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The Crypto.com Visa Signature Credit Card — developed in partnership with financial services company Bread Financial and Comenity Capital Bank — is, on the surface, a $0-annual-fee card that earns cryptocurrency rewards.
But then, much like crypto itself, the card gets more complex. There are seven tiers of cards that fall under four subscription tiers, each offering a higher level of benefits, but asking for more from you in return. Namely, you’ll need to “stake” or lock up a minimum amount of your crypto for a set period of time. It can be a way to earn passive income, similar to the interest you’d earn on a certificate of deposit or savings account, but staking can also come with risks.
The Crypto.com credit card is probably a poor fit for the inexperienced crypto-curious, but could be a contender for someone with greater knowledge. Here are five things to know about the card.
» MORE: Credit cards with crypto rewards
1. Rewards are in the form of specific cryptocurrencies
Rewards are earned in the form of either Bitcoin (BTC) or Cronos (CRO), which is the Crypto.com exchange’s native currency. You can switch between earning one or the other whenever you’d like. In some instances, like in the case of welcome bonuses, you can only earn CRO.
You can exchange CRO for other cryptocurrencies in the Crypto.com app, except for the time period where your CRO is staked or locked up.
2. There are multiple tiers of cards
There are several tiers of the Crypto.com Visa card, each offering different welcome bonuses and rates of ongoing rewards:
- Midnight Blue: Earn $100 U.S. dollars worth of CRO after you spend $1,500 within 90 days of account opening. You’ll also earn an unlimited 1.5% back in CRO on purchases, or 1.5% back in BTC on the first $250 in spending per month (then 1% back).
- Ruby: Earn $200 U.S. dollars worth of CRO after you spend $2,000 within 90 days of account opening. You’ll also earn an unlimited 3.5% back in CRO on purchases, or 3.5% back in BTC on the first $500 in spending per month (then 2% back).
- Indigo and Jade: Earn $300 U.S. dollars worth of CRO after you spend $5,000 within 90 days of account opening. You’ll also earn an unlimited 4.5% back in CRO on purchases, or 4.5% back in BTC on the first $1,000 in spending per month (then 2% back).
- Icy and Rose: Earn $300 U.S. dollars worth of CRO after you spend $5,000 within 90 days of account opening. You’ll also earn an unlimited 5% back in CRO on purchases, or 5% back in BTC on the first $2,000 in spending per month (then 2% back).
- Obsidian: Earn $300 U.S. dollars worth of CRO after you spend $5,000 within 90 days of account opening. You’ll also earn an unlimited 6% back in CRO on purchases, or 6% back in BTC on the first $10,000 in spending per month (then 2% back).
3. Certain card tiers require a subscription
When you apply for the card, you can pick from one of the above-mentioned tiers based on your choice of subscription to Crypto.com’s Level Up rewards program. Here are the options and their corresponding card tiers:
- Basic (Midnight Blue): No subscription fee or CRO lockup requirement, also no additional benefits beyond a welcome bonus and 1.5% back on purchases.
- Plus (Ruby): $4.99 per month or $49.90 per year, or you must lock up $500 in CRO for 12 months.
- Pro (Jade and Indigo): $29.99 per month or $299.90 per year, or you must lock up $5,000 in CRO for 12 months.
- Private (Icy, Rose and Obsidian): Icy and Rose require a $50,000 CRO lockup for 12 months. Obsidian requires a $500,000 CRO lockup for 12 months.
You can select a Level Up subscription during the application process for the card, if you weren’t already a part of the rewards program.
4. The higher the tier, the better the perks
Plus offers:
- No trading fees on up to $20,000 per month.
- 4.5% APY on cash held in your account.
- 1.25% stock transfer bonus.
Pro offers:
- No trading fees on up to $50,000 per month.
- 5% APY on cash held in your account.
- 2.5% stock transfer bonus.
- A 3% match on new contributions to a Crypto.com IRA.
Private (for Icy and Rose cards) offers:
- No trading fees at all.
- 5% APY on cash held in your account.
- 2.5% stock transfer bonus.
- An estimated 6.3% rewards on your staked CRO.
Private (for Obsidian cards) offers:
- No trading fees at all.
- 5% APY on cash held in your account.
- 3% stock transfer bonus.
- An estimated 6.3% rewards on your staked CRO.
There are also several lifestyle perks, like rebates toward Spotify and Netflix subscriptions, and access to Priority Pass airport lounges (four visits per year with Pro, unlimited visits with a guest with Private).
If you're interested in a crypto-earning card — but all these tiers and card colors and fees seem like too much to keep track of — you could consider the $0-annual-fee Gemini Credit Card® instead. It requires that you have a Gemini exchange account to hold your cryptocurrency, but you can create an account with the platform at no cost. (Trading, custody and transfer fees still apply when using the platform.)
The Gemini Credit Card® also lets you pick among more than 50 cryptocurrencies to earn as rewards. With the Crypto.com credit card, you can only earn two cryptocurrencies.
5. Rewards values will fluctuate
Because you’re earning rewards in the form of crypto, the value of your earnings can fluctuate. What you earn through your spending will be based on the market price of CRO or BTC at the time of your purchase.
The value of your holdings in crypto can gain or lose value over time. And if you choose to stake your CRO holdings, there’s an unlikely but nonzero risk you’d lose your assets in the event of a network failure.
