Does anyone have recent experience using the Coinsbank card? It seems to offer a 10satoshi/cent (presumably USD?) spent cashback which currently comes out to about 1.3% cashback.
Their fees add up fast on the regular cards and would only be worthwhile to certain users.
Their virtual prepaid cards on the other hand have nearly no fees. Say you wanted to make a $1000 purchase online... the card costs $1000, activation $0, BTC load $0, BTC to fiat conversion is quite low (I hear people quote 0.5% or possibly LIVE), and the only fee is a transaction fee of $1.50 to spend the fiat. cashback on the $1000 alone would come out to $13.
Am I missing anything? This seems almost too good to be true!
Coinsbank & shift card are pretty good. You dont have per transaction fee unless you are withdrawing cashback or from an atm terminal. Over the counter is free. Conversion is free and on demand.
PER WEEK
$15,000 In USD Wallet
$2000 Transfer from coinsbank to Bank account.
$150 ATM/DEBIT Week
So a total of $2150 can be converted per week to fiat through there fiat withdrawl services.
Of course minimums and maximums are different per user I believe and the above is generic for people who have there identities fully confirmed. There are higher levels of user validation that raise your weekly limits. These require a purchase of $1000+ or more of bitcoin through there service to get though.
Shift debit card has 0 over the counter transaction fee. Terminal/debit fee is $2.50 . Costs a 1 time $10 fee. No monthly or conversion charges etc. Shift card is a great card if your in a state that they support.
Also Coinsbank does not charge a transaction fee for sending BTC, they bite the bullet and pay all transaction fees.
You can also load ETH into your coinsbase account and use it just like BTC with one of there cards.
I don't plan to complete their bank authentication so their physical cards max out at $2500 total use. Their virtual cards do have a POS transaction fee.
Anyhow, what has your experience been with their cashback system? does it pay out 10 satoshi per 1 cent spent, or is there some fine print lowering that number? They also don't make it clear if the virtual cards qualify for Cashback, but I think I will contact them about that question
