Crypto.com Visa Card Review: Get 8% Card Spend Reward | SingSaver

Crypto.com Visa Card Review (2021): For Cryptocurrency Enthusiasts And Investors

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Crypto.com Visa Card Review: Get 8% Card Spend Reward | SingSaver

Promising up to 8% cashback and a host of lifestyle perks, the Crypto.com Visa Card sounds like a sure winner. Find out whether this cryptocurrency-based prepaid card deserves a slot in your wallet.

There’s no avoiding the topic of cryptocurrency these days, with this newfangled asset dominating headlines and conversations with friends and family. It’s a popular investment, with people utilising cryptocurrency exchanges to trade it or opening cryptocurrency savings accounts to generate interest.

However, cryptocurrencies are currencies after all. And what good are currencies if they can’t be spent on goods and services? This is where Crypto.com’s Visa Card comes into play. Formerly known as the MCO Visa Card, the Crypto.com Visa Card is a largely identical prepaid card.

If you’re a cryptocurrency enthusiast or seasoned investor, this is a card that you might want to apply for, especially if you already own Crypto.com’s own CRO cryptocurrency. Find out all you need to know about the Crypto.com Visa Card in this review, including its benefits, pros and cons, and why you should sign up for this card.

Pros and cons of the Crypto.com Visa Card

Before we dive into the Crypto.com Visa Card’s pros and cons, do note that you’ll need to stake a Crypto.com’s own CRO cryptocurrency if you’d like to apply for the card. That means holding onto a certain amount of CRO in your Crypto.com wallet for at least six months.

Whether that’s a pro or con depends on how much confidence you have in CRO.

This ranges from S$0 worth of CRO for the Midnight Blue tier card to S$500,000 for the Obsidian tier card. As you’d expect, the more CRO you stake, the better the benefits.

Pros

Here’s what you stand to gain from each Crypto.com Visa Card tier along with the amount of CRO that you’ll need to stake:

Obsidian: S$500,000 worth of CRO

Key benefits:

  • 8% cashback from eligible transactions in the form of CRO
  • 100% cashback for your monthly Spotify subscription, up to US$12.99 worth. This is equivalent to a Family plan in Singapore.
  • 100% cashback for your monthly Netflix subscription, up to US$13.99 worth. Crypto.com has specified that this applies only to Basic or Standard subscriptions.
  • 100% cashback for your Amazon Prime membership, up to US$12.99 worth
  • 10% cashback on Expedia bookings, valid for one reimbursement per month of up to US$50
  • 10% cashback on AirBNB bookings, valid for one reimbursement per month of up to US$100
  • LoungeKey membership, granting unlimited airport lounge access worldwide for the cardmember and a single guest
  • Access to Crypto.com Private
  • Ability to earn bonus rewards
  • Additional privileges on your first flight with Crypto.com’s private jet partner
  • Complimentary Crypto.com branded merchandise pack
  • Free ATM withdrawals of up to S$1,000 per month
  • Free currency exchange transactions

Icy White/Frosted Rose Gold: S$50,000 worth of CRO

Key benefits:

  • 5% cashback from eligible transactions in the form of CRO
  • 100% cashback for your monthly Spotify subscription, up to US$12.99 worth. This is equivalent to a Family plan in Singapore.
  • 100% cashback for your monthly Netflix subscription, up to US$13.99 worth. Crypto.com has specified that this applies only to Basic or Standard subscriptions.
  • 100% cashback for your Amazon Prime membership, up to US$12.99 worth
  • 10% cashback on Expedia bookings, valid for one reimbursement per month of up to US$50
  • LoungeKey membership, granting unlimited airport lounge access worldwide for the cardmember and a single guest
  • Access to Crypto.com Private
  • Ability to earn bonus rewards
  • Free ATM withdrawals of up to S$1,000 per month
  • Free currency exchange transactions of up to S$15,000 per month

