Anyone else using the BTC credit card by xapo ?

[albus]

just one question, why it's fee so high! 

that will be mostly credit card company (visa, mastercard...) fees.

[countryfree]

I know this is from September 30th, but this article made it so I wouldn't really feel comfortable advertising for Xapo: https://www.cryptocoinsnews.com/bitcoin-company-xapo-facing-mounting-customer-complaints/

Thanks for this info, I wasn't aware they've had several issues already.

It's quite common to see negative comments regarding the banking sector on this board, but at least, they're professionals. BTC is still new, but we shall expect companies offering services around it to have the same level of competence we take for granted at a bank. I know it's not easy, but if they can't provide, well, they should do something else.

[MakingMoneyHoney]

I know this is from September 30th, but this article made it so I wouldn't really feel comfortable advertising for Xapo: https://www.cryptocoinsnews.com/bitcoin-company-xapo-facing-mounting-customer-complaints/

Thanks for this info, I wasn't aware they've had several issues already.

It's quite common to see negative comments regarding the banking sector on this board, but at least, they're professionals. BTC is still new, but we shall expect companies offering services around it to have the same level of competence we take for granted at a bank. I know it's not easy, but if they can't provide, well, they should do something else.

They give off the impression to me, that they are a small company, scrambling around trying to fulfill orders that they had no way to fulfill. It feels to me like they're trying to fix one hole in the boat, while others are popping up. I don't mean that they're sinking, but that it's a crew fit for a dingy, and they're trying to operate a cruiseliner.

That's only the impression I get from reading stories and threads like these. And yet, people are out there using the card, so something is working. They also pulled together a deal with a credit card company to get these cards made at all, that's an impressive feat. But I just hesitate to use their company personally, and I can see another company doing the same thing and better some day, then Xapo will be a thing of the past.

And because I believe that Xapo may fall to a bigger competitor some day, I hesitate to put my little funds into a wallet that has such a high minimum to take anything out.

Here's a reddit post: http://www.reddit.com/r/Bitcoin/comments/2chgq2/xapo_charges_060_to_send_bitcoin_last_withdrawal/ from 3 months ago, a fee of .001BTC to withdraw. And yet people are using this service for faucet payments? It boggles my mind.

[bornil267645]

How could I use it,

Haven't received it yet.

[Madness]

I just signed up for the Xapo credit card and was wondering if anyone else is using it and how the find it works. I believe the rate is 3% on every 100 you spend in order to use it but I think it will help bitcoin to be more widely used.

If you are interested in getting a credit card to use with your bitcoin wallet this is the place http://xapo.com/r/K84P3VE

Is it something like Payoneer ? you can order it and get it to your home ?

[tedmrogers]

Hi Everyone - my name is Ted Rogers and I am Chief Strategy Officer at Xapo.

I just want to offer a few clarifications on the Xapo debit card.

First, it is a true debit card, not a prepaid card.  You can get prepaid card from other bitcoin companies, as mentioned on this thread but they are pre-load cards -- you need to sell your bitcoin and load the cards before you can spend.

The Xapo card is linked directly to your Xapo wallet and the bitcoin in your wallet are debited automatically when you spend.  I suggest checking to see whether this is the case when considering other cards.

Second, the card is accepted anywhere Visa is accepted and also works at ATMs.  It also works online.  To the extent transactions are declined at ATMs or online: if it happens it tends to be for reasons specific to the account, the ATM or the store.  If it happens and we can help you with it, we will.  Access our support here http://support.xapo.com/

Third, if you have questions about Xapo, our funding, our backers or our team, you can find out more on our site https://xapo.com/about/.

Fourth, regarding fees: Xapo does not charge a monthly maintenance fee to our card holders.  Therefore, when you compare the total fees paid for using the Xapo debit card, we believe we are competitive with other debit cards.  There are certainly others that are cheaper, as well as others that are more expensive.

Finally, since issuing a card involves multiple parties, we don't fully control the timing of card issuance.  We are working very hard every day to get cards to everyone that wants one.

