Spend Visa Card

Spend Visa Card Review

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 Spend Visa Card, one of the crypto debit cards out there.

General information

Spend Visa Card is an interesting card that we at Cryptowisser.com are very excited about. It's available in the US and Canada. In the US, the services are performed by Spend US, Inc.

This card is (obviously) a VISA-card. This means that you can use the card at any point of payment that accepts VISA. This is of course a great advantage, seeing that VISA (and Mastercard) are the most widely accepted cards in the world. On the Spend Visa Card website, they state that the card is accepted by more than 40 million merchants worldwide.

Supported Cryptos 

On the date of first writing this review (23 January 2021), the card supported 14 different cryptocurrencies (all of which are listed above on this page). Also, it supports two fiat currencies (USD and CAD). 

Picture of Card

The following is a picture of the three different available Spend Visa Cards. The blue one is called Spend Essential, the grey one Spend Preferred and the black one is simply known as Spend Black.

Different Card Tiers

The card has three different tiers: Essential, Preferred and Black. There are different requirements for each of the cards. For the Essential, you need to pay a one-time membership fee amounting to USD 25. We have listed this as the "issuance fee" in our database. For the Preferred, the one-time membership fee is USD 50, but you also have to hold 250,000 SPND-tokens, being the Spend-company's own token. On the date of first writing this review (23 January 2021), 250,000 SPND-tokens were worth in total approx. USD 1,500. For the Black card then, the one-time membership fee is USD 100 and the required balance of SPND is 2.5 million (equal to around USD 15,000 today).

The various levels entitle the holder to different benefits, as further set out in the below picture:

Spend Visa Card Cashback

The Spend Visa Card also offers something very interesting: a cashback feature. What is a cashback feature? Well, it's actually quite simple, every time you use the card, a percentage of what you pay with the card gets transferred back to you, here in the form of SPND-tokens. And the percentage ranges from 0.20% to 6.00%, depending upon which card you are using. Please read the above chapter to see what's required for each card level.

Spend Visa Card Fees

Spend Visa Card’s fees are competitive.

There are no monthly fees. There is an issuance fee (or "membership fee") set to USD 25-USD 100, dependent upon which card you would like to have. There are no minimum deposit limits. As long as you have a balance on the Spend-wallet that the card is connected to, you can use the card.

The most important fee of them all is the commission on spending. Spend Visa Card say that they charge USD 0 per purchase, which might be true in a technical sense, but in order to convert crypto to fiat, you need to pay 1.00% as a conversion fee. And in order to pay for groceries with your crypto balance, you need to convert. Accordingly, we view this conversion fee as a spending commission.

The only other fees charged are for Expedited Bill Pay and Expedited Replacement Card, where you need to pay USD 10 and USD 20, respectively. But that's essentially it! 

Spend Visa Card Limits

The following are the daily and monthly spending limits for each of the three Spend Visa Card types. Naturally, you will have to decide for yourself what limits that are an obstacle and what limits that are not based on your own life and your spending habits. 

Concluding remarks

We have a great feeling about the Spend Visa Card. 

If this is the cryptocurrency debit card for you, congratulations. But if not, check out one of the other cards in our crypto debit card list.