hi Card review

Overview

The hi Card is a Mastercard debit card offered by hi (hi.com), designed to bridge the gap between traditional finance and the crypto world. This card allows users to spend both cryptocurrencies and fiat currencies at over 90 million merchants worldwide. While the card is currently available to residents of EEA countries and the UK, its availability may expand in the future. The hi Card offers both physical and virtual card options, providing flexibility for users who prefer digital transactions or the tangible experience of a physical card.

One of the standout features of the hi Card is its integration with the hi platform, which supports over 100 cryptocurrencies for buying and selling. This makes it an attractive option for crypto enthusiasts looking to manage their digital assets alongside traditional spending. However, it’s important to note that the card operates in a custodial manner, meaning hi holds the crypto on behalf of the user. This setup may not appeal to those who prioritize self-custody and full control over their assets.

How it Works

To use the hi Card, users must complete a full KYC (Know Your Customer) verification process. This is a standard requirement for financial products that ensures compliance with regulations and helps prevent fraud. Once verified, users can fund their card through an IBAN (for EUR/GBP) or directly from their crypto holdings. This flexibility allows users to seamlessly transition between fiat and crypto, depending on their needs and market conditions.

The hi platform also offers a staking feature, where users can earn Boosters with up to 50% APY on their crypto deposits. This feature is particularly appealing for those looking to grow their crypto assets while still having the ability to spend them. However, it’s crucial to understand the risks associated with staking and the volatility of cryptocurrencies, as market fluctuations can impact the value of your holdings.

Fees and Value

While the hi Card does not charge an annual fee, specific fee details such as foreign exchange (FX), ATM, and top-up fees are not published by the issuer. This lack of transparency may be a concern for potential users who want to understand the full cost of using the card. It’s always advisable to check the latest fee structure on the hi website or contact their customer support for detailed information.

Additionally, it’s important to note that the card’s rewards program, which previously offered Spend Rewards paid in HI tokens based on membership tier, is currently suspended. This suspension affects both HI and Crypto Spend Rewards, as well as Fiat Spend Rewards, until further notice. Users who were attracted to the card for its rewards may need to reconsider their options or wait for the program to be reinstated.

Who it’s For

The hi Card is best suited for individuals who are already active in the crypto space and are looking for a convenient way to spend their digital assets. Its integration with the hi platform and the ability to earn Boosters through staking make it an attractive option for those who want to maximize their crypto holdings. However, the suspension of the rewards program and the custodial nature of the card may be drawbacks for some users.

For those interested in cashback rewards, it might be worth exploring other options available in the cashback category. Additionally, users should consider the card’s availability in their region and the potential impact of crypto market volatility on their spending power.

For more detailed comparisons, check out our card comparison page and our rating methodology to understand how we evaluate different cards.

In summary, the hi Card offers a unique blend of traditional and crypto finance, but its current limitations and the lack of transparency on fees may be a concern for some users.

Fees & costs

Pros & cons

Supported crypto

Coins:

Our take

The hi Card is a versatile Mastercard debit card for EEA and UK residents, integrating crypto and fiat spending with staking opportunities, but its rewards program is suspended and fee details are unclear.