Mastercard’s zero-fee crypto card is here, but it’s that good?

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Mastercard teams up with Bitget Wallet to roll out a zero-fee crypto card.

The card lets you spend your crypto like cash at over 150 million merchants worldwide, and this sounds like a dream, right? Swipe your crypto directly from your digital wallet, no fuss, no waiting.

No free lunch

Based on the shared informations, it works with stablecoins like USDC, shielding you from Bitcoin and Ethereum’s usual price swings.

For people in places with shaky currencies or limited banking, this could be a quite big deal. But there’s a catch.

Zero-fee doesn’t exactly mean zero costs. Sure, there’s no application fee beyond a small 10 USDC issuance charge, no annual fees, no credit checks, and no bank account needed.

You get a virtual card instantly and a physical one if you want. Mastercard calls it innovation, and Bitget says it makes crypto more useful.

But critics? They warn this zero-fee label might mislead newbies who don’t get the fine print. Because you know, there’s no free lunch.

Certain rules

While you won’t see fees slapped on at checkout, costs lurk in the shadows. Exchange rates for converting crypto to fiat often include hidden markups, a silent profit for the service. ATM withdrawals? Expect fees. Spending abroad?

Currency conversion charges may apply. And if you’re using congested blockchains like Ethereum, network fees can spike, sometimes costing several dollars per transaction.

Bitget tries to soften the blow by subsidizing some gas fees, but only during promotions and on select chains.

Think of it like ordering a free coffee, only to find out the cream and sugar cost extra.

The card’s zero-fee promise holds up best if you stick to USDC on certain blockchains, shop locally, and avoid ATMs. Step outside that neat little box, and your wallet’s gonna feel it.

Mastercard’s involvement gives this card a solid backbone, no shady crypto startup vibes here, so in case of security?

No worries. But the legal landscape? It’s a mess. The EU’s MiCA rules will slap strict requirements on stablecoins and crypto firms.

Bitget, Mastercard, and their partners might have to change how they handle your funds, disclosures, or transaction settlements.

Outside the EU, it’s a patchwork of rules, meaning some users could face sudden roadblocks or identity checks that feel like a blast from the past.

Responsibility

Bitget’s non-custodial wallet means you’re the boss of your keys, and your fate. Lose your recovery phrase or fall for a scam?

No one’s bailing you out. They claim a $300 million protection fund exists, but details on how and when it kicks in are pretty murky.

So this card might be less about democratizing crypto and more about locking in Bitget’s VIP users and gathering juicy data for Mastercard.

Every swipe feeds Mastercard insights on how and where you spend crypto, shaping future financial products. So, while you enjoy zero fees, you might be paying with your privacy.


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

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