To be honest this is less of a review than a detailed description of the Visa card and App on offer. We believe that the card and whole ecosystem is fantastic and are daily users ourselves. You’ll come across minor issues when using the many services, that you either encounter yourself or hear from other users online, but these are mostly growing pains and the company is releasing constant updates and fixes to address anything that arises.
We have used the card and App for a number of months, and everything has been great. The cashback is paid exactly as expected, the card works well, all the App features work great, the exchange is convenient, the earn rewards are fantastic and it’s been a pleasure watching how fast the company and product offerings are growing.
So read through this detailed report, play around with the App and decide what’s best for your circumstances.
$50 signup bonus
$50 signup bonus, not available direct from the App store!
We recommend that you download the App now so that as you read through this article you can check out the features on the app, but so that you don't risk losing your $50 signup bonus, you have 3 options:
Click on this link which will take you to a new page where you will be asked for your email address and the referral code should be pre-filled (if it's not, it's probably because you have an adBlock installed, so you have to paste code 63A6QZTHU6 in yourself). Use the email address you expect to use on the App. Don't worry, the email address isn't going to us as you will already be on the crypto.com website. Then download the App from the App/Play Store as normal.
Download the App from the App/Play store, then come back here on mobile and click on the same link which should open the crypto.com App and notify you that the signup bonus has been applied.
If you already have the app, or you just don't want to click the link, get the App and then go to Settings>Referral code and enter 63A6QZTHU6 which should again notify you that your signup bonus has been applied.
Last option to open on mobile, scan this QR code:
Please note that you have to do this when you first get the App as you or have downloaded it in the last 10 days, because you cannot apply for the bonus afterwards. Once applied, there is no time limit on how long to unlock it. It will unlock as soon as you stake 50MCO to get yourself the Ruby Red card (you are eligible to receive both the card and your bonus as soon as you stake, no need to wait 6 months).
Card benefits
The card has a fiat balance of USD/GBP/SGD/EUR/AUD/NZD depending on your region. This can be topped up using fiat or cryptocurrency, so once you decide to load your card, you are no longer exposed to cryptocurrency price fluctuations. Having the freedom to decide how much you load onto the card and when, gives you great flexibility in terms of managing your fiat/cryptocurrency holdings. Top-ups are instant, so you could hold your cryptocurrency right up until you’re ready to make a purchase, or you can add fiat currency to it just before you know you’re going to make a large purchase. Cryptocurrency top-ups are available with BTC, LTC, ETH, XRP, PAX, TUSD, EOS and XLM.
Cashback on all spending is the key benefit of this card. 5% is extremely high and there’s nothing else that comes close in the market. 2/3% cards have a much lower investment, and in most markets will still offer 2 or 3 times more cashback than the next nearest competitor (usually Amex).
The only things that cashback is not paid on is cash and cash-like transactions, so that’s casinos, cryptocurrency purchases, stock investments, cash withdrawals, etc.
The cashback is paid in MCO as soon as you make a purchase, and you are free to do with it what you will – keep in MCO for an upgrade, or exchange into another cryptocurrency, or exchange it to top-up your card with it for spending.
100% cashback on subscription services such as Spotify, Netflix and Amazon Prime. This will depend on the card tier you get, and it’s explained clearly above. 100% cashback on Amazon Prime is activated at the 5,000MCO 4% tier. Each of these is capped at $12.99 a month (even if you have a family plan which is more expensive, you’ll simply receive the maximum amount back) so have a total value of ~$156 per year.
Simply register your card with the service, and you will receive the full amount back in cashback as soon as the payment is processed.
Interbank exchange rates on spending in foreign currencies means that you can use your card freely when abroad or use it online in foreign currencies and continue to receive cashback on all spending! This is extremely convenient for any travellers as currency conversion fees are typically quite high on all other cards, saving you around 3%. Each card has different monthly limits and a 0.5% fee is applied if you exceed them.
Free cash withdrawals are great, particularly when you’re abroad and need some local cash. The monthly withdrawal limits vary by card so check these for the card tier you choose. Combined with the interbank exchange rate on the card, this is a fantastic way to get local currency in a foreign country, as you avoid the 3-10% fees you would going to a cash exchange bureau. 2% fee if you go over your limit for the month, but the limits are mostly very generous.
A Loungekey pass gives you access to any Loungekey lounge in the world! Most cities have them and allow you to relax (with some free drinks) during your trip. The pass is available to 500MCO, 5,000MCO and 50,000MCO tier users and the 2 higher tiers allow a guest to join you. The value of this depends on how much you travel so can only be determined by you.
