1. #1
    cincy
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    Crypto.com MCO Debit Card Feedback

    I was doing a search on best Crypto debit cards for USA residents and Crypto.com MCO card came up a few times. I realize the best card depends on the user needs but I am looking for a safe card with no or minimal fees that provides cash back on purchases. I donít care how many crypto currencies it supports since I only use bitcoins. I donít care about many funding options since I will just transfer btc I already own directly to fund the card. I plan to use the card for many purchases so I do not want any fee to apply when using the card and prefer to receive some type of bonus for purchases.

    The Crytpo.com MCO basic card is free and gives 1% rewards but I might be interested in the 10,000 CRO stake card. Iím not sure I understand the stake but it appears I would need to transfer btc worth 10,000 CRO (I think this is approximately $1,000 USD based on current price of $0.10) and I would need to maintain this 10,000 CRO in the account for 6 months and then I would get the better benefits of the 10,000 CRO stake card, including 3% rewards and refund on Spotify/Netflix monthly fees and higher levels for free atm withdrawals. Iím not sure if I must maintain the 10,000 CRO for 6 months straight in some separate account or if I can use my initial btc deposit of $1000 usd that I want to use for purchases to qualify for the staking. I guess if the price of CRO drops during the 6 month staking period then when I try to transfer it to my USD balance for purchases if would be worth less than $1000. Iím not sure if the 3% rewards are really worth 3% cashback.

    Anyone use a Crypto.com MCO card that can provide any feedback or better explain this staking?

    I realize many people use the bitpay card but I make large spend purchases and prefer a card with some type of purchase bonus. If there is a better card option please let me know. Thanks.

  2. #2
    Optional
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    A few posters use this one and all I have seen is good feedback.

    be aware the rewards program requires an investment in their propriety coin, and the rewards are also paid in that currency.

    I'll link this thread to the Bitcoin Betting sub forum and hopefully you'll get some current first hand info.

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  3. #3
    LLXC
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    The CRO would be locked and cannot be used. After 6 months, you can choose to leave it locked (and keep the credit card benefits), or unstake it (and lose the credit card benefits). During this time, you will also earn CRO stake rewards.

    The 3% cash back is paid in CRO.
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  4. #4
    cincy
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    So it sounds like the 3% rewards is only worth 0.3% if if is based on USD purchases and CRO is only worth 10% of a USD. So for example, if I make a $100 USD debit card purchase I get 3 CRO rewards but a CRO is only worth $0.10 USD so I get $0.30. is this correct? Do you know how they refund netflix fees? Do i provide my Netflix account info and they refund the 100% of the Netflix USD fees as USD into my USD balance or do they refund 100% of my USD Netflix fees in CRO so the real refund is only 10% of the true USD fees?

    Thanks for confirming I must continue with staking to keep the benefits. The website seemed to imply I could stake for 6 months to earn the benefits but I did not realize I need to keep the CRO locked to continue to have the card benefits.

    Their website seems misleading with the 3% to 8% rewards claims but they could not maintain a business if they gave 8% cashback rewards. Any crypto debit cards offer cashback rewards bonuses of 1% cashback or more like some ************ offer?

  5. #5
    DroopyDog
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    ive been using it about a year no issues, but lots of noise lately from those who staked to get rewards and higher level cards, they basically got bait and switched and lost a bunch of money

    lot of people warning of an exit scam... if you just use it to top up the card like i do, and not staking, you should be fine
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  6. #6
    DontTailMe
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    Quote Originally Posted by cincy View Post
    So it sounds like the 3% rewards is only worth 0.3% if if is based on USD purchases and CRO is only worth 10% of a USD. So for example, if I make a $100 USD debit card purchase I get 3 CRO rewards but a CRO is only worth $0.10 USD so I get $0.30. is this correct? Do you know how they refund netflix fees? Do i provide my Netflix account info and they refund the 100% of the Netflix USD fees as USD into my USD balance or do they refund 100% of my USD Netflix fees in CRO so the real refund is only 10% of the true USD fees?

