Disclaimer: I am not a financial advisor. The information on this site is for informational purposes and isn’t financial advice. I cannot guarantee that you will have the same results as I have nor can I guarantee that the information shared here is appropriate for you. I am not employed by Ternio, LLC nor do they pay me for writing this blog. I share referral links on this site which offer financial incentives but my opinions are my own. I am not also not a tax consultant or a CPA.
Spoiler: I think the Blockcard is the most competitive, aggressive and best debit card on the market today. It’s not without its flaws but here is an in-depth look at the crypto card with my own personal experience.
Sign up today and get $10 in TERN when you add a minimum of $100 worth of crypto.
Exchanges that I’ve tried:
Introduction: Blockcard by Ternio
BlockCard is a pre-paid debit card that you can get up to 6% cash back on all your purchases. “6% cash back?” You ask. Yep 6% cash back and much more with a few quarks about it. But first, how did I stumble on Blockcard? I have been somewhat following crypto for years. I was first introduced to crypto almost a decade ago when Bitcoin was just a small project but it wasn’t until April 2020 that I made my first crypto purchase. I became very active on Reddit and Facebook until one day I came across a post referencing Blockcard. I did some research and there were a lot of mixed information on the card but I found it fairly intriguing. Keep in mind, I did apply for a Ruby card from Crypto.com and I was somewhat heavily invested over there (which now I am a Jade card holder but that’s a topic for another day). After some debating, I impulsively dove into the BlockCard on June 26, 2020. This is my review after my first 30 days, and what a journey the first 30 days had brought me.
The system is simple. If you stake 145,000 TERN (staking crypto generally means putting the money away in like a CD but in this case you get no interest) in a month-to-month contract you get 6% cash back on your spending while using the card. The fees are very clear on their website but the main fees are basically: 1) $10 to activate your debit card (you get a digital one within minutes and I got my plastic card in the mail 7 days later), and 2) if you don’t spend at least $750 in a month then you get charged $5.
“Wait what? $5 fee if I don’t spend $750? What a rip off!” I hear you say. Well at least that was what I said and then what my wife told me when I told her about the card. But if you think about it there are premium credit cards out there that have an annual fee similar to $60/year but in my experience this card will save you much more money than potentially any other card on the market. Another consideration, if you spend $100 and you have the 6% return then that pays for the card in itself. Spend $200 in a month and you are golden. If we manage to spend all our expenses on the card then we definitely hit that $750 price target but here is the kicker… We will probably save a lot more than 6%.
Blockcard currently works by depositing crypto and they instantly convert it to TERN. What is TERN? It is a crypto built on Stellar/ETH networks that is the native token for Ternio. This doesn’t mean you have to give up your favorite exchanges or wallets but to simply put it, you drop your spending money into the account and buy stuff. But the issue at hand is, Ternio never sells TERN less than .008 so if you deposit a stablecoin like 100 USDC and the price is at .006 then they will give you TERN at the rate of .008 only giving you 12,500 TERN. This is where it gets tricky because your account balance will show that you only have $75 worth of TERN and people think that Ternio charged them a $25 processing fee but this is not the case. They have a price floor and that’s just the price you get.
This is what the dashboard looks like for my account.