Crypto.com Card Australia Review 2023: Fees, Benefits and Perks
Crypto.com Card Australia Review: Our Opinion
With its high reward rates and other unique offerings like a 100% rebate on everyday purchases across different card tiers, the Crypto.com Visa Card is ideal for Aussie crypto investors looking for efficient
The Crypto.com card is a prepaid debit card built for cryptocurrency traders and investors looking for an easy way to access and spend their crypto holdings. The card has many features, including a 5% cashback reward on crypto spending, and users can earn interest of up to 12% on crypto staking. Crypto traders in Australia can also top-up the visa card by converting AUD to crypto.
Crypto.com has different cards for each tier. However, the Visa Debit Card has complex staking requirements, and users must commit funds to stake in their crypto wallet before applying for the cards, except for the basic Midnight Blue Card.
An Overview of Crypto.com Card
Crypto.com is a cryptocurrency exchange offering crypto-related services to customers in Australia and beyond. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded the company in Hong Kong in 2016. At the time, the company was named Monaco. Afterward, it was renamed to Crypto.com to improve the world’s crypto transition in 2018.
Since its rebranding, Crypto.com has grown to become one of the largest crypto exchanges in the world. The exchange offers services to over 70 million users and supports 250+ digital currencies that users can buy, sell, trade, and invest in via staking.
Overall, Crypto.com is a fast-growing exchange offering various crypto-related services to both beginner and advanced crypto enthusiasts in the crypto space.
Crypto.com Card: What is it?
The Crypto.com Visa Card is one of the key features of the Crypto.com exchange. The card is designed as part of the exchange’s mission to help the world easily transition into cryptocurrency. Investors can easily spend their crypto holdings on everyday purchases with the Crypto.com card.
With the crypto Visa card, users can pay for services online and in-store anywhere Visa is accepted. It functions like a traditional debit card that users can top-up via crypto or bank transfer using credit/debit cards and use for all these multiple purchases.
All crypto investors, including beginners and experts, will find payments seamless with the virtual card or physical version because they can easily access crypto funds in their crypto wallet without converting to another fiat currency.
Interestingly, the card also has a physical version for users who prefer to cash out their crypto at ATM terminals or spend at PoS stands. And its spend, earn, and security features make it an alternative way of investing in cryptocurrencies for rewards.
Crypto.com Card: How Does it Work?
Crypto.com’s debit card works like any other debit card. The card is integrated into the Crypto.com app, allowing users to top-up and spend their money on essentials and other needs in one place. Australians can top-up the card with cryptocurrencies or AUD from their bank accounts via a debit/credit card. However, the standout feature of the Crypto.com card is its reward system. Users get up to 5% cashback when they use the Crypto.com Obsidian Visa card for payments, while other Visa cards come with cashback between 1% and 3%. Other perks for the higher tiers include free airport lounge access.
In addition, the card allows Crypto.com customers to stake their crypto assets for rewards between 10% to 12% per year. Only Crypto.com customers can use the card. They must also stake a minimum of A$500 worth of the platform’s utility token, called Cronos (CRO), for six months to apply for all other cards except the Midnight Blue.
The card has different user tiers, each with unique perks and features. We’ll go into more detail about that later in this review.
Benefits and Perks
As stated earlier, the Crypto.com visa card has numerous benefits, especially its cashback reward system. Apart from the cashback of up to 5% on crypto spending, the card offers a 100% rebate on streaming services subscriptions like Spotify, Amazon Prime, and Netflix. The card also requires no credit score or credit history checks. Neither does it affect users’ credit scores.
The CRO rewards from staking are also a big advantage of using the card. With this feature, investors can put their money to use and earn passive income by just locking up their assets for 180 days.
Other benefits and perks of the Crypto.com visa card include the following;
- No monthly or annual fees
- Welcome bonus worth 100 AUD in CRO for new card users who sign up for the Ruby Steel Card and above
It’s important to note that the 100 AUD reward will be credited in US dollars and equivalent to CRO worth 70 USD. That means irrespective of the AUD/USD exchange rate at the time of the incentive distribution, users will receive 70 USD.
The payment would be processed in two batches. CRO worth 25 USD will be initially credited into the user’s Crypto.com crypto wallet after completing the KYC verification and staking CRO for the card. The remaining CRO worth 45 USD will be credited within 21 days after the promotion period has ended.
Crypto.com supports 250+ cryptocurrencies, such as Bitcoin, Ethereum, and others. In contrast, the Crypto.com card supports 40+ cryptocurrencies for a top-up.
Cardholders can fund their card using cryptocurrencies like
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Decentraland (MANA)
- USD Coin (USDC)
- Tether (USDT), etc.
In addition, the card supports 6 fiat options, including EUR, AUD, USD, JPY, GBP, and HKD.
During our Crypto.com Visa Card review, we discovered the card attracts no monthly or annual fees. However, there are a couple of other fees that investors would incur using this card. These include the issuance, foreign transaction, deposit, and withdrawal fees. Find the fee breakdown below.
