MCO/CRO: cashback credit card or free crypto?

The CRO rewards card from Crypto.com: This little piece of solid metal card weighs a lot more than a traditional plastic card, and there is a good reason. Forget the rewards of flier miles or bonuses which you accumulate and have trouble spending: this card is accepted anywhere Visa is used and pays you 'cash-back* in an instant.

For every purchase, you receive a “*cash-back equivalent” which is paid in cryptocurrency. (I know, you may not want to buy or invest in crypto, but this is free crypto, so it’s better. )

The cash-back rewards can be held on for longer-term growth or used instantly to purchase other cryptocurrencies such as bitcoin, or even exchanged for free US dollars (Tether).

How much cash do you get back? The majority of Visa card purchases will give you a bonus of 1% or 3% cashback if you start with the lower-level cards. There is no annual fee, no monthly fee, no ATM fee (free cash withdrawals under $800), and no nasty surprises.

The base-level card attracts 1% cashback on all purchases and is totally free to apply for, with no commitments.

The Ruby level card gives 2% cashback on all purchases, with 100% back on Spotify. This streaming service bonus alone saved me $12 every month. It requires you to invest or ‘stake’ 2500 CRO tokens (worth around $0.10 at the time of writing). Whilst looking like a quasi-card-fee, this approximately $300 investment is your money and will earn up to 16% whilst it sits in your account until you want it back. Investing around $300 to save $140 per year on streaming is a great deal, plus you get the other cashback rewards.

The Jade Green or Indigo cards give you 3% back on all purchases, with 100% cashback on Netflix and Spotify. This is where you save around $30 per month by not paying for these services. This level requires a staking investment of 25 000 CRO (approx. $2500 at time of writing), but, you will most likely earn this investment back within a few months on streaming service rebates and cashback on other purchases. Plus, unlike most card application fees, you can get your stake back, if you ever want to stop getting rewarded.

Please check the comparison below:

Using your Crypto.com account, it is also possible to invest in other cryptocurrencies and even earn interest on a bitcoin deposit, but that is a lesson for another day. For starters, just get the card, do your normal shopping, and get cashback rewards.

There are a couple of higher card levels, which require additional CRO staking and pay additional rewards: up to 8% cashback on all purchases and 10% cashback on AirBnB, plus free airport lounge access and much more. I would suggest that these higher levels may be handy for customers who have corporate cards or those who use their Visa card for business purposes.

If you are new to crypto rewards cards, it may be wise to start with one of the bottom four CRO cards and upgrade after you have been comfortable using it for a few months.

Just as most internet users do not understand HTTP or Java code, blockchain and crypto can seem confusing or weird. You know that you do not need to be a programmer to benefit from social media or email, and you do not need to be a nerd or crypto trader to benefit financially from blockchain technology.

Start by putting a few dollars into an #unbank and apply for a crypto rewards card such as CRO. If you don’t like it after six months, feel free to go back to your old bank where they make you pay for a cheap plastic card and keep 90% of the profits away from you. Personally, I like to carry a metal card and be highly rewarded. Use this link for a bonus US$25 on signup.