Crypto debit cards latest?

Bob24

el diablo wrote: »

Mine has also been shipped but I'm out of the country for the foreseeable future. Hopefully I'm not personally required to sign for delivery of the card.

I suspect they are sending it using non-registered regular post. Will let you know when it arrives.

Bob24

Card arrived today. It was regular mail with no signature required, posted from the UK.

Even though you know it is metal, it does feel heavy when you first grab it :-)

unkel

What's the USP of this card? Compared to say Revolut? Apart from the cash back and the Spotify / Netflix free subscriptions on the higher tier cards. Looks to me like another free N26 or Revolut card (have both already) or are there specific crypto related benefits to this card?

Bob24

Looking at the first tier requiring MCO staking, I think the 2% cashback and full Spotify cashback is what is appealing to some people (besides that the card does what Revolut does in terms of interbank exchange rates).

But at the end the day besides those goodies I think the long term strong incentive is the fact that it is part of a broader ecosystem which crypto.com has even building (crypto loans, crypto deposits with decent interests, exchange, etc). Some people might not like it because it is bringing a lot of centralisation back into crypto, but it is convenient and there are good synergies between the different products. For exemple you can deposit bitcoins, get 6% annualised rate on then, and use those interests to instantly top-up the card and make purchases in fiat currencies with very little fees.

unkel

Bob24 wrote: »

you can deposit bitcoins, get 6% annualised rate on then

That sounds extremely risky to me, for very little reward. I'd rather keep control of my coins myself (and make them work for me in other ways, without risk, like staking or master noding), or create coins through mining, using hardware that can be sold on as computer parts, again with very little risk. Several major crypto exchanges have had major hacks where lots of coins were taken. Never mind handing your coins over to a company that is probably even more likely to go belly up.

And I already have free unlimited Spotify for life, it came with my second hand car

Bob24

unkel wrote: »

That sounds extremely risky to me, for very little reward. I'd rather keep control of my coins myself (and make them work for me in other ways, without risk, like staking or master noding), or create coins through mining, using hardware that can be sold on as computer parts, again with very little risk.

Yes some people will reject the idea of bringing centralisation back into crypto and of handing their keys to a third party, and I completely understand that (my personal view would be to that a good compromise to get some reward while limiting the risk would be to self-store half of one's crypto holdings and spread the rest across 2 or 3 different services which generate yield - so that even if one of those services goes under the impact is limited).

Having said that I don't think it is fair to say 6% yield on Bitcoin (and 12% on stablecoins) is very little in comparison to the risk, knowing that we live in a world of zero to negative interest rates. I myself think it is rather high and would question how sustainable it is.

If you compare it to what you can get elsewhere, interest rates for high yield debt (polite word for junk debt) in the eurozone can be lower and for a very high risk profile (I believe BB rated bonds which are usually considered the beginning of the junk category will yield around 4%).

unkel

I'd say to invest in an index linked fund of shares in blue chip companies would have an expected gain of more than 6% for a lower risk. No way would I hand over my crypto to a newcomer company like that with a substantial risk of losing all of it. I'd rather even stick it into a pension fund. With substantially higher return (after tax) and substantially lower risk. Crypto is risky at the best of times, and that's even without handing your coins over

Bob24

unkel wrote: »

I'd say to invest in an index linked fund of shares in blue chip companies would have an expected gain of more than 6% for a lower risk.

Not trying to argue either way and people will make their own choice, but for clarity if the 6% expected return of an ETF is to be compared with the 6% interest on bitcoin, the following should be taking into account: with the bitcoin deposit you are double-dipping, both getting the 6% interest rate and betting on long term price appreciation of bitcoin so the overall return you are expecting is significantly above 6%.

The 6% ETF envisioned gains alone should rather be compared with the 12% rate they pay on USD stable coins.

unkel

Betting. And hoping the company you handed your coins over to won't go under or won't give them back to you. Double whammy risk

For the lousy 6% promised reward, I wouldn't gamble it. But as you say, each to their own!

