Crypto.com Visa Card Canada Review 2023: Benefits, Pros & Cons
Crypto.com Visa Card Canada Review: Our Opinion
Crypto.com Visa Card brings an interesting mix to the already fast-rising crypto economy. With users able to use their digital assets for everyday transaction, it would fast-track the process to a more financially-inclusive ecosystem.
While it offers a 5% crypto reward to its card holders, the Crypto.com Visa Card is largely out of reach for more crypto users. This is due to the high staking requirement to tap into its cashback programme. Given this, Crypto.com Card is an exclusive service and not ideal for most Canadian users.
An Overview of Crypto.com Visa Card
Crypto.com is one of the largest crypto exchanges in the burgeoning emerging industry. The Bitcoin trading platform launched in 2016 and is based in Singapore.
Crypto.com allows users to buy, sell, and exchange over 250 digital assets, including popular names like Bitcoin, Ethereum, Cardano, Binance Coin, and XRP. Since breaking into the spotlight in 2016, Crypto.com has become a fan favorite with 50 million plus customers.
Crypto.com also offers several value-packed services such as the staking and Visa Cards services. Its staking platform allows investors to earn interest up to a maximum of 14.5% from over 40 top-ranking cryptocurrencies. While its Visa Card service rewards investors with cashbacks for spending their cryptocurrencies.
Crypto.com Cards are prepaid cards, but they operate similarly to debit cards. The difference is that investors need to top up the Crypto.com Visa Card regularly to use it for purchase. The cards are offered in Midnight Blue, Ruby Steel, Royal Indigo & Jade Green, Frosted Rose Gold & Icy White, and Obsidian. Users can earn up to 5% cashback based on the card tier.
Crypto.com is duly regulated by relevant financial authorities and offers multi-factor authentication (MFA), over 90% cold wallet storage, and address whitelisting.
Crypto.com Visa Card: What is it?
The Crypto.com Visa Card was formerly recognized as MCO Rewards Visa. The crypto debit card allows users to spend their digital currencies across all Visa-supported merchants.
With this, the Crypto.com platform provides more utility for investors seeking ways of spending their blockchain-based assets.
Crypto.com claims that its Visa Card is the most widely used crypto debit card, and this is due to the convenience it offers users. Anyone can apply for the Crypto.com Card without worrying about their credit score. As a prepaid debit card, the applicant’s eligibility does not depend on a credit score.
Crypto.com Visa Card: How Does it Work?
Like all crypto debit cards, the Crypto.com Visa Card allows users to spend their cryptocurrencies using any of their supported merchants. With this, users can easily pay for their bus fare, take a train ride, and pay for online transactions. In return, they can earn cashback, payable through the platform’s CRO token. The entry card tier is free, but users need to stake a minimum amount of CRO to unlock the CRO rewards.
Crypto deposits and bank transfers are both options available to investors for topping up their crypto.com visa.
Benefits & Perks
The Crypto.com Card has multiple perks and benefits; however, this depends on the card tiers chosen. For instance, Midnight Blue cards do not attract any benefit, while higher-tiered cards are value-packed.
Ruby Steel is the fourth level and gives users up to 1% back in CRO rewards. Other benefits include a monthly reimbursement on Spotify subscriptions for the first six months.
Royal Indigo & Jade Green comes next, and users get a 2% CRO reward. Benefits include monthly reimbursements on Spotify and Netflix subscriptions for the first six months. Royal Indigo & Jade Green card Holders also enjoy airport lounge access through LoungeKey.
More high-end cards include Frosted Rose Gold & Icy White, and Obsidian. Frosted Rose Gold cardholders get perks like monthly reimbursements on Spotify, Netflix, Amazon Prime Video, and Expedia.
They also enjoy airport lounge access with LoungeKey with an additional guest. Frost Rose Gold grants cardholders access to the Crypto.com Private service, earns bonus rewards up to 3% in CRO, and gets exclusive merchandise welcome pack.
Obsidian is the highest card tier on the Crypto.com Visa Card ecosystem. This card offers users monthly reimbursements on Spotify, Netflix, Amazon Prime Video, and Expedia. Users also get access to the airport lounge with LoungeKey plus one guest, Airbnb accommodation, Crypto.com Private service, earn up to 5% in CRO rewards, exclusive merchandise welcome packs and a private jet partnership.
