The Crypto.com Rewards Visa card allows cardmembers to earn cashback in the form of CRO Rewards. CRO rewards are Crypto.com’s cryptocurrency token, which can be traded on crypto.com’s platform into other digital coins or even into fiat currency.
Crypto.com’s Rewards Visa debit card is actually a series of cards. Each level of card is dependent on how much you stake––the more you stake, the more benefits and perks you can unlock. The highest card, Obsidian, for example, claims to offer up to 8% CRO back on most purchases.
Unfortunately, the amount you need to put up makes the highest card irrelevant to all but the most devoted of crypto enthusiasts. In effect, the two highest levels, Obsidian and Frosted Rose Gold/Icy White are out of reach for most, which makes the advertised rate of “up to 8%” somewhat misleading.
Unlike other traditional credit and debit cards, the Crypto.com Visa rewards card requires you to “stake” funds. “Staking” is more or less locking in your funds for a specified amount of time with the specific platform. In the case of the Crypto.com Rewards Visa, that would be Crypto.com and their CRO token. CRO token values vary according to the crypto market and are in the $0.09 to $0.12 range as of February 2021. Essentially, users are giving the card issuer a loan with their cryptocurrencies and in return crypto.com offers an array of benefits.
The staking requirement for the Crypto.com Rewards Visa is fixed in USD instead of CRO.
Staked funds must be held for six months. Once a cardmember unstakes their CRO, the benefits of each tier will be reduced. To keep rewards and benefits, users can keep CRO staking beyond the initial six-month staking period.
CRO rewards are earned on eligible purchases, and depending on which tier of card you hold, will earn a certain percent back. CRO rewards are deposited to your account instantly.
- Obsidian – Crypto’s top tier and most premium card, this card comes with a huge staking requirement of $400,000. Obsidian earns 8% CRO rewards on card spending. Other perks include: a monthly reimbursement on subscription services from Spotify, Amazon Prime and Netflix. Fee free ATM withdrawals are capped at $1,000 per month.
- Frosted Rose Gold and Icy White – Crypto’s second highest cards. Users can choose either the Frosted Rose Gold color or Icy White. The staking requirement for this second tier is $40,000—still incredibly high. The perks also decrease, although they still earn a monthly reimbursement on subscription services from Spotify, Amazon Prime and Netflix. Frosted Rose Gold and Icy White earn 5% CRO rewards on card spending. Free ATM withdrawals are allowed up to $1000.00 each month.
- Royal Indigo and Jade Green – Crypto.com Rewards Visa’s third tier cards also come in two options, Royal Indigo or Jade Green. Staking requirements for these cards is $4,000. Royal Indigo and Jade Green earn 3% CRO rewards on card spending. Additional perks include a monthly reimbursement on subscription services from Spotify, Amazon Prime and Netflix. The fee free ATM withdrawal limit is $800 per month.
- Ruby Steal – Ruby Steal is the 4th level card. Staking of $400, is required. Benefits include a monthly reimbursement for Spotify subscriptions. Ruby Steal earns 2% CRO rewards on card spending. ATM fee free limits are $500 per month.
- Midnight Blue – The Midnight Blue card is Crypto.com’s free option, meaning there is no staking requirement. The card has very few perks. Midnight Blue earns 1% CRO rewards on card spending. The monthly fee free ATM allowance is $200.00. Also, unlike higher tiered cards, which are made of metal, the Midnight Blue is made of plastic.
As of February 2021, the market value for CRO rewards is in the $0.09 to $0.12 range. If you are 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 Steal card which earns 2% CRO Rewards and you make a $1000 purchase, you will receive 20 CRO rewards back. If you convert that to cash, you will end up with about $1.80 depending on the current rate.
Benefits from spending on the highlighted earning categories are in the form of reimbursements. Cardmembers can earn one reimbursement per merchant per month and are actually capped as following:
- Spotify: $12.99
- Netflix: $13.99
- Expedia: $50.00
- Amazon Prime: $12.99
- Airbnb: $100.00
ATM fees are waived each month, up to a dollar amount depending on the card. After the limit is reached, fees on the withdrawal amount are increased to 2% thereafter.
Forbes Advisor uses data from various government based agencies to estimate and determine the baseline income and average spending in assorted categories for consumer credit cards. Wage-earning households in the 70th percentile bring in roughly $100,172 annually and are reasonably able to charge $26,410 to credit cards each year.
Most families wouldn’t stake more in crypto that a premium credit card would charge, so we’ll base our assumptions on the Ruby Steel card. This card requires a stake of $400.
The Ruby Steel card earns 2% back in CRO, so our household could earn $528.20 back in CRO with all charges on the card. The rewards sound a bit more harmonious if you already subscribe to Spotify because this level does get a Spotify rebate of up to $12.99 per month.