Our take
4 out of 5 stars
Cryptocurrencies are now making inroads into the mainstream. While the technology that powers the world's most popular currencies isn't new, actually using the currencies in the real world proved tough until recently. Crypto fans could purchase currency and store it in a wallet, but spending it was a lengthy and inconvenient process. Products like the CRO Visa Card try to change that by making it simple to buy and spend currencies.
What is the CRO Visa Card?
The Monaco card is now known as the CRO Visa Card. It is operated by Crypto.com and allows customers to load a range of currencies (both fiat and crypto) onto their cards before spending them swiftly and effortlessly. However, it's vital to note that the card is not a wallet. CRO Visa Card holders can load crypto onto their cards and have it converted to fiat currency; it is this balance that they are spending.
How does the CRO Visa Card Work?
The CRO Visa card is a prepaid card that may be used in conjunction with the Crypto.com app and the CRO system. There are multiple card tiers, each with different benefits depending on whether or not the user is staking CRO tokens and how many they have staked. Users can purchase cryptocurrency on the app and load it onto their card, which is then converted to fiat currency for usage in retailers.
The card gives CRO rewards on purchases, and some of the payback incentives are rather large at the time of writing:
- All users receive at least 1% CRO rewards on all purchases
- Users who stake at the Ruby Steel tier and above recieve 100% CRO rewards on Spotify subscriptions
- Higher tiers receive 100% CRO rewards on Netflix and Amazon Prime
Other deals for higher tier members include 10% CRO on Expedia and AirBnB, airport lounge access, higher interest on payouts, and greater allowances on currency exchanges at the interbank exchange rate.
Where are CRO Visa Cards Available?
The CRO Visa Card is currently only accessible in Singapore and the United States. If you live somewhere else in the world, Wirex or one of the other crypto-supporting debit cards might be a good option.
What are the Fees on the CRO Visa Card?
The CRO Visa card has a usually advantageous charge structure. The 'minimal frills' version of the card does not require CRO staking and lets users withdraw up to $200 from ATMs without paying a fee, with a 2% fee after that. It also allows customers $2,000 in currency conversion every month at the interbank rate, with 0.5% costs for anything above that amount.
By staking CRO tokens, users can earn better allowances and more generous incentives. Staking tokens are subject to a time limit. If you wish, you may lower your tier after the time period has expired.
If you're a frequent Spotify listener, you'll likely break even on the lesser tiers within the first year if you spend a lot on the card. Of course, all of this is contingent on the value of CRO tokens, which can fluctuate dramatically. The good news is that you can get a little amount of CRO as a signup bonus when you acquire the card, so you don't have to spend a lot of money to get into the first membership tier.
Rewards and Features
Beyond the capabilities and benefits already described, the card and the linked Crypto.com app provide other intriguing features and perks. In the realm of prepaid cards and conventional credit cards, items like currency exchange at interbank rates, airport lounge access, and cashback are pretty prevalent. The crypto side of things is where CRO Visa Card thrives.
Users can deposit cryptocurrency and use it as collateral to get a loan without having to worry about their credit. Users can also deposit cryptocurrency and earn interest on their investments, with the rate of interest variable depending on the currency placed. Rates of up to 12% are available on several stablecoins at the time of writing.
CRO Visa and its accompanying app make it simple for individuals new to cryptocurrencies to purchase the coins they want without having to deal with multiple exchanges or worry about additional fees connected with using a credit card.
The card's app is typically simple to use; however, some people may be confused by the multiple-wallet concept.
Support
Support is available via the help center and live chat. There is an extensive knowledge base of articles that should cover many queries a new user might have.
Compare with the best crypto debit card alternatives
| Provider | Processor | Rewards | |
|---|---|---|---|
| Coinbase | Visa | Up to 4% XLM, 1% BTC | → |
| Crypto.com | Visa | 1–5% CRO, free Spotify & Netflix | → |
| Wirex | Visa / Mastercard | 0.5%–1.5% BTC | → |
| Binance | Visa | Up to 8% BNB | → |
| Uphold | Mastercard | 2% crypto, 1% cash | → |
Summary of CRO Visa Card
Overall, if you don't already have a cashback card or plan to use Crypto.com's services, this is a fantastic option. If you already have a cashback bank account with good fiat exchange rates, you might think this card doesn't have anything to offer you. However, because of the simple fee structure, it may still be a decent alternative for consumers who want a convenient way to convert their crypto to fiat so they can spend it online; especially for those who travel frequently and need quick access to a number of currencies. Don't know if this is the right card for you? Check out some of our other crypto card reviews to learn more.
Also read our detailed review: Crypto.com Review: Pros and Cons. Is Crypto.com safe?