Use your loan balance immediately with the new LendFi Visa Card

Posted: 7 October 2020 12:23 pm
News

LendFi debit card next to app

Get near-instant access to loan balances with the LendFi Visa Card, plus earn up to 4% cashback on all purchases.

Swipe — a digital wallet app for cryptocurrency — is teaming up with Marqeta to launch the LendFi Visa Card — a debit card that gives LendFi borrowers near-instant access to their loan balances. Here’s what we know so far:

Name: LendFi Visa Card
Features: Virtual Visa card gives you near-instant access to LendFi loan balance, add various stablecoins to your card for spending, tokenize the virtual card with Apple Pay and Google Pay, the metal version of the card earns 4% cashback on all purchases, the standard card earns 1% cashback on all purchases.
Fees: None for the card, but loan balance is still subject to APR, fees and other terms and conditions.
Limitations: Can’t withdraw cash at ATMs, stablecoins must be pegged at $1 USD.

The LendFi Visa Card integrates with the LendFi app to give borrowers near-instant access to over-collateralized loans. This means that unlike with similar loan setups, borrowers won’t have to wait a few days for approval and another 7 to 10 business days for their physical card to come in the mail.

“Being able to issue a loan directly onto a card further extends our innovations to help remake the lender-borrower relationship, allowing borrowers to access funds almost instantly and giving the lender real-time insight into how the funds are used,” said Marqeta Vice President of Business Development Salman Syed in an announcement.

Borrowers will get to choose between two different physical cards: a standard card and a metal card. The standard card earns 1% cashback on all purchases. The metal card earns 4% cashback and has no foreign transaction fees.

The announcement also stated that the LendFi app will come with a stablecoin aggregator so users can add various stablecoins directly to their card.

This new LendFi Visa Card announcement is just one of many crypto banking products Swipe is launching this year. The company announced in August that it would be releasing a USD checking account with no fees and FDIC insurance through Evolve Bank & Trust. The checking account will support direct deposits and give users an on-demand way to buy and sell supported cryptocurrencies. Similar to the LendFi Visa Card, the Swipe USD Checking account will feature a crypto-supported debit card.

How to sign up

Borrowers can sign up for the LendFi Visa Card using these steps:

  1. Download the LendFi mobile app
  2. Fill out the LendFi Visa Card application
  3. Verify your identity

You’ll immediately receive your virtual LendFi Visa Card upon approval. Add this card to Apple Pay or Google Pay and begin using it while you wait for your physical one to come in the mail.

How does the LendFi Visa Card compare to similar cards?

The LendFi Visa Card is FDIC insured through Sutton Bank. Here’s how it stacks up against the competition:

Pros:

  • Immediate access to LendFi loan balance. Start using your loan balance immediately while you wait for your physical card to come in the mail.
  • Two card choices. Borrowers can choose between two physical card tiers depending on their spending needs. The standard tier earns 1% cashback on purchases, while the metal tier earns 4%.
  • Backed by Visa. Use your loan balance and cryptocurrencies at over 40 million merchants worldwide — wherever Visa is accepted.

Cons:

  • No ATM access. Unlike with similar cards, you can’t use the LendFi card to withdraw cash at an ATM.
  • Doesn’t support all cryptocurrencies. Stablecoins must be backed or pegged at $1 USD to be loaded onto your card.

Photo: Supplied

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site