Meanwhile, its reimbursement scheme comes with a monthly rebate cap. For instance, Spotify subscriptions have a monthly cap of 13.99 CAD. The same goes for Netflix subscriptions, but Amazon Prime Video has a 14.99 CAD monthly reimbursement threshold. Expedia has a 50 CAD cap per merchant for the month, while Airbnb covers up to 100 CAD in accommodation reimbursements.
Each card has a minimum staking requirement of the platform’s Cronos (CRO) digital currency. In comparison, the minimum requirement for the Midnight Blue card is 0 Canadian Dollars, while the maximum for the Obsidian card is 540,470 CAD.
To conduct a comprehensive review of Crypto.com Visa Cards, it is necessary to determine how many crypto assets are supported. Users can use over 17 cryptocurrencies to top-up their Crypto.com Cards. Popular digital assets like Bitcoin, Ethereum, Cardano, XRP, and several others are supported.
Like every financial offering, Crypto.com charges fees for its crypto card services. The platform charges a 4.99 CAD fee for the first physical Midnight Blue card, but it waives the card upgrade fee when an investor selects a more expensive option in the future.
A user would be charged 10 CAD if their Midnight Blue card is damaged or 70 CAD if any other lineup of cards is damaged and a replacement request is made.
Meanwhile, there are no monthly or annual fees to worry about. Crypto.com does not charge ATM fees or have limits on interbank exchange rates.
Different Card Holder Tiers
Crypto.com Visa Cards are split into different tiers. The crypto exchange offers up to five cards:
- Midnight Blue
- Ruby Steel card
- Royal Indigo & Jade Green card
- Frosted Rose Gold & Icy White
Midnight Blue is the entry-level card, and it comes with zero staking requirements. It only allows users to spend their digital assets with no benefits whatsoever. The Ruby Steel card has a staking requirement of 400 CAD and only offers 1% rewards. This is capped at a monthly CRO of 25 CAD. Users also get six months of free Spotify subscription.
The bonus rewards ramp up from Royal Indigo & Jade Green, but so does the staking amount. Users need to stake 4,000 CAD worth of CRO to get a 2% bonus capped at 50 CAD per month. This affords cardholders six months of free Spotify and Netflix subscriptions and airport lounge access.
Frosted Rose Gold card comes with a staking minimum of 40,000 CAD worth of CRO and a 3% bonus reward with no monthly caps on potential rewards. This grants users access to Spotify, Netflix, and Amazon Prime movie premieres and Expedia. The airport lounge access grants access to an additional guest for the cardholder. Also, Frosted Rose & Icy White cardholders have access to Crypto.com Private, which offers over-the-counter (OTC) block trades for CRO, research reports from the exchange itself, and inheritance services, amongst others. The last benefit is the exclusive merchandise welcome pack issued to each cardholder.
The ultra-high service is tagged Obsidian, and this comes with a whopping 400,000 CAD staking tag with a 5% bonus CRO reward. This card ticks all the boxes for benefits and perks and comes with a private jet partnership and free Airbnb service.
Meanwhile, all cards offered by Crypto.com come in virtual and physical forms. Users can work with both or one of the options.
Opening an Account
To access the Crypto.com Visa Card service, interested users need to signup with the parent service. To qualify for a Crypto.com debit card, follow these detailed steps:
Download Crypto.com App
Visit the Crypto.com exchange’s official website. The platform largely operates through its Crypto.com app; users need to download this to register for a free account. The mobile app is available for both Android and iOS devices.
Like all regulated, centralized crypto exchanges, users need to complete the know-your-customer (KYC) process in line with the stipulated verification process. Once the mobile app is running, tap on the ‘Verify’ icon and follow the on-screen prompts. Crypto.com requires users to upload a copy of a recent driver’s license or a government-issued ID card. Also, a utility bill would be requested for submission to ascertain proof of residency.
Once the documents have been uploaded, the Crypto.com team will verify the account within hours.
