AI Analysis (AIA) has recently launched the AIA Mastercard, a crypto-to-fiat conversion card with very high spending limits – and very high fees.
While the AIA Mastercard does provide users with an easy way to access and convert their cryptocurrency, it’s important to note that like most cards in the crypto space, the AIA Mastercard is still only a debit card.
This means it lacks the credit features of traditional credit cards. This distinction highlights the card’s role in facilitating the immediate conversion and use of cryptocurrencies rather than offering credit services. In short, cardholders must fund the card themselves prior to making any purchases, and no actual ‘credit’ is extended. Funding doesn’t come cheap, either, with card top ups incurring a 2.5% fee.
Key Features and Spending Limits
The AIA Mastercard’s spending limits include daily ATM withdrawals up to €2,000, a daily spending limit of €10,000, and a monthly limit of €100,000. AIA says these limits are designed to accommodate a wide range of users, from high-volume traders to casual cryptocurrency users.
Fees and Global Acceptance
The card comes with a fee structure that includes a 2.5% top-up fee and a 2% transaction fee for non-EU countries, while offering a 0% transaction fee for transactions within the EU. As it is a Mastercard, the AIA card is accepted globally, wherever Mastercard is accepted.
Warning! Very High Fees
At first glance, the card’s fees seem reasonable, but a close-up look at AIA’s fee page reveals very high fees compared to most other crypto debit/credit cards. For example, while the AIA Mastercard only charges a €1.00 a month account maintenance fee, its annual ‘admin’ fee is €180.00. Added together and calculated monthly this is €16.00 a month. The card’s joining fee is an eye-watering €240.00.
Further, if you were to withdraw the maximum €2,000 from an ATM, the withdrawal fee would be €40 (2%). And to top your card up with another €2,000 would cost you another €50 (2.5%).
Cryptocurrency Support and Future Plans
Users can top up their card using several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and the AI Analysis native token (AIAT). The company has announced plans to support Apple Pay and Google Pay in the future, along with the development of an app for managing card transactions and balances.
Application Process and Security Measures
The application process for the AIA Mastercard requires the satisfactory completion of a Know Your Customer (KYC) verification process conducted in partnership with Sumsub. For crypto users looking for anonyminity, credit and debit cards are not an option, as all require strict compliance with laws and regulations relating to money laundering and customer identification.
Different Card Tiers
Currently the AIA Mastercard offers only one ‘black’ card, but AIA says new Metal and Gold card tiers are planned. Each card will have its own set of limits and benefits – with Gold tier users being able to spend up to 100,000 euros a day up to a maximum of a million euros a month. The establishment fee for the AIA Black card is 240 euros.
Conclusion
The AIA Mastercard is a welcome addition to the current roster of crypto credit and debit cards. Its monthly spending limit of €100,000 is the highest we track – giving those who want to fully embrace a crypto transactional life plenty of options. All this comes at a price, however, and the AIA Mastercard’s fee structure is also the highest of all the cards we track – leading us to the conclusion that the AIA card is targeted at the crypto wealthy, not ‘everyday users’.