    Thanks for confirming I must continue with staking to keep the benefits. The website seemed to imply I could stake for 6 months to earn the benefits but I did not realize I need to keep the CRO locked to continue to have the card benefits.

    Their website seems misleading with the 3% to 8% rewards claims but they could not maintain a business if they gave 8% cashback rewards. Any crypto debit cards offer cashback rewards bonuses of 1% cashback or more like some ************ offer?
    No, you get 3% of your purchase back, but that amount is converted to CRO and paid to you in CRO instead of $. So if you buy an item for $100, you get $3 paid to you in CRO. You can then choose to sell the CRO or convert it to any other coin.

    Yes, the % cash back is high, but realize at the top end, you're staking their crypto in the amount of $100,000.

    I have the MCO blue **** and am staked at 10,000 CRO. I love it. You will also earn 6% of your stake amount per year in rewards. It was 18% when I signed up, but they just announced a reduction.

  7. #7
    LLXC
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    Regarding Netflix, you pay for Netflix using your debit card, and they credit you back in CRO. So, a $12.99 payment to Netflix will get you back $12.99 worth of CRO.
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  8. #8
    PharaohUB
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    Itís def a complicated pyramid scheme. Good to use for card but wouldnít invest.

  9. #9
    LLXC
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    Quote Originally Posted by DroopyDog View Post
    ive been using it about a year no issues, but lots of noise lately from those who staked to get rewards and higher level cards, they basically got bait and switched and lost a bunch of money
    lot of people warning of an exit scam... if you just use it to top up the card like i do, and not staking, you should be fine
    I don't think it's an exit scam, but I am disappointed at how they significantly lowered their earn % on CRO, and then increased the stake required for CRO without much notice.
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  10. #10
    HeeeHAWWWW
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    Binance have a similar cashback crypto card. You also have to stake their coin (BNB), although more of it.

    There will be more of these coming - the idea is to have a full set of crypto services in one space, using cashback as a lossleader. No doubt they'll start offering other financial services eventually, eg insurance.

  11. #11
    LAbra2k
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    Forget the cashback bullshit...
    ordered the card 2 month ago, not received yet...

  12. #12
    HeeeHAWWWW
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    Quote Originally Posted by LAbra2k View Post
    Forget the cashback bullshit...
    ordered the card 2 month ago, not received yet...

    Yeah, they've never been quick - the supply of cards seems to be deliberately limited. Took 3mths for me, but eventually got it, works fine.

    The service as a whole is not so appealing to US users though, because the exchange isn't allowed there. That opens access to syndicates (new coins at 50% price) and supercharger (liquidity mining), which are very profitable.

  13. #13
    DontTailMe
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    My initial card buy and my upgrade a month ago both came in one week.

    Hope it comes for you soon. Itís a great option.

  14. #14
    cincy
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    If it takes 2 months to get a card, do they provide a digital card number immediately so I could get reimbursed for netflix and make online purchases using the digital card number. Or is my stake amount basically wasted for the 2 months while i am waiting for the card?

    I really don't understand crypto currencies or understand why an exchange not being allowed in the US is not good. I only have bitcoin since it is easy to move money into and out of sportsbooks. I do not trade crypto currencies. I typically always have a balance of a few bitcoins in case I need it to fund sportsbooks so I could easily do the 100,000 CRO stake card if I understand this correctly one bitcoin would be enough to cover the 100,000 CRO stake. If is my understanding my 100,000 CRO would be locked and not withdrawable for 6 months.

    Could I withdrawal 90,000 CRO after 6 months and keep the same card number and receive the benefits of the 10,000 CRO card?

    I assume I would have the CRO currency fluctuation risk during the staking period so my 100,000 CRO that I initially bought for $10,000 USD might only be worth $5,000 USD if CRO price drops from $0.10 to $0.05 during the 6 months? Is this correct?

    I still don’t know how a company can be profitable offering a card with 5% cashback and reimbursement on Spotify/Netflix/prime so is there risk they go out of business and I lose the amount I loaded on the card for debit card purchases?

    Also, does anyone know if there is a fee to get a 2nd card in my wife’s name when I signup?

