As booking started for the GoSats Bitcoin Rewards card last weekend, we’ve been receiving a lot of queries from all of our users on the card.
Here’s a compilation of the most frequently-asked questions.
1. What is the GoSats card and how does it work?
A: The GoSats Bitcoin Rewards Card is a prepaid card that enables you to earn Bitcoin rewards seamlessly on every transaction – whether that be for your shopping or your monthly payments.
Since it is a prepaid card, it will need to be topped up via the app before it can be used. The card can be used both for online as well as offline transactions across any PoS device in India.
2. How can the card be topped up? What is the maximum amount I can top up on the card?
A: The card can be topped up easily through the GoSats app. The various payment methods for top-up would include: UPI, Net Banking, Credit/Debit card (Payment Gateway charges would apply) etc.
As per the prepaid card rule in India, the limit is up to 2 lakh per month.
3. What are the fees and benefits of the card?
A: We currently have 2 types of Bitcoin Rewards Card: Intro and Elite.
The Elite Card comes with an annual fee of Rs.999, 1.5% cashback on all spends as well as a Bitcoin deposit bonus of Rs.250.
The Intro Card comes with a one-time fee of Rs.499, 0.5% cashback on all spends and a Bitcoin deposit bonus of Rs.100.
Here’s a list of some other features:
4. I have completed booking. When will I get my card?
A: The first batch of 1000 virtual cards will be processed soon. The next batches will be of higher tranches.
To move up the waitlist and receive the card faster, kindly refer GoSats to your friends and family.
The cards will be distributed according to the waitlist. However, kindly book your cards by March 8 to receive your virtual card in the first batch.
The physical cards will be delivered at a later date. An announcement in this regard will be made once we fix the delivery date.
5. What are fixed and variable rewards?
A: Users will get the option to choose whether they want fixed or variable rewards before every transaction.
If you choose the fixed rate, you will receive a fixed Bitcoin reward of 0.5% on every spend for the Intro Card and 1.5% for the Elite Card.
If you’re feeling lucky and would like to try to get higher rewards, you can choose variable rewards. If you choose variable rewards, then after every transaction you will get a spin on the Bitcoin Wheel.
The amount of sats will be rewarded according to the tile on which the wheel stops. Apart from the reward of 1 BTC, the Bitcoin Wheel will contain maximum rewards of upto 25% for Intro Card holders and upto 100% for Elite Card holders.
However, you cannot club fixed and variable rewards. You have to choose either of these options on each transaction.
6. What is the Bitcoin bonus deposit?
A: When users top up the card for the first time, they will receive a Bitcoin bonus of Rs.100 for the Intro Card and Rs.250 for the Elite Card.
Details on how to exactly claim this will be released closer to the rollout of the cards.
7: Can we make international transactions with the GoSats card?
A: Unfortunately, no. The GoSats Bitcoin Rewards cards can only be used in India.
We hope this answers most of your queries surrounding the card.