Shamo

Don't get mixed up between the card and the app. The app has many features like earning deposit interest on various coins, taking out a loan using crypto, exchange fiat <> crypto and crypto <> crypto, actually being able to deposit and withdraw crypto unlike Revolut, buying gift cards to spend in shops with cashback rewards etc. If you want more reward for the risk, deposit/buy CRO and earn 18% APR.

The card offers little benefits if you can't stake MCO to get a higher tier so it's really for people that have MCO or can afford the stake without putting a high % of their portfolio in.

Worth reading https://crypto.com/en/security.html

makeorbrake

There are many jurisdictions where it's still a difficulty to convert crypto back to fiat funds in a bank account. This type of product cuts out the bank whilst still making crypto spendable (indirectly) via visa (whilst we await further improvements to crypto and its network from a payments point of view).

el diablo

Bob24 wrote: »

Card arrived today. It was regular mail with no signature required, posted from the UK.

Even though you know it is metal, it does feel heavy when you first grab it :-)

Also received my card today apparently.

drunkmonkey

I've been using a wirex card the last couple of weeks, getting a bit of Bitcoin back with every tap, easily more than the monthly standing charge.
Would it be madness to buy the 500,000 .wxt token just so I could get 1.5% crypto back. I think it's about 4k.

banie01

I'd signed up for the MCO card ages ago and completely forgot about it.

The Spotify offer for staking 50, and the 2% cashback will see move a lot of my renewals and subs there from Revolut.

Revolut's actions during the week, with giving some support staff the choice to resign or be fired leaves quite a poor taste tbh.

So if I can find a card/app that offers similar benefits with no fee, I'm moving.

unkel

banie01 wrote: »

Revolut's actions during the week, with giving some support staff the choice to resign or be fired leaves quite a poor taste tbh.

It's a reality of business tbh. Just heard about the redundancies and wage cuts in the company I work for myself. Both pretty severe.

banie01

unkel wrote: »

It's a reality of business tbh. Just heard about the redundancies and wage cuts in the company I work for myself. Both pretty severe.

It certainly is, but there is quite a difference between a planned exit and a figurative gun to the head.

Threatening staff with resignation and a token severance, or dismissal is incredibly poor management.

They are a disruptor in a competitive industry, they will take knocks however, if that's how they approach headcount management and it's presentation?
I'd honestly wonder what else they cut corners and spin.

They had announced redundancies, filled them and then initiated a further headcount cut under the guise of natural wastage.

It's a sneaky and outright disrespectful way to treat staff.

Bob24

unkel wrote: »

It's a reality of business tbh. Just heard about the redundancies and wage cuts in the company I work for myself. Both pretty severe.

Laying off staff because business is poor is one thing and I agree with you this is unavoidable in some companies given the economic circumstances.

But if what is reported here (and elsewhere) is correct, what happened is quite different from "regular" lay-offs: out of nowhere staff members were given 30 minutes to decide between being terminated for supposed underperformance or accepting to sign a document relieving Revolut from their legal obligations in terms of statutory severance packages.

A large number of people being presented with that choice just as the company needs to cut costs doesn't make it look like underperformance is the actual reason. Genuinely terminating someone for underperformance should be an individual process for each under-performer, not something coming out of nowhere for a large batch of employees all at the same time.

banie01

On the topic of Crypto cards and their benefits.

Is anyone using CryptoEarn?
Have some stuff I'm hodling and the idea of a return over and above the principle is quite attractive IMO.

I stuck 50 MCO into the account to get the 2% CB and free Spotify.
Will likely start using it as my main card when it gets here.

el diablo

banie01 wrote: »

On the topic of Crypto cards and their benefits.

Is anyone using CryptoEarn?
Have some stuff I'm hodling and the idea of a return over and above the principle is quite attractive IMO.

