Crypto.com has been around for a while, the platform offers a range of products, but today we’re going to take a look at their Visa Debit cashback card, which is finally available in Australia!
The Crypto.com Visa debit card (not a credit card!) offer between 1-8% cashback depending on the type of card you sign up for. What’s unique about the Crypto.com debit card is that you can load it with fiat money such as Australian Dollar and use those to spend. This is important because converting to and from a certain coin always attracts fees that would outweigh the cashback benefits of such a card.
In this post:
How Does The Crypto.com Cash Back Work?
To get one of the Crypto.com cashback debit cards, you first need to stake the crypto.com token (CRO). Staking CRO will earn you daily interest, and it also means you get the crypto.com debit card at no cost to you. However, staking allocations are locked for 6 months, so keep this in mind when getting started.
The cashback is paid out in CRO, which you can then convert to AUD, stable coins of your choosing or any cryptocurrency available on the crypto.com platform such as Bitcoin or Ethereum.
Crypto.com debit cards come in 5 different tiers:
- Midnight Blue: 1% CRO Rewards — no staking required
- Ruby Steel: 2% CRO Rewards — $500 worth of CRO token stake required for 6 months
- Royal Indigo & Jade Green: 3% CRO Rewards — $5000 worth of CRO token stake required for 6 months
- Frosted Rose Gold & Icy White 5% CRO Rewards — $50,000 worth of CRO token stake required for 6 months
- Obsidian: 8% CRO Rewards — $500,000 worth of CRO token stake required for 6 months
Other Crypto.com Debit Card Benefits
Your shiny new metal Crypto.com debit card doesn’t just earn rewards; it also offers rebates for Spotify, Netflix, Expedia, Airbnb, and some cards even offers lounge access via Lounge Key! The chart below shows how much rebate you can earn for each service. Note that the rebates are paid out in CRO tokens, and of course, you have to use your Crypto.com Debit card to pay for these services.
Crypto.com promo code
Of course, we have a crypto.com promo code for new users! Using the Flight Hacks crypto referral link will get a US$25 bonus (paid in CRO tokens). Just make sure to enter crypto promo code y7qyas7xrg when you sign up, or simply click our crypto.com referral link to apply the crypto.com promo code automatically. You can still enter the promo code manually in the Crypto.com app after you join!
Note that if you use the Flight Hacks link, we will also receive a reward; it’s a win-win! Thank you 🙂
Click here to sign up and get US$25 free!How To Fund Your Crypto.com Debit Card?
Funding can be done by bank transfer (no fee) or credit card; however, if you fund via credit card, you can only do so for cryptocurrency, not fiat money.
Note that your credit card might charge a cash advance fee if you choose to use it to fund your card.
Currently, there’s a promo for zero fees on credit cards used to buy CRO tokens, which is what’s required for staking your free Crypto.com rewards card. Learn more or claim your Crypto.com referral code here.
Which Crypto.com Debit Card Should You Get?
I think the sweet spot for the Crypto debit cards are the Ruby Steel (which only requires $500 CRO staked) or the Royal Indigo & Jade Green cards, which require you to stake $5000 but on the upside; offers 3% rewards back is pretty good! It also covers all your Netflix and Spotify expenses, so if you believe CRO will continue to go up in value, Indigo and Jade are the way to go.
Personally, I signed up for the Ruby Steel card to test the water before committing $5000, which is locked up for 6 months.
Crypto Rewards Card For Travel
The crypto.com debit Visa card has 0% FX markup, so it’s perfect if you want to earn rewards while travelling and pay no foreign exchange fees! Most Australian credit cards charge 3% FX fees, so not having to pay this fee is a huge bonus.
How Staking CRO Works
Staking is the process of delegating or locking up crypto holdings to earn rewards. By doing so, you are supporting the governance model of the blockchain by locking the staked coins out of circulation. The crypto.com token CRO is a proof-of-stake (PoS) blockchain; users can delegate their native CRO tokens to a trusted Validator. Validators run nodes to validate transactions on the Crypto.org Chain network and, in return, earn block rewards in CRO, which are then distributed to the Delegators after taking a Validator commission.
By staking your CRO tokens, you will earn 6% in CRO rewards. If you’re staking for a free Crypto.com rewards card, your staked CRO tokens will be locked for 6 months, after which you can do with them what you like (convert back to fiat money, trade for other tokens or continue staking).
The risk, of course, is that the price of CRO can change; this means you can either lose your initial investment… or double it. In the world of crypto, anything is possible. At the time of writing, CRO increased by 16% in value.
How To Redeem CRO Rewards?
All card rewards are paid in CRO and deposited into your Crypto Wallet in the Crypto.com App. CRO Rewards are instantly reflected with each eligible transaction. Purchase rebates are reimbursed to the USD equivalent, and the rebate cap is reset on the first day of each month.
Summing Up – Is Crypto.com Visa Debit The Best Rewards Card?
If you’re bullish about crypto in general (you should be!), this product by crypto.com makes a lot of sense and can be hugely rewarding. Considering that most Visa/Master card earn rates these days are pretty abysmal, I’m not considering using a crypto rewards card instead, as the rewards are potentially more valuable compared to earning 0.5 Qantas points.
