Crypto debit cards latest?

banie01

SkySter wrote: »

If someone is using another card they're free to post here I guess. I'd be interested if there is someone using another card that they actually think is better?

Crypto.com's product looks the best one out there at the moment. Have had both a Tenx (remember them? ) and Wirex card in the past and both had issues. Having said that, I've yet to actually receive mine!

I have a Coinbase card, that has seen zero use as the whole ecosystem is too fragmented.
Card has an app, Coinbase has an app and then CB pro has an app too...
PITA imo.

stockshares

Bob24 wrote: »

I am not using the exchange much and could miss something, but my understanding is that with the exception of having CROs on there for the various benefits it gives (20% interest, cheaper fees, access to syndicate events), there is little point in leaving anything on the exchange which you don't intend to trade in the near future.

Btw, maybe there should be a separate thread for Crypto.com? (recent questions aren't really related to the card)

Gooey Looey wrote: »

Better a mod could rename the thread all things Crypto.com

Apologies lads, Ill keep any future Qs about the Card only.

Gooey Looey

stockshares wrote: »

Apologies lads, Ill keep any future Qs about the Card only.

It's no hassle, this is the only thread here about Crypto.com

Bob24

SkySter wrote: »

Crypto.com's product looks the best one out there at the moment. Have had both a Tenx (remember them? ) and Wirex card in the past and both had issues. Having said that, I've yet to actually receive mine!

I also think it is the best, but one “issue” it has is it reliance on Wirecard - which could go dark anytime with no notice. Not really Crypto.com’s fault for being in this situation, but I hope they are working hard to move away from this ASAP.

stockshares

Crypto.vom have suspended their cards in Singapore. I presume the same will happen everywhere now.

https://twitter.com/cryptocom/status/1282963043995889664?s=19

Bob24

stockshares wrote: »

Crypto.vom have suspended their cards in Singapore. I presume the same will happen everywhere now.

They are suspending new cards issuance (existing cards are still working), while they are migrating to a new provider.

This isn't necessarily bad news, as if I am not mistaken Singapore cards are issued by an Asian subsidiary of Wirecard, and it seems like Crypto.com are making a move away from them.

Hopefully they can move away in Europe as well (other regions aren't a problem as I believe only Singapore and Europe rely on Wirecard entities).

Stormington

Bob24 wrote: »

They are suspending new cards issuance (existing cards are still working), while they are migrating to a new provider.

This isn't necessarily bad news, as if I am not mistaken Singapore cards are issued by an Asian subsidiary of Wirecard, and it seems like Crypto.com are making a move away from them.

Hopefully they can move away in Europe as well (other regions aren't a problem as I believe only Singapore and Europe rely on Wirecard entities).

The only bad news is the massive backlog for free and red cards in the EU & UK.

stockshares

stockshares wrote: »

Do you know if this Deposit must stay on the Exchange or can it be moved to the App? I've noticed that the MCO bonus does not show up in my account balance on the Exchange.

stockshares wrote: »

I'll give them a shout on chat and post back here later.

I contacted Crypto.com and received the reply below.
"First of all I am very sorry for the delayed response, we are experiencing huge volumes of chat/email requests lately, due to increased interest in our platform.
As for your inquiry - you need to have the deposit in the exchange

Also you may find the following article really helpful:
https://help.crypto.com/en/articles/4090217-2-deposit-bonus"

At the very bottom of the article it says this:
What will happen to my deposit bonus if I withdraw my deposit within the first 180 days before the deposit bonus is unstaked?
To prevent abuse, trading volumes may be monitored during the CRO staking period. If the combined trading volume during this period is not at least 3 times the amount deposited (in USD equivalent value), Crypto.com may withdraw the bonus.

Example: If you've deposited 1,000 USD in crypto, your trading volume within the 180 days needs to be at least 3,000 USD to be credited the deposit bonus at the end of the staking period.

stockshares

In August Binance starts rolling out it's debit card in Europe
https://www.cryptoglobe.com/latest/2020/07/binance-rolls-out-crypto-debit-card-in-europe/

banie01

banie01 wrote: »

Anyone who applied for their card on/after the 6/6 received it yet?

Received a notification this morning that my card has shipped.

Gooey Looey

banie01 wrote: »

Received a notification this morning that my card has shipped.

How long was the status on issued, mine went to issued 2 days ago. I only staked a week ago.

banie01

Gooey Looey wrote: »

How long was the status on issued, mine went to issued 2 days ago. I only staked a week ago.

I staked MCO for the card 6 weeks ago. The status changed to issued 5 weeks ago.

SkySter

banie01 wrote: »

I staked MCO for the card 6 weeks ago. The status changed to issued 5 weeks ago.

Thanks for the update.

