BitPay Card

BitPay Prepaid Mastercard Review: Fees, Rewards & Availability

Basic Information

The BitPay Card functioned as a crucial bridge between cryptocurrency holdings and everyday spending, effectively solving the liquidity problem that many crypto holders face. As the first U.S.-wide bitcoin-funded prepaid card, launched initially in 2016 and reintroduced as a Mastercard in 2020, it enabled users to instantly convert their digital assets into U.S. dollars for practical use.

The card allowed cryptocurrency holders to "live life on crypto" by providing immediate access to their digital wealth without the delays of traditional exchange-to-bank transfers. Technically, the BitPay Card functioned as a prepaid Mastercard debit card that drew from a USD balance funded by cryptocurrency conversions.

The BitPay Card was exclusively available to U.S. residents across all 50 states. The previous program ended when Metropolitan Commercial Bank exited the cryptocurrency business, and BitPay is now working with a new banking partner to relaunch an improved version of the card.

Current Status

BitPay has temporarily paused new BitPay Card applications while it improves the program and transitions to a new banking partner. The previous card program, which operated in partnership with Metropolitan Commercial Bank, ended in June 2023 following the bank's decision to exit the cryptocurrency business in January 2023.

Key details about the current status:

• New applications are paused – BitPay is not currently accepting new card signups
• Banking partner transition – BitPay is moving to a new banking partner (not yet publicly disclosed)
• Waitlist available – Interested users can join a waitlist on the BitPay website to receive updates when the new program launches
• No timeline published – BitPay has not provided a specific relaunch date for the improved card program
• Previous program ended June 15, 2023 – Final card loading was permitted until June 1, 2023, and all card services terminated on June 15, 2023

BitPay has positioned this transition as an opportunity to enhance the card offering rather than a permanent discontinuation. The company continues to expand its broader cryptocurrency payment ecosystem while working on the next iteration of its card program. Users who wish to be notified when the new card becomes available can join the waitlist through BitPay's official website.

Rewards and Benefits

Cashback Structure

The BitPay Card offered targeted merchant cashback through a partnership with Cardlytics, a purchase intelligence platform. This program provided:

• Up to 15% cash back at select participating retailers
• No universal cashback on all purchases – rewards were merchant-specific
• Automatic application – cashback was automatically credited when shopping at participating merchants
• Powered by Cardlytics and Dosh – the reward flow utilized Dosh technology to track and deliver cashback offers

Cardholders could browse available cashback offers through the BitPay app to see which merchants were offering rewards at any given time. The partnership with Cardlytics allowed BitPay to provide competitive cashback rates at popular retailers without requiring token staking or tiered membership levels.

Additional Benefits

• No Staking Requirements: No token staking or special membership needed
• Referral Program: $10 bonus for referring new users who activate and load cards
• Unique Features:
  • Instant loading from crypto with no conversion fees
  • Integration with BitPay's ecosystem (bill pay, gift cards)
  • Direct Coinbase account linking for seamless funding

Fees and Limits

Card-Related Fees

The BitPay Card featured a competitive fee structure with no monthly maintenance charges or issuance fees for new cardholders.

Transaction Fees

Spending and Withdrawal Limits

Card Tiers and Options

Unlike competitors with tiered rewards based on token staking, BitPay offered the same card and benefits to all users regardless of crypto holdings or loyalty status.

Top-Up Methods

Users must pre-load the BitPay Card by converting supported cryptocurrencies (BTC, ETH, LTC, DOGE, BCH, SHIB, XRP, APE, USDC, DAI, BUSD, GUSD, USDP, EUROC, WBTC) to USD within the official BitPay app. To load funds, the user selects the crypto and amount, after which BitPay issues an invoice with a locked-in exchange rate for 15 minutes; once confirmed on the blockchain, the USD equivalent appears on the card—typically within seconds after network confirmation. All crypto is moved from the user's self-custody wallet or exchange account to BitPay's custodial account, transferring custody to the card provider; every top-up triggers a taxable event. There are no crypto conversion fees for loading the card, but network transaction fees may apply, and only USD is supported for spending. Daily load limits apply ($10,000/day, $25,000 max card balance), and top-ups must be handled through the BitPay app or website, not at the point of sale.

