Foxbit Card review

Overview

The Foxbit Card is a prepaid crypto card issued by Brazilian cryptocurrency exchange Foxbit. Designed for users in Brazil, this Mastercard offers a blend of traditional payment network benefits and crypto-centric features. As a prepaid card, it requires users to load funds before making transactions, providing a straightforward way to spend cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Cardano (ADA), as well as Brazilian Real (BRL).

One of the standout features of the Foxbit Card is its cashback program, which offers up to 1% cashback on crypto transactions. The cashback tiers are structured as follows: 0% for transactions up to R$999, 0.5% for transactions between R$1,000 and R$2,999, and 1% for transactions of R$3,000 or more. It’s important to note that this cashback is only applicable to crypto transactions, not BRL transactions. Additionally, cardholders can enjoy over 70 benefits through the Mastercard Surpreenda program, enhancing the card’s value proposition.

How it Works

To use the Foxbit Card, users must first have an existing account with the Foxbit Exchange, as the card is directly linked to this platform. The card operates on a custodial model, meaning Foxbit manages the cryptocurrency holdings on behalf of the user. This setup simplifies the process of converting crypto to fiat for transactions, as the card automatically handles the conversion when a payment is made.

Users can choose to pay with any of the supported cryptocurrencies or BRL, offering flexibility in how they manage their funds. The card is compatible with both Apple Pay and Google Pay, allowing for contactless payments and further integrating into the modern digital payment ecosystem. The Foxbit Card is accepted worldwide wherever Mastercard is accepted, making it a versatile option for international travelers and online shoppers.

Fees and Value

The Foxbit Card boasts a zero annual fee, which is a significant advantage for users looking to minimize costs. However, the issuer does not publicly disclose information on foreign exchange (FX), ATM, or top-up fees. This lack of transparency may be a concern for potential users who want to understand the full cost structure of using the card. It’s crucial for users to be aware of these potential fees and consider them when evaluating the card’s overall value.

The cashback feature is a key selling point, but its limitations should be noted. The cashback is only applicable to crypto transactions, which may not benefit users who primarily use BRL for their transactions. Additionally, the tiered structure means that users need to spend a substantial amount to maximize the 1% cashback rate.

Who It’s For

The Foxbit Card is ideal for Brazilian residents who are already active users of the Foxbit Exchange and are looking for a way to seamlessly integrate their crypto holdings into their daily spending. It caters to individuals who appreciate the flexibility of using multiple cryptocurrencies and BRL for transactions. The card’s compatibility with Apple Pay and Google Pay makes it a convenient option for those who prefer digital wallets.

However, users who are not based in Brazil or are not willing to go through the full KYC process required by Foxbit may need to look elsewhere. Additionally, those who primarily transact in BRL may find the card’s cashback limitations restrictive.

For more detailed comparisons of crypto cards, visit our comparison page. To understand our rating methodology, check out our how we rate page.

VERDICT: The Foxbit Card offers a zero-annual-fee option for Brazilians to spend cryptocurrencies with up to 1% cashback on crypto transactions, though its benefits are limited to existing Foxbit users and exclude BRL transactions.

Fees & costs

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Frequently asked questions