The Crypto.com Visa Card is actually a suite of debit card products that offer rewards for crypto investors. The more you stake, the more benefits you unlock.
About the Crypto.com Visa Card
Crypto.com is best known for its cryptocurrency Cronos (CRO), but you might not know the company also offers a suite of Visa card products that allow crypto investors to earn rewards and benefits.
The Crypto.com Visa Card works like a prepaid card, meaning you’ll have to add any money to your account that you want to spend. It comes with five different rewards tiers and benefits based on the amount of money you “lock up” or stake in your Crypto.com account for six months. The more you stake, the better your benefits. Tiers are broken down as follows:
- Midnight Blue: No CRO lock up requirement.
- Ruby Steel: At least $400 CRO lock u.p.
- Royal Indigo or Jade Green: At least $4,000 CRO lock up.
- Frosted Rose Gold or Icy White: At least $40,000 CRO lock up.
- Obsidian: At least $400,000 CRO lock up.
Rewards are earned in the form of CRO credit to your Crypto.com wallet, with Midnight Blue cardholders earning no rewards, Ruby Steel earning 1% back, Royal Indigo and Jade Green earning 2% back, Frosted Rose Gold and Icy White earning 3% back and Obsidian earning 5% back. Ruby Steel cardholders are also limited to a $25 rewards cap each month, while Royal Indigo and Jade Green cardholders are limited to $50.
Benefits grow the more you stake with Crypto.com, with highlights including credits for Spotify, Netflix and Amazon Prime memberships as well as airport lounge access, depending on your tier. These are pretty good rewards for a prepaid card, considering they’re usually reserved for premium credit cards. But to unlock the best of the batch, you’ll have to stake quite a bit of CRO.
As a prepaid card, the Crypto.com Visa doesn’t charge a traditional annual fee. However, your card may incur a foreign transaction fee when used abroad, depending on your tier. Depending on your membership tier, your card will have an associated ATM withdrawal limit each month – a restrictive policy for a prepaid card.
Clearly, the Crypto.com Visa is the most beneficial for only those who can stake quite a bit of CRO in their account. But even lower tiers of the card come with some benefits that are worth it for the right kind of spender.
Crypto.com Visa Card basics
- Annual fee: None.
- Welcome bonus: None.
- Rewards: 0% to 5% CRO rewards, depending on membership tier.
- Regular APR: None.
- Other perks and benefits: Reimbursement for Spotify, Netflix and Amazon Prime memberships; credits toward Expedia and Airbnb bookings; airport lounge access; private jet partnership (all benefits are dependent on membership tier).
- Does the issuer offer a preapproval tool? No.
- Recommended credit score: N/A.
Crypto.com Visa Card other details
Crypto.com card rewards
The Crypto.com Visa has five card tiers, depending on the amount of CRO you lock up, or stake, in your wallet. To qualify for each tier, you must keep the required amount in your Crypto.com wallet for at least six months.
Each tier comes with a different set of rewards and benefits:
As you can see, the Obsidian Crypto.com card earns the most rewards and comes with a laundry list of great perks and benefits. But to obtain this card, you have to stake a whopping $400,000 in CRO in your Crypto.com wallet – which is not accessible for many cardholders.
All rewards are earned as CRO and deposited automatically into your Crypto.com wallet. It’s also worth noting that Crypto.com has a list of merchant category codes (MCCs) that do not ear rewards. Purchases like insurance and loan payments don’t earn rewards, restricting potential earnings.
Note that since rewards are earned as CRO, their value might vary as the cryptocurrency does. At of the time of writing, CRO’s cash value is about $0.07 USD. Cardholders might want to be strategic when it comes to making withdrawals to ensure they get the most value out of their crypto.
Crypto.com card APR
Because the Crypto.com card is a prepaid card, it does not have an APR. However, each card has its own set of fees, which might include a card issuance or loading fee. Check your terms and conditions for exact costs.
However, it’s worth noting that none of the card tiers charge an annual fee.
Crypto.com card pros
- No credit requirements: The Crypto.com Visa is a prepaid card, so it doesn’t require a credit pull or a minimum credit score to qualify.
- Great benefits for a prepaid card: Most prepaid cards don’t earn rewards, so the fact that the Crypto.com card does sets it apart from the pack.
- No annual fee: There is no annual fee for the Crypto.com card.
Crypto.com card cons
- Low ATM withdrawal limits on lower-tier cards: Each Crypto.com card tier comes with two ATM withdrawal limits – one for free withdrawals and one for total withdrawal amounts. The lowest tier, Midnight Blue, only allows cardholders to withdraw up to $200 per month without a fee and only $5,000 total.
- Restrictive rewards earning: Not all purchases qualify for rewards, including potentially high-earning purchases like loan payments.
- High staking requirements for best benefits: The highest tier, Obsidian, requires a steep $400,000 CRO lock up to earn its benefits.
How the Crypto.com Visa Card compares to other cards
Crypto.com Visa Card vs. Upgrade Bitcoin Rewards Card
The Upgrade Bitcoin Rewards Card is one of the few credit cards on the market that earns cryptocurrency rewards – in this case, Bitcoin. Cardholders earn 1.5% back in bitcoin as they make payments on their purchases. This is a unique earning structure, as it requires cardholders to pay off their balance before unlocking rewards, but it is one that could encourage healthy payment habits. The card also doesn’t charge an annual fee.
Crypto.com Visa Card vs. Serve® American Express® Prepaid Debit Account
If the appeal of the Crypto.com Visa to you is earning rewards from a prepaid card, you’ll be excited to know it’s not the only option. The Serve American Express Prepaid Debit Account also comes with a card option that earns 1% cash back on your purchases. The card also lets you get your tax refund up to two days early.
Crypto.com Visa Card vs. Venmo Credit Card
The Venmo Credit Card might be the best of both worlds for crypto enthusiasts. It earns flexible cash back at a competitive rate, but if you want, you can redeem your rewards for cryptocurrency purchases. Cardholders earn cash back based on the categories they spend the most in, earning 3% back on their top category, 2% on their second highest category and 1% on all other purchases. Eligible categories include travel, dining and nightlife, groceries, entertainment, health and beauty, gas, and bills and utilities. The card does not charge an annual fee.
Should you get the Crypto.com Visa Card?
The Crypto.com Visa is a unique product, not only because it is a prepaid card that offers rewards, but because it allows cardholders to earn cryptocurrency rewards rather than the traditional cash back. Crypto investors, especially CRO investors, could definitely benefit from using this card for everyday purchases.
That said, only those with quite a bit of CRO in their Crypto.com wallet will reap the best benefits, so the most serious investors are the best customers for the card.
Crypto.com Visa Card summary
Frequently asked questions (FAQs)
The Crypto.com Visa can definitely be worth it for the right type of cardholder. If you are willing and able to stake a large amount of CRO, the benefits can be very good for a debit card.
Technically, the Crypto.com Visa is not a credit card. This is both a benefit and a drawback, as it is more accessible than a credit card since it doesn’t require a credit pull. However, the rewards are not always as competitive compared to a credit card.
The Crypto.com Visa is not a credit card, so it does not affect your credit score. Other crypto cards might affect your score, however.
The Crypto.com Visa is a prepaid card issued by Metropolitan Commercial Bank.
