Issued by Previous issuer: Metropolitan Commercial Bank (Member FDIC). BitPay is transitioning to a new banking partner (not yet disclosed). — Regulated Money Services Business (MSB) status. Licensed in required states for virtual currency business. BitLicense from New York State Department of Financial Services.
BitPay CardReview
Prepaid Mastercard for US residents converting 15+ cryptocurrencies to an FDIC-insured USD balance.
The verdict
Best for: US residents needing to spend crypto with an FDIC-insured USD balance.
Skip if: You need a card now, as new applications are currently paused.
- No monthly fees, but a $5 inactivity fee after 90 days.
- FDIC insurance up to $250,000 on USD, but each conversion is taxable.
- No-fee domestic purchases, but a 3% fee for international transactions.
How it works
- **Virtual Card**: Yes, available instantly upon approval.
- **Mobile Wallets**: Compatible with Apple Pay and Google Pay.
- **Supported Crypto**: ~15 assets including BTC, ETH, LTC, DOGE, SHIB, XRP, and multiple stablecoins.
- **Top-Up Method**: Convert crypto to USD to load the card balance via the BitPay app.
- **Insurance**: USD funds on the card were FDIC-insured up to $250,000.
- **Staking**: No staking requirements for any benefits.
Funding: Cryptocurrency conversion via BitPay app · Direct Coinbase account linking
Custody & risk
- If the issuer disappearsOnce funds are converted and loaded onto the card as USD, the user no longer holds the private keys. Unconverted crypto remains in the user's control.
- Counterparty riskBanking partner transition - previous issuer Metropolitan Commercial Bank exited cryptocurrency business
- Counterparty riskHistory of card program discontinuations due to banking partner changes
- Counterparty riskIf provider disappears, unspent USD on card may be lost
Users control their crypto in a self-custody wallet until they choose to load the card. At the moment of loading, the crypto is converted to USD and held by the card issuer.
Protections
- 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
- Uses Onfido for document and facial verification
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.
Limits
The good
- No monthly maintenance fees.
- Instant conversion of 15+ cryptocurrencies to USD.
- FDIC insurance on USD balances up to $250,000.
- Instant virtual card with Apple Pay & Google Pay.
- Up to 15% cashback at select merchants.
The catches
- 3% fee on all international purchases.
- $5 monthly fee after 90 days inactivity.
Limitations
- majorNew applications currently paused during banking partner transition
- majorNo published timeline for program relaunch
- majorU.S. residents only, not available internationally
- moderateNo universal cashback on all purchases - rewards are merchant-specific
- moderate3% currency conversion fee on international purchases
- moderate$5 monthly inactivity fee after 90 days of no usage
- moderateEach crypto conversion creates a taxable event requiring record-keeping
- minorPrepaid card limitations for hotel holds and car rentals
Where rewards don't apply
- Illegal transactions — Cannot be used for illegal transactions
- Some merchants — Some merchants may decline prepaid cards for certain purchases
- Recurring subscriptions — May not work for recurring subscriptions that verify card funds