We sincerely appreciate peoples' interest in the debit card and in Xapo!

Thanks very much,
Ted

[caribbeanbitcoiner]

Hi Everyone - my name is Ted Rogers and I am Chief Strategy Officer at Xapo.

I just want to offer a few clarifications on the Xapo debit card.

First, it is a true debit card, not a prepaid card.  You can get prepaid card from other bitcoin companies, as mentioned on this thread but they are pre-load cards -- you need to sell your bitcoin and load the cards before you can spend.

The Xapo card is linked directly to your Xapo wallet and the bitcoin in your wallet are debited automatically when you spend.  I suggest checking to see whether this is the case when considering other cards.

Second, the card is accepted anywhere Visa is accepted and also works at ATMs.  It also works online.  To the extent transactions are declined at ATMs or online: if it happens it tends to be for reasons specific to the account, the ATM or the store.  If it happens and we can help you with it, we will.  Access our support here http://support.xapo.com/

Third, if you have questions about Xapo, our funding, our backers or our team, you can find out more on our site https://xapo.com/about/.

Fourth, regarding fees: Xapo does not charge a monthly maintenance fee to our card holders.  Therefore, when you compare the total fees paid for using the Xapo debit card, we believe we are competitive with other debit cards.  There are certainly others that are cheaper, as well as others that are more expensive.

Finally, since issuing a card involves multiple parties, we don't fully control the timing of card issuance.  We are working very hard every day to get cards to everyone that wants one.

We sincerely appreciate peoples' interest in the debit card and in Xapo!

Thanks very much,
Ted

Do you guys have any plans in the future to release a Bitcoin Credit Card and can you say how soon will the Bitcoin Debit Card be available for US customers?

[robmob]

Hi Everyone - my name is Ted Rogers and I am Chief Strategy Officer at Xapo.

I just want to offer a few clarifications on the Xapo debit card.

First, it is a true debit card, not a prepaid card.  You can get prepaid card from other bitcoin companies, as mentioned on this thread but they are pre-load cards -- you need to sell your bitcoin and load the cards before you can spend.

The Xapo card is linked directly to your Xapo wallet and the bitcoin in your wallet are debited automatically when you spend.  I suggest checking to see whether this is the case when considering other cards.

Second, the card is accepted anywhere Visa is accepted and also works at ATMs.  It also works online.  To the extent transactions are declined at ATMs or online: if it happens it tends to be for reasons specific to the account, the ATM or the store.  If it happens and we can help you with it, we will.  Access our support here http://support.xapo.com/

Third, if you have questions about Xapo, our funding, our backers or our team, you can find out more on our site https://xapo.com/about/.

Fourth, regarding fees: Xapo does not charge a monthly maintenance fee to our card holders.  Therefore, when you compare the total fees paid for using the Xapo debit card, we believe we are competitive with other debit cards.  There are certainly others that are cheaper, as well as others that are more expensive.

Finally, since issuing a card involves multiple parties, we don't fully control the timing of card issuance.  We are working very hard every day to get cards to everyone that wants one.

We sincerely appreciate peoples' interest in the debit card and in Xapo!

Thanks very much,
Ted

Thanks for taking the time to inform us on some of the questions we all had here.

For those of you who were wondering about the fees this is the response I got form them regarding the fees

To clarify, our fee structure is provided in fiat as we need to legally display this to our users. This is something that was given to us by Visa and is a fixed rate per action you take. Since the price of bitcoin tends to fluctuate we wouldnt be able to provide this information in BTC in a way that would be accurate in real-time. Unfortunately in many cases the existing financial rails and card networks shy away from bitcoin. Therefore, we need to make our card seem like any other debit card for the start of the program until we can prove that the product works, has volume, does not lead to too much fraud, etc... However, any time you use your card we will take the current price of bitcoin and convert it on the spot for you. This will be displayed on your app as a push notification or on your transaction history.

[robmob]

I am currently waiting for a card and will post a review here when I get one.

