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10% Cashback at Woolworths/ ALDI/ UberEATS/ Deliveroo/ McDonald's/ Costco etc Extended for 3 More Months @ Crypto.com

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10% Cashback at Woolworths/ ALDI/ UberEATS/ Deliveroo/ McDonald's/ Costco etc Extended for 3 More Months @ Crypto.com
Go to Deal
pHyR3 on 02/07/2020 - 19:08 blog.crypto.com (3002 clicks)
Last edited 02/07/2020 - 21:13 by 2 other users

Thought I would give a bit of a run down on crypto.com and the MCO Debit card which is what allows you to get the 10% cashback at these merchants, plus 2-5% anywhere else:

The MCO Debit card is a debit card that requires a small crypto stake (the more you stake the better your perks). At current prices, the Ruby Red metal card requires a $300 AUD stake minus a $50 USD referral bonus which you can get below from OzBargain. After that you should receive the debit card and can top it up directly from your forex fee free debit card and spend it on your dope new metal card to get 2% cashback on all purchases as well as 10% on select merchants like Woolies/Aldi/UberEats and so on. You can even get 15% with Woolies discounts via Shopback/Cashrewards - I've loaded up on hundreds of dollars of those recently.

You can also use it as a Crytpo Wallet and Earn interest on your cryptos or stablecoins (tethered to normal currencies like USD, AUD), rates are 6-10%.

There are different Card Tiers - I feel Indigo/Jade (500MCO) is the sweet spot for value since you get free Spotify, Netflix, unlimited lounge passes for when flying is back, 3% cashback, and bonus interest rates. If you're more of a beginner then the Ruby is great for free Spotify and 2% cashback - i started off here but quickly realised I wanted to upgrade ($50 fee to upgrade though…)

Pros

  • Flat cashback 3% with Indigo/Jade (1%-5% with other colours) on all card spending.
  • Rebate for monthly family Aus Spotify and Netflix (prime/others with other colours).
  • 10% cashback with Woolworths/Aldi for 3 months, CAPPED AT $50 USD equivalent per month, afterwards reverting to standard 1-5% cashback.
  • 5% STACKS WITH GIFT CARDS - use ShopBack/Cashrewards for an extra 5% off.
  • For full list of others (UberEats/McDonalds/Costco etc) 10% Cashback see here(help.crypto.com)
  • No fee to top up the debit card (with normal SGD/AUD currency)
  • 3.5% credit/debit card fee wavied for crypto purchases for 3 months. Top ups never incur a fee from a debit card.
  • No forex fees when using the card
  • $50 USD equivalent referral bonus signup. Get code below.
  • Shiny metal card…

Cons

  • need to learn a bit about crypto
  • need to "stake'at least A$250 in MCO (depending on tier) for 6 months. This involves buying their coin and keeping it with them for 6 months. Obviously the value might fluctuate, but ideally would go up as more people demand MCO.

inB4

"crypto is a scam, these guys are a scam"

It's really not, they're almost a billion dollar company run by an expert management team that has had multiple successful exits. For $250 I think it's worth checking out, if their service has any kind of uptake, which given their offering seems to me extremely likely that money is going be worth considerably more. If it doesn't even with the Spotify, referral bonus and 10% cashback it will pay for itself.

You can read more about it across the web. I've personally found this channel quite useful and this video chats about why he believes crypto.com is not a scam and its price will skyrocket https://www.youtube.com/watch?v=i3wav90fjec

Thanks to the previous submission of this deal here - I reworked and updated a lot of the material there :)

Referral Links

Referral: random (253)

Up to US$200 worth of CRO cryptocurrency for referrer & referee after referee completes the following in the first 30 days.

Receive US$40 worth of CRO with $100 worth of crypto trade in the first 30 days.
Receive US$60 worth of CRO with $50 deposit and use it in crypto trade in the first 30 days.
Receive US$100 worth of CRO with reservation of a metal crypto.com card in the first 30 days.

Turn off adblocker when attempting to obtain a referral link

Financial

Related Stores

Crypto.com
Crypto.com

closed Comments

  • Okayy on 02/07/2020 - 19:10
    +3

    Is it another OneCoin?

    Dr Ruja.

    • pHyR3 on 02/07/2020 - 19:12

      I got started on it through a signup bonus for BlockFi posted on ozbargain a couple months ago.

