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Crypto.com Card Explained
Visa cards are one of the most reliable and widely accepted payment methods throughout the world. Its Crypto.com variant has no annual fee and additional withdrawal expenses for small transactions while retaining Visa’s brand recognition as the most widely accepted card in the world, alongside Mastercard.
But the best thing about it is the ability to earn money as you spend it. It sounds crazy but this is how it works: First of all, you need to stake a certain amount of Cronos on your account. If you are on the fence about staking, we’ve covered some basics below to get you up to speed. In other words, Crypto.com is probably not the best card for you due to its reliance on staking in order to yield rewards and benefits.
Depending on the selected amount, your Crypto.com card will be assigned a tier upon which you can reap the benefits as you shop or pay for services in the form of cashback.
In addition to these perks, Crypto.com card owners can count on discounts at different services and subscription-based entities. Having said that, Crypto.com card is not without shortcomings, so be cautious and realistic when deciding whether this particular crypto debit card is your best option.
What is Crypto.com Card?
Crypto.com Visa card is a debit card you can use to buy goods and services with cryptos. Particularly, it’s a prepaid debit card that can be used at casinos that accept Visa cards – and your crypto assets are instantly exchanged into a fiat currency necessary for each transaction. This means you are no longer at risk of overspending cryptos at the lower exchange rate, which happens a lot due to the volatile nature of all cryptocurrencies.
Besides this, crypto debit cards are known for their tempting crypto rewards, and the Crypto.com card is no exception. You can earn back up to 5% of each of your purchases, and the amount of the cashback depends on your card tier – the higher the tier, the better the reward.
Crypto.com Cards Benefits
How Does the Crypto.com Visa Card Work?
In a nutshell, a Crypto.com card is a prepaid debit card you have to load your assets onto before hitting an online casino. It is entirely up to users to load cryptocurrencies or fiat money via the Crypto.com app. However, if you opt for real cash you can top up by using the money that’s been deposited already, or you can use a fiat-based credit or debit card like Visa.
What is Staking and How to Earn Rewards?
Similar to banks and savings, staking is the easiest way to improve your crypto credit at a steady, albeit low rate. It represents a lock-up period of 180 days for some or all of your digital assets.
In essence, you are committing your Cronos tokens to the Crypto.com platform, and in return, you get crypto rewards indexed in CRO tokens. Staking is a process in which your committed crypto assets support the blockchain network and confirm users’ transactions.
Staking is possible with proof-of-stake cryptos, which proved to be more efficient than proof-of-work currencies that involve mining devices and graphic cards in order to harness the computing power needed to mine cryptos. Staking interests are way higher than bank savings, and an effective way to generate passive income. You don’t need expensive tech, it’s very safe and secure, and on top of it all, it’s eco-friendly.
Crypto.com Card Tiers and Additional Benefits
Crypto.com card features the native currency called Cronos, or CRO token. If you want to stake cryptos and collect rewards you have to use CRO tokens on this platform. There are five card tiers, depending on how many Cronos you wish to stake for 180 days.
Apart from the zero-fee annual costs, you can expect monthly spending credits for Airbnb and Expedia, on higher-level tiers. You can save up to $13,99 on Spotify (all tiers) and Netflix (Royal Indigo/Jade Green and up), and $14,99 for Amazon Prime (Frosted Rose Gold/Icy White and up).
If you stake enough CRO coins to qualify for higher tiers, Expedia and Airbnb arrangements will cost you 10% less, up to a monthly max of $50 for Expedia and $100 for Airbnb accommodation.
Users with Royal Indigo/Jade Green tiers and up can enjoy unlimited airport lounge access via LoungeKey. The service is available in around 1,100 lounges located at over 500 airports.
Crypto.com Card Limitations
The next chapter is all about Crypto.com card limitations and things to look after if you are truly interested in owning and using this crypto debit card. Some of them are minor inconveniences, but others can be annoying.
Restrictions on rewards
A lot of users miss this information, but earning rewards and reimbursements is not available in all situations. A lot of merchants and service providers are excluded, here are some of the most important ones:
Capped monthly rewards
Some Crypto.com card tiers have crippling caps on monthly rewards, which is both annoying and frustrating. For example, The Ruby Steel card can earn up to $25 in rewards per month, while the Royal Indigo and Jade Green cards can yield up to $50. So in effect, you can get rewards only on your first $2,500 monthly expense.
Sadly, the flat rate rewards (like 2% on purchases) do not offer unlimited rewards, as most competitors do. This is definitely one of the biggest drawbacks of the Crypto.com card.
Crypto.com Card Transactions Limits
Some crucial aspects of this card are not limited in any way. For instance, you can load, spend and withdraw as much as you want onto a Crypto.com card, generally speaking.
However, limitations are applied according to your card tier. The Midnight Blue card, which is the lowest card tier, has a maximum balance of $25,000 and purchase limits of $10,000 per day and $15,000 per month.
Replacement and inactivity fees
Depending on the situation, Crypto.com Visa Card charges the following fees:
Is Crypto.com Visa prepaid card a credit or debit card?
As the name suggests, Visa prepaid debit card is not a credit card. Unlike traditional credit cards, all prepaid cards, including Crypto.com Visa debit cards, require ready-to-spend, deposited assets on your account in order to make a purchase, or pay for a service.
What is a Crypto.com Card tier?
A card tier represents how valuable and profitable your Crypto.com Visa Card is. Crypto.com has five card tiers (Midnight Blue, Ruby Steel, Royal Indigo, Jade Green, Frosted Rose Gold, Icy White, and Obsidian) and each of them yields a certain amount of CRO rewards, depending on the card tier level. Card tiers can be raised or lowered by staking the Crypto.com Visa Card native crypto called Cronos (CRO). The more Cronos you stake in your crypto wallet, the higher your card tier.
Are my free ATM withdrawals limited in some way?
Yes, there is a monthly limit depending on your preferred card tier. Your free ATM withdrawal ranges from $200 to $1,000. Any additional withdrawals include a 2% fee.
Are there any limitations to my reimbursements when I shop using Crypto.com Card?
Unfortunately, there are. Do not count on insurance policies, business and personal, novelty shops, gift shops, souvenirs, computer software, and similar goods.
Can I use Crypto.com Card without any intent to stake Cronos tokens?
Yes, you can use it regardless. But be aware that by doing so you are missing the best perks and benefits, and if staking is too much trouble for you maybe you should look for alternative crypto cards.
What is the minimum card tier that you recommend?
In our experience, there is no point in staking Cronos coins if you do not intend to stake at least $400 in CRO tokens. That way, you can get 1% in CRO rewards, but they are capped at only $25 per month. If possible, the best option is to stake $40,000 and get a 3% in CRO rewards with no monthly cap.