[tedmrogers]

Hi Everyone - my name is Ted Rogers and I am Chief Strategy Officer at Xapo.

I just want to offer a few clarifications on the Xapo debit card.

First, it is a true debit card, not a prepaid card.  You can get prepaid card from other bitcoin companies, as mentioned on this thread but they are pre-load cards -- you need to sell your bitcoin and load the cards before you can spend.

The Xapo card is linked directly to your Xapo wallet and the bitcoin in your wallet are debited automatically when you spend.  I suggest checking to see whether this is the case when considering other cards.

Second, the card is accepted anywhere Visa is accepted and also works at ATMs.  It also works online.  To the extent transactions are declined at ATMs or online: if it happens it tends to be for reasons specific to the account, the ATM or the store.  If it happens and we can help you with it, we will.  Access our support here http://support.xapo.com/

Third, if you have questions about Xapo, our funding, our backers or our team, you can find out more on our site https://xapo.com/about/.

Fourth, regarding fees: Xapo does not charge a monthly maintenance fee to our card holders.  Therefore, when you compare the total fees paid for using the Xapo debit card, we believe we are competitive with other debit cards.  There are certainly others that are cheaper, as well as others that are more expensive.

Finally, since issuing a card involves multiple parties, we don't fully control the timing of card issuance.  We are working very hard every day to get cards to everyone that wants one.

We sincerely appreciate peoples' interest in the debit card and in Xapo!

Thanks very much,
Ted

Do you guys have any plans in the future to release a Bitcoin Credit Card and can you say how soon will the Bitcoin Debit Card be available for US customers?

At this point, we don't have plans to issue a credit card but if there is a lot of demand and it is a good thing for our users maybe that is something for the future.  Regarding the US:  I can't predict the timing but I can say we are extremely focused on getting the partnerships required to make the card available for US customers.
Thanks!

[countryfree]

Hi Everyone - my name is Ted Rogers and I am Chief Strategy Officer at Xapo.

I just want to offer a few clarifications on the Xapo debit card.

First, it is a true debit card, not a prepaid card.  You can get prepaid card from other bitcoin companies, as mentioned on this thread but they are pre-load cards -- you need to sell your bitcoin and load the cards before you can spend.

The Xapo card is linked directly to your Xapo wallet and the bitcoin in your wallet are debited automatically when you spend.  I suggest checking to see whether this is the case when considering other cards.

Second, the card is accepted anywhere Visa is accepted and also works at ATMs.  It also works online.  To the extent transactions are declined at ATMs or online: if it happens it tends to be for reasons specific to the account, the ATM or the store.  If it happens and we can help you with it, we will.  Access our support here http://support.xapo.com/

Third, if you have questions about Xapo, our funding, our backers or our team, you can find out more on our site https://xapo.com/about/.

Fourth, regarding fees: Xapo does not charge a monthly maintenance fee to our card holders.  Therefore, when you compare the total fees paid for using the Xapo debit card, we believe we are competitive with other debit cards.  There are certainly others that are cheaper, as well as others that are more expensive.

Finally, since issuing a card involves multiple parties, we don't fully control the timing of card issuance.  We are working very hard every day to get cards to everyone that wants one.

We sincerely appreciate peoples' interest in the debit card and in Xapo!

Thanks very much,
Ted

Thanks for your answers. You help! Glad to learn that Xapo is accepted just like a Visa is though I find it surprising, unless Xapo has an agreement with Visa. I know I have a standard Visa, and a Visa Plus which is much less useful...

Regarding the monthly fess which are listed but not charged, logic would command to unlist them.

[moriartybitcoin]

I don't think XAPO actually works!

[robmob]

I don't think XAPO actually works!

Explain what you mean and why you do not think it works?

[caribbeanbitcoiner]

I have a question, which deals with Mass adoption.

With all these Bitcoin Debit Card companies how is the average consumer going to ever be able to differentiate each one  or even find one. 

[FattyMcButterpants]

I have a question, which deals with Mass adoption.

