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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Crypto.com Card UK Review...

    Crypto.com Card UK Review 2023: Benefits, Pros & Cons

    Crypto.com-Visa-card uk

    Uphold Card UK: Our Opinion

    The Crypto.com Visa debit card provides a convenient way for users to spend their crypto assets. Given its extensive crypto support, users can easily pay for goods and services from a bevy of 48 crypto assets. In addition to this utility, it offers up to 5% cashback with multiple perks and benefits.

    Despite being a great fit for deep-pocketed investors, the Crypto.com Visa Card is not suitable for the majority of UK crypto investors. For one, it requires a major upfront investment to access its litter of offers. Another is that all cashback is paid in the exchange native token, CRO, which is not on the same pedestal as Bitcoin and Ethereum. While it provides convenience and a flexible payment option for UK consumers, it may not meet everyone’s needs.

    An Overview of Crypto.com Card UK

    Crypto.com was launched in 2016 by Kris Marszalek and has since grown to become one of the most popular crypto exchanges in the world. It started as a cryptocurrency-only exchange with headquarters in Hong Kong and has since evolved into a more comprehensive platform that provides crypto services to over 70 million consumers in 90 countries worldwide.

    Crypto.com’s founders aim to accelerate the adoption of cryptocurrencies worldwide. They believe that customers should have control over their funds, data, and identities. Customers get to enjoy benefits like relatively low trading costs and can buy, sell, and exchange over 250+ crypto assets and 20 fiat currencies. In addition, the crypto platform provides NFT marketplaces, standalone crypto wallets, decentralized exchanges, and native Crypto.com cards.

    The crypto exchange experienced a hack in 2022 where over 400 customers’ accounts were compromised, leading to the loss of over $30 million worth of assets. Since then, it has stepped up its security measures, and customers’ transactions are now protected by multi-factor authentication (MFA). 

    Crypto.com has strict access controls for both hot and cold wallet asset storage. For any potential damages resulting from security breaches, Crypto.com provides a sizable $250,000 insurance fund, and its US bank is FDIC insured.

    Pros

    Cons

    Crypto.com Card: What Is It? 

    crypto-com-card-rewiew-uk

    The Crypto.com Visa Card (formerly known as the MCO Rewards Visa) is a specialised card aimed at cryptocurrency owners seeking a simple way to access and use their digital assets. 

    Before the advent of crypto payment cards, customers had to wait several days to access their funds for spending. The Crypto.com Visa Card has contributed to the resolution of this problem by allowing consumers to transfer money to a prepaid debit card.

    All users have access to the Crypto.com debit card, which functions similarly to a prepaid debit card. This means the card can be loaded at any time and does not need to be linked to a live bank account in order to conduct transactions.

    The key distinction between standard debit cards and cards backed by cryptocurrencies, like the Crypto.com Visa card, is that the latter allows users to fund their card balance with cryptocurrencies. Finally, this translates to customers being able to purchase Bitcoin (or any other supported digital currency) and then use it to pay for goods and services.

    The sole prerequisite for customers seeking a Crypto.com Visa card is the possession of CRO token, which serve as the platform’s native currency. Users can apply for the card through the mobile app after their CRO ownership has been verified, and Crypto.com will mail it to them free of charge. Last but not least, the Crypto.com card is a visually appealing metal card without a monthly maintenance fee, in sharp contrast to many other metal card providers.

    Crypto.com Card: How Does It Work? 

    The Crypto.com Visa Card is prepaid. This means cardholders would need to top up the card as it isn’t linked to a bank account or wallet. Users can top up their cards using their Fiat wallet, Crypto wallet, and credit or debit card in the Crypto.com app. They simply have to go to the “Card” tab, click “Top Up,” and select their preferred deposit methods, like Paypal or bank transfer.

    Once topped up, customers can use the card just like a standard debit card. This implies that users will only be able to spend the funds in their accounts. If the card’s balance runs out, customers must reload it.

    The Crypto.com Card allows users to load fiat currency and cryptocurrency while making purchases. The Crypto.com Visa Card can be used at more than 40 million points of sale (POS) and at countless online retail establishments that accept Visa.

    When using the Crypto.com card to purchase goods and services abroad, users will receive the actual interbank exchange rate in effect at the time. This is another fantastic feature of the card. This implies that no hefty transaction fees are associated with spending money abroad.

