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Uphold Card UK Review 2023: Benefits, Features and Fees
Luis Clark
- URL: https://uphold.com/en-gb/products/debit-card
- Physical Card Cost: £9.95 shipping fee only
- Cash back: 2% cashback on BTC and other asset purchases (except XRP fixed at 4% until March 23, 2023, then 2%) and 1% cashback on fiat transactions
- Annual Fee: None
- Platform App: Desktop/Mobile
- Staking Rewards: Up to 13% APY
- No. of Cryptocurrencies Supported: 250+
- Type of Card: Prepaid Debit Card
Uphold Card UK: Our Opinion
The Uphold card was launched to simplify UK residents’ trading and personal finance investing needs. Users can choose between a virtual or physical Uphold card.
With the Uphold card, UK traders and investors can purchase over 250+ crypto assets, futures, and commodities, like gold, silver, and other precious metals. Customers also receive rewards of 2% cashback on crypto-asset spending (4% for XRP) and 1% cashback on fiat transactions. The Uphold Card UK is good for traders keen on simplified purchasing solutions.
An Overview of Uphold Card UK
Uphold is an innovative multi-asset company that offers users a wide range of financial services to the international markets. The exchange was founded in 2015 by Halsey Minor and is located in New York.
Unlike most other platforms, Uphold offers traders a pathway to trade precious metals, futures (stocks), and cryptocurrencies across different asset classes. For instance, investors can trade Bitcoin and Tesla in one trade. Uphold is further expanding as it looks to create trading solutions across the globe.
In this Uphold card review, we discovered that the crypto exchange debit card offers users great perks. However, it also has some negative aspects that could be improved.
Pros
- It comes in both virtual and physical cards
- Physical cards can be used anywhere Mastercard is supported
- 2% cashback on BTC and other assets purchases (except XRP fixed at 4% until March 23, 2023, then 2%)
- Funds can be added via the Uphold exchange
- Uphold debit card is regulated by the Financial Conduct Authority (FCA)
- No foreign transaction fees
- Compatible with Google Pay and Apple Pay Wallet
Cons
- £2.50 fee for ATM withdrawals
Uphold Card: What Is It?
The Uphold card is a Mastercard crypto Debit card offered to traders by the Uphold platform. It has two variations: the virtual and the physical debit card. Through the Metropolitan Commercial Bank issuance, UK residents can obtain the Uphold debit card.
Uphold Card: How Does It Work?
The Uphold card works in tandem with its platform application. Investors must set a deposit method in the app, choosing from assets owned. With the app, customers can freeze or unfreeze their Uphold card, check out virtual cards, browse statements in real-time, manage funding sources, receive instant alerts, and manage notifications.
Using the Mastercard online or at physical checkouts is the same as any other traditional payment card. All transactions processed via the Uphold card UK are settled in investors’ preferred fiat currency. For instance, UK residents can pay for goods using pounds sterling (£) via the Uphold card.
Whenever they spend their crypto using the cards, investors earn cashback rewards. From our Uphold Card UK review, we discovered that users could earn 4% cash back in XRP on transactions.
Benefits & Perks
Although there are hundreds of debit cards available to UK residents, Uphold stands out due to the stellar perks it offers users.
Cashback
The Uphold card features a simple cashback feature. For example, when UK investors process single transactions, a certain percentage of the amount is automatically transferred to their account. A 1% cashback amount is attached to purchases with fiat currencies and 2% for crypto spending (XRP is up to 4%, then back to 2% on March 23, 2023).
Conversion
As a “utility” debit card, rather than a pre-loadable card, users can convert any asset held with Uphold into their preferred fiat currency to spend via the debit card. For instance, UK traders can convert 2 BTC to the stipulated USD amount and proceed to spend on goods and services on the go.
Traders need to keep in mind that there are varying trading commissions attached when they swap assets.
Cryptocurrencies Supported
The Uphold card supports many cryptocurrencies based on region. In Europe and the UK, there are 30 supported cryptocurrency assets, including major market movers:
- Aave (AAVE)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Balancer (BAL)
- Cardano (ADA)
- Compound (COMP)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Polygon (MATIC)
- Polkadot (DOT)
- XRP
Fees Explained
The Uphold virtual and physical cards are free to UK residents; however, there’s a £9.95 shipping cost attached to the physical card. Regarding fees, the Uphold card features several fees that investors should consider.
