Spend Debit Card Review
The popularity of debit cards for Bitcoin and other forms of cryptocurrency is on the rise. It seems that each week a new crypto debit card is offered. Spend.com has joined the push to make it easier for you to access and spend your digital assets by offering VISA and UnionPay branded cards. The company also provides a cryptocurrency wallet that can be managed with your Android or iOS mobile device.
Before you jump into the products and services that are offered by Spend, here is a thorough review of the company and its offerings. We’ll look at the services provided, the overall reputation of the company, fees, and much more to give you the information you need to make an informed decision.
About Spend - Spend.com
The Spend.com app is still very new to the market place. It was launched in December of 2018. Bryan Woods, the President of Spend has stated that simplicity and flexibility are the primary goals of the Spend app. It looks to provide a wallet and debit card that can be used to access both fiat currency and cryptocurrencies.
The service is so new that there are currently few reviews about it online. The best source of information at present is the Spend.com website as well as individual reviews from those who have used the service.
Spend is essentially an app and a wallet that can be accessed with any mobile device that runs the Android or iOS platform. There is also a website. Users can access Spend with a desktop, laptop, phone, or tablet to manage their finances in one convenient location. This flexibility is a major selling point for the app. Merging crypto with traditional payment systems is also something that owners of Bitcoin want to see.
It’s all about creating seamless payment systems. The aim is to make it possible for users to send, receive, and spend crypto without a hassle. Imagine being able to scan your Spend debit card at the local grocery store and use the cryptocurrency in your account to purchase groceries. Or perhaps you would withdraw fiat at an ATM to pay your rent. This is the type of world that Spend envisions.
Services offered by Spend.com
Spend sees itself as an all-in-one digital wallet. With one app Spend makes it possible for you to send money from the US to Europe or other countries. It’s primary service is to to eliminate the restrictions that often accompany global, fiat, and Bitcoin transfers.
The main service that Spend offers is a multi-functional wallet that is created and managed with an app available for mobile devices. This is a plus. We live in a digital age and more people are using their phones and tablets to manage finances. The security of the app is high-grade, and Spend also uses two-factor authentication and other measures to keep a user’s data safe.
Once the app has been downloaded the user can create a wallet and link their bank accounts to add fiat currency. There are currently 16 different cryptocurrencies that are supported by Spend. These include Bitcoin, Ethereum, and all the most popular digital tokens.
Users can also use the Spend app to hold currencies from countries other than their home country. This is very beneficial for those who find themselves in the position of traveling the world for work. It also makes it much easier for freelancers to collect payments from individuals all across the globe. The exchange rates at Spend are in line with real-time values, so the user can take comfort in knowing that they are always getting the best rate.
What most users seem to be excited about is the Spend VISA and UnionPay card options. For a small fee of just $25 USD the user can order a branded debit card with a microchip. The $25 fee is called a membership fee and is charged annually. This fee is competitive with that charged by other Bitcoin debit card issuers, and in many cases is less. It is also comforting that Spend has secured the cooperation of major payment processors to brand their cards.
There are also three tiers of Spend VISA cards to choose from. Spend Simple is the basic card and has a daily limit of $500. The Spend Preferred has a daily limit of $5,000, and the Spend Black is capped at $10,000. All tier levels offer a physical and a virtual card. The Spend Black is a limited edition metal card.
Another feature of all Spend cryptocurrency debit cards is cash back. The percentages that an individual can earn from the Spend card vary according to balances and usage. For Spend Simple the rewards begin at 0.2%.
Is Spend Available in your Country?
One problem that is often encountered with cryptocurrency debit cards is that they are not available in all locations. Some cards may be limited to European nations while others are only available in the US. Spend has made it possible for people in almost every part of the world to use their services.
The Spend VISA card is available in the US, Canada, and most of Europe. It is also available to the Asia Pacific region of the world. For those who live in other areas the Spend UnionPay card is the option. This card is available to all countries worldwide where the Spend VISA card is not an option.
Clearly, Spend has made the effort to accommodate all users without geographical restriction. This is a distinguishing feature that sets the company apart from many of its competitors.
The Benefits of a Spend Bitcoin VISA Debit Card
Those who elect to use this cryptocurrency debit card for manage of their finances are able to take advantage of multiple benefits.
Spend is compatible with multiple currencies and allows for instant currency exchanges. You can swap the USD for the Euro, or exchange Litecoin for Bitcoin. All of these exchanges can be carried out in real time with no delay.
The Spend app is reliable and boasts a 99% uptime. The developers have invested a large sum of money in making sure the app works as intended. They have also built in compliance features to the app that will allow you to verify your identity right inside the app with no need to use your email to send additional documentation.
Spend uses the highest level of AES encryption to keep user data safe. The company uses PCI DSS Level 1 certification, and there is also a live chat feature that users can access right from the app.
How to Get Started With Spend
Getting started with the Spend app is a simple four-step process. The first step is to download the app for your iPhone or Android. You will them click on the link to create an account and proceed with the account verification that is provided within the app.
The next step is to order the Spend card that you prefer. We recommend beginning with the Spend Simple tier. You can always upgrade to another account level in the future if the card is a good fit for you. Pay the appropriate fee and you card should arrive to you within a few days to a week depending on where you live. Once your card arrives you will need to activate it in the same way that you would activate a regular debit card.
The next step is to load the card with funds. You can do this from your personal bank or have cryptocurrency sent to the app wallet. The final step is to activate the currencies you wish to spend and use the debit card to make cash withdrawals or purchases from your favorite retailers.
Our Opinion of Spend
Crypto Swede has looked at multiple aspects of the Spend platform and have reached the following conclusion. Spend is positioned to become one of the most successful cryptocurrency debit card platforms available today. There are multiple pros and very few disadvantages to using a Spend card.
The pros of the card include:
- Versions that are available for all geographic locations
- Multiple currency support
- Hold and spend different types of fiat and cryptocurrency with one wallet
The cons are limited to:
- Some restrictive limits on lower tier card
If you are a frequent user of cryptocurrency, this is the card for you to choose.