I will start by saying that I like this idea and it is something the whole Bitcoin community was waiting for years ago when we were promised the Bitcoin MasterCard.
The biggest thing people will likely balk at is the 10% fee per purchase (I know, it is cut to 5% with referrals). I will say that this will turn off many people, and justifiably so. But I will say that last month when I was in Paris I used my American Express card a few times and they charged me a 3% conversion fee on every purchase, so 5% is not a huge stretch for foreign travel.
First question would be, do we have to fill the card before a purchase? Or can we swipe a card and have our Bitcoins automatically converted (which would create the follow up question of: do we have to have our bitcoins on your online wallet?).
If we need to fill the card beforehand, how long does it take to convert to fiat?
You mention using the card in foreign countries, do we have to specify which currency it is converted to? Is there a foreign currency fee?
I think this is a great step forward and helps Bitcoin. A lower fee would be better but I imagine that would come with time and competition. I can see this as a handy tool for having an emergency debit card. Not so much an every day choice. I think if you got the rate down to 3% you would be competitive with the credit card companies.
Thanks for posting and I'm glad you like the concept!
Do we have to fill the card before a purchase?
-Currently yes! I thought about implementing a live wallet feature but know that presents some security risks and was afraid some users wouldn't want to trust a new site so soon. However this is a perfectly possible option for the future, and if heavily requested can be implemented!
how long does it take to convert to fiat?
-It takes approximately one hour. Maybe less.
Do we have to specify which currency it is converted to?
No, It will always be sent as USD first. If you purchase something in a foreign country / or withdraw using the card then the moneys ill be converted.
I think if you got the rate down to 3% you would be competitive with the credit card companies.
My goal is to eventually get the rate down, but I can't do that without the help and support of a friendly user base!
At this point in time its not in the cards.