For those conversant with cryptocurrency, this seems intriguing:
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That is the most convoluted tiered rewards system ever conceived. You have to pre-fund your account to lock in the rewards rate for the month. Better spend it right away, as it seems your “money” (or other crypto) will be converted to their own, unstable coin upon deposit.
It’s too complex for me, but cryptocurrency fans seem to like it.
I don’t see why I would want to put spending money in an unstable currency.
The extra rewards seem insignificant when your base currency can vary by that much weekly. For rewards, I’d stick to currencies not losing 75% of their value within a year. To remove some currency fluctuations, you could pre-fund the card just before making a transaction I suppose.
Now if you wanted to do untraceable transactions using a bank card, that may be attractive for other reasons.
Pre-funding just before the transaction means you may not get the best rewards level, because the tier is set once a month for the whole month based on the pre-funding amount.
Also I don’t think these transactions are untraceable.
The whole thing makes me nervous. There is a chance it could be a ponzi scheme. They can spend the money and send people account balances saying they have cryptocurrency safely stored just like Bernie Madoff sent out statements assuring people they had lots of wealth in their accounts.
This is a money spending tool, where money moves constantly in and out, not an investment to park money.
Of course the 6.38% caught my attention. First thing I don’t use debit cards. But if this deal could actually work, I would make myself use the card.
I usually have a couple very large bills each month. Deposit enough to cover the bills. No, don’t think so. Too much movement of money to actually gain the %.
A recent investment raise with more info::
(Caveat: I am not getting this card any time soon.)
It enables people to spend cryptocurrency anywhere that takes a Visa Card. Partnering with VISA gives the company credibility as a spending system. It is especially useful moving money instantly around the world. There is tremendous value in this but the drawback is that the value of your assets can move down. I don’t think anyone will complain when the value of their cryptocurrency moves up.
It seems very popular among cryptocurrency users. The company claims to have tens of thousands of users and to be profitable.
I have a VISA card, but I use my CITI DC (master card) all the time. So if they only value a Visa for application, I would have a problem.
So I’ll be watching to see when Argyll shows more interest.