      I personally don't think so since I have a lot of faith in the management, the fact that they could have taken the money and run at any point in the last 4 years, and the fact the deals/rates they offer are enticing but not out of this world (e.g. BitConnect was offering hundreds of % p.a. interest)

      • h4lcyon on 02/07/2020 - 19:31
        +1

        If you are looking for yield YouHolder do 12% APY on stablecoins, weekly payouts and withdraw anytime.

        How?

        The have what I would call predatory pawn shop lending wrapped in cute newbie friendly terms. From what I see a legitimate business but have questionable morals.

        • OzCheapo on 03/07/2020 - 02:12

          How did they deal with the security breakdown a year ago?

          • h4lcyon on 03/07/2020 - 10:23

            @OzCheapo: They have recently partnered with Ledger as custodians of their funds which is a good move. But to be honest this is always a risk unless they adhere to some kind of ongoing certification.

      • Behappy on 17/07/2020 - 10:50

        Hi mate,I like to sign up so what would the deposit cost in AUD? and is there any minimum requirement to get the 10% off on gift cards?

        • pHyR3 on 17/07/2020 - 11:18

          Hey mate. Basically just need to 'stake' 50 MCO for 6 months minus your referral bonus so it should be ~$290 AUD on current prices total.

          Then once you verify your ID and make that deposit they'll send you your metal debit card (probably takes 1.5-2weeks but they're having some capacity issues with lots of people signing up so maybe longer). Then just deposit cash onto your card and use it at woolies/aldi or wherever for the 10% cashback instantly :)

          For the 10% off gift cards specifically, i don't think there's a minimum. so just sign up, verify and buy CRO and use the CRO currency to buy Coles gift cards for 10% off as an example

    • jetabe on 02/07/2020 - 23:33
      +6

      I have serious concerns about their setup process.

      I started sign up, they took my drivers licence details through a third party verification (or so I want to believe) and then asked me to deposit MCO and I sent them $380 assuming I'll get the card.

      Then starts another verification KYC where you have to send them your passport.
      I stopped there, why because I dont trust their claims of institutional grade hw securely storing my personal info.

      I just don't want my identification getting sold somewhere ahem on a parallel Web.

      They wont let you sell that MCO stake for 180 days after which I plan to somehow try and get it back.

      getting a shiny metal card with discounts and cash back is just one side of this.

      They are headquartered in Switzerland need i say more?

      • spaceflight on 03/07/2020 - 08:24

        why because I dont trust their claims of institutional grade hw securely storing my personal info.

        Why?

        So you think they use desktop PCs to run their systems?

      • FutureTech on 08/07/2020 - 11:20

        Does your name look Asian by any chance? I got asked for the passport as well while others didn't - might be that they are trying to screen out Chinese citizens as they are not allowed to provide services to them.

    • illumination on 03/07/2020 - 00:29
      +7

      Apologies for hijacking, but I've noticed no one has said that there is probably a group of ozbargainers who can probably get true value out of this and potentially be ahead, even if it is a scam.

      I use the card too. Have been staked since March and I've got the 500 MCO Card. So far, it's been a great experience.

      I don't blame anyone for being pessimistic or feeling this is all too pyramid schemey.

      However, purely from a risk vs reward perspective, the card that could possibly be most worth it for most ozbargainers, I would think, is the Ruby (50 MCO) card.

      At current prices, it's $325ish and you get:

      • 2% cashback
      • 100% rebate on Spotify/Netflix (although when you consider Spotify PH and Netflix TR, the "true" derived benefit from this is lower)
      • 10% cashback on specific merchants until September, capped at $50 USD (~$72 AUD) per calendar month

      All cashback/rebates are given in the form of MCO, which is both a good and bad thing. It's like being given rebates in NZD and being told you need to convert it to AUD to really "realise" the benefit - i.e. subject to market (or forex, in the case of NZD) fluctuations

      I'd say, assuming you can max out the value of this in the next 3 months through the 10% cashback ($210ish), you've "only" got another $110 remaining to break even.

      If you're lazy with Spotify/Netflix and can't be bothered doing the whole VPN thing to do it, you'll probably break even by the end of your 6 months staking period ($10/mth each, $120 over 6 months), in which case, anything on top of that is just gravy. Note - I haven't talked about the 2% cashback yet.

      So is it a scam? I don't have the audacity to say, "no I've been using it since March and it's been great so it's not a scam", because there is of course every possibility this could all collapse, but I am very confident there is a group of Ozbargainers that can probably realise "true value" from this in 6 months and actually be ahead - irrespective of whether this is a scam!