    Benefits and Perks

    benefits crypto.com card

    The Visa card from Crypto.com is a collection of cards in five different tiers: Obsidian, Frosted Rose Gold card & Icy White, Royal Indigo & Jade Green, Ruby Steel card, and Midnight Blue. The amount of CRO stake will determine the level of each card; the more people wager, the more bonuses they will receive. 

    Crypto.com Visa cardholders get to enjoy several card benefits. Specific cards will have the following perks in addition to other perks like interbank exchange rates and cost-free LoungeKeyTM airport lounges access:

    • Travel in Style: Receive a 10% purchase rebate on any Expedia ($50 equivalent) or Airbnb ($100 equivalent) booking. 
    • Music (Spotify): Customers will be refunded in full for their standard subscription plan ($13.99 equivalent). However, the rebates for Spotify only last for the first six months on the Ruby Steel card and Royal Indigo & Jade Green card.
    • Movies (Netflix): Customers will get a 100% rebate for their basic subscription plan (up to $13.99 equivalent). Netflix subscription rebates only last for the first six months on Roya Indigo & Jade Green cards. 
    • Earn spending rewards: Up to 5% cashback on domestic and international purchases; no minimum or maximum spending required.

    All rewards will be deposited into users’ cryptocurrency wallets as CRO, the native cryptocurrency of Crypto.com.

    Fees Explained

    The Crypto.com debit card has no monthly or annual fees, which is an important point to keep in mind. 

    However, there are some applicable fees that users should be aware of. This includes;

    • 1% on Debit/Credit card top-ups.
    • ATM Withdrawal: 2% on amounts above the monthly free ATM limit [ATM surcharge fees charged by ATM provider (if any) will be counted towards the ATM withdrawal limit].
    • Interbank Exchange: 0.50% on amounts above the monthly free interbank limit. 
    • Close Account: £50.
    • Card Upgrade: Waived.
    • Reissue Card: £50.
    • Card Issuance: £4.99 for the first physical Midnight Blue card order.
    • Inactivity: £5 per month after 12 months of inactivity (activity is considered any successful card usage).
    • Foreign Transaction Fee: All non-GBP & EUR purchases and ATM withdrawals will be charged 0.2% within the UK and the EU and 2.0% outside the UK and the EU as follows on Midnight Blue, Ruby Steel card, Royal Indigo and Jade Green Cards. 

    There are also limits on the cards, which are:

    Different Card Holder Tiers

    The Crypto.com Visa card comes in five different tiers and colours. Cardholders also get various card benefits. For UK customers, £4.99 is charged for the order of the first physical Midnight Blue card, while others are free. However, users can stake CRO to increase their card tier. 

    Users should also remember that the midnight blue card is made of plastic, whereas the others are made of metal. 

    The card tiers are:

    • Midnight Blue: For UK residents, the Midnight Blue card has a card issuance fee of £4.99. Card benefits are limited, and cashback is not offered. The free ATM withdrawal limit per month is €200. Midnight Blue cards are made of plastic, unlike higher-tier cards, which are made of metal.
    • Ruby Steel card: Ruby Steel is the fourth level card after Midnight Blue. A €350 staking threshold is necessary. Benefits include a monthly reimbursement for Spotify subscriptions for the first six months. For every $25 spent with a card, Ruby Steel earns 1% (active stake) CRO rewards. €400 is the monthly limit for free ATM withdrawals.
    • Royal Indigo & Jade Green card: The third-tier Visa cards are available in Royal Indigo or Jade Green. The required staking amount for these cards is €3,500. On card purchases, Royal Indigo and Jade Green receive CRO incentives of 2% (active stake). The maximum monthly CRO Card reward is $50. Additional benefits include a monthly reimbursement for the first six months of Netflix and Spotify subscription services and  airport lounge access. The maximum monthly fee-free ATM withdrawal is €800.
    • Frosted Rose Gold card & Icy White: Crypto’s second highest cards come in Frosted Rose Gold colour or Icy White. The staking requirement is on the high side at €35,000. Benefits include a monthly reimbursement from subscription services like Spotify, Amazon Prime, and Netflix. On card purchases, Frosted Rose Gold and Icy White earn 3% (active stake) on CRO incentives. Monthly withdrawal limits are pegged at €800. 
    • Obsidian card: This is Crypto.com top-tier and most expensive card. It has a €350,000 staking requirement. Obsidian earns 2% (no stake) on CRO rewards for card usage. A monthly reimbursement on Netflix, Amazon Prime, and Spotify subscriptions is among the other benefits. The maximum monthly fee-free ATM withdrawal is set at €1,000.

