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Coinjar Card Review 2023: Benefits, Fees and Tiers
Luis Clark
- URL: https://www.coinjar.com/card
- Physical Card Cost: 0 AUD
- Cash back: 1 Coinjar Reward Points for every 1 AUD spent
- Annual Fee: None
- Platform App: Desktop/Android and iOS devices
- Staking Rewards: Not stated
- No. of Cryptocurrencies Supported: 30+
- Type of Card: Prepaid Mastercard
CoinJar Card Review: Our Opinion
CoinJar Card ticks a lot of boxes but the most significant is the convenience it offers crypto owners to utilise their digital assets. The fact that users can earn Coinjar rewards points that is redeemable on the CoinJar Rewards Store means users can earn cashback on their card expenses.
The cashback rewards are the only benefits the CoinJar card offers users and this may not appeal to crypto native users that have used a crypto debit card before. The card fees are also a major hurdle as it charges 2.99% for foreign transaction fees which can be a major demerit for travellers.
An Overview of CoinJar Card
Launched in 2013, CoinJar is an Australian crypto exchange that provides crypto investors an easy avenue to buy, sell, and trade over 50 top crypto assets. The platform also services clients in the UK and has over 600,000 customers.
CoinJar aims to develop world-class crypto services to help investors achieve their financial objectives. The platform does this by providing an intuitive interface for seamless trading.
Aside from this, CoinJar offers more value to customers than just Bitcoin trading. One such value-added service is the CoinJar Card. This enables users to make everyday purchases using their crypto assets. Another is the CoinJar Bundles which enables customers to invest in a basket of crypto investments to grow and monitor their cryptocurrency portfolio.
CoinJar also features an Instant Buy option that allows users to buy digital assets directly with their Australian Dollars and Great British Pounds fiat currencies on debit/credit cards.
CoinJar is a registered provider of digital currency exchanges with the Australian Transactions and Reports Analysis Center (AUSTRAC) and regulated by the UK’s Financial Conduct Authority (FCA). In terms of security, BitGo and Fireblocks are two of the world’s best crypto custody providers used by the Australian exchange. In addition, it offers multi-factor authentication (MFA) and keeps 90% of investors’ funds in cold storage.
Pros
- Low maker/taker fee of 0.01%
- Clean-cut and intuitive user interface
- Regulated by both AUSTRAC and FCA
- Offers over 90% cold storage support and custody of investors' funds
- Offers CoinJar Card and portfolio investing via Bundles
Cons
- Limited crypto library with 50+ assets
- Charges a high 2.99% foreign transaction fee and 1% additional charge for ATM withdrawals
Coinjar Card: What is it?
The CoinJar Card is a value-added service provided by the Australian exchange. Using this card, crypto owners can pay for everyday items with cryptocurrency.
MasterCard powers the CoinJar Card, unlike many other crypto debit cards that are issued by Visa. The CoinJar prepaid card can be used in all MasterCard-supported outlets for online purchases and in-store purchases. Also, users can directly integrate this card solution with Apple Pay, Google Pay, and Samsung Pay, directly offering users multiple outlets to spend their cryptocurrencies.
Aside from spending crypto, CoinJar Card further incentivizes users by rewarding them with purchase points. According to the CoinJar platform, for every 1 AUD spent, users, are rewarded with CoinJar reward points, redeemable in the CoinJar Rewards Store.
Coinjar Card: How does it work?
CoinJar Card is a prepaid debit card that instantaneously allows users to execute transactions like their traditional counterparts. Users do not need to manually top-up the card via AUD fiat currency deposits or pre-load with crypto transfers because CoinJar Card uses the funds in directly from the users CoinJar Everyday account. Credit checks and scores are not required.
To make purchases, users can select from over 50 crypto assets and the platform converts the cryptocurrency to an AUD fiat equivalent in the card for investors to transact in real time.
In our CoinJar Card review, we discovered that eligibility for the crypto debit card depends on owning a verified CoinJar account, to begin with. Then, users need to deposit Australian Dollars.
Benefits & Perks
One of the most impressive things about the CoinJar MasterCard Card is the convenience it affords cryptocurrency owners. Paying with a debit card instead of cash eliminates the need to carry around so much cash censorship-resistant assets. Further, users can convert their earned reward points into fiat currency to make further purchases.
However, the CoinJar Card does not offer additional perks and benefits unlike some of the best crypto debit cards. The crypto debit card focuses on enabling users to pay for everyday items using their digital assets and earning points.
Cryptocurrencies Supported
The CoinJar exchange offers investors access to 50+ crypto assets. The CoinJar Card supports all these cryptocurrencies and allows users to pay for items with them. This can be a great way for users to easily pay with Shiba Inu, Cardano, Aave, and other altcoins besides Bitcoin.
