin and other cryptocurrencies to USD instantly.
- Global Acceptance: Use anywhere Mastercard is accepted, including online and ATMs.
- No Conversion Fees: Bitpay charges zero fees for crypto-to-fiat conversions.
- High ATM Limits: Withdraw up to $6,000 daily (max $2,000 per transaction).
- US-Only: Currently available exclusively to U.S. residents.
- Issuance Fee: $10 for card activation; $2 per ATM withdrawal.
👉 Explore Bitpay Card benefits
What Is a Bitpay Card?
The Bitpay Card is a prepaid Mastercard that bridges the gap between cryptocurrency and traditional finance. Issued by Metropolitan Commercial Bank, it allows users to spend crypto as easily as fiat currency.
Key Details:
- Founded: 2011 by Stephen Pair and Tony Gallipi.
- Availability: U.S. residents only (expanding globally soon).
- Supported Crypto: Primarily Bitcoin, with limited altcoin support.
- Partnerships: PayPal, Microsoft, Newegg, and WordPress.
How to Get a Bitpay Card
Step-by-Step Guide:
- Download the Bitpay App: Available on iOS and Android.
- Verify Identity: Submit a government-issued ID (e.g., driver’s license, passport) and provide:
- Full name, address, date of birth.
- Social Security Number (SSN) or ITIN.
- A selfie for facial recognition.
- Order the Card: Pay the $10 issuance fee. Delivery takes 7–10 business days.
👉 Start your Bitpay Card application
Bitpay Card Features
1. Instant Reloads
- Convert crypto to USD in seconds with no exchange fees.
- Competitive exchange rates.
2. Flexibility
- Manage balances, transactions, and PINs via the Bitpay app.
- Virtual card option for secure online shopping.
3. Enhanced Security
- EMV chip technology.
- Two-factor authentication (2FA) via Google Authenticator.
4. Worldwide Usability
- Accepted at all Mastercard merchants and ATMs globally.
Pros and Cons
| Pros | Cons |
|---|---|
| ✅ No crypto conversion fees | ❌ $10 card issuance/replacement fee |
| ✅ High ATM limits ($6,000/day) | ❌ 3% foreign transaction fee |
| ✅ No monthly maintenance fees | ❌ No cashback/rewards |
| ✅ Trusted platform since 2011 | ❌ U.S.-only availability |
Fees and Limits
| Fee Type | Amount |
|---|---|
| Card Issuance | $10 |
| ATM Withdrawal | $2 per transaction |
| Inactivity Fee | $5 (after 90 days) |
| Foreign Transaction | 3% |
Account Limits:
– Daily Spending: $10,000
– Daily ATM Withdrawal: $6,000 ($2,000 max per transaction).
FAQs
1. Is the Bitpay Card safe?
Yes. It uses EMV chips, 2FA, and isn’t linked to personal bank accounts.
2. Does Bitpay report to the IRS?
No. Only merchants using Bitpay’s additional services are subject to IRS reporting.
3. Can I use the card outside the U.S.?
Yes, but a 3% foreign transaction fee applies.
4. What cryptocurrencies are supported?
Primarily Bitcoin; limited altcoin support.
5. How do I activate the card?
Via the Bitpay app: Navigate to ‘Card’ > ‘Activate’ > Enter verification details.