The Solana Debit Card: So Bad, It's Almost Impressive
Alright folks, gather 'round, because today we're diving deep into the Mariana Trench of terrible financial products. Get ready to meet... the Solana Debit Card.
Seriously, this card is so awful, it's like it was designed to actively punish consumers. Let's break down this hot mess, shall we?
What IS the SolCard?
It's a prepaid debit card that lets you spend your Solana crypto tokens. Sounds kinda cool, right? WRONG. Unlike other crypto cards, this one doesn't earn you any rewards. Nada. Zilch. It just... costs you. A LOT.
Key "Features" (and by Features, I Mean Problems)
Virtual Only: No physical card. You can only use it through Apple Pay or Google Pay. They spin this as a benefit, saying you can use it "immediately." Because having to load crypto onto a debit card is faster than swiping a regular card, right?
No Approval Process: Because, hey, if you're willing to throw money into a pit, they're not gonna stop you!
Fees on Fees on Fees: Hold onto your hats, because this is where it gets truly offensive.
5% Top-Up Fee: Every time you load the card, 5% vanishes into thin air. Put $100 on the card? $105 is sucked from your bank account. Highway robbery, I tell you!
Card Issuance Fee: Yup, you gotta pay to get the privilege of using this card. $10 for Mastercard, $40 for Visa. For a virtual card!
Transaction Fee: 30 cents PER TRANSACTION. Buying a pack of gum? Add 30 cents to the bill.
Foreign Transaction Fee: 2% for international purchases.
Apple Pay Tax: Using Apple Pay? Add another 30 cents per transaction. So that's 60 cents if you use Apple Pay.
Small Purchase Fee: 15 cents, because why not squeeze a little more?
Monthly Maintenance Fee: $1 a month, which is basically a sneaky $12 annual fee.
Withdrawal Fee: $1 to withdraw your balance to another crypto account.
Basically, you're paying to open the card, hold the card, use the card, and load the card. It's like they're charging you for the privilege of losing money!
Solana vs. Crypto.com: A (Slightly) Less Terrible Option
The Crypto.com debit cards are also prepaid, but at least they offer some cashback on purchases. You have to lock up money in CRO (Crypto.com's currency) to get the higher tiers of cashback (up to 8%), but even the lowest tier (1.5%) is better than the Soul Card's big, fat ZERO.
Crypto.com also has fees, but they're not quite as egregious as the Soul Card's.
Other Crypto-Earning Options
If you actually want to earn crypto rewards, there are better options!
Robinhood Gold Card: 3% back on everything, redeemable to your Robinhood brokerage account.
Gemini Card: Offers various cashback rates on different categories (gas, dining, groceries, etc.) paid out in the cryptocurrency of your choice.
Crypto.com Credit Cards: Similar to their debit cards, but, you know, credit cards.
Coinbase Card: Coming soon from Coinbase, rumored to be on the American Express network.
The Verdict?
The Solana Debit Card is quite possibly the worst debit card ever conceived. There are so many fees, you're basically paying for the "privilege" of spending your own money. If you're looking to earn crypto rewards, there are far better options out there.
Seriously, steer clear of this one, folks. Your wallet will thank you.