Crypto.com cash/cryptoback credit card

This was already discussed in https://forum.mustachianpost.com/t/free-spotify-netflix-and-more-benefits-with-a-risk/7100 but the thread was closed since it looked more like an affiliate marketing attempt.

I’ve heard from the same card thru a friend now and gave it a try. I’m on the 3% cashback tier and it works pretty well so far. Today I got my physical card and while I struggled to get the PIN for the card I managed to do some online purchases before with the correct cashback arriving.

Pros:

  • Up to 8% cashback (but you need to have a special type of trust in the company to stake 400k USD in CRO tokens)
  • The Staked coins earn up to 12% a year, e.g. I’ve already got 5 EUR worth of tokens after one week of staking the ~3500 EUR.
  • Netflix & Spotify for free (currently trying my Turkey Netflix VPN trick with the card, can report back at the end of October if it works and if they reimburse the whole UltraHD plan or not)

Cons:

  • Base account either in GBP or EUR
  • App is not that intuitive (e.g. Crypto top up for the card doesn’t work for me, PIN didn’t show up until 14:00 when I received the card at 10:00)
  • The double conversion CHF → EUR → CHF even at interbank rates doesn’t seem to be ideal (I’d need to calculate if it’s worthwhile to keep Revolut Metal and do the CHF → EUR conversion there or just top up with the Neon card instead) also I don’t know if they have unfavorable rates on the weekends like Revolut.
  • Google Pay / Apple Pay not yet working (could be bypassed with Curve but they’re not available in Switzerland officially yet)

Let’s keep this thread focused on how/why that cashback offer is even possible instead of creating another invite link spam fest.

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Investor Alert - Ponzi Schemes Using Virtual Currencies (sec.gov)

I’m not saying it’s a scam per se but those returns and benefits just don’t seem to be realistic. How this usually works is they use the new money of new recruits to pay out returns/benefits for existing users, what makes the impression the system works and lets people gain trust in the system and invest even more money. Once there is enough money in the pot or the system starts to collapse, they run away with all the money and leave investors empty handed.

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But aren’t there US credit cards with comparable cash back offers? Are they just surviving due to the abusively high interest rates on delayed payments which one wouldn’t have here?

Not sure if I’d call it an outright Ponzi scheme, really.

The clever thing, as I understand it, is this:
They’re not promising to pay you something (USD) back that they will be unable to.
No, they’ll pay you back exactly what they promised and what you agreed upon: CRO tokens.
It’s just that they CRO may be worth less than you expect or invested (in the long run, it won’t, IMO).

That’s why it may even be legal.

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That’s almost certain if they print an infinite amount of it using the cashback or staking scheme.

Not sharing referral codes, but rather my experience so far:

I’ve been using mine (3% tier) since they finally came out in Europe during the spring of 2020. Netflix and Spotify cashback work fine. Shopping in CH is somewhat annoying because it seems CHF contactless tops out at like CHF 10… never a problem with much higher EUR amounts.

I first “staked” while living in France more than three years ago, received my card in Germany, now live in Zurich. I use the app in English but some elements (support chat stuff mostly) still pop up in French, or at least did so until very recently. That’s also a little annoying.

More or less closely following the project since 2018 means I’ve lived through a handful of occasions where the Crypto.com (formerly Monaco) folks made pretty radical decisions and went against earlier promises, often resulting in substantial disadvantages to those already holding their tokens (formerly MCO, then MCO and CRO, now only CRO).

I’m keeping my card because it was relatively cheap and has paid for itself already, but I wouldn’t get a green/purple one today at the current staking requirements.

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I use this card too and love it, it works as advertised: 5% cashback (in CRO, but you can exchange it to any other currency as soon as you receive it), free Spotify, Netflix and Amazon Prime. Contactless works fine.
I only use my old cards when sometimes a swiss card is required for localisation reasons, e.g. SBB, Apple, google, since crypto.com is considered a british card it is refused in this cases.

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Of course they are losing money with the credit cards, it’s just a way to lure in new customers. They make money with their other services like the exchange and their lending platform. It’s alle descibed in their whitepaper

After roughly 1.5 months of use I made 250€ in cashback. That already pays for Revolut Metal and I’m sure if I keep using it it will also make enough cashback to cover the gold visa from my expensive legacy bank.

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You need to put in 4000usd in order to be nice. So if you can get it back asap, it might be a nice card. 4000usd at 3% : you need to spend 130k chf.

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Also 4000chf at 6% is 240chf. Enough to pay Spotify and Netflix.

Well you don’t loose you money you just stake it for 180 day at 10% pA, after that you can unstake it and do whatever you want. 240 CHF for Spotify and Netflix is on top, Cashback is about another CHF 100 per month in my case

You spend 20k chf per month on a CC?

Well if you put 4000chf and they give you back 400 per year, it will take just 10 years to get it all back just from the interest they give you. I didn’t see that on the site.

I am saying this in case the company goes belly up. It should last at least 10 years :slight_smile:

Also when I staked my 25k CRO they were worth 3700 CHF, currently they’re 4700 CHF. I like it.

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Of course, all is well if crypto goes up. :slight_smile:

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Sure, if you don’t believe in crypto you better stick with cumulus :wink:

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I’m just stating reality.

I can easily provide a counterexample in the first half of the year with staking with Swissborg - where all it brought was a loss (in spite of 10-15% or so p.a. “interest” on the coins; and not just their coin).
So in your 6 months your 2-5% accrued interest can mean literally nothing if the underlying asset drops by that much or much more…
But I’m sure I’m not bringing anything new to the table with the statement. :slight_smile:

I am invested in crypto anyway, but directly, and in the “big ones”.
Not sure which coins (CRO?) are involved here, will need to read up.

IMO the thread should be called “cryptoback”, not “cashback”. :stuck_out_tongue_winking_eye:

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Fair enough, I do however convert the excess CRO to EUR to top up the card again.

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Ruby card holder now for a couple of month, pretty happy with so far. The app is not perfect and not intuitive enough to become mainstream soon, but they are pushing hard in marketing and sponsoring for hype and visilbility. Hope this new influx will help them perfect their product.

The cashback (or cryptoback) in CRO is, imo, high upside low risk. If it never rise, well it was not an additionnal expense, as you use your debit card to paid for things you needed anyway. If it rises (which I think is higly probable, as the token is use for all their ecosystem and big projects seems to coming up soon), then you’re 2-3-5% cryptoback became a lot more, if you have hold onto it.

My opinion is that you should not convert back your CRO onto the card. Just use the system to hoard CRO and wait :wink:

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I hope you guys also did exactly that, looking at the current $CRO price! :stuck_out_tongue:

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