If you remember, I wrote a post about getting a Wirex card.. Well, I've had some time to use it and play with it a little, so here are my observations so far.
First of all, it's not really a Visa card in the traditional sense of the world. What you've got here is a lite, online bank account that comes with a pre-paid debit card.
You are also paying for that bank account. It isn't free. There is no interest on your money, and you don't get any of the traditional protections you would with a standard bank account.
Moving on to the card itself. Like I said before, it's a prepaid debit card, so you have to actually move money to it from your Wirex account. This could be deceptive at first as it isn't made very clear, but is quickly figured out after a few rejected payment attempts.
It also comes with the popular crypto wallets. This for me is the best part of the card. It's also the worst part depending on use case. It gives the false sense of security by resembling a cold wallet (the card you are carrying around). Really though, it's the same as a wallet sitting at an exchange. There have even been cases of hacks and mysteriously vanishing tokens from Wirex wallets.
I wouldn't recommend this for heavy use because of the high fees. I think it's a fun alternative only. I wouldn't old large sums of money in here either - crypto or fiat.
In real life use, I have had more rejections than not. The card has been accepted so far in McDonalds, ASDA and a café. It has, however, been rejected every time I tried to use it online by Amazon, Apple, American Express and all other transactions I attempted. It even got rejected on many tills.
Thankfully each time I've had my Revolut card and haven't had to wash any dishes at the back of any restaurant kitchens.
Peace and Love ✌🏿
Adé
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