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Before we review this debit card, let’s dive into a little bit of background on Spectrocoin. Even though they launched back in 2013, they didn’t start issuing Bitcoin debit cards until 2015.
They provide front-to-back services for Bitcoin users around the world. Spectrocoin saw a growing market for using Bitcoin so they decided to offer a debit card as a way to meet the demands of their customers. The idea is to make using Bitcoins as easy as fiat currency. Did they succeed? That’s what we’re about to find out.
Spectrocoin’s Bitcoin Debit Card is Globally Accepted
First of all, this is a globally accepted debit card that is instantly funded with Bitcoins from the user’s wallet. All a user has to do is visit any ATM machine that accepts VISA and they can get cash. Naturally, the types of currency allowed are limited to USD, EUR, and GBP. The debit card can be used anywhere VISA is accepted.
Unlike so many other Bitcoin debit cards, Spectrocoin’s version can be shipped to any country around the world. Of course, it will only exchange the three currencies listed. Still, this gives it a slight advantage above other similar debit cards.
Fees and Pricing
The initial cost comes in at $9.00 USD for the physical card, and $0.50 for the virtual version. Naturally, virtual cards can only be used for online purchases so you’ll probably want to drop $9.00 to get your hands on the plastic!
There is also a very low monthly service charge of $1.00 USD. That’s actually lower that every other prepaid debit card on the market. I’d chalk that up as a win for Spectrocoin! Furthermore, if your balance is $0, then there is no fee. This provides users with a risk-free way of trying out the card!
Loading and Unloading Fees
As long as you are loading the card directly from a Spectrocoin wallet, then it’s completely free. In other cases, you’ll have to pay a fee. Here is a quick look at those fees:
- Bank Transfer: Free
- Credit Card: 5% of the amount loaded. Ouch!
Unloading the card naturally comes with its own set of fees, but this is true of all Bitcoin debit cards. That fee is 0.5% of the transaction with a $1.00 USD minimum. Multiple transfers can get quite expensive!
This falls in line with most other debit cards. It costs $2.50 USD per withdrawal for the domestic currency of the machine. If the funds are of a currency not local to the ATM, then that fee is $3.50 USD.
Bitcoin conversion is based on the Bitcoin average listed on the exchange website, so it can fluctuate quite rapidly.
The Spectrocoin User Experience
Along-side of cost, the user experience is an important factor. After all, it does little good to have a cost efficient card that’s impossible to use! So how does Spectrocoin’s user experience fair?
First of all, the design of the website and app makes it easy for users to navigate. There are some very small details that I noticed that make a huge difference.
For example, the pointed rows on the pricing schedule are highlighted to emphasize them. This is such a small detail, yet makes it easier to find the information you need. The reason I bring up such a small detail is because in my experience, when companies get the small details right then they usually get the big stuff right!
The reason this is brought up in a debit card review is because users might need to see just how much they can spend so they need an easy way to access exchange rates on the go!
Putting it All Together
In short, the Spectrocoin Bitcoin debit card is one of the best on the market for a number of reasons:
- Cost: As you can see above, the costs associated with this card fall perfectly in line with other debit cards.
- Convenient: Pretty much any location that accepts VISA will accept the Spectrocoin Bitcoin debit card.
- Instant: You can get the virtual debit card in moments by registering. It allows you to shop anonymously within minutes!
- Anonymity: You do not have to perform any sort of verification to receive or use the card. Verification is completely optional and unlocks advanced features, but is not required.
Thanks for reading!
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