A pre-paid debit card is a card onto which money is loaded – it does not represent an account, rather it is simply an amount of spendable money, similar to the credit on a pre-paid mobile phone. Money is loaded onto the card (as you would a gift card) but it can take up to several days before it is spendable. The whole value of the account is on the card – if you lose the card you could lose all the money on it.
The Glint debit card differs because it is a spending instrument for your Glint account. The funds themselves are held in a safeguarded bank account with a Tier 1 bank. You can access your balance using the card but, unlike a pre-paid card, no funds are kept on the card. You don’t have to pre-load the card before you spend, you just need to have funds in your account, just like a bank card. If you lose your Glint card you can easily freeze it in the Glint app.
Some pre-paid card providers can sell gold and then the paper currency from that sale can be loaded onto their pre-paid cards. This process can take several days and when you come to spend that money the gold price could have changed. When you spend from your gold wallet on the Glint card, say to buy a £2.50 coffee, the corresponding value of gold is sold into pounds and passed to the vendor within 200 milliseconds. This lets you take advantage of the live gold price. The Glint app also gives you a choice of which currency you want to spend on the card: pounds, dollars, euros or gold (with more to come), so wherever you are in the world you can instantly chose the best currency to pay in.
The gold you buy on the Glint app is unencumbered and secure in Brink’s vaults owned by you. The Glint debit card allows you to spend your physical gold instantly. With a Glint card you have the ability to spend anywhere Mastercard is accepted in the world.