Jade Green/Royal Indigo: S$5,000 worth of CRO

Key benefits:

  • 3% cashback from eligible transactions in the form of CRO
  • 100% cashback for your monthly Spotify subscription, up to US$12.99 worth. This is equivalent to a Family plan in Singapore.
  • 100% cashback for your monthly Netflix subscription, up to US$13.99 worth. Crypto.com has specified that this applies only to Basic or Standard subscriptions.
  • LoungeKey membership, granting unlimited airport lounge access worldwide for the cardmember
  • Free ATM withdrawals of up to S$800 per month
  • Free currency exchange transactions of up to S$10,000 per month

Ruby Steel: S$500 worth of CRO

Key benefits:

  • 2% cashback from eligible transactions in the form of CRO
  • 100% cashback for your monthly Spotify subscription, up to US$12.99 worth. This is equivalent to a Family plan in Singapore.
  • Free ATM withdrawals of up to S$400 per month
  • Free currency exchange transactions of up to S$4,000 per month

Midnight Blue: No staking requirement

Key benefits:

  • 1% cashback from eligible transactions in the form of CRO
  • Free ATM withdrawals of up to S$200 per month
  • Free currency exchange transactions of up to S$2,000 per month

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Cons

The Crypto.com Visa Card’s benefits are definitely generous, with the Obsidian tier being more than capable of going toe to toe with other premium credit cards in the market.

However, the requirement for cardmembers to stake a certain amount of CRO results in two unique cons for this prepaid card.

Firstly, the amount of CRO you need to stake for a respectable level of card benefits isn’t miniscule. The Jade Green/Royal Indigo tier is where cardmembers start to enjoy some noteworthy lifestyle perks.

However, this requires at least S$5,000 worth of CRO to be staked. If you’d like the Icy White/Frosted Rose Gold card instead, S$50,000 worth of CRO needs to be coughed up.

Secondly, the CRO that you purchase needs to be staked for at least six months in order to receive the Crypto.com Visa Card and enjoy its perks. This prevents you from liquidating the CRO that you’re staking in the event of an emergency.

And if you do decide to stop staking the CRO after six months, most of your benefits vanish.

CRO's historical prices

The need to stake CRO in order to enjoy the Crypto.com Visa Card to the fullest is fine and dandy if its price is stable or on the uptick. Unfortunately, that isn’t the case as large price hikes and dips are par for the course.

Although one CRO is mere cents, remember that you’re staking hundreds if not thousands of dollars worth in order to gain access to your desired card tier.

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Why should you choose the Crypto.com Visa Card?

#1 Generous cashback and lifestyle perks

With up to 8% cashback, rebates off regularly-used apps, and useful travel-related perks, the Crypto.com Visa Card makes a strong case for itself. Even Midnight Blue-tier cardmembers enjoy 1% cashback and fee-free ATM withdrawals overseas to the tune of S$200.

As mentioned earlier however, Jade Green/Royal Indigo is where things start to get interesting.

3% cashback off all eligible spends comfortably beats out conventional options like the Citi Cash Back+ Mastercard (1.6%), American Express True Cashback Card (1.5%), and more. And at this stage, fee-free ATM withdrawals are to the tune of S$800 and above.

It’s perfect for an emergency withdrawal or if you just need some spare cash during the final days of your trip.

Jade Green/Royal Indigo is also the tier where you start receiving a complimentary LoungeKey membership. You’re granted unlimited annual access to airport lounges worldwide and in Changi Airport, these include the SATS Premier Lounge, Marhaba Lounge, and Blossom Lounge.

#2 No annual fee and income requirements

The qualification requirements for the Crypto.com Visa Card are simple. All you need to do is to stake a certain amount of CRO for your desired card tier.

There aren’t any income requirements or age restrictions, apart from what the Crypto.com app requires. This makes signing up for the card a breeze, unlike other credit or debit cards in the market.

