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Report: #1495782

Complaint Review: BlockCard - San Antonio Texas

  • Submitted:
  • Updated:
  • Reported By: Bridgette — Mitchellville United States
  • BlockCard San Antonio, Texas United States

BlockCard Blockcard Is a Ripoff - Took My Bitcoin San Antonio Texas

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BlockCard crypto visa card is a ripoff. They advertise no fees but when you transfer your crypto coins to them they ripoff a big chunk of your money. I just opened an account with them and I transfered $15 worth of Bitcoin and my balance is showing Spendable Balance $10.52

I contacted them about the missing $4.48 I got this reply:

..........

Thank you for reaching out, we are happy to answer any questions you have and we want to make sure you understand how your account works. When you deposit cryptocurrency to your account, it is automatically converted into TERN, and from there you can make purchases with the card that will draw from your balance (and automatically convert to USD during transaction processing), or withdraw it as TERN directly. Your USD account balance will change dynamically according to the market value of TERN, the underlying cryptocurrency asset for your BlockCard account.

  Your spendable value is tied to TERN on the BlockCard market.  BlockCard does not use CMC for price value.  As users deposit on BlockCard, the value of TERN increases.  As users spend, the value decreases.  This is tied to the USDD/TERN market.  TERN is never issued at less than $0.008, but can be higher based on BlockCard market usage.  TERN can be spent at any price.   For current pricing click here   For more details about how this works, please check out this article in our FAQ: https://terniohelp.freshdesk.com/support/solutions/articles/44001901366-why-is-my-blockcard-balance-changing   I hope this answers your question, and we are happy to answer any other questions you may have. Thank you again for getting in touch with us.

..........

They never answered my question.  Then they said I had to create an account at some exchange called Lobstr.  I followed the instructions to convert the TERN into XLM, etc. to NO AVAIL! 

 

The President, Daniel Gouldman, responded and said it was nothing they can do because the Bitcoin is automatically converted into Terino.  That's B.S.  If you can RECEIVE BITCOIN, YOU CAN SEND BITCOIN. 

 

STAY CLEAR OF THIS COMPANY.  THEY ARE ONLY TRYING TO DRAW YOU INTO GETTING THEIR CARD AS A WAY TO GET PEOPLE TO BUY AND START USING TERINO.  IT'S ALL ABOUT USAGE WITH THESE NEW TOKENS AND COINS.

 

 

This report was posted on Ripoff Report on 05/29/2020 03:24 PM and is a permanent record located here: https://www.ripoffreport.com/report/blockcard/san-antonio-texas-ripoff-took-1495782. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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