- 2% after the monthly free ATM limit (limit ranges between A$200 and A$1,000 depending on card tier)
- Debit/Credit Card Top-Up Fee
- Debit Cards – 1%
- Credit Card – 2%
- Debit/Credit Card Top-up via Apple Pay – 2%
- Account Closing Fee
- Midnight Blue – A$10
- Others – A$70
- Card Reissue Fee
- Midnight Blue – A$10
- Others – A$70
- Card Issuance Fee
- Inactivity Fee
- A$5 monthly after 12 inactive months
- Foreign Transaction Fee
- 3% on all non-AUD transactions
Different Card Holder Tiers
As stated earlier, Crypto.com uses a tiered structure for its cards. The platform has five different card types across all levels. Each card/tier has perks and features, including staking rewards and transaction limits. The cardholder tiers are:
- Midnight Blue – with a 200 AUD free monthly ATM limit
- Ruby Steel – with a 400 AUD free monthly ATM limit
- Royal Indigo/Jade Green Card – with an 800 AUD free monthly ATM limit
- Icy White/Rose Gold – with a 1,000 AUD free monthly ATM limit
- Obsidian – with a 1,000 AUD free monthly ATM limit
We highlight the card levels and their staking requirements and rewards below
- Midnight Blue
- Ruby Steel
- Royal Indigo/Jade Green Card
- Icy White/Rose Gold
- Staking Requirement
- $400 (or its AUD equivalent)
- $4,000 (or its AUD equivalent)
- $40,000 (or its AUD equivalent)
- $400,000 (or its AUD equivalent)
- Staking Reward
Users must meet staking requirements and lock up the amount for six months before requesting any card except the Midnight Blue Visa Card.
Opening an Account
To use the Crypto.com Card, investors must create and verify a Crypto.com account. Creating an account on Crypto.com is straightforward and takes a few minutes. Follow the step-by-step guide below to apply for a Crypto.com card.
Step 1: Get the Mobile App
Download the Crypto.com app from the App Store or Google Play Store and tap the “sign up” button. Follow the on-screen instructions and provide the necessary personal details, including legal name, date of birth, email, and country of residence.
Step 2: Verify ID
Complete KYC by uploading the required documents and information, including proof of identity, proof of residence, and phone number, after the prompt from the Crypto.com app. Official ID documents include a valid passport, driver’s license (with photo), and other government-issued documents.
Step 3: Request Card
After completing the verification process, navigate to the “Card Page” at the bottom-right corner of the home screen of the Crypto.com app. Accept the terms and conditions, then select the card type.
Customers must fund the account with a sufficient staking amount that must be locked up for 180 days for the chosen card type for this to be successful. Stake the CRO and confirm delivery information to complete the process. The app updates the card status, and Crypto.com will ship it within 7 to 14 business days.
Crypto.com Card App
Crypto.com’s services and features are mostly accessible on the Crypto.com app. As a result, the Crypto.com card is integrated into the mobile app for easy accessibility and seamless transactions. The mobile app is compatible with Android and Apple devices and can be downloaded from the App Store or Play Store.
From the first launch, it’s easy to see that the Crypto.com app is built for even the most inexperienced crypto investor. It has a smooth user interface with responsive features that make navigation easy. All icons and tiles are neatly arranged, and users can easily switch across different screens and features.
The app has a 4.6 and 4.4-star rating on Google Play Store and App Store, respectively. However, there are online complaints from existing users about issues related to identity verification, the app’s login, and timeout freeze on the Android version
To provide its customers with quality service, Crypto.com has a dedicated support team for card-related issues. The support team is available via email or telephone and helps customers solve challenges they may encounter when using the app. It also provides answers to questions related to CRO staking and card shipment. In addition, Crypto.com has an FAQ section for existing and potential cardholders to read about how the card works and how to solve basic issues.
However, the customer support team has a poor 2.0-star rating on TrustPilot, with 64% of the total reviews being just 1-star. There are a lot of scam shouts and reports of customers losing their money while using the platform. These reports may prompt potential customers to relatively safer platforms.
Is Crypto.com Card Right for You?
Crypto.com has established itself as one of the largest crypto trading platforms around. The card also offers investors an alternative way of investing in cryptocurrencies for rewards. Investors with Netflix, Spotify, and Amazon Prime subscriptions will also fancy the card because of its transaction rebate.
However, the card requires users to stake a minimum of $400 (or its AUD equivalent) for six months to enjoy cashback and other rewards. Rewards being available in CRO only is also a major downside to the card.
The Crypto.com card is ideal for crypto enthusiasts looking to spend and invest in crypto in one place. The card offers amazing features and benefits of up to 5% cashback on spending. The crypto debit card also allows investors to spend their crypto without going through the usual time-consuming route of converting to fiat currency.
Like many Crypto.com products, the card’s performance is heavily reliant on staking CRO tokens. Investors who are not too keen on holding CRO may be affected by this. Moreover, there are other crypto cards that offer cashback without a CRO staking prerequisite.
Some even offer Bitcoin or XRP rewards instead of CRO or other utility tokens. Investors may naturally tilt towards these other options or opt for the free Midnight Blue.
Most frequent questions and answers
Yes, Crypto.com offers its card to customers in the US and European countries, including Australia. However, investors must have a verified account and meet the CRO staking requirement for the card type they want.
Crypto.com is a reputable cryptocurrency exchange offering different services to customers worldwide. Australian investors can buy, sell, and trade crypto on the platform or invest in digital assets for rewards up to 14.5% APY.
The Binance Crypto Visa Card is ideal for Australians. The card is free, it is accepted in over 60 million online and physical stores, and has a 2% cashback that users can earn without staking.
Every card transaction in Australia is recorded with the Australian Tax Office. That means transactions done with a Crypto.com Visa Card are subject to capital gains tax (CGT).
Only the Midnight Blue Card is free on Crypto.com. Other cards have a card issuance fee of $A5.99 and staking requirements ranging from $400 to $400,000.
The Crypto.com Visa card allows Australian investors to access their crypto and AUD for bill payments online and in physical stores where Visa is accepted.
The crypto.com card is a prepaid debit card. It requires no credit checks and does not affect users’ credit scores.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.