What is the Club Swan Mastercard?

The Club Swan Mastercard is a subscription-based membership card that allows you to spend a variety of fiat currencies such as GBP, USD, and EUR.

It can be used to spend crypto indirectly by converting your crypto to fiat and allowing it to be spent using the Mastercard which is a debit card. The memberships work in tiers, with the most expensive tier offering the most benefits to users. The cheapest tier works out to $550 for the first year.

What are the Benefits of the Club Swan Credit Card?

The main benefit of using the Club Swan card is the 24/7 concierge services available to members. They provide a team that delivers luxurious experiences and services to the customer. There are supposedly a range of VIP services they can provide to members, with the higher membership tiers getting preferential treatment and their own hotline.

The Club Swan card also gives you cashback on your spending although it depends what tier of card you have.

Potential Club Swan Mastercard Dealbreakers

The main dealbreaker for the Club Swan card is the cost. The cheapest tier works out to $550 for the first year, then $420 each subsequent year as there is no longer a joining fee. In this tier, the cost to convert any of your crypto to fiat, or vice versa, is 3% per transaction. This is about 6 times higher than a regular crypto exchange’s fee (0.5%), and exponentially higher than Binance’s (who offer their own Visa) rate of 0.1% per trade.

Considering that you have to swap you crypto for fiat in order to spend it with Club Swan, this is an expensive cost of use. In order to get 0.5% fees on your swaps with Club Swan you have to be in the Chairman tier, the most expensive, which is $4k for the first year and then $1,500 each subsequent year.

There is also an assortment of fees you have to pay. If you are in the Starter tier, then you have to pay 0.5% in deposit fees to fund your account. In addition, for all tiers there is a fiat withdrawal fee. For the Starter tier it is 3%, Chairman is still 0.5%. They charge you $40 for any chargeback on the card for all tiers.

Is the Club Swan Mastercard Right for Me?

It really depends. If you have a lot of expendable income, then Club Swan can likely provide a service that meets your needs as the VIP concierge services can provide a wide range of benefits. Otherwise, the costs and fees make the cons outweigh the pros with this card.

If you are looking for an affordable card with a wide range of benefits and reasonable fees, then you may be better served elsewhere. The Crypto.com Visa and BlockFi Visa Card are two popular options.