Every crypto platform wants a share of credit card transaction fees, and MetaMask has now joined that list by introducing two debit cards: one with 1% cashback and no annual fee, and another with 3% cashback and a $199 annual fee.
The 1% option is a virtual debit card, while the 3% version with its $199 fee is obviously a metal card. The 1% card offers a daily spending limit of $15,000, and the 3% card raises that to $30,000.
Before getting too excited, note that the 3% cashback applies only to the first $10,000 in annual spending, after which the rate drops to 1%. Since 3% of $10,000 is $300 and the annual fee is $199, your net gain is just $100 after spending $10,000, which effectively makes this a 1% debit card all along. Genius marketing!
Closing Thoughts
I think there are better 1% debit cards out there that don’t require crypto nonsense and allow you a physical card. Also, I will briefly mention for those who may be thinking about getting this: 1% in the crypto world may not be 1% of cashback.
1 comment
What are the better debit cards than this? Thanks.