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MCO Visa Card Review 2021: Pros, Cons and How It Compares

The MCO Visa Card supports a wide variety of cryptocurrencies, but is it a good deal? Our experts are here to help you decide with this MCO Visa Card review.

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Our take

3.7
Bitcompare score

Cryptocurrencies are finally starting to enter the mainstream. While the technology that drives the most popular currencies is nothing new, until recently actually using the currencies in the real world was difficult. Crypto enthusiasts could by currency and hold it in a wallet, but spending the currency was a slow and cumbersome task. Products such as the MCO Visa Card aim to change that, making buying currency, and spending it, easy.

What is the MCO Visa Card?

The MCO Visa Card is the new name for the Monaco card. It is run by Crypto.com, and allows users to load their cards with a variety of currencies (both fiat and crypto), and then spend the funds quickly and easily. It's important to understand, however, that the card is not a wallet. MCO Visa Card holders can load their cards with crypto and have the crypto turned into fiat currency, it's that balance they're spending.

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How does the MCO Visa Card Work?

The MCO Visa card is a prepaid card that works alongside Crypto.com's app and the CRO system. There are several tiers of card, with different perks depending on if the user is staking CRO tokens, and how many tokens they have staked. Users can buy crypto in the app and load it onto their card where it is converted into fiat for use in stores.

The card offers CRO rewards on purchases, and some of the cashback offerings available at the time of writing are quite generous:

  • 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 MCO Visa Cards Available?

Currently, the MCO Visa Card is available in Singapore and the United States only. If you are based elsewhere in the world you may wish to consider Wirex or one of the other crypto-supporting debit cards.

What are the Fees on the MCO Visa Card?

The fee structure on the MCO Visa card is generally quite favorable. The 'no frills' version of the card requires no CRO staking and allows users to withdraw up to $200 per month fee-free from ATMs, with a 2% fee thereafter. It also allows $2,000 per month of currency exchange at the interbank rate, with fees of 0.5% for anything above that limit.

Users can get better allowances and more generous perks by staking CRO tokens. There is a time lock-in for staking tokens. Once the time period has expired, you may downgrade your tier if you wish.

If you are a Spotify user and you plan on spending a lot on the card, you'll likely break even on the lower tiers within the first year. Of course, that all depends on the value of CRO tokens, which can fluctuate wildly. It's possible to get a small amount of CRO as a signup bonus when you take out the card, so the good news is you don't have to invest a lot upfront to buy in to the first membership tier.

Rewards and Features

The card and the associated Crypto.com app offer some interesting features and benefits beyond those already mentioned. Currency exchange at interbank rates, airport lounge access and cashback are all things that are fairly common in the world of prepaid cards and standard credit cards. Where MCO Visa Card shines is on the crypto side of things.

Users can deposit crypto and use it as collateral to take out a loan without a credit check. Users can also deposit crypto and earn interest on their holdings, with interest varying depending on the currency deposited. At the time of writing, rates of up to 12% are offered on some stablecoins.

MCO Visa and its associated app make it easy for those who are new to the world of cryptocurrency to buy the coins they're interested in without having to fuss with other exchanges or worry about additional charges for buying via a credit card.

The app that comes with the card is generally easy to use; however, some people may find the multiple-wallet system confusing.

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.

Pros and cons of Crypto.com

Pros

  • Is a complete crypto platform
  • Offers frequent promotions
  • Permits you to earn returns on your deposits
  • Includes a high-speed exchange with competitive fees
  • Offers a crypto-backed rewards card
  • High-speed exchange with competitive fees

Cons

  • Having to stake CRO or MCO to get the most out of your MCO rewards
  • A general lack of transparency regarding where funds come from
  • A confusing two token system (e.g., CRO and MCO)

Compare with MCO Visa alternatives

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Crypto.com: Frequently Asked Questions (FAQs)

Now that you've got a much better concept of what you'll get with Crypto.com, let's take a look at some of the platform's most frequently asked questions (FAQs). These common customer inquiries will provide you with insights into everyday aspects of using the app, card, and more.

Which Cryptocurrencies Are Accepted by Crypto Pay?

At the moment, you only have one option when it comes to Crypto Pay. The platform currently only accepts Crypto.co Coin (CRO).

What Should You Know About Crypto.com DeFi Swap Fees?

Crypto.com's DeFi swap permits users to connect their personal Ethereum wallet for effortless and streamlined ERC-20 token swaps, unlike the app or exchange.

Generally, you'll get charged 0.3 percent fees to liquidity providers for token swapping fees. These fees support the run of smart contracts.

To get started, connect your Defi Swap with your Crypto.com Defi Wallet. When transferring crypto in the Ethereum network, you must pay gas fees.

Choose between average, fast, and super transaction confirmation speeds. Remember that average and super-fast speeds respectively represent low and very high transaction fees.

Which Wallets Are Compatible With Crypto Pay?

You've got incredible flexibility when it comes to Crypto.com. You may use any wallet that both holds and sends Crypto.com Coin (CRO) with Crypto Pay.

Summary of MCO Visa Card

Overall, this is a good option for people who don't already have a cashback card, or who plan on making use of Crypto.com's services. If you already have a bank account with cashback and that offers good fiat exchange rates you may feel that this card doesn't have a lot to offer you. The simple fee structure, however, means it may still be a good option for people who want an easy way of converting their crypto to fiat so they can spend it online; especially for people who travel a lot and want easy access to a wide variety of currencies. Unsure if this is the card for you? Take a look at some of our other crypto card reviews.

Our Crypto.com score

3.7
Bitcompare score
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Fees
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