Post
Topic
Board Service Discussion
Re: Anyone else using the BTC credit card by xapo ?
by
robmob
on 26/11/2014, 01:03:48 UTC
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.