Crypto.com Rewards Visa Card 2022 Review – Forbes Advisor
the crypto.com* visa card allows cardholders to earn cash back in the form of cro rewards. cro rewards are the crypto.com cryptocurrency token, which can be exchanged on the crypto.com platform for other digital currencies or even fiat currency.
The crypto.com visa card is actually a series of cards. each card level depends on how much you bet: the more you bet, the more benefits and perks you can unlock. the highest card, Obsidian, for example, offers up to 5% cash back on most purchases.
Reading: Bitcoin visa card
Unfortunately, the amount you must contribute makes the highest card irrelevant to all but the most devoted cryptocurrency enthusiasts. indeed, the top two levels are out of reach for most, making the advertised rate of “up to 5%” somewhat misleading.
Unlike other traditional credit and debit cards, the crypto.com card requires you to “put up” funds. “Staking” is more or less locking your funds for a specific period of time with the specific platform. in the case of the crypto.com card, it would be crypto.com and its cro token. Cro token values vary by crypto market and are in the range of $0.13 to $0.14 as of August 2022. Essentially, users give the card issuer a loan with their cryptocurrencies, and in return , crypto.com offers a variety of benefits.
The participation requirement for the crypto.com* visa card is set in the us. uu. dollars instead of cro.
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Funds wagered must be held for six months. once a cardholder stops staking their cro, the benefits of each level will be reduced. To maintain rewards and benefits, users can continue to wager beyond the initial six-month participation period.
win with dosh
crypto.com visa cardholders can link their card to dosh, an app that gives you cash back when you shop at eligible merchants, and earn additional rewards when you pay with that linked card. When shopping online, purchases must be made through the crypto.com app in addition to paying with your dosh-linked card.
The rate of bonus earnings will vary from retailer to retailer, but can be as high as 10% cash back at some merchants.
cro rewards are earned on eligible purchases and depending on the card tier you have, you’ll earn a certain percentage back. After the transaction, the cro rewards are deposited into your account instantly.
- Obsidian: Crypto’s top tier and most premium card, this option comes with a whopping $400,000 staking requirement. Obsidian earns 5% (active staking) on cro rewards and 2% (non-staking) on card spend. Other benefits include: A monthly rebate on Spotify, Amazon Prime and Netflix subscription services. fee-free ATM withdrawals are capped at $1,000 per month.
- Frosted Rose Gold and Frosted White: Second highest crypto cards. users can choose frosted rose gold or frosted white. the wagering requirement for this second level is $40,000, still incredibly high. Profits are also down, though they still earn a monthly rebate on Spotify, Amazon Prime, and Netflix subscription services. Frosted Rose Gold and Frosted White earn 3% (active staking) 1% (non-staking) Cro rewards on card spend. Free ATM withdrawals are allowed up to $1,000.00 each month.
- Royal Indigo and Jade Green: Crypto.com Visa Card* Tier 3 cards also come in two options , royal indigo or jade green. wagering requirements for these cards are $4,000. Royal Indigo and Jade Green earn 2% (active staking) and 0% (non-staking) Cro Rewards on card spend. monthly cro card rewards are capped at $50. Additional benefits include a monthly rebate for the first six months on Spotify and Netflix subscription services. the fee-free ATM withdrawal limit is $800 per month.
- ruby steel: ruby steel is the fourth level card. $400 participation requirement required. Benefits include a monthly refund for the first six months for Spotify subscriptions. ruby steel earns 1% (active participation) and 0% without participation, up to $25 per month in cro rewards for card spending. no ATM fee limits are $500 per month.
- Midnight Blue: The Midnight Blue Card is crypto.com’s free option, which means you don’t there are participation requirements. the card has very few benefits and does not generate cash back. ATM allowance with no monthly fee is $200.00. Also, unlike higher level cards, which are made of metal, Midnight Blue is made of plastic.
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As of August 2022, the market value of cro rewards is in the range of $0.13 to $0.14. If you’re considering cashing out your cro rewards for fiat currency, you’ll want to keep this value in mind. For example, if you have the Ruby Steel Card that earns 2% Cro Rewards and you make a $1,000 purchase, you will receive $20 Cro Rewards based on the purchase price on the date of issue.
The benefits of spending on the highlighted earning categories come in the form of rebates. private members with an obsidian, ice white, or frosted rose gold card can get one rebate per merchant per month. all other cards will only be eligible for reimbursement during the first six months of card ownership. monthly fees for all cards are limited to the following:
- spotify: $13.99
- netflix: $13.99
- expedia: $50.00
- amazon prime: $14.99
- airbnb: $100.00
ATM fees are waived each month, up to a dollar amount, depending on the card. once the limit is reached, the fees on the withdrawal amount increase to 2% thereafter.
forbes advisor uses data from various government agencies to estimate and determine the benchmark income and average spend in various categories for consumer credit cards. Salaried households in the 70th percentile generate about $107,908 a year and can reasonably charge credit cards $32,072 each year.
Most families wouldn’t gamble more in cryptocurrency than a premium credit card would, so we’ll base our assumptions on the ruby steel card. this card requires a bet of $400.
the ruby steel card earns back 1% (active stake) in cro, so our household could earn back $320.72 in cro with all charges on the card. The rewards sound a bit more harmonious if you’re already a Spotify subscriber because this tier gets you up to $12.99 per month in Spotify cashback for six months.
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