Self-Custody Custodial

Users do not control private keys at any point in the process; cryptocurrency is converted and loaded as USD onto the prepaid card. The platform (BitPay and its bank partner) holds custody of assets during and after conversion. If BitPay or the issuer disappeared, users would not have independent access to their card funds, and assets are stored on the platform rather than in user-managed wallets.

Supported Currencies and Conversion

Supported Cryptocurrencies

The BitPay Card supported approximately 15 cryptocurrencies for card loading and cashback rewards during its operational period:

Note: This list reflects the cryptocurrencies publicly announced by BitPay for the card program and cashback rewards partnership. The broader BitPay Wallet ecosystem has since added support for additional tokens (including Solana-based assets in 2025), but these were not available for the card program during its operational period.

Supported Fiat Currencies

• U.S. Dollars (USD) only - all cryptocurrency was converted to USD for card balance

Conversion Process

The BitPay Card converted cryptocurrency to USD at the time of loading the card, not at the time of purchase:

1. User selects cryptocurrency and amount to load
2. BitPay creates an invoice with locked exchange rate (valid for 15 minutes)
3. User authorizes the crypto payment
4. Funds appear as USD on card balance within seconds after blockchain confirmation

Important: Each conversion from crypto to USD is considered a taxable event for U.S. users.

Geographic Availability

The BitPay Card was available exclusively to U.S. residents across all 50 states. The card functioned identically in all U.S. jurisdictions with no regional variations in features, fees, or benefits.

Legal Disclaimers

• Users must not reside in or transact from sanctioned countries
• BitPay follows U.S. regulations including OFAC restrictions
• Only available to verified U.S. residents

Compliance and Security

Identity Verification Requirements

• Full Know-Your-Customer (KYC) verification required
• Must be at least 18 years old
• Government-issued ID (driver's license, passport)
• Proof of address
• Live selfie for biometric verification
• Uses Onfido for document and facial verification

Regulatory Framework

• Regulated Money Services Business (MSB) status
• Licensed in required states for virtual currency business
• BitLicense from New York State Department of Financial Services

Security Features

• Two-factor authentication (2FA) for account login
• PIN code for ATM and debit transactions
• EMV chip card for secure in-person transactions
• Contactless payment capability
• Ability to instantly lock card via app if lost or stolen
• Transaction monitoring for fraud prevention

Insurance Coverage

• USD funds on card were FDIC-insured up to $250,000 through Metropolitan Commercial Bank (for the previous program)
• FDIC pass-through coverage applied when requirements were met and the card was registered with verified identity
• No explicit private insurance on crypto before conversion

Technical Details

Mobile App Features

• Available on iOS, Android, Windows 10, macOS, and Linux
• Integrated wallet and card management
• Real-time balance and transaction history
• Push notifications for card transactions
• Card loading functionality
• Merchant cashback offers browsing
• Gift card marketplace
• Bill pay features
• WalletConnect Certification achieved in 2025

Special Usage Considerations

• Gas Purchases: Pay inside rather than at pump to avoid pre-authorization holds
• Hotel/Car Rental: Have a traditional credit card available for initial holds/deposits
• Minimizing Network Fees: Use Lightning Network for Bitcoin or lower-fee cryptocurrencies like Litecoin for smaller loads
• Avoiding Dormancy Fee: Make at least one transaction every 90 days or withdraw remaining balance if not planning to use the card

Merchant Restrictions

• Cannot be used for illegal transactions
• Some merchants may decline prepaid cards for certain purchases
• May not work for recurring subscriptions that verify card funds

User Experience

Support Channels

• Email support/ticket system
• Support knowledge base
• 24/7 phone support for lost/stolen cards: 1-855-398-1373

Common User Feedback

Positive:

• Easy to use
• Seamless crypto-to-fiat conversion
• Works reliably for purchases

Negative:

• Issues with customer service response times
• Occasional account freezes
• Limited reward structure compared to competitors
• Support responsiveness during disputes
• Dormancy fees catching users by surprise
• High network fees when loading small amounts

Best Suited For

• Crypto Income Earners who receive payments or income in cryptocurrency
• Active Crypto Traders who maintain significant crypto holdings and need quick access for spending
• U.S. Residents who live within the United States and need a USD spending solution for their crypto
• Frequent Spenders who make regular purchases and want to use their crypto assets without exchange-to-bank delays
• Privacy-Conscious Users who prefer converting crypto to USD for spending rather than linking exchange accounts directly to their bank

