Spend is a fairly new company and they basically act as a third party payment processor. I am given the exchange rate at the time of purchase and I believe they exchange it into fiat the moment of purchase but I’m not positive (maybe their bullish on Cardano and saving it for their stake pool ) So far it’s been a pretty cool experience and it really didn’t cost me much to setup. It’s a one time membership fee of $25 and after I was verified the card got to me pretty quick. The card looks and acts like your normal credit card with a CC#, strip and chip. Apparently there are restrictions like others mentioned. I think I can also use it like an ATM card and pull cash out of any ATM but I haven’t tested this out yet.
The app has some cool functionality too, I can swap cryptocurrencies instantly and send and receive easily. It’s more of a custodial service though like Coinbase where you don’t have the private keys.
One thing I am curious about and should find out the answer to soon is what happens when I leave a tip. I tipped a few bucks at the restaurant and am not sure if that $2 will be at the current exchange rate or the most recent exchange rate at the time the tip was added on. I’ll update here when I know more.
I also just filled up a growler at the bar and paid again in crypto. The funny thing is neither place had any idea that I essentially paid with crypto.