    Opening an Account

    Follow these steps to order a Crypto.com card:

    Sign Up

    Crypto.com-card-step-1

    Customers need to sign up on the card issuer’s platform before applying for a crypto.com card uk. Start by downloading the Crypto.com mobile app via iOS or Android. This is because the Crypto.com app is compatible with mobile devices only

    Customers must then complete a “know your customer” (KYC) process, where they’ll provide the necessary documentation to verify their account, such as proof of address.

    Fund Account

    After verification, the next thing is to fund the account with CRO. To deposit CRO, go to the account page and click “Crypto Wallet.” Tap the “Transfer” button, and then click “Deposit.” 

    Choose CRO as the preferred digital asset. A pop-up window will appear with the deposit address and QR code. To complete the deposit, users should copy this address and go to their external wallet.

    Apply for Card

    Once the KYC process is done, users should navigate to the “Card” page located in the bottom right corner of the exchange app, select their preferred card tier, and stake the corresponding CRO equivalent. Further details relating to the Crypto.com Visa Card can be found here

    There are three steps required for application. These are: 

    • Accept the terms & conditions.
    • Users should have sufficient CRO stake in the app wallet for the 180-day lock-up period. 
    • Then, customers must submit and confirm their delivery address. 

    Users should note that they will receive a virtual card on the app after the address documents have been reviewed. They can, however, request for a physical card to be supplied later (optional – fees may apply from the card issuer)

    Shipment

    Once they’ve provided their proof of address, users should keep an eye out for the Card Issue Status to change to “shipped” on the card reservation page, indicating that their card has been sent.

    When the Crypto.com Visa cards are ready to be shipped, users will be prompted to update the app and stake CRO if they haven’t. The card status in the app will be updated once all of the aforementioned processes have been completed, and the card has been dispatched.

    It means that cardholders in the UK and the EU can anticipate receiving their cards in 7 to 14 business days.

    Customer Satisfaction

    Crypto.com offers various methods for users to contact customer service. There is a “contact us” option where users can access different emails for complaints. Alternatively, Crypto.com also includes a sizable “Help Centre” that serves as the foundation for their FAQ section. Finally, there is a dedicated “live chat” contact support option to speak to a team member. 

    However, the exchange receives a 2.0 rating from a reputable third-party site such as Trustpilot. There were several reports of slow customer service and glitches that caused users to purchase crypto assets at incorrect prices.

    Is Crypto.com Visa Card Right for You?

    The Crypto.com Visa Card is a lucrative choice for high-flying crypto enthusiasts searching solely to access their digital assets for spending quickly. Depending on the card tiers, the card provides a plethora of benefits and value, such as cashback, free airport lounge access, discounts on Airbnb bookings, and private jet partnerships, though the stakes are occasionally very high. 

    Due to the opportunity costs of keeping their crypto funds locked up in the programme to get higher tier rewards, this may or may not make the card worthwhile to some customers.

    However, the lower tier of the card only makes sense for the average crypto hobbyist if they already subscribe to digital services and their fee rebates are sufficient to justify placing what is essentially a security deposit.

    Final Thoughts

    Our Crypto.com Visa card review explored everything investors need to know. We provided all the information users needed to evaluate whether the card is the correct choice by exploring the various levels offered and the fees related to card usage.

    We also looked at the advantages and disadvantages, and anyone can apply for the Crypto.com Card UK by downloading the mobile app. Owning a card carries no monthly or yearly fees, and users can top it up for free using fiat currency or cryptocurrency as they wish.

    If you want to know more about on Crypto.com Competitors and other Crypto Cards, you can check out our list of the Crypto Cards UK Reviews. You can also read about our Coinbase Card UK Review as an alternative to Crypto.com.

    FAQ

    Most frequent questions and answers

    Crypto.com UK customers can now make quick deposits and withdrawals in GBP using BCB Payments Ltd’s Faster Payments Service (FPS). BCB Group, headquartered in London, is Europe’s leading provider of crypto-dedicated payment services.

    Users can use their Crypto.com Visa Card to pay at over 40 million Points of Sale (POS) worldwide and countless online retail shops that accept Visa.

    The Crypto.com Debit Card is one of the most popular cards out there. The card comes in tiers, and cardholders get to enjoy several perks and card benefits. 

    Cardholders can withdraw money from ATMs using their Crypto.com debit card. Every version of the Crypto.com Card includes free ATM withdrawals up to a monthly limit determined by the card tier.

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    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, 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. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.

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