Once you receive your card, head over to the Loungekey website to register your card, and the card itself will give you access to the lounges when you’re at the airport.
Increased earn rates are activated in the app at the 500MCO tier, and the value of this will depend on how much you have or plan to invest in earn, which may be nothing. The 5,000MCO and above tiers activate ANOTHER 2% bonus on all earn deposits, this time paid out in MCO, which can be quite lucrative if you have a lot invested, so it may or may not be worth it for you.
10% cashback on Airbnb and Expedia spending is quite a niche benefit and only available to the top two tiers, self-explanatory and capped at $100 and $50 a month respectively. MCO Private is another benefit provided only to the top two tiers, and we don’t think that anything offered is particularly useful. You get access to some research reports, inheritance service, a welcome pack, and finally, exclusively for the Obsidian Black tier, private jet services (just perks, not free travel presumably).
Card tiers
We’ll briefly cover the tiers in reverse order of desirability. This depends a lot on your personal circumstances and spending habits, so read through them and decide for yourself.
OBSIDIAN BLACK (5%) – Though this is of course the best tier in terms of benefits/rewards, a 50,000MCO (~$250,000) investment is simply unrealistic for most people. Even with 8% interest on the stake, 5% cashback on purchases, the monthly subscription perks and the 2% extra interest on earn investments, it’ll take years to double the value of the investment. You really have to be a firm believer in the MCO token to have this much value locked up in it.
ICY WHITE/ROSE GOLD (4%) – Again, a high tier with lots of benefits, but most likely too expensive for most users. 5,000MCO ($25,000) boasts 100% cashback on Amazon Prime, a guest pass for Loungekey, 8% interest on your stake and 2% extra on earn deposits. The only thing that’s likely to make this worth it is if you have over $200k invested in earn, which would give you an additional ~$4,000 interest per year. Even with that, you can see that it would take you a number of years to double the value of your initial investment.
If you have the funds and are willing to risk the price fluctuation of holding the MCO stake for 6 months, it is possible to unstake at the end of the term and still receive 1.75% cashback and get to keep your 2 person Loungekey pass. Though reducing your stake to 50MCO would give you 2% cashback, 2 person Loungekey access and 100% cashback on Spotify.
MIDNIGHT BLUE (1%) – The lowest tier with the least benefits! But 1% cashback is still great, and with no stake required, it’s completely risk free as it doesn’t cost you a penny. No monthly subscription services such as Netflix are included which are quite valuable, and the limits for the benefits outlined above are rather low. A great card where you start seeing returns straight away, however, you’ll likely be tempted to upgrade at some point, and that will incur a $50 card fee. You also don’t receive the $50 signup bonus with this card so it’s a bit of a lost opportunity and might cost you in the long run.
ROYAL INDIGO/JADE GREEN (3%) – This tier remains relatively pricey for most people but offers great benefits. 500MCO ($2,500) seems like a lot, but with 100% back on Spotify and Netflix, that alone is over $300 a year. If you travel a lot the Loungekey pass will probably add a good bit of value for you too. Most importantly, this tier finally gives you better rates when investing in earn and pays 6% interest on your stake. So really, this tier is for those who plan to put reasonable amounts of funds into earn and have a modest belief in the MCO token.
Depending on how much you invest in earn and your monthly expenditure, it will still take you over a year to double your investment, but all the rewards and benefits are likely to be well worth it.
RUBY STEEL (2%) – And finally, realistically the sweet spot for most users. With a 50MCO ($250) stake, you get a massive 2% cashback on all purchases and 100% cashback on Spotify which alone is worth over $150 a year. Staking 50MCO also means that you’ll unlock the signup bonus straight away, so after a few months of normal usage, you will have already doubled your initial investment!
The monthly limits on benefits are relatively low, so if you travel a lot, spend a lot in foreign currencies or just spend a lot in general, you might want to look at the next tier up. However, if you’re just getting into crypto or don’t want too much exposure to price fluctuations, this card is a definite steel ;-).
Card availability
Though the app is available in most countries, the cards are currently shipping in 3 regions. 49 states in the USA, all countries in the European Union (including the United Kingdom, Norway, Switzerland and Iceland) and a number of countries in Asia-Pacific such as Singapore, Australia and New Zealand. All cards are denominated in either USD, GBP, EUR, AUD, NZD or SGD which isn’t ideal for the residents of a few countries, but some of the problem is mitigated by the fact that the card offers interbank exchange rates on purchases.
MCO Token
The MCO is an ERC-20 token which means that it runs on the Ethereum cryptocurrency network. It’s essentially a smart contract written on the Ethereum network which determines how many tokens there are, who controls them, etc.
