Backed by the Crypto Private Investors Group, CoinCard, a crypto-based credit card will be launching in July 2015.
Early adopters of cryptocurrencies will be able to pre-order a card and the first 1,000 applicants will be able to take advantage of a limited edition card where all transactions fees, with exception of the annual fee, are waived, according to CPIG.
The company reports that CoinCard experienced outstanding response with more than 100 cards being reserved within the first hours of being made available.
CoinCard Basic is designed to function as a debit card. CoinCard Elite can work either as a higher utility, lower fee debit or credit card. Whether debit or credit card, both CoinCards can be used anywhere MasterCard is accepted. Like all MasterCard branded products, all insurance, warranty and affinity programs exist on the CoinCard Basic or Elite products. Provision for Visa and American Express version are currently being considered.
What distinguishes CoinCard from all other cards is that cryptocurrencies can be used to either pay down revolving balances or used as a debit card drawing on the cryptocurrency accounts of its user. Annual fees are USD 50 for a CoinCard Basic and USD100 for CoinCard Elite. CoinCard will apparently be used at ATMs worldwide.
If used as a debit card, CoinCard is reloadable from globally and the user may load their card using cryptocurrencies or altcoins including Bitcoin, Paycoin and many others. Users of CoinCard Elite that have credit lines extended will be able to use their cryptocurrency to pay down their extended or revolving credit.
The first 1,000 to reserve a CoinCard (500 CoinCard Basic and 500 CoinCard Elite) will receive one year free of transaction fees, excluding the annual fee.