Still saying issued with me. I'm on a similar timeframe as you on the staking. Fingers crossed I might see it shipping next week so.

MuffinsDa

I've signed up and staked for a red card on June 6th, changed status to issued ages ago but nothing received.

They did not respond to any of my queries since July 1st. Today someone got back saying yes we are aware there's a delay we will let you know when it's shipped.

As far as I can see this is borderline scam / ponzi scheme: take money, delay providing service.
Totally unacceptable. Their volume and other problems is their problem. They are supposed to provide a service in return for me locking up my money there which they are not. Not on! And worse, it's not even possible to get out of it and withdraw now.

I highly advise anyone considering them to stay away from them!

SkySter

MuffinsDa wrote: »

I've signed up and staked for a red card on June 6th, changed status to issued ages ago but nothing received.

They did not respond to any of my queries since July 1st. Today someone got back saying yes we are aware there's a delay we will let you know when it's shipped.

As far as I can see this is borderline scam / ponzi scheme: take money, delay providing service.
Totally unacceptable. Their volume and other problems is their problem. They are supposed to provide a service in return for me locking up my money there which they are not. Not on! And worse, it's not even possible to get out of it and withdraw now.

I highly advise anyone considering them to stay away from them!

I'm not here to defend them, but their provider Wirecard was accused of fraud and they had to stop issuing and shipping cards for a period. That wasn't under their control. They're also saying they're looking for another provider.

However on the other side, they really should have given anyone with MCO funds locked in staking the option to bale out. I'd agree with you on that point.
I see on here they've started shipping again so that gives me a degree of comfort this should play out ok. Hopefully I'm not wrong!

el diablo

MuffinsDa wrote: »

I've signed up and staked for a red card on June 6th, changed status to issued ages ago but nothing received.

They did not respond to any of my queries since July 1st. Today someone got back saying yes we are aware there's a delay we will let you know when it's shipped.

As far as I can see this is borderline scam / ponzi scheme: take money, delay providing service.
Totally unacceptable. Their volume and other problems is their problem. They are supposed to provide a service in return for me locking up my money there which they are not. Not on! And worse, it's not even possible to get out of it and withdraw now.

I highly advise anyone considering them to stay away from them!

Remove your stake and cancel the card rather than crying about it on the internet.

suave.4u

Just read in Reditt that some guy received his card here in Ireland.
Fingers crossed!

stockshares

Just pointing out about interest repsayments on Crypto.com flexible plan.

Interest will be paid on the Minimum amount held in the account during the daily timeframe. It will not be paid on the principal deposited.

Example:
Interest calculations take place at UTC 00:00:00 daily.

Fixed term calculation formula for the daily interest

Daily Interest = Principal amount (in original cryptocurrency) x (APR/365)

[(e.g. If you’ve staked MCO Tokens, opted for a 1-month term and deposited 1 BTC, your calculation will be 1 x (6%/365)]

Flexible term calculation formula for the daily interest

Daily Interest = Minimum Daily Balance x (APR/365)

[The minimum daily balance is the minimum balance for the users’ crypto asset under Crypto Earn flexible term between UTC 00:00:00 and UTC 23:59:59 every day]

Note:

Interest for Flexible Term will start to accrue a day after you make a deposit.
APR will change if you choose to stake/unstake MCO in the middle of your deposit term.

stockshares

Just pointing out about interest repayments on Crypto.com flexible plan.

Interest will be paid on the Minimum amount held in the account during the daily timeframe. It will not be paid on the principal deposited.

Example
Interest calculations take place at UTC 00:00:00 daily.

Fixed term calculation formula for daily interest

Daily Interest = Principal amount (in original cryptocurrency) x (APR/365)

[(e.g. If you’ve staked MCO Tokens, opted for a 1-month term and deposited 1 BTC, your calculation will be 1 x (6%/365)]

Flexible term calculation formula for daily interest

Daily Interest = Minimum Daily Balance x (APR/365)

[The minimum daily balance is the minimum balance for the users’ crypto asset under Crypto Earn flexible term between UTC 00:00:00 and UTC 23:59:59 every day]

Note:

Interest for Flexible Term will start to accrue a day after you make a deposit.
APR will change if you choose to stake/unstake MCO in the middle of your deposit term.

makeorbrake

The interest has been a big draw in these cases. However, make sure that you are all aware that there's rehypothecation at play. That's a practice which was at the heart of the 2008 financial crisis. They will use your funds and implement fractional reserve practices to lend them out multiple times. This is something that Caitlin Long has warned against - that it has the potential to ruin crypto.

She's worked with Wyoming to create a very progressive set of rules for crypto businesses in that state. It means that rehypothication isn't possible there. It won't be possible with the crypto industry bank that she's setting up (Avanti).