      Even if your MCO goes to 0, you haven't lost any money. At least not in dollar terms (but maybe you've lost your personal details). I know I've given out my personal details numerous times on Ozbargain for a couple of freebies here and there, so this aspect isn't a concern to me at least. Ok, we could talk about opportunity cost with the points you could've earned

      If it's all still alive after your 6 months, you'll be cheering. Not only might you be at break even on your initial investment, but you can now sell it at whatever it's worth on the market.

      • hanofee on 03/07/2020 - 08:45
        +1

        2 questions:
        - Is the Spotify/Netflix, can only be the cheapest plan (Spotify Premium for $11.99/month & Netflix Basic for $9.99/month)?
        - With the Cashreward/Shopback, so we just need to buy $500 worth of Woolies gift card per month to hit the cap of that $50 max 20% cashback?

        • pr0d1gy on 03/07/2020 - 09:46
          +2

          Spotify/Netflix are capped at $12.99USD a month. Approx ~$18AUD

          10% cash back capped at $50USD. Ends up over $700AUD worth of spend at the selected vendors. Cashrewards does give another 5% off for Woolies gift cards which stacks and gives you overall 14.50% off gift cards for Woolies group.

          • hanofee on 03/07/2020 - 10:45
            +1

            @pr0d1gy: Thanks, that cap is for all retailers (Aldi/Coles/Woolies, etc), right? So, buying ~$700 Woolies gift card via Cashrewards would do it faster/easier, other than keeping track what we spend for groceries each month?

            • pr0d1gy on 03/07/2020 - 10:53
              +1

              @hanofee: Yeah thats what I did. Just got a $500 Woolies card. Easier to manage with one card.

              Depends if you shop at the woolies group. The Wish card includes Bigw, Caltex, etc. So its a good one!

              Can get some gift cards for ALDI for 10% off too if you shops there.

              Doesnt include Coles! You can only buy Coles gift cards within the app. Card spend at coles wont give any cash back.

        • h4lcyon on 03/07/2020 - 09:53

          They will reimburse up to the amounts below - so if you are paying in AUD you could get the higher tier plans.

          Spotify: USD 12.99 equiv (monthly subscription fees)
Netflix: USD 12.99 equiv. (standard monthly subscription - HD, 2 screens)

          https://crypto.com/en/cards.html

          In saying that $6 netflix from Turkey is a one off set-up and less hassle ongoing.

      • gizzard on 03/07/2020 - 14:04
        +3

        You don't get Netflix with the Ruby (50 MCO) card only Jade (500 MCO) and up.

        https://crypto.com/en/cards.html

        • illumination on 03/07/2020 - 19:32

          Ah, yes you're right. I can't edit my comment anymore.. hopefully people scroll down and see yours.

          I guess that makes the break even point 1 year instead of 6 months, which if you're already skeptical about this, would make a pretty big difference

          But - I realised that I haven't even factored in the $50 US you get for free with a referral, which also goes some way to offsetting the cost and probably brings back your breakeven point to about 7 months instead of 1 year.

          I emphasise, this is a $325 "one off" fee, as opposed to an annual fee, with the chance of being able to retain some value, or possibly increase in value. That's why I think for an ozbargainer who roughly fits this profile, the 50 MCO card at $325ish is probably a decent bet.

          The only reason I went for the 500 MCO one is because I have a bit of a fetish for lounges, and I was wiling oeven though, unfortunately, I can't really them right now.

          • [Deactivated] on 25/07/2020 - 16:58

            @illumination: I've just gone in one this, and to add to what you're saying the referral does not offset the cost, it can't be used toward your stake. It does give you essentially $65 "cash back" though.

            Also, they're not currently producing cards in APAC, so it's unknown when you'll even get it.

      • sareth on 06/07/2020 - 15:53

        I hope you love complicated tax returns, because every single MCO transaction (including those that you don't even convert to AUD) is a Capital Gains Tax event. Every one.

        • Nom on 06/07/2020 - 19:34

          This doesn't really add anything to Crypto tax complexity, as you already need to log complete details of every transaction.
          Your export to CSV spreadsheet will have significantly more rows, but other than that, you just carry on as before - the usual Crypto tax services will happily ingest the data that you export from the app.

          • sareth on 06/07/2020 - 19:46

            @Nom: It adds everything to someone who doesn't have any crypto tax complexity and doesn't want to waste money paying for "crypto tax services".