I stuck 50 MCO into the account to get the 2% CB and free Spotify.
Will likely start using it as my main card when it gets here.

I haven't started using CryptoEarn yet but I'm considering it. I already have accounts at Celsius and BlockFi though so I'm not sure if I'm comfortable staking any more of my crypto. Not my keys, not my crypto and all that :cool:

Bob24

Crypto Earn works as advertised and as said above there is indeed the obvious caveat that you have to accept giving control of your crypto to a third party. The other thing is that to get the best interest rates you have to have a 500 MCO stake and to deposit your other coins for 3 months terms, but doing that I believe you are getting some for the best rates on the market (if not the best - currently 6.5% on bitcoin and 12% on stablecoins).

But I wouldn’t go all in on Crypto Earn (nor any other similar platform) as there always is a small risk. My view is that the right thing to do is to only put a potion of someone’s crypto holdings on this type of platform, and to split that amount at leat across 2 different ones to spread the risk. And I’d definitely include Crypto Earn as one of of those platforms.

banie01

Thanks Bob and El Diablo.

Wholeheartedly agree regarding eggs in one basket.
I have my holdings spread between a ledger, Binance, Kraken, Coinbase Pro and most recently Crypto.com.

Still waiting on the card to be delivered and will most likely end up using it for my fiat spending via top ups from my N26 to take advantage of the cashback on offer as well as the free"ish" Spotify (have a family account).

I've not looked into using any DeFi or Dapps as yet so other than some Callisto, this is my 1st venture into staking.

suave.4u

Crypto.com is also now allowing (for a limited time) to buy using Crecit card (0% fees). Good way to top up.

banie01

suave.4u wrote: »

Crypto.com is also now allowing (for a limited time) to buy using Crecit card (0% fees). Good way to top up.

If you are borrowing money to buy crypto, just be certain that you are aware of the interest cost.
Is your provider treating it as a straight purchase?
Or a cash advance?

Also be sure that if the market tanks, you can at least afford your CC payments rather than crystallizing any losses.

DYOR and remember, crypto is volatile.

el diablo

Is it possible to top up my Crypto.com account with my Revolut card?

Gooey Looey

el diablo wrote: »

Is it possible to top up my Crypto.com account with my Revolut card?

No, not by card. Sepa works

kevinbad2010

el diablo wrote: »

Is it possible to top up my Crypto.com account with my Revolut card?

No you will get unsupported merchant, tried to do it that's what showed up
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut

Shamo

kevinbad2010 wrote: »

No you will get unsupported merchant, tried to do it that's what showed up
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut

I've done this recently twice with the Revolut physical mastercard number and it worked fine.

On a side note, you can now topup your European MCO card directly with more stablecoins instead of doing stablecoin > Euro > card.

https://blog.crypto.com/stablecoins-top-up-for-mco-visa-card-europe-now-available/

Bob24

Shamo wrote: »

On a side note, you can now topup your European MCO card directly with more stablecoins instead of doing stablecoin > Euro > card.

https://blog.crypto.com/stablecoins-top-up-for-mco-visa-card-europe-now-available/

Yep - nice addition. One thing I'd say about crypto.com is that they are very agile and constantly deploying new things.

Now waiting for Apple/Android Pay in Europe :-)

Shamo

Oh by the way, certain grocery/delivery places are 10% cashback on the metal card and 5% on the plastic until end of June. M&S is definitely one of them. Can't find a specific list.

Edit here it is: https://help.crypto.com/en/articles/3857205-crypto-com-special-measures-for-apr-jun-2020

suave.4u

Shamo wrote: »

Oh by the way, certain grocery/delivery places are 10% cashback on the metal card and 5% on the plastic until end of June. M&S is definitely one of them. Can't find a specific list.

Edit here it is: https://help.crypto.com/en/articles/3857205-crypto-com-special-measures-for-apr-jun-2020

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?