Crypto.com is not like any cryptocurrency exchange you have come across before. It is much more than just an exchange. One of their major products is cryptocurrency debit card known as MCO VISA card. This card is at the same level as other VISA cards you get from traditional banks to disburse your fiat currencies online and offline. The card is one of the company’s most popular offers. The MCO Visa Card is a perfect replacement for many credit cards and debit cards. It comes with unlimited 1%-5% instant rebate* on all spend (depending on tier), 100% rebates on Spotify and Netflix, and if you like, expose yourself to the wider MCO crypto ecosystem.
The MCO Visa Card offers some of the best cashback rates? paid in cryptocurrency and redeemable in cash. Crypto.com’s most accessible card tiers offer up to 3% cashback on all transactions, not just for specific shopping categories like comparable rewards cards. This is in addition to other perks, such as free Netflix and Spotify subscriptions.
Compared to most credit cards, which usually offer between 1-2% cashback, the MCO Visa Card is a point more competitive. Plus, users can enjoy convenient access to cryptocurrency through the integration with their mobile app.
The company’s elite cards, meanwhile, offer as much as 5% cashback, as well as other luxury benefits including private jet access and inheritance management services.
There are 5 card tiers for the MCO Visa Card, ranging from the free Midnight Blue MCO card to the really expensive Obsidian Black card for the super-rich. The Midnight Blue card comes with an unlimited 1% rebate, which Revolut charges a monthly subscription of S$19.99 per month for its Metal Card.
- Midnight Blue: Free. 1% MCO rewards.
- Ruby Steel: 50 MCO stake required. 2% MCO rewards. 100% MCO rewards for Spotify up to USD 12.99.
- Jade Green/Royal Indigo: 500 MCO stake required. 3% MCO rewards. 100% MCO rewards for Spotify and Netflix up to US$12.99 each. Loungekey Airport lounge access passes.
- Icy White/Frosted Rose: 5,000 MCO stake required. 4% MCO rewards. All of the above plus 100% MCO rewards for Amazon Prime, 10% MCO rewards for Expedia, bonus interest, and access to Crypto invest. One additional Loungekey Airport lounge access for guests.
- Obsidian Black: 50,000 MCO stake required. 5% MCO rewards. All of the above plus private jet partnership, 10% MCO rewards for Airbnb.
Official benefits table: https://crypto.com/cards.html
While most people might be perfectly fine with the Midnight Blue card for normal use, those that want to take advantage of the better benefits offered in the higher tiers such as 100% rebate for Spotify and Netflix and airport lounge access might want to consider upgrading their cards.
In order to progress up the card tiers, you need to first stake a token known as MCO – which means holding MCO locked in your wallet for an agreed period of time.
Depending on which card tier you’d like, you need to purchase and stake the required amount of MCO from the app or transfer the tokens in from another exchange, select the Upgrade option in the app, choose the respective card you would like to order and then proceed with staking. This process will lock your MCO tokens in the app for six months, and if you subsequently choose to upgrade your card again during this period, your six-month timer will reset.
What Is the MCO Token?
The MCO token is a cryptocurrency issued by CRYPTO.COM on the Ethereum blockchain. MCO provides several benefits on Crypto.com and its mobile app.
MCO’s value fluctuates between $3 and $7 based on market data over the last year. Given the volatility of MCO, holding the token can be risky for some people. That said, many see it as an investment opportunity given that MCO appears highly correlated with Bitcoin prices.
The MCO token can be either bought through their Crypto.com app or through other popular crypto exchanges like Binance, OKEX and Bittrex.
Staking MCO means that they will be locked in the app for the next six months. The price of the token can also fluctuate, meaning they could be potentially worth less than when you had bought them. However, there are benefits of staking these tokens, which can be broken down into the various products they offer in their ecosystem:
- Cards: Reserve and upgrade a higher tier MCO Visa card
- App: Airdrops for tokens and earn referral rewards
- Earn: Earn higher interest on other staked tokens/coins
- Credit: Borrow cheaper and get instant loans with MCO collateral
- Invest: Pay less in fees when investing on their platform
Unlike most cards, the MCO card has no interest charges, annual fees, or withdrawal fees. MCO Visa Card also offers free overseas ATM access (up to a cap), free foreign exchange with no mark-ups, in-app instant spend notifications and in-app card control (block, manage and limit within the app). The fees they do have are usually for extraordinary circumstances, like replacement cards, closing a card with a balance, or for allowing more than a year of inactivity to pass.
Note that the merchants (e.g. Spotify, Netflix) do not have any sort of partnership with Crypto.com, so there is always a risk of them pulling or modifying the offer at their discretion. I suspect they are subsidizing the cost of acquisition to make it more worthwhile to stake MCO for such benefits. All MCO Visa Cards can be used for mobile payments, including Apple Pay and Google Pay.
In my opinion, the MCO Ruby Steel Card makes the most sense: offers 2% cashback on purchases and the tier is unlocked with a stake of just 50 MCO tokens, the equivalent of about $250 and if you want you can quickly recoup your initial investment through Spotify purchase rebates. If you already own and are paying for a Spotify family plan, then you can break-even on your investment within 16 months at current prices, less if you manage to stake MCO cheaper.
MCO Card Sign up and Referral Bonus
If you are interested to get for yourself the MCO Visa Card, you can use this referral link and input the referral code 9cgdetq7ba. You will receive 50 USD in MCO equivalent (If you missed it at the registration step, you can fill it in the settings page afterward). The $50 bonus will instantly be unlocked after your KYC verification and as soon as you stake at least 50 MCO. For the complete Crypto.com tutorial, check the details here.