    I am also confused why some videos mention an MCO stake rather than CRO stake if someone can please explain this.

  15. #15
    HeeeHAWWWW
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    Quote Originally Posted by cincy View Post
    If it takes 2 months to get a card, do they provide a digital card number immediately so I could get reimbursed for netflix and make online purchases using the digital card number.
    Nope :-(

    I really don't understand crypto currencies or understand why an exchange not being allowed in the US is not good.
    It's not the exchange itself, but that the exchange allows access to syndicate+supercharger.

    Could I withdrawal 90,000 CRO after 6 months and keep the same card number and receive the benefits of the 10,000 CRO card?
    Yep.
    I assume I would have the CRO currency fluctuation risk during the staking period so my 100,000 CRO that I initially bought for $10,000 USD might only be worth $5,000 USD if CRO price drops from $0.10 to $0.05 during the 6 months? Is this correct?
    Yep. Although you do get 10%/year interest on the stake (12% at the 100k cro tier).

    I still donít know how a company can be profitable offering a card with 5% cashback and reimbursement on Spotify/Netflix/prime so is there risk they go out of business and I lose the amount I loaded on the card for debit card purchases?
    It's a lossleader, same for binance.
    I am also confused why some videos mention an MCO stake rather than CRO stake if someone can please explain this.
    In the past they had two coins, but they dumped MCO. Now everything is CRO.



    One other thing: staking requirements for cards are increasing on 2/nov, see https://preview.redd.it/css3nfcuosu5...=webp&8c3a66dd

  16. #16
    spreek
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    It's very unlikely to be an exit scam. But keep in mind that their business model is essentially dumping more or less worthless tokens on retail. They are a very unethical company so you should assume that any investment you make in their tokens will eventually be a total loss.

    The question is whether you get more in benefits before they change the rules to screw you over. For me, the 10000 CRO card paid for itself relatively quickly. The higher tiers probably won't be worth it for many.

  17. #17
    cincy
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    I tried to chat on their website but it takes a day for them to answer chat questions and I am not sitting there so then I have to ask another question and wait.

    I am now thinking of getting the 10,000 CRO card. The website does not indicate this card earns bonus interest. Can someone confirm if bonus interest applies for this card during the stake period and also if bonus interest applies if I continue staking?

    Do they also change the bonus information and interest amount and staking requirements if you already have a card?

    Also if anyone that has helped out here wants to send me their referral code I would be happy to use that if I signup for the first person that sends me their referral code.

  18. #18
    Arky
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    Yes, the staking tiers are increasing on Nov 2. 10K CRO goes to 25K CRO. 100k goes to 250K, etc. People that already have the card and are considering an upgrade should do it now. When Crypto.com announced reduced staking on CRO (16-18% to 6%) a couple of weeks ago, it started a mass exodus that drove down the price of CRO from around 15Ę to 10Ę rather quick. They "adusted" their rate then from 6% to 10% to limit the unhappiness in the community. The short notice of these major changes was what ticked off most people. They learned something from this and when they announced the Nov 2 changes, people that had wanted to upgrade started buying more CRO to get their upgrade done before Nov 2. This has stabilized the price at around 10Ę (it looked like we were headed to 8Ę, 7Ę, who knows?).

    They recently crossed into 5 million users so I suppose they feel established enough to start dropping rates. One school of thought was that the whole experience from the beginning to now was that the high rates were an "introductory offer". Some took advantage and did well. But that we are now probably seeing them implement their long range ideas.

    I still think it is a pretty good deal. I am a rose gold owner and will leave my 100K CRO staked for a very long time. As long as I never unstake, even after 6 months, I will still get rose gold benefits. If I unstake and change my mind, then I'll have to buy back at 250K to maintain the rose gold tier.

    Staking your bitcoin with them is still a pretty good deal at 6.5%. Eth at 5.5% - also pretty good. The rest of the alts are around 3% or so - not so good - they were better in the past. Stablecoins @ 12% = good.

