CoinJar is a crypto bank that issues Mastercard and lets its users use their cryptocurrency balance to pay for their daily goods and services worldwide. But if you wonder how it compares with other crypto banks in this space, read our detailed review.
In this review, we will be covering all aspects of CoinJar, and we will answer all the questions about CryptoJar, its features, and a lot of other aspects.
What’s the CoinJar hype all about?
It’s not just hype and you’d also be wowed once you read its features and other benefits. Let’s start with the advantages and the disadvantages –
Advantages of CoinJar Card-
- Low transaction fee compared to its competitors (1% fee)
- No monthly fee or insurance fee for cards
- Unique point system where users can earn 2 CoinJar rewards per £1 spent
- Provides both physical and digital card
Disadvantages of CoinJar Card –
- Limits users transaction
- No cashback system, only reward point system
- High Foreign Currency fee (2.99%)
You read it right, CoinJar provides its very own physical debit card named the CoinJar Card.
What is the CoinJar Card?
The CoinJar card is the physical card provided by CoinJar to its users. The card is a prepaid Mastercard that’s available as a physical card and a digital card. With this card, you can use your cryptocurrency balance to make your day-to-day transactions very easily.
CoinJar also allows its users to select any cryptocurrency from their CoinJar account to make these transactions. This means the users should don’t need to load up their balance as British Pounds (GBP).
So what CoinJar does is it basically allows users to select a cryptocurrency to use as their daily day-to-day transaction currency, and the selected currency is sold at the current market rate to cover the value of the amount of the purchase made using the CoinJar Debit card.
Top features of CoinJar Prepaid Card
As mentioned earlier, the key feature of CoinJair’s debit card is that it provides an easy way to its users to make purchases using their cryptocurrency balances. Here are a few more key features of the CoinJar card –
- Zero fees for their cards
- Zero minimum balance
- Easy fee structure (1% on all domestic purchases)
- Reward system ( Rewards 2 CoinJar points per £1 spent)
- Supports contactless payment
- Supports Google Pay (Apple pay support coming soon)
- Supports international transactions
- Easy to manage limits with the app (Manage, Block or freeze the card using the CoinJar app)
CoinJar supported Countries & Cryptocurrencies
Currently, CoinJar’s cryptocurrency trading platform is available in the United Kingdom and Australia.
The users can spend and trade over 50 Cryptocurrency tokens; the full list of cryptocurrency assets supported by CoinJar can be viewed here – List of Cryptocurrencies supported by CoinJar
CoinJar’s dedicated mobile app allows users to swap their daily spending to any cryptocurrency with a click. All you have to do is open the CoinJar app, head over to the spendings section and select the desired cryptocurrency under the spend account option.
CoinJar Fees & Card Limits
The fee structure of CoinJar is pretty simple and straightforward.
As mentioned a couple of times earlier in this article, there’s no card insurance, card replacement, monthly fees, or minimum account balance for CoinJar’s card. But that doesn’t mean CoinJar doesn’t have any fees at all; there are a few –
- Purchases incur a 1% fee per transaction
- Foreign Transactions incurs a fee of 2.9%
- ATM Withdrawals incur a fee of 1% per withdrawal
You might initially think it’s an absurd amount compared to the traditional banks, but FYI Coinbase Card charges a minimum of 2.49% per transaction, so compared to them, CoinJar’s fee structure is much much more reasonable.
Not just that, CoinJar also has a reward system that offers 2 CoinJar points per £1 spent. These reward points can be only used to pay the fees incurred while buying making transactions with cryptocurrencies.
This means that users can buy £200 of cryptocurrencies without fees for every £100 spent using CoinJar’s card. According to some information shared by the CoinJar team, there will be more ways to spend reward points in the future.
Coming back to the Coinjar’s Card limits, there are a few important points to be looked at as there are few limits while you use the CoinJar Card. They are as follows –
Maximum Daily Transactions – 25
Maximum Daily Spend – £5,000
Maximum Monthly Spend – £15,000
Maximum Annual Spend – £50,000
Maximum Daily ATM withdrawals – 5
Minimum Withdrawl – £10
Maximum Withdrawl per day – £2,000
While looking at the numbers can make you feel limited, these numbers are attractive and more than enough for most people.
Before we conclude this article, it has to be noted that CoinJar has its own app on Apple App Store and Google Play Store. This app allows you to view and access your digital cryptocurrency from anywhere in the world and at any time. This app also allows trading on the go without any hindrance.
Should you get a CoinJar account or not?
CoinJar is for a niche set of people who love cryptocurrency but also would like to use their crypto balances to meet their day-to-day transactions.
CoinJar aims to be a next-gen crypto bank to let people connect their cryptocurrency world to the real world, so if you are someone who’s looking to do that, then CryptoJar is the right bet for you.