CoinJar Card Fees
In this CoinJar Card review, we discovered that the Mastercard Card fees are quite high. Users do not need to pay for their physical cards or for a replacement if their old ones are no longer functional.
However, account holders are charged a 2.99% foreign transaction fee for international expenses. Also, there is a 1% ATM withdrawal fee to factor in. The platform charges 27.50 AUD for every resolved transaction dispute.
Cash withdrawals from CoinJar are free, and members won’t have to worry about monthly fees either.
Different Card Holder Tiers
The CoinJar exchange operates a single card tier system. Every eligible user gets the same CoinJar MasterCard Card with no difference in utility or user experience, limiting the card and making it unattractive to more luxurious investors who may require more exclusive offerings.
Opening an Account
Users must open a CoinJar account in order to qualify for the CoinJar Card. To get started, follow these steps:
Register on CoinJar
The first step is to navigate the CoinJar official homepage and tap on the ‘Join CoinJar’ icon at the top right-hand corner to be redirected to the sign-up page. Fill in a first and last name, email address, and a strong password. Tick both boxes and click ‘Sign Up’ to continue the process.
Verify ID
Two top financial watchdogs supervise CoinJar, and as part of its requirements, new users are expected to undergo the know-your-customer (KYC) process. The KYC mechanism is a system meant to checkmate money laundering, fraud, and terrorist financing. Given this, users need to supply their driver’s license or identity card issued by a recognized government agency and a utility bill for proof of address. Once this is done, the CoinJar team will verify the account within days.
Download CoinJar App
The CoinJar mobile app is intuitive, allowing users to buy and sell crypto on the move. Aside from this, the CoinJar App is the primary means of accessing the CoinJar Card. The mobile app is available on Apple and Google Play Stores.
Deposit
The next step is to fund the newly created account. To do this, tap on the ‘Deposit’ button and select a payment method from either a credit or debit card, bank account transfer in fiat currencies, cash deposit with Blueshyft, or e-wallet solutions. CoinJar has a minimum investment of 10 AUD or £10. Follow the on-screen prompts and complete the process.
Apply for Card
The final step is to apply for the card. To do this, open the CoinJar app and tap on ‘Card.’ Fill in the required details, and a virtual card will be issued pending the receipt of the physical one. Users easily pay for groceries and coffee using the CoinJar virtual card.
Coinjar Card App
The CoinJar card services is integrated into the mobile app, meaning users can simultaneously trade crypto and spend crypto via the Coinjar mobile app. The CoinJar app allows users to view their crypto balances, buy and sell digital currencies, invest in a basket of investments to diversify their portfolio, and execute many other tasks.
Customer Satisfaction
Generally, CoinJar scores high in customer experience. According to the Trustpilot score system, CoinJar has a 4.1 rating out of a possible 5. 57% of the total 2,089 reviews gave the Australian exchange a 5-star rating which is quite impressive.
However, a few customers complained of low monthly withdrawals and delays in executing trades.
Is CoinJar Card Right for You?
When it comes to crypto debit cards or crypto services, there is no one-size-fits-all solution.
For more crypto-focused investors, CoinJar Card might not tick the box. The crucial areas of fees, the lower withdraw limit of 25,000 AUD per month, and the need for additional perks may be a huge turn-off.
Final Thoughts
The CoinJar Card creates a real-world utility for blockchain-based assets by allowing users to sort bills and pay for services with their digital currencies. With a healthy lineup of 50+ assets, users can easily meet up to their everyday financial obligations and earn rewards points alongside.
However, it charges for foreign transactions, and there is a limit on how many withdrawals users can make daily, making it a limited option for heavy crypto spenders and is more suited to smaller crypto expenses.
If you want to know more about CoinJar Competitors and other crypto Cards, you can check out our list of the Best Crypto Cards Australia. You can also read about our Cryptospend Card Australia Review as an alternative to CoinJar Card.
FAQ
Most frequent questions and answers
The CoinJar Card is free, which means users are not charged for the virtual or physical cards.
Customers can use CoinJar Cards to withdraw cash directly from an ATM. However, there is a 1% charge to factor in when exploring this option.
CoinJar supports direct withdrawal to bank account and crypto wallets or platforms easily.
CoinJar fees are immense when broken down. Users have to pay a 1.5% for cash deposits using any Blueshyft location and a 1% for fiat-to-crypto conversion. CoinJar also charges a 1% fee for crypto-to-fiat and crypto-to-crypto transactions. Instant Buy using Visa, MasterCard, Apple Pay, Google Pay, and Samsung Pay incurs a 2% fee across the board.
However, it has a low maker/taker fee of 0.01% for direct crypto trading and 0/06% for crypto-to-stablecoin trades.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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