Apart from allowing the transfer of value, the token is only used on the crypto.com ecosystem and is what unlocks most of the benefits described here. The App and lowest tier cards are perfectly usable without the token, but really the ecosystem is built around it. The original creation of the token was around seeking investment to build this infrastructure, and an increase in the MCO price and greater benefits are technically the rewards for the original investors.
The total supply is 31,587,682 MCO tokens, and the company holds half of those, thus the total circulating supply is 15,793,831. With this limited supply, and the staking requirements for the card, a lot of users expect the value of the tokens to climb in the long term. You can estimate for yourself how many cards of each tier are available, given the supply, and you’ll see that it’s not many cards at the higher tiers. Because of this, the rumours are that the stake for the 2% card will become fixed in terms of USD to ensure that it remains attainable, and the 3-5% tiers will slowly become more and more expensive.
We won’t speculate on the future of the MCO price, and we believe that it is also heavily influenced by the cryptocurrency markets as a whole. For this reason, we advise you to not invest/stake more than you can afford to lose, and to choose a card according to your personal risk profile. Once you have earned back enough to cover your initial stake, the stake amount no longer matters as it’s all profit from that point!
Staking
Staking is just a crypto term for locking up. It’s nothing particularly fancy, it just gets you to commit to a certain investment for a certain period of time and stops you from using those funds (or in this case MCO tokens). It’s part of the original design of the ecosystem and is something to encourage people to value the token more.
With the limited supply of the token, locking some up reduces the supply, and should therefore increase the price, provided there is continued demand. As a user, you get all of the card and app benefits outlined on this page. Additionally, it’s an attempt to preserve, or even grow the value of your investment over time.
Nothing is guaranteed of course, as it relies on the userbase not dropping or growing and is also influenced by the cryptocurrency market as a whole. This is why we talk about “doubling your initial investment” when it comes to the different card tiers, because even though the stake is fully refundable at the end of the term, there is a chance that the value could drop below what you put in. However, once you’ve covered your stake in rewards received, anything after that is pure profit!
This is the reason that people are unlikely to jump straight into the 5,000MCO 4% tier, as they may be uncertain about the exposure to the value of MCO tokens. Most users tend to start with the 50MCO 2% tier, and once they’re comfortable, work up to the 500MCO 3% tier for the additional benefits.
Just to reiterate, the stake is more of an investment than a cost, you can withdraw the stake after the minimum 6 month period but lose some of the benefits. Leave the stake in to continue to benefit from the rewards and have the flexibility to withdraw at any time after that.
Lastly, the stake is not the same as the earn product in the App. Once you’ve purchased your desired number of MCO (either from the app or purchased through Binance) either tap on your MCO balance or on the card icon where you should see an option for a 6 month stake. If you go to earn, you’ll only see a 3 month investment option, which will not give you any of the outlined benefits.
The App
The App is great and does a lot more beyond offering all the card benefits described above and we’ll mention them briefly here.
First, you’ll need to complete their Know Your Customer process which involves uploading identification, proof of address and a selfie. If you’ve signed up to other cryptocurrency websites, you’ll be familiar with the process. If you haven’t don’t be afraid of it, it’s a legal requirement to prevent money laundering, all the data is stored securely and also helps to protect your account. It’s just what a bank or any investment platform would require from you. In our experience the process took just minutes to complete, but they say to allow a few days, presumably if some manual intervention is required.
The wallet within the App is a standard centralised wallet. You can keep you coins on here but as the saying goes, not your keys, not your crypto. However, the company has a $360million insurance policy in place so technically, your funds could be safer on the app.
The wallet also has fiat balances so can be used as an on/off ramp with bank deposits/withdrawals and also crypto purchases with your bank card. Bank deposits/withdrawals are free and the card fee is 3.5%.
Technically the App doesn’t have any trade fees, so you can trade between any currencies for free. HOWEVER, in practice, there is a spread, and users have found it to be around 1% and sometimes higher. We recommend trading smaller amounts as this will give you a better rate, or if you have a really big trade, then to transfer your funds to the exchange and place a limit order on there.
Track allows you to track a lot of the coins available in the market, even if they’re not available to trade on the App. You can set price alerts or search for them and get various pieces of information.
Pay is a great feature which is continually growing. It’s designed to utilise Crypto.com’s other token, CRO, for payments. CRO is currently an ERC20 token, but they are building a new blockchain for it, and plan to grow the whole ecosystem a lot more. Right now, it enables you to make payments between other crypto.com users. Various merchants accept CRO, and you can also buy mobile airtime and gift cards at a discount. In some cases, you are able to get 5-20% off gift cards with certain merchants, so it’s definitely worth having a look!
