One of several companies working to offer consumers a practical means of spending bitcoin at merchants not yet on the cryptocurrency train is Australia’s CoinJar. The country’s largest bitcoin-related company, they’ve just today released some additional information with reference to their bitcoin debit card.
Dubbed the ‘Swipe’ card, CoinJar wrote Wednesday on their blog that they have released about a hundred of their bitcoin debit cards to individuals in their early access program, and they’ve provided some interesting details that should answer the questions of those interested in getting their paws on these cards.
So here’s the skinny:
- The Swipe cards will allow Australian users to convert bitcoin from their CoinJar balances to Australian dollars.
- Swipe can be used anywhere that accepts EFTPOS (electronic funds transfer at point of sale) in Australia.
- There are no transaction, activation, loading, conversion, or inactivity fees applicable in using the Swipe card. CoinJar says they are absorbing the costs.
- The Swipe card can be used at the ATM. At rediATMs, there is a $2 fee. At non-rediATMs, other fees are applicable.
- No withdrawal fees applicable when used for withdrawals at Coles and Woolworths (supermarkets).
More on the fees. According to CoinJar, it will cost users $29 to order the card (or free for the first card if you’re a CoinJar DNA member). There is actually an inactivity fee (referencing point number 3 above) of $4/month after 180 days of no activity, but CoinJar says they’ll reimburse users when contacted if they incur a fee.
If you’re looking to dispute a transaction, that will cost $10 per incident.
Overall, looking like a pretty good product. If you wish to learn more about the Swipe card, you can follow this link.