The exchange rate seems to fluctuate a lot away from midmarket rates.
2 hours ago I did a purchase of CHF 109 ; It was billed as EUR 108.56 (rate 1.0040)
Midmarket was 1.019
A 1.5% spread!!
Ruby steel card
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I did a transaction today and I got the same rate, don t really understand the discrepancy…
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Follow up : i opened a ticket at Crypto.com let’s see what they answer, the guy in the chat could not answer my question straight away though ^^. I will use it today let’s see what the rate is
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I did a transaction earlier today and same problem I got charged 18.12 Euros for 18.3 CHF so a rate of 1.001 vs a spot rate of 1.0226 at the time of the transaction thus 1.3% spread. Clearly they don t use the spot rate.
Edit : well looking at the crypto.com reddit I understood that they actually use the visa rate without markup which is available on this website. You also see the markup they apply vs the official rate and it seems that the markup increased recently maybe because of the volatility on the currency market and that’s why we start noticing these differences…
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I purchased stuff for 453.- CHF today and was charged 448.44 EUR exactly what the link above claims. Exchange rate of 1.010179 EUR to CHF. And got 37.7 CRO (or 13.45 EUR) as cashback which is exactly 3% on the 448.44 EUR.
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is the card worth it for purchases in CHF? Like the exchange EUR-CHF might take all the gains you can make with the cashback…
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Generally, the exchange markup has been negligible. There may have been a few instances where you pay like a 1.3 % markup, but consider that you get at least 2 % cashback you should still be better off on average.
Isn’t it better in that case to go for the Cashback card with 1% cashback?
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3% cashback - 1.67% markup = 1.33% profit so no…
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It’s not even this. You charge the card with EUR and then spend in CHF. Exchange rate fluctuations in one month time frame can kill your profit, like now. And the expected trend of EURCHF is not in our favor. That’s was one of the reasons for me not to go for this card. Using abroad might still make sense, but I don’t have enough turnover to bother.
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This is what i meant.
I could just buy cro and hold or stake them (and sell them whenever i want).
I mean if you charged you card at the beginning of the year with EUR you lost about 4-5% already.
I still use Revolut for all my daily CHF payments using applepay.
I use the Crypto Card for Netflix, Spotify and EUR payments (amazon) and top it on demand using a dedicated revolut virtual card.
I‘m down over 50% and made around 600 CRO in rewards.
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How much time do you wait for the cashback and netflix “money back”? Cashback is instant, but netflix is not. How much time?
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Should also be instant, label “Card Rebate: Netflix” (if it’s like the one I just saw for Spotify… don’t have Netflix active atm).
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Both are instant in my case
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Maybe for payments in CHF.
In foreign currency it usually does not make sense to use Cashback or other Swiss cards.
I agree with the others that it may not be worth it if you have low EUR turnover.
I got this crypto card thing mainly to satisfy my curiosity. I probably would not do it again, since I already have Revolut.
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Weird. They might have some rules about foreign netflix or because it was not on my name? It’s weird since they can’t see on which name it was.
I surely won’t make it in switzerland since it doesn’t pay 100% of it
Revisiting exchange rate fluctuations:
On days when the EUR/CHF rate is falling, you lose.
On days like today, when it’s going up, you win.
The long term trend is more friendly for the CHF, but it should average out over time.
I’m sorry, but for me all this way of thinking about this cashback thing is just wrong. You cannot compare the 2% cashback to the inherent value in CHF or EUR, because you receive it in CRO!
The only moment it would make sense is if you sell them right away, at the exact price it was when you got them in cashback, and take into account the exchange fees… Not gonna happen, it fluctate too much. So why try to compare?
You have no hurry to re-use this cashback, so you can just put a sell order for a specific price compare to when you got them and you already are at more than 2% in fiat value…
Or just hold/stake those CRO, and decide for yourself to sell them at xx.- if that happen in the next x years or month (already had a surge at 0.8, the fundamentals haven’t change, no reason it will not reach the ATH again one day or another).
If the cashback was like 2% in VT (if it was fractionable of course) you guys will hoard that like crazy and not compare to fiat value, so why think different there?
But maybe I’m totally wrong?
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No, you are actually absolutely right. It’s just then it makes even less sense to me to have this card if you don’t want to hodl CRO. Which is my case. The amount required to stack for the first level is already too high for me.
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