In a press release the organization says that cryptocurrencies are evolving as a payment type throughout the world serving primarily as a peer-to-peer method of conducting financial transactions and as payment device. However, there is not the popularity that one should have expected; this can now be done with the help of crypto credit cards from CoinCard.
According to the announcement with the help of the Crypto Private Investors Group CoinCard the world’s first ever crypto-based credit card will be launching in July 2015. There are various offers for the early adopters; for instance, they will be able to pre-order a card and the first 1000 applicants will be able to take advantage of a limited edition card.
The advantage of the limited edition cards is that all transactions fees with exception of the annual fee are waived. Nonetheless, the CPIG claims that it aims to foster adoption of cryptocurrencies worldwide and the launch of CoinCard is a path towards fulfilling that goal. Various kinds of crypto credit cards are meant to serve specific target groups.
For instance, CoinCard Basic is designed to function as a debit card. Similarly, there is CoinCard Elite that can work either as a higher utility lower fee debit or credit card. The company says that whether debit or credit card both CoinCards can be used anywhere MasterCard is accepted which is quite huge considering the fact that MasterCard is accepted almost everywhere.
Annual Fees are Competitive to Traditional Credit Cards
Nonetheless, like all MasterCard branded products all insurance warranty and affinity programs exist on the CoinCard Basic or Elite products. Then there is also a provision for Visa and American Express version which is being considered by the company. Annual fees are competitive to traditional cards at 50 USD for a CoinCard Basic and 100 USD for CoinCard Elite.
The company says that CoinCard can be used at ATMs worldwide. However, if used as a debit card CoinCard is reloadable from anywhere in the world and the user may load their card using cryptocurrencies or altcoins including Bitcoin Paycoin and many others.
Similarly, users of CoinCard Elite that have credit lines extended will be able to use their cryptocurrency to pay down their extended or revolving credit.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org