With all these Bitcoin Debit Card companies how is the average consumer going to ever be able to differentiate each one  or even find one. 

bitcoin debit cards are not the future of bitcoin. They are the result of a few companies trying to profit off of bitcoin. It is likely that most bitcoin use will be consumers paying in bitcoin to merchants directly or via a reputable bitcoin payment processor. IMO most bitcoin debit cards will likely not be trustworthy and will likely turn out to be scams.

[albus]

I have a question, which deals with Mass adoption.

With all these Bitcoin Debit Card companies how is the average consumer going to ever be able to differentiate each one  or even find one. 

bitcoin debit cards are not the future of bitcoin. They are the result of a few companies trying to profit off of bitcoin. It is likely that most bitcoin use will be consumers paying in bitcoin to merchants directly or via a reputable bitcoin payment processor. IMO most bitcoin debit cards will likely not be trustworthy and will likely turn out to be scams.

It's not about being trustworthy or not, it's just that it may not make sense for the average user to change his fiat to BTC then back to fiat plus paying credit cards fees.
I guess that's another story for BTC traders paying out their gains.

With a BTC ecosystem functioning well, it may be a good way to convert gains in BTC to fiat, for small amounts, without wire transfers fees. I don't see how debit cards company would be less trustworthy than exchange. (granted these may not be very trustworthy to start with...)

[FattyMcButterpants]

I have a question, which deals with Mass adoption.

With all these Bitcoin Debit Card companies how is the average consumer going to ever be able to differentiate each one  or even find one. 

bitcoin debit cards are not the future of bitcoin. They are the result of a few companies trying to profit off of bitcoin. It is likely that most bitcoin use will be consumers paying in bitcoin to merchants directly or via a reputable bitcoin payment processor. IMO most bitcoin debit cards will likely not be trustworthy and will likely turn out to be scams.

It's not about being trustworthy or not, it's just that it may not make sense for the average user to change his fiat to BTC then back to fiat plus paying credit cards fees.
I guess that's another story for BTC traders paying out their gains.

With a BTC ecosystem functioning well, it may be a good way to convert gains in BTC to fiat, for small amounts, without wire transfers fees. I don't see how debit cards company would be less trustworthy than exchange. (granted these may not be very trustworthy to start with...)

Paying what is effectively credit card fees plus two exchange fees is another reason why a bitcoin debit card is not feasible. You will however need to trust the issuer of the card to properly keep track of your money and to not get hacked and/or run away with your money.

[jbreher]

bitcoin debit cards are not the future of bitcoin.

They probably aren't the long term future of Bitcoin, but I somewhat expect they will be extremely useful in the near term. Don't underestimate the utility of being able to truthfully answer 'anything, anywhere that accepts Visa' to the question 'What can be purchased with Bitcoin'?

I think they will be a crucial bridge to a world where all vendors accept Bitcoin for Bitcoin's sake.

[robmob]

bitcoin debit cards are not the future of bitcoin.

They probably aren't the long term future of Bitcoin, but I somewhat expect they will be extremely useful in the near term. Don't underestimate the utility of being able to truthfully answer 'anything, anywhere that accepts Visa' to the question 'What can be purchased with Bitcoin'?

I think they will be a crucial bridge to a world where all vendors accept Bitcoin for Bitcoin's sake.

I agree as of right now we can not carry our wallet in our pocket with physical BTC like we can with money and spend it anywhere and everywhere. With the use of a debit ot credit card hooked to our bitcoin wallet it then makes the bitcoin spendable just about anywhere in the world where a visa or mastercard would be accepted making it more widely used and easier for the world to spend there BTC. 

[fenican]

The concept is awesome since it allows BTC to, effectively, be used at any place that accepts traditional credit cards.

Unlike a pre-paid debit card, your BTC balance would not be trapped in fiat.

Seems like something worth experimenting with for small amounts - perhaps a couple $100 worth of BTC but, yeah, not a great idea to send thousands to these guys until they can prove their operation is rock solid. And, obviously, don't rely on one of these to fund your overseas travels. At least, not yet.