        • illumination on 06/07/2020 - 21:05

          Relevant to most here, but I guess I'm kinda lucky, because I'm not an Australian resident for tax purposes. And in the jurisdiction within which I am a tax resident, crypto is not taxed.

        • [Deactivated] on 22/07/2020 - 08:24

          This is true but not true. The ATO has already got you covered here, as any crypto purchased under a $10,000 value solely for personal use (i.e. as a currency if a vendor only accepts crypto like some online pharmacies from which you can legally purchase) is treated as a "Personal Use Asset" and no CGT events arise (which means you can claim neither gains nor losses).

  • Quasi Human on 02/07/2020 - 19:11
    +11

    This sounds like a commercial on TV

  • Diji1 on 02/07/2020 - 19:19
    +11

    rates are 6-10%.

    guys are a scam"

    It's really not

    OK.

    • pHyR3 on 02/07/2020 - 19:21

      yeah similar rates to other lending platforms such as Ratesetter and most other crypto exchanges like BlockFi and Coinbase…must be a scam

    • h4lcyon on 02/07/2020 - 19:24
      +8

      Earning 6-10% APR is not uncommon in crypto because traders pay much more to borrow for margin trades.

      The risk here is that this company is centralised (just like a bank but not as regulated) and so you are essentially trusting them with your money, you don't get to see how they lend it out or what risk management practices they use.

      • cloudy on 02/07/2020 - 22:16
        +2

        Earning 6-10% APR is not uncommon in crypto because traders pay much more to borrow for margin trades.

        ah ok, so earning 6-10% (which is high) is not uncommon because someone else is happy to pay it to earn even higher.

        Sounds like a house of cards.

        if I lent someone money i'd wanna make sure they're not using my money to gamble margin trade, coz i'd like it back, with interest. :)

        • h4lcyon on 03/07/2020 - 09:30
          +1

          This is a common theme everywhere, the only difference here is the rate seems high compared to the 1.8% offered by banks.

          For example you put money in the bank, the bank then uses that money to lend to small business/buy bonds/buy stocks/speculate but have a large enough reserve to guarantee you a small return, and they keep the difference.

          Same goes if you lend on p2p lending platforms, the person borrowing can do whatever they want with the borrowed funds.

          The only way to ensure payback is for the borrower to provide collateral (usually 1.5x loan amount in crypto), or reputation (credit score).

          The higher APR is due to less middlemen and compensation for the higher risk with less regulation.

        • rookie317 on 03/07/2020 - 15:05

          Tbh I don't really care what my borrowers are doing with the money, they can get liquidated for all I care. Crypto-loans, by design, are anonymous anyways (unless moderated by centralized entities). All the current crypto lending protocols require over-collateralization and borrowers instantly get liquidated when their collateral falls below a certain threshold.

          • cloudy on 04/07/2020 - 14:25

            @rookie317:

            Tbh I don't really care what my borrowers are doing with the money

            So, you are basically saying when you lend with crypto, you're guaranteed to get repaid? Safe as houses with up to 10% return.

            woo wee, shut up and take my money!!!

            • rookie317 on 04/07/2020 - 23:28
              +1

              @cloudy: Here is to show you I'm putting money where my mouth is. It's nothing eye-popping but not a small amount either. "Deposits" is decentralized lending. "Liquidity Pools" is something quite different but the concept is similar. I'm aware a screenshot doesn't say much but sorry, you're just gonna have to take my word for it.

              And here is to show you there's 1.4 billion USD supplied to Compound protocol with 750 million borrowed. So yeah, a lot of people actually do "shut up and take my money". Oh and the APY for both lenders and borrowers changes every block (13s or so), there's no contract and no fixed rate. It's all about supply and demand: more supply? low APY; more demand? high APY, simple. You can get 0% this minute and 20% the next.

              Your sarcasm aside but that's right you're guaranteed to get repaid (with interest) by the smart contract (how else would people throw money in without any regulation and having to trust anyone?). However things are much different if you lend to centralized entities (Crypto.com, BlockFi, Celsius), there's pretty much zero guarantee. This is where I avoid generally.

              As for the details of how the current popular decentralized lending protocols work, I think it's a bit out of scope for this conversation. I'm more than happy to provide some details though because I personally find them fascinating. The TLDR version is just like I said: over-collateralization, simple as that. To borrow $100, you need to collateralize $150 worth of asset, at any moment that the ratio falls below 150%, you get liquidated. Imagine, if you will, a digital version of a pawn shop. If you've got spare time, you can look up how some of the protocols like Aave, Compound, Maker work. It's a great read.