I've been very tempted to stick some funds in one of these crypto interest earning products but I just couldn't do it - as the risk is there. To me, some day it's going to go tits up and create a big mess. At least in crypto, there is no lender of last resort so it will be horribly painful for those caught up in it - but it will probably only happen the once.

I don't mean to curb anyones enthusiasm - but it's important that you know the risks you're taking on if you decide to put significant $$$ into any of these products.

Stormington

Crypto.com's interest rates are only decent if you have MCO and CRO staked in large amounts.

I've found a place offering 120% APR on Link recently so gave it a spin. It will unlock next week so I'll report back if all goes ok

banie01

MCO card arrived this morning, originally staked for on the 06/06.
Really nice card, nice package and already have my Spotify and a few more subs moved over.

Bob24

MasterCard had been rather conservative about working with crypto-related payment cards issuers; but it looks like they are now becoming rather keen about the idea of working with them: https://cointelegraph.com/news/mastercard-expands-cryptocurrency-program-for-crypto-card-issuers

aledoux

Joined crypto.com end of May and staked 50MCO to order the Ruby Red card and since the price of MCO dropped in June, upgraded to Jade card. The Jade card arrived a few days after the upgrade and a few days before the wirecard issue. A week ago I received my Ruby card which does not make sense. All in am really happy with the card here in Ireland with 10% cashback in Tesco and JustEat. The only issue which make sense though is that you cannot include EURO cashback when purchasing something in the shop like you can with other debit cards.

SkySter

banie01 wrote: »

MCO card arrived this morning, originally staked for on the 06/06.
Really nice card, nice package and already have my Spotify and a few more subs moved over.

Got an email saying my Ruby card has shipped. Took approx 30 days from Issued.

starWave

Ruby red card arrived today, after staking approx. 5 weeks ago.

suave.4u

me too...Ruby red card arrived today, after staking approx. 5 weeks ago.
added to curve.

Guys have you started actively using the card? Are all retailers accepting it?

banie01

suave.4u wrote: »

me too...Ruby red card arrived today, after staking approx. 5 weeks ago.
added to curve.

Guys have you started actively using the card? Are all retailers accepting it?

Using it exclusively since it arrived, haven't had any issues with its being accepted anywhere.
It is just a visa debit in any case, if there is an issue with it being accepted it's more likely a "what's that" issue than a card one.

It's my 1st metal card and honestly!
I love the heft of it, wonder if any of the pillar banks will offer metal cards?
Seems a bit of a sham having a plastic platinum card now :pac:

Stormington

Stormington wrote: »

Crypto.com's interest rates are only decent if you have MCO and CRO staked in large amounts.

I've found a place offering 120% APR on Link recently so gave it a spin. It will unlock next week so I'll report back if all goes ok

Pokket.
I tried this site with small amounts of ETH, Link and a few others.

It appears that they are arbing between exchanges and countries (In a yt video they explain that Chinese people are not able to use exchanges and transactions are peer to peer via wechat and weibo). They collateralise it in TUSD or USDT (there is a deal there with TUSD in some form).

Example of how it works is you deposit an amount, and receive this plus interest back at the end of the term (1 week typically) or if it goes up by more than 10% in value, you get the USDT value instead. Deposit 100 Link and get 2% weekly apr.

At the end of the week you will get back 102 Link or the USDT value of the token if the price of Link increases by more than 10%.

Having tested with a small amount of ETH I received USDT this morning.

It might make sense to auto-enroll to compound earnings, and wait for a pump then a lower price before withdrawing assets if you want the coins, or the cash out if you want the money.

I would not advise sticking everything you own in there but it might be an easier alternative than DeFi for some people if interested in piling up coins.

suave.4u

Stormington wrote: »

Pokket.
I tried this site with small amounts of ETH, Link and a few others.

It appears that they are arbing between exchanges and countries (In a yt video they explain that Chinese people are not able to use exchanges and transactions are peer to peer via wechat and weibo). They collateralise it in TUSD or USDT (there is a deal there with TUSD in some form).

Example of how it works is you deposit an amount, and receive this plus interest back at the end of the term (1 week typically) or if it goes up by more than 10% in value, you get the USDT value instead. Deposit 100 Link and get 2% weekly apr.

At the end of the week you will get back 102 Link or the USDT value of the token if the price of Link increases by more than 10%.

Having tested with a small amount of ETH I received USDT this morning.

It might make sense to auto-enroll to compound earnings, and wait for a pump then a lower price before withdrawing assets if you want the coins, or the cash out if you want the money.

I would not advise sticking everything you own in there but it might be an easier alternative than DeFi for some people if interested in piling up coins.

Can you share the link?