Notice all references to VISA are now gone from the Tokencard website, compared with early May version on web.archive.org, along with the VISA logos on images of the card.
From my history in copywriting, I'm going to bet the VISA lawyers rounded up all these ICO card projects and forced them to remove their trademark or face civil action. There clearly was never a partnership and they are now making it up as they go. It's just another prepaid card (of many on the market already). Oh, and they probably damaged any chance of a relationship with VISA by attempting to profit off their back. I wouldn't be surprised if VISA are taking them to court for damages.
Frickin' wild west. I'm surprised the regulators haven't come down on these ICO scams already. Don't worry it will probably 10x in price regardless.