Shift card is the first debit card for US citizens, but it is only available for US citizens. There is no wallet associated with the accounts with users having to connect their Coinbase or Dwalla accounts. The card was developed from a partnership between Shift and Coinbase. Once you link your card to your account, you can use the card the same as you would any regular Visa card.
Fees are competitive and transparently stated. It does not cost anything to fund the card but there may be fees from Coinbase and Dwalla at this stage. There is no conversion fee from bitcoin to fiat, and also no monthly service fees. Issuing the card costs $20. Losing the card and getting it replaced will cost $10. For domestic ATM withdrawals, the charge is $2.50, with all other international ATM's having a charge of $3.5. There is 3% charge for an international transaction but shopping online or offline within the US will be free of charge.
Although Shift is limited in what they do, they complete what they do very well. Coinbase is a strong partner to have and this means that Shift doesn't have to worry about storage and security issues and can focus on the payment processing size. However, users that don't want to use Coinbase or Dwalla will be unable to use Shift. Shift also apply strict compliance procedures and ask customers for their social security number and their home address.
- First card available for US citizens
- Partnership with Coinbase
- The setup process is straightforward, simply need to connect accounts and can use the card in any place that accepts Visa.
- The fee structure is transparent and competitive
- Apply strict compliance procedures
- Limited only to the US
- Need to have a Coinbase or Dwalla account to use the services
- Not suitable for everyone. Someone not comfortable giving away their social security number and home address will need to for using Shift.