Additionally, the Crypto.com Visa Card doesn’t sport an annual fee at any tier. What’s more, you can keep the card if you choose to unstake your CRO after the initial six-month period. Although the benefits are greatly reduced, no charges are levied nor is the card automatically cancelled.

#3 Ability to control your spending

Remember, the Crypto.com Visa Card isn’t a credit card. It isn’t even a debit card where your CRO tokens are automatically being converted to fiat currencies to fulfill transactions.

It’s a prepaid card that you’ll need to top up on the Crypto.com app with fiat money or cryptocurrency before any purchases can be made. Think of it as an EZ-Link Card or GrabPay Card.

Therefore, you’re given the ability to control your spending, especially when the card’s cashback rate would tempt you into spending more during sales.

This is not something that Crypto.com advertises but is an inherent perk of the card’s prepaid nature.

#4 Relatively low commitment required

Yes, there is a requirement to stake a certain amount of CRO for a six-month period in order to enjoy the full benefits of Ruby Steel-tier cards and above. However, you can simply unstake after six months if you determine that the card’s benefits aren’t worth it for you. Then, you can sell off the CRO sitting in your wallet once it reaches a price you’re comfortable with.

Keep in mind that any cashback earned is granted instantly in the form of CRO, so you won’t need to wait for long if you’re planning to move on from Crypto.com permanently.

With regards to administrative matters, there’s not much you need to do if you decide the Crypto.com Visa Card doesn’t fit your needs. And as stated above, there’s no annual fee imposed, no matter which card colour you’re holding onto.

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Who is the Crypto.com Visa Card best suited for?

It’s as clear as day who the Crypto.com Visa Card is best suited for. Seasoned cryptocurrency investors or knowledgeable enthusiasts will take to this prepaid card like a fish to water.

They’re used to the volatility of cryptocurrencies young and old, so the need to stake a certain amount of CRO for at least half a year won’t faze them.

The lifestyle perks and amount of money saved per month as a result of your confidence in CRO is significant too. Should you opt for the Jade Green/Royal Indigo tier, that’s approximately S$36.60 saved per month on Spotify and Netflix subscriptions alone. Then there’s the unlimited 3% cashback from eligible transactions too.

Although any cashback that’s earned or granted will be disbursed in the form of CRO, that’s right up the alley of the Crypto.com Visa Card’s target audience.

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Fees, charges, and other important points to note

The Crypto.com Visa Card is largely free of fees, but there are some that you need to watch out for. These include:

  • 2% overseas ATM withdrawal fee after you have exhausted your card’s fee-free limit
  • 0.5% currency exchange transaction fee after you have exhausted your card’s fee-free limit
  • S$50 card reissuing fee if you’re upgrading your card tier or need to be issued with a new one

Additionally, the card specifically excludes the Singapore version from being used in 20 markets. These include Myanmar, Cuba, Venezuela, Yemen, and more.

Finally, the card does not earn cashback from 15 merchant categories, including MCCs 6300 (insurance), 5947 (gifts and novelty items), 4900 (utilities), and more.

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What’s the eligibility criteria for this card?

Signing up for the Crypto.com Visa Card is a hassle-free experience. To be eligible, you’ll just need to be at least 18 yearsold and a user of the Crypto.com mobile app.

And to receive a Ruby Steel-tier card and above, you have to stake a corresponding amount of CRO. This starts at S$500 worth all the way to S$500,000 worth.

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How do you apply?

Applying for the Crypto.com Visa Card takes a few steps, starting with:

  1. Downloading the Crypto.com app on either iOS or Android
  2. Signing up for a Crypto.com account
  3. Selecting your preferred card in the app’s Card tab
  4. Submitting and confirming your delivery address

Crypto.com states that card delivery to applicants in Singapore will take around three to seven business days, which is the fastest out of all the markets it operates in.

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By Ebel Tang
A geek culture enthusiast who’s also a little too invested in the wide world of whisky and watches. And no, he was not named after the Swiss timepiece brand.