While most bitcoin debit card providers you can find unfortunately don’t include US residents for regulatory issues, Shift Card is unique in that it is the first bitcoin debit card available on the market specifically meant for US-based users. US-based users can finally use their cryptocurrencies both on the Internet and in-stores at the millions of merchants worldwide who accept bitcoin, simply by connecting their Dwalla or Coinbase accounts to their Shift Card.
About SHIFT
In 2015, a company called Coinbase joined forces with Shift Payment to fulfil something that was lacking in the US market: a well-known and easy to use bitcoin debit card. In 2014, 22 million dollars were raised by Shift through seed funding. With headquarters based in San Francisco, California, Shift was heavily funded by several large venture capitalist firms including Scrum Ventures, Kapor Capital, and CRMC Venture Capital.
Shift’s two founders are both well equipped with financial and cryptocurrency knowledge. The first co-founder, Meg Nakamura, has spent over a decade studying financial services, especially in relation to risk strategy management. She helped found the data management service provider 3taps (with clientele like eBay and Indeed) and has also invested in several innovative businesses.
Eugene Otto is an expert in Computer Engineering, having played a role as the lead developer and engineer at several successful apps, platforms, and startups. His background in commerce comes from co-founding NiceMetrics, which focuses on emerging markets and P2P commerce possibilities.
What Services Does Shift Provide?
Because of the many restrictions existing in the United States when it comes to providing financial servers, it has always been difficult for bitcoin debit card providers to legally operate for US residents. Most card providers thus ignore the US entirely and simply offer their services for international clients. However, Shift is unique in that it is the first bitcoin debit card provider to have complied with all the requirements and restrictions, allowing US residents to spend bitcoin through debit cards. To become a card user at Shift, users must be in one of the 46 US states that allow the card; this includes every state except Hawaii, Georgia, Connecticut, and Minnesota. And because of these restrictions, Shift’s payment services are not available to users in the rest of the world.
As for its functionality, Shift’s system is pretty simple: after loading your Shift account with funds, you can spend your money right away. Shift sends out VISA issued debit cards that are safe to use and widely accepted; anywhere that accepts the VISA card will accept your Shift VISA card without any issue. For those who do not want physical bitcoin debit cards, Shift also offers virtual debit cards.
Another thing unique about Shift is that they do not charge you for topping up your account; whatever fees you pay for loading your account will be charged by your chosen provider, either Dwolla or Coinbase. As for limits, Shift has a tough limit of 1000 USD per day, and an ATM withdrawal maximum limit at 500 USD per day for Dwolla users or 200 USD a day for Coinbase users; these are very low max limits when compared to other cards on the market. If you need to increase your spending threshold in a day, you are encouraged to contact the Shift Support Team which can temporarily help you out in special circumstances.
Because of tight regulations, Shift users can only use their services after supplying Shift with enough personal information. This includes the home address, date of birth, and Social Security Number, and this data is safely stored in Shift’s encrypted servers. Shift keeps its data extra secure by routing their website traffic through SSL, which stops third parties from hacking into their connection. Employees are under no circumstances allowed access to any of Shift’s users’ private data.
After placing your order, you can expect to receive your card in about five to seven days as long as you are in the US. Activate your card through the site or with the Shift Help Desk; your PIN will be automatically set to the final 4 digits of your phone number that you registered with, but this can, of course, be changed with their customer support hotline.
The Shift app is available for both Android and iOS, making it accessible to the widest audience possible. Users can always be notified of their finances with the transactions appearing as notifications, keeping everyone updated immediately. Shift is also merchant-friendly, as it helps with a full payment service system. With Shift’s interface, merchants can access customer spending patterns through real time analytics.
How Much Does Shift Cost?
Shift charges roughly below average prices when compared to other cards on the market, which is especially interesting since it has little-to-no high-profile competition in the US market. The card costs just 10 USD, with no monthly or annual renewal or maintenance fees. Withdrawals cost 2.50 USD if domestic and 3.50 USD if international; these fees may be higher depending on the bank of the ATM.
There are also no fees for either online or offline transactions, except a standard 3% currency exchange fee when buying a product internationally in a different currency.
How Is Shift’s User Experience?
Shift’s tight and neat website gives you all the information you need with just a few clicks, and there is no chance of you accidentally wandering somewhere that may confuse you or lead you to another site. The information is readily available and only takes a few seconds to understand. And if there is ever any issue that a user runs into, all he has to do is call their customer service which is free of charge, or send a ticket through their quick ticket system that their customer support responds to as soon as possible.
Conclusion
The best thing about Shift is that it has opened the bitcoin debit card market to US residents, making the effort in getting around all the rules and regulations to provide this service. While their fees are lower than most of their competitors, the downsides to Shift are its restriction to the US market and that you have to link with a third party to access your account—Coinbase or Dwolla. However, if you don’t mind using Coinbase or Dwolla and if you don’t plan on leaving the US anytime soon, Shift is the perfect solution for US residents looking for a bitcoin debit card.
Summary:
- Almost no fees!
- Requires you to connect to a Dwolla or Coinbase account
- Doesn’t provide a wallet
- Can only be used by US residents
- Virtual cards and physical cards cost the same
Pros And Cons
- Serious & trustworthy company
- Cheap fees
- Simple to use
- Available only for clients from U.S.A
- Requires FULL customer information
- Relatively LOW limits
Crypto info 