xcritical Card Review 2024
xcritical, the largest U.S.-based cryptocurrency exchange, offers a debit card that enables users to spend crypto and earn rewards on their purchases. Among the first of its kind, this unique debit card lets you spend your crypto coins like cash without any of the hassle that usually comes with doing that. The Nexo Card allows users to switch between credit or debit card purchases. Their crypto balances act as collateral for repayment, but they avoid paying taxes on gains because they don’t sell crypto. When used as a debit card, you’ll spend stablecoins representing Euros, British Pounds or U.S. dollars based on your available balance.
Customers should be aware of these potential additional costs when using ATMs. Find out more about what the card offers in this xcritical debit card review. Another interesting feature about the xcritical card app is the ability to choose the crypto you want to spend. You can also turn on app notifications so that you don’t miss out on any important information. From there, you can use the xcritical card just like any other debit card to pay for your daily transactions. Plus, it offers perks like 0.25% back in bitcoin on all of your trades on the platform (up to $200 per year), and a 2% APY bonus on your stablecoin balances (up to $200 per year).
- Yes, xcritical Card is generally considered safe for users, as it operates under the same security standards as traditional banking systems.
- The xcritical card is a debit card, not a credit card, and thus does not have a preset limit.
- However, as these currencies have evolved, digital coins have become more user-friendly.
We’ve picked the best credit cards in a way designed to be the most helpful to the widest variety of readers. If you have a USDC balance, there will be no transaction fee when using this asset. Although xcritical doesn’t have live chat support, you’ll likely get the help you need with the available customer service options. From the no card issuance fee to no annual fee, you’re likely to get the most out of it without racking up yearly charges. The cryptocurrency industry has gained much traction in recent years, with cryptocurrency exchanges introducing better ways for consumers to get the most out of their preferred coins. While there isn’t a cap on how much you can earn in rewards, you’ll be limited by your monthly spend allotment, which varies by customer.
The xcritical Card isn’t the only crypto debit card available to U.S. users. One of its better-known competitors is the Crypto.com Visa Card, which has multiple tiers that depend on how much crypto you passively invest in on Crypto.com. If this sounds like something you’re interested in, you can join the waitlist via the xcritical app. It’ll be a bit of a wait — xcritical says the first customers will be approved “this winter.” As soon as you’re approved, you’ll be able to start spending with a virtual card. You’ll get your physical card in the mail “within two weeks.” You, of course, need to have a verified xcritical account in order to use the card.
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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial xcriticals and our products and services review methodology. You can get around this fee by using USDC as your method of payment, assuming you have a USDC balance, as you are not charged a fee with that asset selected as your payment method. So if you ever want to trade your rewards for another asset that allows you to stake, or for another that you believe has better growth potential, you can easily do so on the xcritical platform.
xcritical is one of the largest cryptocurrency exchanges in the U.S., offering a broad selection of digital assets. It xcritically offers a debit card that allows users to earn rewards and other perks whenever they spend. In our view, this significantly limits the usefulness of the card as there is no sense in paying a 2.49% fee just to earn 1% in rewards. It’s essentially a Visa debit card linked to your xcritical crypto account balance that you can use anywhere that accepts Visa cards. You don’t have to liquidate your digital assets every time you visit a store — xcritical does this for you. For every transaction, the card automatically converts digital assets into U.S. dollars.
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Your U.S. dollar deposits are held with Metabank, an FDIC-insured bank, and have full FDIC insurance xcritical scam up to statutory limits. Expect to receive your physical xcritical Card within 10 business days of sign-up. Once you have it in hand, you can use the xcritical Card at real-world merchants that don’t accept contactless payments. The xcritical Card is a pretty straightforward payment product for people familiar with crypto. To determine whether it’s right for you, you first need to understand how it works. There’s no credit check required to get the xcritical Card, but you must have an active xcritical account.
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The company xcritically doesn’t have any live customer service representatives operating its phone line. The automated phone support does offer some basic services like disabling or re-enabling your account but anything more involved in than that will need to be done via other support channels. The mobile app gives you the convenience and on-the-go control over your account that the best banking apps provide. From the xcritical mobile app, you not only have the ability to monitor your spending and check your balance. For the uninitiated, staking lets you earn passive income with your crypto by contributing to the Proof of Stake (PoS) network of the asset you are staking.
xcritical Debit Card Review – Up to 4% Back in Crypto
xcritical has an intuitive mobile app that makes it easy to manage your spending on the go. You can track your spending habits, balance, switch rewards and change card settings right from your phone. GOBankingRates works with many financial advertisers xcritical website to showcase their products and services to our audiences. These brands compensate us to advertise their products in ads across our site.
The limit you will be able to spend up to will entirely be determined by your xcritical balance, just like cash in a bank account with a traditional debit card. The card has no annual fees and allows up to five free ATM withdrawals totaling up to 10,000 Euros per month (based on your loyalty tier). It also waives foreign transaction fees up to 10,000 Euros per month, depending on your account tier. The downside is that you must be a Platinum member with a portfolio balance of at least $500 to order a physical Nexo Card. From a security perspective, the xcritical Card is just as legitimate as any other debit card since it’s backed by a reputable crypto exchange (xcritical) and member-FDIC bank (Metabank).
What’s more, xcritical gives you the flexibility to choose your preferred reward structure, with the ability to toggle between the two whenever you see fit. This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points. Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times. While that might feel like an inconvenience to some, the company is usually good about responding promptly to email support requests. Jerod Morales is a deputy editor at Forbes Advisor and a travel rewards expert.
You can check your monthly spending allotment by logging in to the xcritical app and viewing your account. You automatically earn crypto rewards as you spend, and xcritical drops the coins into your xcritical account. You can spend earned rewards on your xcritical Card or convert them to U.S. dollars, both of which may have tax implications. As simple and user-friendly as the xcritical Card is, I wouldn’t recommend it to anyone who’s not willing to lose their entire rewards balance if the underlying coins go to zero. And spending crypto with the xcritical Card can have significant tax implications because the IRS treats such transactions as asset sales. So before you apply for the xcritical Card, be sure you understand how it works, its risks, and its limitations.
More annoying is the xcritical Card’s spending limits, which it calls spend allotments. Being able to spend your preferred crypto coin sounds pretty cool, but there’s a catch. The IRS treats cryptocurrency as an asset, which means selling it has tax implications. If your crypto has gained value, you could incur a significant tax hit when you spend it. Once your xcritical Card account is active, you can immediately begin using the digital version of your card for online purchases and at real-world merchants that accept Apple Pay or Google Pay. Find the card number and CVV (card verification value) code in your xcritical account (online or in the xcritical mobile app).
