Abra Wallet Service Will Now Accept America Express
This Tuesday, Abra, a bitcoin wallet and payment service announced it would allow for the use of American Express to purchase digital currency. The company told reporters, the new funding option allows for users to use the credit card to fund accounts and send payments. It will first be available to a small group of users and will later be rolled out to the entire member base.
However, this feature only allows for users to use their current AMEX card but does not permit them to sign up for a new card through the wallet. Abra claims there are no transfer fees or wallet fees associated with the services. However, users will have to pay a 4 percent credit card fee if they wish to fund with American Express.
Also, withdrawing or adding funds through an Abra teller has a fee starting at 1.5 percent, which goes directly to the teller. According to the company, tellers set their rates, and these are visible within the Abra app.
Along with the new service, Abra has updated its transaction limits. American Express credit card deposits have a daily limit of $200 and a monthly limit of $1,000. In comparison, bank deposits have a $500 daily limit, $1,000 weekly limit and $2,000 monthly limit.
According to the company, any card issued by American Express or a third-party licensed to issue American Express branded cards will be accepted, this included prepaid cards including Bluebird and American Express Serve cards.