              EDIT: I should add, obviously just like any computer software, there's a risk with vulnerability in any smart contract. However, reputable protocols always have multiple independent audits done. Also, just like anything in blockchain, the contract is visible for everyone to see. This means it gets audited by the public as well and most exploits would have been easily committed already.

      • rookie317 on 03/07/2020 - 13:01

        I don't want to sound elitist but 6-10% APR can even be considered not worth the time. With the current yield farming craze in DeFi, I've seen guys complaining about "only" getting 40% APY for the week. For example, here is a true decentralized p2p lending market that you can earn almost 20% on DAI (a USD stablecoin) without doing anything. It's almost zero risk as borrowers need to over-collaterize (like a pawn shop), the smart contract has been well audited, Aave doesn't take fee etc.
        Yield farming on the other hand, can net ludicrous APY (the high side of 50%) but requires almost daily observation and optimization to chase where the yield is high.
        I have no doubt centralized entities like Crypto.com, BlockFi, YouHodler etc can earn way more than the 12% they're giving us on stablecoins we deposit. I personally have gradually moved away from them though, currently only having 500 MCO (for MCO cards) and 50000 CRO (for Syndicate) staked with them.

        • h4lcyon on 03/07/2020 - 14:19
          +2

          Haha I'm an admin for Aave :D

          I agree with your comments, but going from zero to DeFi is a hard journey to comprehend and requires a lot of learning (exchanges, wallets, etc) and is also expensive one with today's gas prices.

          Even though those farming APRs are real, they are temporary and reek of 'too good to be true', triggering scam warnings that actually pushes people away (including people within crypto who don't understand how the APR is derived).

          So whilst this isn't the absolute best in terms of APR it's an easier intro.

          • rookie317 on 03/07/2020 - 14:55
            +2

            @h4lcyon: Yeah totally agree, I mean CDC, BlockFi, YouHodler etc are much easier to deal with, pretty much deposit and forget. My point is it's very easy to see how they can give 12% APY to anyone, nothing scammy about that really.

            You actually work for Aave :D That's terrific, they've lost so much market share to Compound though. I don't have any of my portfolio with Aave, but maybe Curve Y pool still picks Aave here and there.

            I've been through 3 phases in stablecoins and it has been highly educational:
            - Earn ~10% with CDC+YouHodler: no attention needed, risks: they go bust, just like any centralized entities.
            - Earn compounded (every block), wildly fluctuate interest (as low as 0% to as high as 20%) with Aaave, Compound, MKR. Risks: decentralized, audited smart contracts, no way to go bust even if the site gets taken down, all staff arrested, the smart contracts will stay there forever for anyone to utilize.
            - Now I'm at the final phase: liquidity providers earning at least 50% APY for the past 3,4 weeks. Like you said, it's quite back breaking work to optimize yield and I can only justify the gas cost since I move 5 figures amount at a time and can make that back in a day or 2. Risks: same as phase 2.

            • h4lcyon on 03/07/2020 - 15:34
              +1

              @rookie317: Yeah the lure of farming comp tokens for the next few years (whilst the price of COMP is still worth it) has created a vortex.

              But much of that volume is being double/triple/quadruple counted as positions are being leveraged to squeeze COMP.

              They've done well with their incentive mechanism, just like Balancer and Curve.

              Now that it is popular, it will be new model until the market is saturated with more s**t tokens.

              • rookie317 on 03/07/2020 - 15:56

                @h4lcyon: Haha, I don't consider them shitcoins since they are intended to be governance tokens and I think decentralized governance is critical to any lending platform/protocol since there are fine-tuned parameters that holders should vote for/against. I do think COMP is way overpriced for just a governance token though, being listed by some of the big exchanges definitely pumped it way too much, it will probably cool down to a reasonable valuation.

                And yeah, I've seen some 4x leveraged account into the million and felt a chill imagining that being liquidated. But being able to earn interest and COMP on the collateral will just encourage more people to jump in though.

                • h4lcyon on 03/07/2020 - 16:08

                  @rookie317: Agree that COMP is not on that category nor the others I mentioned.

                  My point is now that a trend has established there will be an influx of new projects with their own tokens trying to emulate the same approach.

                  Just like ICOs there will be a few great ones, and many many poor attempts at cash grabs until the market is saturated.