Pros and Cons

Pros

• No issuance fees for both virtual and physical cards
• No monthly maintenance fees
• Instant conversion of crypto to spendable USD
• FDIC insurance on USD balances up to $250,000 (when requirements met)
• No staking requirements - equal benefits for all users
• Wide crypto support (approximately 15 cryptocurrencies)
• Immediate virtual card access with Apple Pay/Google Pay integration
• Targeted cashback up to 15% through Cardlytics partnership

Cons

• New applications currently paused during banking partner transition
• No published timeline for program relaunch
• U.S. residents only, not available internationally
• No universal cashback on all purchases
• 3% currency conversion fee on international purchases
• $5 monthly inactivity fee after 90 days of no usage
• Each conversion creates a taxable event requiring record-keeping
• Prepaid card limitations for hotel holds and car rentals

Conclusion

The BitPay Card stood out as a reliable and straightforward solution for U.S. cryptocurrency holders looking to spend their digital assets in everyday life. Its main strengths lay in its zero domestic fees, immediate conversion capabilities, and seamless integration with the BitPay ecosystem.

While the previous program ended in June 2023 following Metropolitan Commercial Bank's exit from the cryptocurrency business, BitPay has positioned this as a transition period rather than a permanent discontinuation. The company is working with a new banking partner to relaunch an improved card program, though no specific timeline has been published. The card's reliability, FDIC insurance on USD balances, and established position in the market made it a cornerstone option for U.S. crypto spenders seeking practical utility from their digital assets during its operational period.

Interested users can join a waitlist to receive updates when the new program becomes available. In the meantime, BitPay continues to expand its wallet capabilities, including adding support for Solana-based tokens and achieving WalletConnect Certification in 2025.

Additional Information

Historical Context

BitPay, founded in 2011, was one of the earliest companies focused on cryptocurrency payments. The original BitPay Card launched in 2016 as a Visa product but was later discontinued when the issuer (Wave Crest) lost Visa network access in 2018. BitPay relaunched the card as a Mastercard in 2020, establishing continuity in their offering despite the network change.

The card program operated successfully until June 2023, when it was discontinued following Metropolitan Commercial Bank's decision to exit the cryptocurrency business in January 2023. This marked the second time BitPay had to discontinue its card program due to banking partner changes. However, unlike the 2018 discontinuation, BitPay has publicly framed the current situation as a temporary pause during a transition to a new banking partner, with plans to relaunch an improved version of the card.

Tax Considerations

Each time cryptocurrency is converted to USD to load the BitPay Card, it constitutes a taxable event in the U.S. Users must track their cost basis and calculate capital gains or losses for tax reporting purposes. This can create record-keeping challenges, especially for frequent card users. Some minimized this burden by primarily using stablecoins (which typically have minimal price fluctuation) for card loading.

Security Best Practices

BitPay Wallet users should:

• Enable all available security features (app PIN/biometrics, 2FA)
• Monitor transactions regularly through the app
• Use the card lock feature immediately if the card is lost or compromised
• Be aware of phishing attempts (BitPay will never request seed phrases or PINs)
• Consider using Lightning Network for Bitcoin transactions to reduce network fees and processing time

Company Statistics

As of 2025, BitPay has achieved significant growth across its payment processing ecosystem:

• $1.38 billion in cryptocurrency payments processed (20% increase year-over-year)
• Network of 130,000 merchants globally
• Bitcoin remains the dominant payment method at 84% of transactions
• Stablecoin payment usage increased by 35% in 2025
• Support for 22 new cryptocurrencies added to the platform
• BitPay Wallet downloads surpassed 12.4 million globally
• Maintained 1% transaction fees across the platform
• Achieved WalletConnect Certification in 2025

Upcoming Features

• BitPay has announced plans to relaunch an improved card program following the transition to a new banking partner
• Specific enhancements have not been detailed
• Focus remains on serving the U.S. market according to official communications
• Potential for international expansion has been hinted at but not confirmed
• Users can join a waitlist on the BitPay website for updates on the future card program
• No specific timeline for relaunch has been published