Cryptocurrency Debit Cards 2019 - SpectroCoin Vs CryptoPay

There is no doubt, blockchain technology and cryptocurrency are forming integral parts of our lives. It is now very easy to spend cryptocurrencies without resorting to using third party exchangers. What more can I say? Even some online retail shops now accept cryptocurrency as payment options. More so, we now have crypto debit cards to make online purchases even easier and for withdrawals from crypto ATM machines.

Few days ago, we looked at the comparison of "Wirex and Bitpay" and "SHIFT and Uquid" debit cards. Here, we will be comparing two other popular crypto debit cards to make it easier for you to make a choice of the one that suits you most.

1. SpectroCoin Pre-paid Crypto Debit Card

_{Image Credit: SpectroCoin}

The crypto cards that were reviewed in the previous publications were all "non pre-paid debit cards" - that is, the cards are connected to the individual's account just like the traditional bank's debit card. Upon purchase, Bitcoin or any other cryptocurrency supported by these cards will be immediately converted to fiat. SpectroCoin is a little different here. Instead of the card being linked to your crypto account or wallet, it offers you the option of loading your digital currency directly into the card. When you are making purchases or withdrawal, the funds are not coming from your crypto wallet but from the coins pre-loaded into your cards.

The primary aim of this is "security". In an event where a person's card or pin becomes compromised, no one will have access to your main account but only the funds in the card. SpectroCoin also has an exchange platform, so it will be easy to load funds directly from your crypto wallet to your cards. Also, there is a SpectroCoin mobile App which is available for Android and iOS users. This App makes it easy to manage your funds on-the-go and also to keep tracks on your spending.

The cost of getting SpectroCoin card is $50 and can be used for transaction in many countries of the world (though the physical cards are not yet available for residents in the United States). You can check to see all the supported countries. Apart from the cost of the card, there is a loading fee which is 1% of the total funds loaded per time in the card.

To get the services provided by SpectroCoin debit card, you need to create account in SpectroCoin portal and also request for your physical card, then you can load your desired cryptos into it. A wide range of cryptocurrency are supported by SpectroCoin and not just Bitcoin.

2. CryptoPay Debit Card

_{Image Credit: CryptoPay}

This is quite similar to Bitpay that we reviewed previously but as against Bitpay that has support for majorly Bitcoin, CryptoPay accepts more cryptocurrencies. This debit card is among the earliest crypto debit cards which was introduced in 2013 to aid people with online purchases instead of using their traditional banks' debit cards. CryptoPay does not only offer card services but they also provide Bitcoin wallet - this has given them an edge over some similar cards.

Using the services of CryptoPay has been simplified - firstly, you need to sign up to the portal, you can also make use of their mobile App (for Android and iOS) to keep tracks of your funds and manage your wallet. The cost of the physical card is $15 (depending on your payment preferences, it can cost 15GBP or 15EURO). There is also $1 monthly handling/operational charges and $1 flat fee for transactions and currency conversion. The holders of CryptoPay debit card can perform online purchases and ATM withdrawals but the physical cards are not yet available to U.S residents.

Here's a tabular comparison between SpectroCoin and CryptoPay - examining their pros and cons

Sources: 1, 2, 3

Disclaimer: The content of this article is not meant to serve as financial advice, please do your own research.