    I'm gonna move my alts into Celsius. Celsius has no card but better staking rates for alts. It is actually not staking with them - just move your coin(s) into the Celsius wallet and start earning. Withdraw at any time. Takes a KYC signup, though. I really didn't like the idea of having most of my stash in one place (crypto.com).

    Took Crypto.com about 8 weeks to contact me when I signed up with them early this year. They gave me a phone call, asked a few questions (how did you hear about us?) and 10 days later, the card arrived in the mail.
    Last edited by Arky; 10-24-20 at 08:19 PM.
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  19. #19
    Arky
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    Quote Originally Posted by cincy View Post
    Also if anyone that has helped out here wants to send me their referral code I would be happy to use that if I signup for the first person that sends me their referral code.
    "cincy has exceeded their stored private messages quota and cannot accept further messages until they clear some space."

    CRO Stake Rewards: Receive CRO at 10% p.a. for 10,000. 100,000 and 1,000,000 tiers while these CRO are staked.*

    *Crypto.com Private customers will receive an additional 2% on their 6 months card staking term, for a total of 12%
    Extra 2% interest is only for rose gold/icy white/obsidian.
    Last edited by Arky; 10-25-20 at 01:11 AM.
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  20. #20
    cincy
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    what does alts mean?

    I'm still confused about staking bitcoins is a good deal at 6.5% and about the 2% extra interest for rose gold/icy white/obsidian. So do i earn 8.5% interest on the CRO balance for the 100,000 CRO card and 6.5% interest on the CRO balance for the 10,000 CRO card?

    I deleted some private messages so I should be good now

  21. #21
    Arky
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    Still getting the error.

    Alternate coins. "alts" like litecoin, xrp, stellar, tron, monero, bitcoin cash, all the ERC-20 coins (coins on the ethereum network). All the coins that ain't bitcoin.

    With bitcoin @ 6.5% APR interest, you will weekly earn 6.5%/52 weeks paid in bitcoin. If you are a icy white/rose gold/obsidian owner, you will earn 6.5% bitcoin and an extra 2% paid in CRO. Jade green/indigo just earns the 6.5% paid in bitcoin.
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  22. #22
    ThaWoj
    hope i dont wake up tomorrow
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    A lot of changes this year. Wish they never got rid of mco. I have the ruby card. Also wish cro wouldn't have tanked so bad recently...

  23. #23
    cincy
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    Thanks but I am still confused how this works. I am leaning towards getting to 10,000 CRO stake card (Jade Green/Royal Indigio Card). Do I just send them the exact amount of btc to equal 10,000 CRO (so about 0.08 btc)? Then I have 10,000 CRO in some account that is locked for 6 months correct? How much interest will I earn on this in the 6 months and what currency and account will this be paid to?

    I also want to fund my account with maybe $2,000 so I can make debit card purchases. So do I again send them about 0.16 btc and they convert to $US I have a debit card balance with $2,000?

    Would I also have some account that has bitcoin from the 6.5% interest? I don’t know why I would need a bitcoin account with them. I would prefer that interest go into my $US debit card purchase balance.

    Another question that has nothing to do with this card, but I typically have a few bitcoins just sitting in wallets in case I need them for sportsbook deposits. Is there anywhere I can store my btc to earn some type of interest until I need them?

    I think I fixed the mailbox message issue.

  24. #24
    Arky
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    Quote Originally Posted by cincy View Post
    Thanks but I am still confused how this works. I am leaning towards getting to 10,000 CRO stake card (Jade Green/Royal Indigio Card). Do I just send them the exact amount of btc to equal 10,000 CRO (so about 0.08 btc)? Then I have 10,000 CRO in some account that is locked for 6 months correct? How much interest will I earn on this in the 6 months and what currency and account will this be paid to?
    Yes, I believe you are correct. When I needed more MCO (back when it was MCO) to stake the appropriate card, I was able to purchase it with BTC that I sent to the app. If I'm not mistaken, Bitcoin and fiat (cash) are the only ways to purchase other cryptos on the app. Edit: Ęredit Ęards, too, but I've never done it that way.

