CoinJar card review
- Deposit fee
- $0
- Withdrawal Fee
- 1%
- Yield rate
- None
Summary
Spend your crypto like cash. Here’s a breakdown of CoinJar’s prepaid Mastercard.
The CoinJar card makes it easy for those new to crypto to get involved. The app allows you to view your spending history and crypto balance in 1 place and make account top-ups at the touch of a button.
Spending your cryptocurrency anywhere Mastercard is accepted removes the inconvenience of transferring cryptocurrencies between accounts and can help avoid expensive gas fees.
CoinJar also supports Apple Pay and Google Pay so you don’t need to worry if you forget your wallet.
The biggest drawback on the CoinJar card is the 1% fee charged on all purchases. Although the fee is returned in CoinJar rewards points, some cards offer more substantial rewards and incentivised spending benefits.
Details
CoinJar Card
| Product Name | CoinJar Card |
| Yield rate | None |
| Issuing card fee | $0 |
| Deposit fee | $0 |
| Withdrawal Fee | 1% |
| Funding methods | Cryptocurrency |
| Daily spending limit | $5,000 |
| Inactivity fee | $0 |
| Go to site More Info |
Eligibility and how to apply for a CoinJar Mastercard
You can apply for a CoinJar card by following a few simple steps:
- Download the CoinJar app on your selected mobile device
- Provide proof of identity documentation
- Deposit Australian dollars (AUD) from your bank account using Osko or BPAY
- Purchase or deposit crypto and start spending
CoinJar card is available to all Australian bank account holders and has recently expanded operations to support customers in the UK.
How does CoinJar’s prepaid debit Mastercard work?
The CoinJar card is a debit card and works in much the same way as any regular prepaid card. It can be used to transact at all major payment vendors. Where the CoinJar card differs from traditional prepaid cards is the ability to top up your account with both crypto and fiat currencies.
Purchases made using your CoinJar card will automatically convert a selected cryptocurrency from your spend account into AUD at the current exchange rate. This AUD is instantly loaded onto your card and used to complete the transaction.
Main benefits of the CoinJar card
- Spend crypto like cash. Make purchases in-store and online anywhere Mastercard is accepted.
- Automatic conversions. Select which cryptocurrency you would like to use in your spend account and your CoinJar card manages the conversion during the payment process.
- Mobile-friendly. The CoinJar app makes it easy to view your spend history and balance details.
- Card options. Choose between a physical or virtual card. Connections to Apple Pay and Google Pay are also supported.
- Rewards. Earn rewards points for every dollar spent. Rewards can be claimed via the CoinJar Rewards Store.
Main drawbacks of the CoinJar card
- Transaction fees. CoinJar charges a 1% transaction fee on all purchases (returned in the form of CoinJar rewards points). Additional fees are charged for overseas spending.
- Spending limits. The maximum daily spending limit is AUD$5,000 or 25 transactions.
- Withdrawal limits. The maximum daily ATM withdrawal limit is AUD$1,000 or 5 withdrawals.
How does this compare to a traditional debit card?
The CoinJar card is a prepaid debit Mastercard. Unlike traditional debit cards, prepaid cards cannot be directly linked to a bank account and need to be manually topped up. Top-ups can be completed using the fiat payment gateway or through cryptocurrency transfers.
How experienced with crypto do you need to be to use CoinJar’s prepaid debit card?
CoinJar offers customers a beginner-friendly platform. It’s a simple way to get started purchasing cryptocurrencies without worrying about more advanced areas such as decentralised finance or non-custodial wallets.
What cryptocurrencies can I use with a CoinJar card?
Purchases made with the CoinJar card can be paid for using any cryptocurrencies that you hold on your account. CoinJar gives you a range of 70 popular coins and tokens, including Bitcoin, Ethereum, Ripple and Shiba Inu.
Is CoinJar’s prepaid debit card safe? What are the risks?
Holding cryptocurrency of any kind has associated risk due to its volatile nature and regulatory concerns in some countries. However, keeping your CoinJar card safe is much the same as a traditional debit card:
- Keep your card secure
- Never share your PIN
- Beware of phishing and financial scams
- Notify the CoinJar support team if you have concerns or notice unusual spending
The CoinJar app features 2-factor authentication (2FA) as an additional security feature. You can find more details on CoinJar’s account security page.
Where can you use a CoinJar card?
You can use your CoinJar card anywhere Mastercard is accepted. You can even use it to withdraw money from an ATM.
Keep in mind that some subscription-based platforms require that a credit card is held on file and will not accept payments from prepaid debit cards, including CoinJar.
Fees and exchange rates
- Free account management
- Free card issuance and card replacement
- 1% transaction fee on all purchases (returned in CoinJar rewards points)
- 2.99%+ foreign transaction fee
- 1% ATM withdrawal fee
- Transaction dispute charge of AUD$27.50
You can find additional information under the support section of CoinJar’s website.
Alternatives to the CoinJar card
Your reviews
Billy Finder
Cryptocurrency writer
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