  • lgacb08 on 02/07/2020 - 19:20
    +1

    given the volatility of the current financial market, what're the chance of this guy going burst before you get your cashback? I've had friends trying to get me to sign up to one of the betting company and they're desperately in need of recruiting new member, offer very generous signup bonus.

    • pHyR3 on 02/07/2020 - 19:22
      +2

      cashback is instant
      it's a bit hard to quantify the odds of them going belly-up but they look to be doing very well and expanding rapidly

      • lint on 03/07/2020 - 10:41

        Cashback is instant in the form of MCO, but when can you turn that cashback MCO into AUD?

        • rookie317 on 03/07/2020 - 10:48

          Immediately.

          • deadmarine on 18/08/2020 - 22:21

            @rookie317: @rookie317

            How do you change it to AUD immediately? Is there a feature in the app that allows you do do this?

    • [Deactivated] on 02/07/2020 - 20:07
      +4

      d they're desperately in need of recruiting new member
      that sounds like a ponsi mate

  • thorntonchan on 02/07/2020 - 19:20
    +1

    Could you summarise any risks?

    • pHyR3 on 02/07/2020 - 19:23
      +1

      the main risk is MCO value going to 0 I would say but with ~250-300 invested I think most should be okay, as with all investing don't invest more than you can afford to lose

  • h4lcyon on 02/07/2020 - 19:21
    +3
    • No fee to top up the debit card (with normal SGD/AUD currency)

    But you have to buy SGD using either a credit card or crypto, even with 0 fees you will still lose some on the exchange rate, then have to convert in-app to AUD losing some again?

    • The cashback is paid in an MCO token, which you'll then need to convert in-app to AUD (again losing some in the conversion) - what do you do with your cashback?
    • pHyR3 on 02/07/2020 - 19:24

      You usually lose ~0.4% from 'fee free debit cards' and the SGD to AUD is pretty close to the mid-market rate I've found.

      Well you could top up your debit card with the MCO and spend more or just go to an ATM and withdraw it in cash if you want too, I haven't done that but i hear they refund a lot of ATM fees in Aus

      • h4lcyon on 02/07/2020 - 19:25

        Thanks for the response, so how heavily do you use your card and what do you do with your cashback?

        • pHyR3 on 02/07/2020 - 19:31
          +1

          I'm personally a big believer in the company and card because it gives mass utility of cryptos to lots and lots of people which I haven't seen in Bitcoin/crypto yet aside from doing dodgy deals like buying drugs on the dark web or whatever

          So I invest the money in Crypto Earn. I have it locked in for 3 months and I have a higher tier card so it returns 8% p.a. paid out every week

          And I use the card for all my purchases whenever I can

          • h4lcyon on 02/07/2020 - 19:33

            @pHyR3: You are locking MCO?

            • pHyR3 on 02/07/2020 - 19:34

              @h4lcyon: Yep, as well as some CRO and stablecoins to diversify

      • FutureTech on 03/07/2020 - 01:53

        So will you be able to top up in AUD and keep AUD balances on the card to avoid currency conversion, or does it have to go through again ie get done when topping up AUD - SGDand when spending SGD-AUD?

    • deadmarine on 18/08/2020 - 22:23

      @h4lcyon

      How did you covert the MCO to AUD? Is there an app feature that allows that to be done?

      • h4lcyon on 19/08/2020 - 10:55
        +1

        If you want to use any crypto on your Visa card you can,

        1. Go to Wallet | Convert MCO/CRO - > BTC
        2. Go to Card | Top Up SGD using BTC
        3. In the same Card section | Exchange SGD -> AUD

        Reason for using BTC is that is the token with the best liquidity and spread.

        P.S. AUD deposits have been enabled recently, expect that sometime in the future you'll also be able to convert crypto to AUD directly and withdraw to bank account, or use on the Visa card without doing the above hops.

  • avidd on 02/07/2020 - 19:26
    +14

    $300 up front payment with a promise of great returns? … sounds a bit like a pyramid scheme to me

    • pHyR3 on 02/07/2020 - 19:33
      +1

      Free Spotify should pay the card fee off within a couple years itself, it's been around for 4 years already

      I've paid more in annual fees for less in benefits before and I sure as hell never got the fee back…

      But fair enough, thought the same thing at the start :)

      • avidd on 02/07/2020 - 19:36

        Yeah depends on your appetite for risk of course - sounds like you've had a good experience. Out of curiousity, how long did it take for you to make back your original buy in? Assuming you have done this.