    I also want to fund my account with maybe $2,000 so I can make debit card purchases. So do I again send them about 0.16 btc and they convert to $US I have a debit card balance with $2,000?
    You can do it that way but I wouldn't recommend it. Sending in Bitcoin to the app and then cashing out to your fiat wallet (in the app) will generate a taxable event. The way I do it is to send in cash from my bank to the fiat wallet in the app. You can then "load" the card from the app's fiat wallet. Different banks handle these types of transactions differently. It is not a straight wire-in process. Crypto.com will give you a routing number and an account number to send to and that's it. My bank uses BillPay for these types of transactions. I go into BillPay and set up the transaction myself. I have no idea how your bank does it. Call your bank support and ask if you need to.

    Would I also have some account that has bitcoin from the 6.5% interest? I don’t know why I would need a bitcoin account with them. I would prefer that interest go into my $US debit card purchase balance.
    You will get wallets for all the cryptos they support. You will get a Bitcoin wallet. Say, you send in 1 Bitcoin to your Bitcoin wallet and stake it in Crypto Earn for 3 months @ 6.5% interest. Your Bitcoin wallet is now empty because you've just turned your bitcoin over to them. Every week the interest is paid out in Bitcoin so your Bitcoin wallet goes from having nothing to getting interest every week. The "principle" stays staked for the full 3 month term after which, it will transfer back into your bitcoin wallet.

    Another question that has nothing to do with this card, but I typically have a few bitcoins just sitting in wallets in case I need them for sportsbook deposits. Is there anywhere I can store my btc to earn some type of interest until I need them?
    Yes, look into Celsius wallet app that I mentioned above. Takes KYC though. Search Youtube for tutorials on how it works.

    Crypto.com has many articles that will answer your questions.

    https://help.crypto.com/en/

    I think I fixed the mailbox message issue.
    Yep, it's fixed.

    GL
    Last edited by Arky; 10-25-20 at 04:34 AM.
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  25. #25
    ThaWoj
    hope i dont wake up tomorrow
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    You can use cc or dc to buy. It used to be free now they charge like 1% which is ok. It's instant.

    To stake for the card you can buy cro directly from the app just like you would buy btc.

    Also FYI if you want to hodl or simply use a wallet without interest/exchange (usa ppl can't use the exchange anyways), i recommend their other wallet app which you control the keys to (limited to just the major cryptos I believe) I use both.

  26. #26
    HeeeHAWWWW
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    Honestly, for bitcoins I wouldn't put it into CdC, unless it's a tiny % of your overall wealth. All your eggs in one basket etc, and the interest rates on BTC aren't great anywhere - you're not really getting getting the rewards to match your risk. These aren't banks, after all.

    The money I have in CdC is in their higher rate products, eg syndicate, supercharger, defi.

    CDC earn is useful for stablecoins though, 12% on 3mth terms, 14% with higher card tiers - that's a decent rate, and you have no currency risk. Side note they don't advertise: TrueGBP has zero spread/fees in the app, that might be the case for TrueUSD also.
    Last edited by HeeeHAWWWW; 10-25-20 at 10:41 AM.

  27. #27
    ThaWoj
    hope i dont wake up tomorrow
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    Sucks that usa can't participate in the syndicate

  28. #28
    PharaohUB
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    Anything that requires you to hold your funds for a certain amount of time to obtain benefits, you should be weary of. I don't understand the entire concept, but I know there is no such thing as free money. The cash back percentages they are offering are unsustainable, and the fact they get to hold your funds for a period of time is a red flag to me.

  29. #29
    cincy
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    Got card within 2 weeks and deposited by btc then had to transfer to USD balance so I have USD for debit card purchases. I assume my usd balance is associated with this company that issues the debit card so it has some risk they go out of business and I lose my full debit card balance if this happens. Is my btc balance in the crypto.com app also at risk if this company goes out of business or is that held on blockchain or somewhere where I still own this?

  30. #30
    DontTailMe
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    Quote Originally Posted by cincy View Post
    Got card within 2 weeks and deposited by btc then had to transfer to USD balance so I have USD for debit card purchases. I assume my usd balance is associated with this company that issues the debit card so it has some risk they go out of business and I lose my full debit card balance if this happens. Is my btc balance in the crypto.com app also at risk if this company goes out of business or is that held on blockchain or somewhere where I still own this?
    False.

