This would be amazing...
So you'd send BTC to the cards wallet and you could purchase anything in ££ as long as it doesn't exceed the current value of your BTC? On top of that, a credit card where you can pay off your credit in BTC?
Exactly right. Some criteria is needed i.e. card limit based on 90% of current BTC.
You know, if there were no fees (e.g. 2.5% fee to exchange BTC to GBP for each purchase or something silly like that), and it could be used at an ATM like a debit card with no fees, I'd use this all the time, everyday.
Some type of transaction fee would be needed as substantial infrastructure will be in place. BTC is still considered highly risky in the financial services world similar to Forex. However the good news is we are in negotiations and as there would be zero cash back and zero charge back, this would enable 4% BTC-back according to current financial model.
Would the card have 2 balances (e.g. BTC and GBP) so that you can deposit BTC and exchange for GBP (on the card) and vice versa using the web/app? Or will it simply be a case of deposit BTC to make purchases / use ATM's and it is only exchanged for GBP at the current rate there and then, when you make the purchase?
We will have various currencies available for basis, however only one at a time. Purchase limit will be based on the primary currency, which must be selected. It is unclear at this point if this can be changed via App on the road, or a 24 hour waiting period is needed to take effect.
So you're saying you wouldn't be able to spend your entire BTC balance on the card? Also what do you mean by "4% BTC-back"?