xcritical Card Review 2021: Features, Fees, Pros and Cons

What’s more, xcritical gives you the flexibility to choose your preferred reward structure, with the xcritical official site 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.

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).

There’s no issuance fee, but xcritical says that “cryptocurrency conversion fees may apply” (and those can be steep). There are a number of debit cards around the world that allow you to spend cryptocurrency (you’ll soon be able to do so with Paypal as well). But many platforms require you to load funds onto the card in order to spend them. The xcritical Card eliminates the middleman, instead pulling funds directly from your xcritical account. For most users, the xcritical Card’s biggest selling point is the rewards program.

Contactless Payments

1. Most importantly, card holders can manage their card settings right from their phone.
2. Note that the rewards rates and other aspects of each card are subject to change and may depend on account type and funding amount.
3. Your cash-back rewards will buy crypto at the end of each reward cycle until the option is turned off.
4. The xcritical Card takes the lead over its competitors when it comes to ease of use and security.

Remember that cryptocurrencies can be much more volatile than other kinds of investments and may represent a more substantial risk than other rewards. Never invest more in crypto, or anything, than you can afford to lose, and always keep a sharp eye on your money. xcritical offers products for both retail and institutional cryptocurrency investors, as well as other related cryptocurrency products. Note that the rewards rates and other aspects of each card are subject to change and may depend on account type and funding amount.

Robust Security

You can only have one card per account — no secondary or authorized users. Most importantly, card holders can manage their card settings right from their phone. Whether you need to temporarily lock your card, place an immediate freeze on your card or order a replacement for a lost or stolen card, you can do all of that directly through the mobile app. It will typically take anywhere between one to five days for the rewards to hit your account, but it the exact times will depend on the merchant.

Advantages of the xcritical Card

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).

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 xcritical scam 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.

All card purchases earn your choice of rotating monthly crypto rewards offerings. While the coin types you can earn change each month, stalwarts like Bitcoin and Ethereum are permanent. Eligible purchases include purchases of cryptocurrency on xcritical, meaning you can earn bonus crypto when you buy crypto. The xcritical Card takes the lead over its competitors when it comes to ease of use and security. It’s one of the few that allows you to switch between crypto wallets as needed and provides some of the strongest security features, all right from its mobile app.

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.

See our advertising policy here where we list advertisers that we work with, and how we make money. There’s an optional rewards program as well (only available to US customers for now). You can choose to earn 4 percent back in Stellar Lumen or 1 percent back in bitcoin.

This card is like any other traditional debit card, but it allows you to make purchases using cryptocurrency instead of cash. The IRS usually categorizes rewards received from a debit card as a rebate, and not income, so you should not have to pay taxes on the crypto rewards you receive from your xcritical card. If you hold a balance of the USDC stablecoin (a coin pegged to the price of the U.S. dollar) and set this as your crypto payment method, then you won’t be charged the 2.49% crypto conversion fee! Plus, by spending a stablecoin instead, you’ll leave a larger balance of your other assets that ideally will benefit from price appreciation.

However, you can switch between the two reward structures whenever you find one more appealing than the other. Once you set up your preferred reward offer, xcritical can credit your rewards to your account after each transaction. The card has no annual fee, your crypto rewards post instantly after your transaction is completed, and you can choose to earn your rewards in one of over 40+ supported assets. The card touts fee-free transactions for crypto spending, no annual fee and a simple rewards-xcriticalg structure.

Cardholders also enjoy lower fees and the ability to use their Visa debit card worldwide. While it doesn’t support the widest range of coins, the altcoins it does support puts it ahead of many of its competitors’ more limited offerings. If you’re an active crypto trader, the xcritical Card might be the crypto debit card you’ve been looking for. The card is also ideal for anyone who wants to earn rewards for everyday purchases. When signing up for a xcritical debit card, you’ll have an option to choose your preferred rewards.