        • pHyR3 on 02/07/2020 - 19:48

          Good question, haven't done the maths

          Had a quick look now and it looks like around 6-7 weeks but I maxed out this $50 USD cashback, $5 from crypto pay, and deposited a bit in crypto Earn too

          Id guess for an average user 2-3 months if you max the 10% cashback and use a signup referral

    • Hansi on 02/07/2020 - 20:47
      +2

      Luring people in with the promise of returns and aggressive marketing make it in fact look like a pyramid scheme. Might go down well for a few people for a while, but it's not a sustainable business in the long run.

    • ph81 on 02/07/2020 - 22:38

      Have a look at most credit cards that charge a yearly fee. What do you get for it?

      Look ones holding a gun to your head saying sign up.

      I was one of the first in Oz to get the Ruby card last November and have received far more rewards than the MCO staked. It's legitimate if that's what you ask and definitely not a pyramid scheme.

      • cwongtech on 02/07/2020 - 23:55
        +1

        Have a look at most credit cards that charge a yearly fee. What do you get for it?

        Delayed payments. Regulated, and you know what you paid for.

      • leiiv on 03/07/2020 - 07:52
        +1

        I was one of the first

        Those are the important keywords there.

        • ph81 on 03/07/2020 - 08:55
          +1

          To receive it. It simply means I've been using it for a while. If you don't like it, move on a find another deal.

  • Bubbleshark on 02/07/2020 - 19:31
    +18

    Man, that sounds great, even better investment than the nigerian prince I emailed earlier

    • easternculture on 02/07/2020 - 19:34
      +2

      Can I have his email?

      Would rather get scammed from a prince

      • Bubbleshark on 02/07/2020 - 19:35
        +12

        Sorry mate, I gave him $10k and he will give me $10 million in a month, I want to eat that cake alone

        • easternculture on 02/07/2020 - 19:43

          There is More Than Enough Pie to Go Around .. Please share the love. I also want to be a billionaire

        • sancrumble on 02/07/2020 - 21:05

          username checks ;)

  • preddye on 02/07/2020 - 20:03
    +1

    You just linked to the blog for them…

    • pHyR3 on 02/07/2020 - 20:19

      Yep contains more info on the deal

      Use the referral link to sign up, metal card takes about 1.5-2 weeks to arrive via DHL

      • burgermaniac on 02/07/2020 - 22:24

        Why not in a letter like literally any other financial institution ever?

        • klownz on 03/07/2020 - 00:12

          Because its from HK and they want it to reach you in a reasonable period of time.

  • jaybot810 on 02/07/2020 - 20:08
    +1

    shut up and take my money !

  • PattyDaPanda on 02/07/2020 - 21:09
    +4

    I personally use the debit card and have staked the ruby, but i reckon this deal isn't for everyone since many people are still skeptical about cryptocurrency and requires an upfront investment for 6 months. I think it's worth it though as my experience has generally been quite pleasant so far with the card.

    • Jojo-Ma on 03/07/2020 - 10:20
      +5

      And that my friend, is why these skeptics should just stick to their own conventional banking. Crypto-related products aren't for everyone. Just because you don't have the risk appetite for a $300 upfront payment, it doesn't mean it's a scam.

      Scam or no scam, people will always complain.

  • Jimothy Wongingtons on 02/07/2020 - 21:17
    +2

    1. Happy to stake for 6 months, do i have to wait 6 months to start getting the benefits?

    2. Dont have ING, is there any way to get on this without being smacked with conversion fees?

    • nachie on 02/07/2020 - 21:19

      1. Get the perks as soon as you start using the card.

      2. Haven't found someone other than ING to help with the conversion fees.

    • PattyDaPanda on 02/07/2020 - 21:24
      +1
      1. Benefits straight away after receiving card
      2. Some other ways people top up the card avoiding conversion fees include UP bank and 86400
    • wangasm on 02/07/2020 - 22:58
      +2

      Most debit cards on this page will work for topping up https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…
      To actually buy Crypto (MCO) you need a Visa though, like ING, UBank, 86400.

      • ja912son on 05/07/2020 - 10:09

        Hi there,
        I tried Ubank card to buy in initial stakes. The card is perfectly fine with enough fund. Error message came back saying issuer declined.
        Have you used Ubank for buy-in stakes?

        • wangasm on 05/07/2020 - 14:28

          UBank has been hit and miss for me. It was initially working fine but has recently stopped working as well :(
          May have to look at the other card options like ING and 86400.