Uphold card charges a 3.99% fee on deposits and a £2.29 flat rate for cryptocurrency withdrawals on the platform. For physical usage, £2.50 is charged for all ATM withdrawals and £3.50 for international withdrawals (outside the UK).
Different Card Holder Tiers
Tiered cards often offer different access levels to an exchange asset for purchases and rewards. According to the Uphold website, there are six card tiers available to UK residents:
- Tier 1 – National currencies for bank transfers
- Tier 2 – National currencies that can be stored, exchanged, or transferred globally
- Tier 3 – Cryptocurrencies and utility tokens that can be purchased, stored, deposited, withdrawn, and transferred.
- Tier 4 – Cryptocurrencies and utility tokens to purchase, hold, sell, and send.
- Tier 5 – Derivatives (stocks and bonds) to buy, hold, trade, and transfer in fractional amounts.
- Tier 6 – Tokens and stablecoins issued by the Universal Protocol as part of a new universal Transparent Reserve standard.
Opening an Account
Registration and ordering the Uphold debit card is easy and can be completed in less than 10 minutes. However, it is linked to the Uphold exchange. Here are a few steps to get started:
Register
Navigate to the Uphold homepage and click “Sign up”. Next, investors should submit the required personal information and tap “Next” when done.
Verify
UK investors must upload Identification documents, such as a national identity card, driver’s license, or passport.
Order Uphold Debit Card
After verification, UK investors can proceed to the Uphold “Card” icon at the top right corner and select a virtual or a physical card. Traders can activate Uphold virtual cards or order a physical card within the Uphold app.
Tap “Order” to complete the process. UK residents may need to wait 7–10 business days for the Uphold physical debit card to arrive.
Uphold App
The Uphold platform integrates an intuitive mobile application that supports US and UK residents. The app provides UK residents with functionalities to manage investments, like up-to-date transaction history, financial statements, managing funds, receiving alerts, and checking out crypto market data.
Traders can download the Uphold app on iOS and Android mobile devices and link it to their Uphold account for a seamless experience.Customer Satisfaction
The Uphold card features lots of perks that make it one of the most reputable and popular debit cards used by over 50 million merchants. To gauge customer satisfaction, we checked out Uphold’s platform reviews on Trustpilot and Reddit (reputable complaint and review websites). We discovered complaints regarding the Uphold card:
- Late delivery
- Slow virtual card activation
- Unconsolidated top-up balance
- Missing refunds on failed transactions
- Unreliable customer support
- Great cashback rewards,
- An easy payment process
- Instant crypto-to-fiat conversions.
Is Uphold Card Right for You?
The Uphold card is a great choice for UK investors looking for a versatile card to spend on digital assets, buy goods and services online and in stores, and earn amazing rewards, such as a cashback bonus.
Users on the go can enjoy zero foreign transaction fees, top security, real-time alerts and analytics, and industry-leading foreign exchange (FX) rates as high as 10% when cardholders travel.
Final Thoughts
The Uphold card is a good choice for UK residents due to its key offerings and rewards compared to traditional banks and financial houses.
Investors can opt for the revolutionary virtual debit Mastercard and link it to a Google pay or Apple Pay wallet to process payments or order a physical card for physical checkouts and still enjoy cashback rewards.
If you want to know more about on Uphold Competitors and other Crypto Cards, you can check out our list of the Crypto Cards UK Reviews. You can also read about our Crypto.com Card UK Review as an alternative to Uphold.
FAQ
Most frequent questions and answers
Yes, the Financial Conduct Authority (FCA UK) approved the Uphold exchange and debit card for anti-money laundering purposes. The financial service has also registered with the United States Department of the Treasury FinCEN (Financial Crimes Enforcement Network) to retain its reputation as a secure global exchange for all investors.
Uphold is a world-revered multi-asset exchange that provides financial services to over 200+ countries, including the USA and UK. Traders of the platform’s supported countries can easily buy, sell, trade, hold, and transfer digital assets.
UK residents can use the Uphold physical debit card on an automatic teller machine (ATM) to withdraw funds. However, this transaction incurs processing fees of £2.50 for UK locations and £3.50 for international withdrawals.
No, the Uphold card is a Mastercard debit card that customers can use wherever Mastercard is accepted.
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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