Credit allows you to take out loans (paid out in a USD stablecoin), using your cryptocurrencies as collateral. The rates are quite competitive at between 8% and 12% depending on your MCO stake with an LTV ratio of 50%. If you want to maintain exposure to the price movement of crypto but want some cash to spend now, this is a great option! Though remember if the value of your collateral drops close to 50%, you’ll need to top-up with fiat or have your collateral sold!
Last, but definitely not least, is the earn feature. Earn is the counterpart to credit and pays you interest on the cryptocurrency or stablecoins you deposit. Three different deposit types are available. Flexible, which gives you the freedom to withdraw your deposit at any time. And 1 and 3 month terms. The longer you deposit for, the better the rates, and the rates are also higher depending on your MCO stake as discussed above.
The rates they pay are certainly competitive (especially on stablecoins), but not always the best in the market. As the top 2/3 tiers get extra on their deposits, the rates are slightly suppressed to allow for this. Once you’re in the 5,000MCO stake (4% card) tier, the rates do become the best in the market for most coins, 8.5% per annum on BTC for example.
Some users have voiced their concerns about the high returns offered on earn deposits, and they are somewhat right to do so. Crypto.com has said that they do not lend out the deposits to institutional traders for example but do lend out the stablecoins through their own platform. They also use the funds to grow the business and see it as a low cost of capital. They have also said that these are just promotional rates during the growth stage and will come down in the future.
Our opinion is that they are currently using the proceeds from selling their CRO holdings to rapidly grow the company, and fund parts of the business which aren’t necessarily profitable, just to attract more users. So although the earn feature isn’t risk free, the interest offered is a great opportunity to grow your crypto holdings!
Crypto.com
The company has been was setup around 4 years ago. After a very successful ICO towards the end of 2017, many were frustrated with the seemingly slow rollout of the promised cards. However, they have been delivering on everything promised and much more. As you can see from the entire post above, the ecosystem is massive and growing rapidly. If you’re just joining now, all of that is in the past and you have a complete product available to you now. From our perspective, the most important aspects are trust and security.
Trust is subjective and difficult to earn, but if you look at how long the company has been around, look into all of their public figures, look through the countless AMAs and blog posts over the years, the feedback from users on social media, the quality of the App and services being offered, we think that you’ll be convinced.
Security is a lot easier to discuss, particularly because the company has some of the best practices in the industry. 100% of user funds are held in cold storage and integrated with Ledger Vault Technology, the App has countless security features, the company has secured $360m worth of insurance and has attained a number of reputable certifications. We have no concerns regarding their security practices.
Unfortunately, as with most crypto companies, security only means so much. As they are not regulated in the same way as bank or other financial institutions, it means that if a company goes bankrupt, all user funds could be lost too, even with the best insurance policy in place.
As we mentioned before, and as with any company/App, you are likely to come across a few complaints or experience a few issues. These are usually small issues within the App, or with transfers being sent from smart contracts, etc. From our experience these issues are fixed very quickly by the team. For example, over the last 6 or so months, the number of users has doubled from 1million to 2million, which means that the customer support regularly takes more than a day to respond. The company claims that they have doubled their support team over the last few months and are looking to double it again now to resolve the issue!
Two other services offered by the company, which complement the main App are the exchange and the brand new non-custodial wallet.
The exchange is a separate service to the App, is only available as a web version, and not available in a number of countries, such as the US. They are in the process of creating an exchange App too. It’s a fairly new exchange, still in beta, and new features are in the works, but so far, it is already close to some of top exchanges out there in terms of usability. You can transfer funds between the App and exchange instantly for free. The App is sufficient for most users, but if you’re trading large amounts or frequently, the exchange will work out cheaper as the exchange fees are 0.2% or less and allows you to place limit orders.
The non-custodial wallet App recently released by the company allows you to be in control of your own private keys. This means that you won’t be able to take advantage of any of the other App features, but you’re also not exposed to any of the risks associated with holding your cryptocurrency on a centralised platform. They intend to integrate the two in the future, but for now you can link the two to make transfers between them a little easier. As the App is so new, we’d say to hold off using it for a while and go for a more established wallet, or a hardware wallet.
We hope that we have provided you with enough information to get a confident start with CDC and the amazing cashback card. Download the App and have a look around. We’re sure that you’ll love it, and whatever card you choose, the worst thing about it will be the unbearable excitement of checking the mail for the card to arrive over the next few weeks!
If you want to read the same thing with a few more tables outlining the card benefits, visit us at CryptoDot.Review.