Fund or Deposit
Crypto.com offers supports multiple payment methods. Users can fund their accounts using a bank transfer, Interac e-transfer, credit/debit cards, e-wallet solutions, and even crypto deposits. The platform also supports 20+ fiat currencies, including USD, GBP, EUR, and CAD. Fund the account with the stipulated minimum amount of 26.97 CAD.
To stand a chance of getting one of the highlighted cards, deposit the CRO tokens in the Crypto.com app.
CRO plays a crucial role in determining who can utilize the Crypto.com Visa Card. Given this, users are required to stake their CRO deposits for a minimum of 180 days or six months if forwarded from an external platform. But there is an exception. If the CRO tokens are purchased directly on the Crypto.com mobile app, then the 180-day lockup period no longer applies.
Request For Card
The final step is to request the applicable credit or debit card. Note that the amount of locked CRO tokens determine what card a user would receive. To apply, open the mobile app and click on ‘Card.’ Tap the ‘Stake CRO’ button and follow the on-screen prompts. The investor will be notified by email of the card delivery time and date upon staking.
Immediately after the request is made, a virtual card will be available for use, pending when the physical one arrives.
Crypto.com Visa Card App
As we discovered in our Crypto.com Visa Card review, there is no mobile app for the service. Instead, it is integrated into the regular Crypto.com mobile app. The mobile app supports multiple crypto services, including staking and direct crypto buying and selling.
The Crypto.com App is also intuitive, and users with basic computer skills can easily buy and sell digital assets on the platform.
An organization’s capability to satisfy its customers is reflected in its customer satisfaction rating. In our Crypto.com Visa Card review, we discovered that the crypto exchange itself has a poor priority customer service review.
Out of a possible 6,202 reviews, Crypto.com got a 2-star rating from about 64% of the respondents. 6% awarded the platform with a 2-star rating while 21% of users rated it a 5-star service. Meanwhile, its overall rating stands at 2 out of a possible 5.
The general area of concern is the difficulty of withdrawing funds from the platform. Also, a few customers complained of skyrocketing fees and poor customer feedback from the support team.
Is Crypto.com Visa Card Right for You?
Crypto.com Visa Card brings so much to the crypto-loving user. But the question remains, is it the best crypto debit card for crypto users given the myriad of options available in the emerging space?
In the end, it depends on the user, since everyone has their own preferences. However, since the Crypto.com Visa Card has a very high staking threshold, it’s more suitable for crypto investors with deep pockets. Also, its cashback reward is relatively modest compared to crypto debit card offerings from rivals like Binance which pays 8% in cashbacks.
Due to the digital asset’s low reputation, users may not find collecting rewards exclusively with the CRO token unappealing. These challenges should be considered before opting for the Visa card.
Our Crypto.com Visa Card review extensively covered the platform’s different card offerings and the applicable requirements. While Crypto.com offers many benefits for its Visa Card holders, the fees can burden many. Also, the high staking requirements to earn rewards mean it is more viable for deep-pocketed investors.
We believe the card may not be well-suited to regular crypto investors.
Most frequent questions and answers
Crypto.com Visa Card is available in the North American nation, and users can only fund their accounts with Canadian Dollars as a fiat currency.
The Crypto.com Visa Card cannot be used to purchase digital assets. Payments are only made for physical goods and services.
Crypto.com Visa Cardholders can use the crypto debit card to pay for goods and services across all Visa-supported merchants. This includes flight tickets, bus fares, grocery shopping, and movie tickets.
Canadian investors can easily use their Crypto.com Visa Card on any online store or point-of-sale location. Insert the card into the POS machine and enter the equivalent value. Within seconds, the amount would be deducted.
Canadian investors can withdraw from the Crypto.com platform, but this is only possible with the mobile app. To withdraw, users need to change their crypto to fiat currency and forward it to the CAD fiat wallet. Then transfer their CAD funds to their bank accounts for use.
Yes, crypto users can make purchases online with the Crypto.com Card. It can be used at any merchant store that accepts Visa cards.
Crypto.com Visa Card can also be used in household purchases in any store that accepts cryptocurrencies and supports the Visa network.
Using a debit card rather than a credit card is the only way to avoid the 2.99% fee.
We always try to provide the most accurate information available, and make sure our team follow through.
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