          • [Deactivated] on 25/07/2020 - 17:26

            @wangasm: HSBC is still a go. Revolut is out, they block crypto.com explicitly.

  • xrailgun on 02/07/2020 - 21:39
    +6

    Why is there no mention of Wirecard? They are the issuers of this debit card who have just been found fraudulent and going bankrupt, and even Crypto.com have been intentionally silent about how they're going to adapt.

    • theg00s3 on 02/07/2020 - 22:05

      It looks like they've made a statement here

    • wangasm on 02/07/2020 - 23:33
      +7

      Except Crypto.com haven't been silent and have been in contact with customers and posting news on the blog. They were already looking for another issuer. Also Wirecard SG who issues our card in Australia is a separate entity to Wirecard AG who has gone insolvent.

      Latest news is Wirecard SG are still assessing if they can continue operating: https://www.businesstimes.com.sg/banking-finance/wirecard-to…

      • xrailgun on 03/07/2020 - 10:36

        good news in the short term, I think the SG branch would be less prone to fraud but may still have to shut down if their HQ goes.

        also so far wirecard has been the only issuer that would work with/in crypto.

        I'll give it a few more weeks and see how it plays out, I don't think crypto.com itself is shady but sometimes things go south out of their control.

    • Serapis on 03/07/2020 - 02:08

      Pretty sceptical due to what happened regarding frozen funds due to the Wirecard debacle Link:

      'Crypto.com, which issues a visa card backed by clients’ deposits of cryptocurrency, has said that it has already refunded its users.

      “To give you access to your funds immediately, we have completed a conversion of all balances into stablecoins and credited the crypto wallets of card holders. GBP card balances have been converted to TrueGBP and EUR to USDC,” Crypto.com said in a statement issued this weekend.'

      I don't want my money to be converted into stablecoins, MCO or CRO in the event something happens…

      On top of that, the fact that i need to buy some of their MCO to stake for 6 months in order to reap benefits smells of ponzi.

      That metal card gimmick just reminds me of the Magnises card fyre festival bs.

      Going to give this a hard pass

      • [Deactivated] on 03/07/2020 - 11:00

        On top of that, the fact that i need to buy some of their MCO to stake for 6 months in order to reap benefits smells of ponzi.

        From reading this thread I don't think that's even true?

        • Serapis on 03/07/2020 - 12:39

          For the increased rebate/cashback that is - It's on their blog, website and also under Cons listed by OP above.

  • cwongtech on 02/07/2020 - 21:56
    +8

    1) need to "stake'at least A$250 in MCO (depending on tier) for 6 months. This involves buying their coin and keeping it with them for 6 months. Obviously the value might fluctuate, but ideally would go up as more people demand MCO.

    What happens after 6 months? If you withdraw that stake, do you continue to enjoy the benefits?

    10% cashback with Woolworths/Aldi for 3 months, CAPPED AT $50 USD equivalent per month, afterwards reverting to standard 1-5% cashback.

    Is that the cap in terms of the $50USD cap or the 10% cashback rate?
    If it's at the 10% cashback rate, why the variable 1-5% cashback?
    If after $50USD cap, at the variable 1-5% cashback, is there a spending cap based on the variable 1-5% cashback rate?

    I.e. If I were to dump 10K on Woolies eGift cards, are you saying I'll get $100-$500 back in the form of MCO that can be liquidated immediately?

    Are there any tax implications on the "cashback" scheme? Because you are essentially being given money (in the form of cryptocurrency), where the value is immediately realised upon the sale of the cryptocurrency (thus turning it into cash)?

    • theblake on 05/07/2020 - 10:40

      i beleive there is no Tax on cashbacks, nor would their be CGT when you converted the crypto earned in cashbacks to cash.
      However when you buy and sell crypto, these would be subject to CGT, and interest earned subject to income tax

      This is the vibe. I am sure the ATO has enough information on their website to gain a proper understanding.

      • [Deactivated] on 22/07/2020 - 08:30
        +1

        Yes, the ATO does. If you're buying or staking less than $10,000 worth for the purpose of spending it as a currency, it's a "Personal Use Asset" and no CGT applies.

  • flagstones on 02/07/2020 - 22:01
    +1

    How has no one done it yet…… BBITTTCONNNEEEEEEEEECTTTTTTTTTTTTTTT!!!!!!!!

    • techlead on 02/07/2020 - 22:16

      haha very funny, but crypto.com is not bitconnect.

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