Updated: Jul 10
The Litecoin Card is a virtual debit card that allows you to spend Litecoin at point-of-sale anywhere that accepts Visa. After sign up, you have a Litecoin wallet which you can transfer Litecoin to and then later use for purchases by swiping your card. Once a transaction occurs, your Litecoin is automatically exchanged for fiat and the merchant is paid.
Prior to this announcement, there used to be a $5 monthly account fee that drew against your Litecoin balance. Information is still coming out, but dormant accounts may still have a fee applied based on the following quote from the Litecoin Card website.
Are there are any transaction fees?
No. There are no transaction fees, crypto deposit fees, or exchange fees. However, there is a flat monthly fee, that for most users is waived just by using their card regularly.
Regardless, this is huge news and is certainly noteworthy for users who prefer to only keep minimal amounts in the card's wallet.