Why I Thought Crypto’s Metal Card was Worth a Try…
I recently took my first step into Cryptocurrencies with Crypto.com. I should start by saying that I’m not a Cryptocurrency expert and this definitely isn’t a technical post, it’s a personal review of my experience and my rationale for giving it a go.
Clearly, cryptocurrencies come with a large element of risk. Their value can fluctuate significantly, and they aren’t straightforward, but I researched carefully and thought the Crypto Visa card was worth a shot for me. You should obviously think carefully about what you can afford to lose before applying for a product like this.
Tip: Use the Crypto Ruby Steel referral code buemekmgyu to get a $25 bonus (or this referral link) – works for all metal cards.
Disclaimer: This is an amateur, personal blog and this review is based on my experience of using the card. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances, and that you access the full and up to date information. I receive a Crypto bonus if you use my referral code.
What is Crypto.com?
Crypto.com allows you to have multiple ‘wallets’ via an App and through these you can buy and sell crypto currencies as well as holding fiat currency.
The interesting bit is that you can then have a linked prepaid rewards Visa card where you spend in GBP. This can be topped up via crypto currency or credit/debit card. You can also ‘lock up’ cryptocurrency for different time periods, earning a higher percentage the longer you commit your funds to your ‘earn’ wallet.
The reviews I read about Crypto.com indicated they were a well regarded company.
Note: Card stakes have changed since this article was written. See table below for latest rates.
The offer that attracted me was the Ruby Steel metal Visa card, which is free if you stake 1000 CRO (currently approx £70) for at least 6 months. In addition, if you use a referral code (mine is buemekmgyu), you get the equivalent of $50 as a bonus when you do this. There were three key considerations for me to decide this was a worthwhile offer:
1) The $50 bonus (code buemekmgyu) gives a decent ‘buffer’ in terms of any reduction in value.
Edit: The bonus was reduced to $25 in November 2020.
Even if the 1000 CRO (currently £125-ish) I’ve staked reduces in value by 30% in 6 months, I’ll still be able to get back at least what I put in. If the value plummeted further, it would at least offset a proportion of this. A $50 bonus for a £125 investment feels like a pretty significant reduction in risk, especially when you consider the perks you’re getting…
2) You get a metal card without a monthly fee
If you like the idea of a metal card, then in most cases you’ll have to pay a subscription fee for one. Whether that’s £575/year for Amex Platinum or £12.99/month for Curve Metal. In this case, if I keep it for a year, even if my cryptocurrency loses a massive 50% of its value, I’ll still only have ‘paid’ (lost) the equivalent of about £5/month. That’s a worse case scenario – if the value actually increases, then I could potentially earn money whilst holding the card.
3) The MCO Visa is a very decent prepaid rewards card
Edit: Crypto.com have introduced updates restrictions on cashback from Nov 2020, see here.
Between 1% and 5% back on your spend (depending on your stake and card option). The Ruby Steel offers 2% back in CRO on spending, for as long as you have 1000 CRO staked. That’s a very decent reward, unrivalled by standard rewards credit cards, including Amex. Even the basic plastic Midnight Blue card, which requires no CRO stake offers 1%.
In addition, the Ruby Steel card offers a 100% rebate on your Spotify subscription up to $12.99. Higher tiers do the same for Netflix and Amazon Prime.
So… if I usually pay for Spotify at £9.99/month anyway, then that’s £120/year saved. Factor in my $50 bonus, any rewards I earn back and the metal card and suddenly even if my £125 Cryptocurrency loses 90% value, I’ve still gained.
Importantly your Spotify reward, referral reward and cashback aren’t locked up like your original stake. So you can transfer these to the card to spend as soon as they post if you don’t want to risk devaluation. Your non-staked Crypto currencies can also be withdrawn to your bank account, so only the original stake is ‘locked up’.
Note: Until 30th Sept 2020 Crypto is offering a ridiculous 10% cashback in CRO for a host of grocery and delivery retailers. See full list here. This includes supermarkets such as Sainsbury’s and Tesco – and for me it’s worked on in-store and fuel transactions.
My Experience of Crypto.com
Firstly, it seems Crypto cards are taking quite some time to be issued. There are lots of reviews indicating wait times of several months. On that basis, I was quite fortunate to receive my card in just 6 weeks. But this is something to factor in if you’re applying.
Similarly customer support responses take a while. I waited about 3 weeks for a query submitted via the App, however once I got a response (and a direct named contact) follow up support was very quick and efficient. For example, when my card arrived the card activation status had not been updated on the App. I replied to the previous customer support email and got a response in less than 5 minutes to resolve this.
Once I’d familiarised myself with the App functions, Crypto was relatively easy to use. The card is a Visa debit, I topped it up via my Curve card with no fee*, and transactions have processed without any issue. The 2% reward posts instantly to the Crypto wallet.
*Edit: It seems that Curve will load to Crypto from Curve Cash, but not from linked Credit Cards.
The card itself is an attractive ruby red metal card with the Crypto logo. It arrived in a hexagonal ‘pop out’ card box.
If you’re happy to wait for your card and comfortable ‘investing’ £125 in Crypto currency for at least 6 months, then this card has some real advantages. Many longer term predictions also suggest CRO will gain, rather than lose, value. I was happy to risk my initial ‘stake’ in the knowledge that I’ll use the card enough to make it worthwhile. It helped to consider a worst case scenario where the stake is almost a card fee and then work out whether the benefits add up – is a 2% rewards card with free Spotify premium worth (risking) £125 to you?
Don’t forget the Ruby Steel Crypto.com card referral code is buemekmgyu to get a $50 bonus when you stake 1000 CRO.
Disclaimer: This review includes a referral link or promo code. I may earn commision if you make a purchase through my link, at no extra cost to you.
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