- Daily Zen
The Visa Crypto Card restructures rewards for profitability.
On May 1, Crypto.com announced an update to its extremely popular Visa cards. The Crypto com Visa Cards were launched in November 2018 and have grown over time to be one of the most used crypto-linked cards, in over 40 countries. The company has now introduced a number of changes to the CRO Card rewards program, which will go into effect on June 1, 2022.
To apply for a Visa Crypto card, one must stake CRO tokens for around six months. Applicants must start by creating an account on the Crypto.com App. After the KYC verification is complete, customers can buy CRO tokens and keep them in their digital wallet in the app. Once this process is complete, customers can select the card of their choice, depending on their spending requirements.
So, what is a crypto visa card? A Visa Crypto Card functions much like a debit card in the sense that it is a prepaid card, available in a slew of colors, offering many benefits. While debit cards are linked to one’s bank account, the Crypto.com Visa Cards can be topped up using debit or credit cards, bank transfers, and cryptocurrency. The cards can be used for most transactions, ranging from ATM withdrawals to paying for Netflix subscriptions.
The crypto card rewards are usually paid in CRO. CRO stands for Cronos and works as a payment token. It can be used to make purchases or even exchanged for other currencies.
The CRO card rewards are reflected in one’s account instantly while purchase rebates are reimbursed. The rebates are reimbursed to the USD equivalent, and the rebate cap is fixed on the first day of each month.
Crypto.com offers competitive exchange rates for both fiat and cryptocurrencies. This feature is useful when topping up the cards using traditional debit or credit cards and cryptocurrencies. The exchange rates are set based on one’s location and card tier.
Cardholders cannot directly top up the Crypto.com Visa Cards with their cryptocurrency of choice. All cryptocurrency will be converted to the respective market’s currency before the card is topped up. After this procedure, customers can use the visa crypto card for ATM withdrawals and other transactions.
The benefits of a crypto visa card are similar to those of ordinary debit cards. Customers can earn points and rewards whenever they swipe their card. The crypto card rewards are paid in CRO tokens and can be seen in the Wallet app.
Currently, the Crypto.com Visa Cards are available in five tiers with varying benefits and CRO rewards. The crypto cards rewards program has been revised by the company to ensure long-term profitability. “Customers who have an active 180-day stake and those who placed a stake before May 1, will continue to earn rewards as per the earlier CRO card rewards program. The revised rewards structure will be applicable to new cardholders and to present customers after their 180-day stake expires.
Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian cardholders will no longer receive CRO staking rewards from the effective date. They will, however, continue to receive the rewards until the end of their current staking period.
The company has also put a cap on how much CRO card rewards one can earn while using the Crypto.com Visa Card. “For example, if one owns a Ruby Steel Card, the monthly CRO Card rewards will be capped at $25 while it is capped at $50 for Royal Indigo and Jade Green cardholders. On the other hand, there are no caps for Icy White, Frosted Rose Gold, and Obsidian cardholders.
Furthermore, the company revealed that customers will continue to “receive 100% reimbursements for your favorite monthly subscription services, including Spotify, Netflix, and Amazon Prime. This will be excluded from the calculation of your monthly CRO cap. Jade Green, Royal Indigo, and other higher-tier cardholders can continue to enjoy unlimited complimentary LoungeKey airport lounge access.”