    "Crypto.com keeps fiat currency of customers in custodian bank accounts that are secured and regulated. If you are a US resident, your USD balances are covered by FDIC insurance, up to US$250,000. You retain ownership of the currencies in bank accounts, i.e., your fiat funds could not be claimed by Crypto.com or its creditors."

    https://crypto.com/en/security.html

    The debit card is issued by Metropolitan bank.

    The link also has a blurb on their crypto security. Although, we've seen crypto companies in the past fib about stuff like this.

  31. #31
    cincy
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    [QUOTE=DontTailMe;29889894]False.

    "Crypto.com keeps fiat currency of customers in custodian bank accounts that are secured and regulated. If you are a US resident, your USD balances are covered by FDIC insurance, up to US$250,000. You retain ownership of the currencies in bank accounts, i.e., your fiat funds could not be claimed by Crypto.com or its creditors."
    Thanks. Thats good news. Looks like my biggest risk is the $800USD I had to stake to get the 10,000 CRO card benefits. The CRO currency keeps falling so I lost about $100 so far.

    I noticed the Crypto.com app says the btc price is $16,815 while Blochchaim.com says $16,758. But the crypto.com app only gives me a price of $16,690 when I try to transfer btc from my crypto.com btc balance to my crypto.com usd for use by my debit card. So it looks like crypto.com takes a fee of about 0.6% for the transfer. Is there a better way to transfer at crypto.com with less fees, like with coinbase i need to transfer btc balance to coinbasepro and sell the btc on coinbasepro and then send it back to coinbase to reduce the coinbase fee from 1.5% to 0.25%.

  32. #32
    spreek
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    Quote Originally Posted by cincy View Post
    I noticed the Crypto.com app says the btc price is $16,815 while Blochchaim.com says $16,758. But the crypto.com app only gives me a price of $16,690 when I try to transfer btc from my crypto.com btc balance to my crypto.com usd for use by my debit card. So it looks like crypto.com takes a fee of about 0.6% for the transfer. Is there a better way to transfer at crypto.com with less fees, like with coinbase i need to transfer btc balance to coinbasepro and sell the btc on coinbasepro and then send it back to coinbase to reduce the coinbase fee from 1.5% to 0.25%.
    This is a pretty typical amount of spread they charge (another scummy move for the company that constantly claims "no fees" lol). I usually do all crypto exchanges on another exchange and use fiat transferred in from my bank exclusively for the crypto.com card. Obviously it's a bit of a pain, but you do save a bit in fees.

    Another option is monitoring their prices and trying to catch them out when they get off market (and/or trying to freeroll them on price changes during volatile periods using the short grace period to accept/decline a trade).

  33. #33
    Arky
    Arky's Avatar SBR PRO
    Join Date: 12-09-11
    Posts: 456
    Betpoints: 5330

    Wire Transfers into the app are now allowed, although I believe it is $5K minimum.

    ------------------------------------

    The price of CRO has become a little depressing. I think it is going to take some time for it to stabilize just like the company (crypto.com) itself has to earn back some lost user confidence. The good news is we're still early in a bull market and when Bitcoin gets going, it can "lift all ships".... So, we'll see....
    175 pts

    3-QUESTION
    SBR TRIVIA WINNER 11/12/2020


  34. #34
    DontTailMe
    DontTailMe's Avatar Become A Pro!
    Join Date: 03-24-19
    Posts: 1,562
    Betpoints: 1080

    We don't know if that's good news or bad news. BTC could always go in the other direction.

  35. #35
    spreek
    spreek's Avatar Become A Pro!
    Join Date: 07-08-20
    Posts: 8
    Betpoints: 288

    6.4B fully diluted marketcap is about 6 more billions than they deserve. If it ever becomes a real bull market, I would fully expect them to make a 3rd token sale and penetrate you over.

    So be happy if number goes up, but make investment decisions based on the assumption that it's going down 80%+ from here, because that's by far the most likely outcome.

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