The Crypto.com Visa Signature Credit Card, created in collaboration with Bread Financial and Comenity Capital Bank, presents a unique offering in the world of credit cards, particularly with its $0 annual fee and cryptocurrency rewards structure. However, the intricacies of this card can be quite complex, making it potentially unsuitable for those new to cryptocurrency.
This card features seven distinct tiers arranged under four subscription levels, each conferring various benefits tied to certain conditions. Users are required to “stake” a minimum amount of cryptocurrency for a designated period, which can serve as a means of passive income akin to traditional savings vehicles, though it carries inherent risks associated with cryptocurrency investments.
Here are five key points to consider regarding the Crypto.com credit card:
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Rewards Structure: Instead of traditional cash-back or points models, rewards are exclusively earned in CRO (Cronos), which is Crypto.com’s native currency. While users can convert CRO to other cryptocurrencies within the Crypto.com app, this option is unavailable during periods when CRO is staked.
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Tiered Card Offerings: The card boasts several levels, each associated with different welcome bonuses and ongoing rewards. For example:
- Midnight Blue: Offers a $100 CRO bonus after a $1,500 expenditure within 90 days and 1.5% back on purchases.
- Ruby: Provides a $200 CRO bonus after $2,000 spent within 90 days, plus 3.5% back.
- Indigo and Jade: Feature a $300 CRO bonus for $5,000 spent within 90 days, alongside 4.5% back.
- Icy and Rose: Reward $1,000 CRO after $10,000 of spending, yielding 5% back.
- Obsidian: Offers a hefty $2,500 CRO bonus with a spending threshold of $20,000, and rewards 6% back.
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Subscription Requirements: From the outset, users can choose their card tier based on their subscription to Crypto.com’s Level Up rewards program. Subscription options include:
- Basic (Midnight Blue): No fee or CRO lockup, minimal rewards.
- Plus (Ruby): Costs $4.99/month or $49.99/year, with a $500 CRO lockup.
- Pro (Jade and Indigo): Priced at $29.99/month or $299.99/year, requiring a $5,000 CRO stake.
- Private (Icy, Rose, and Obsidian): More exclusive, necessitating CRO lockups ranging from $50,000 to $500,000.
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Enhanced Perks at Higher Tiers: Benefits improve substantially at higher subscription levels, including zero trading fees, attractive APY rates, stock transfer bonuses, and various lifestyle perks like rebates for streaming services and airport lounge access.
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Fluctuating Rewards Value: Since rewards are denominated in CRO, their value can vary dramatically based on market conditions. The worth of rewards earned during spending will be contingent upon the prevailing price of CRO at the time of purchase. Stakeholders should also be mindful of the risks associated with network stability, as locking up cryptocurrency could result in asset loss under certain circumstances.
For those contemplating the potential of crypto-earning credit cards, alternatives like the Gemini Credit Card® exist, which allows users to earn rewards in a diverse range of cryptocurrencies, albeit with associated platform fees. The choice of card ultimately hinges on individual familiarity with cryptocurrency and risk tolerance.
