Explain to Me How to Use Crypto.com Like an OzBargainer

furyou on 15/05/2021 - 10:39

I signed up to crypto thinking I could get that visa and cashback.
I got their defi wallet app.

Now I realise to apply for the visa I have to buy their funny money and stake for 180 days.

Then to get extra cashback I have to buy more cro and stake it forever.

Now let me get this straight. To spend money I have to firstly transfer crypto to their defi wallet. Some sort of gas fee applies.

They convert to sgd. Some spread or fee applies.

I pay with Visa, the sgd changes to aud. I guess it goes by Visa rates.

With all these steps do I even cover with the 2% cashback?

This is before considering all the staked funny coin which could otherwise be earning interest.

So what's the right way to use this?

This doesn't even consider how you get the crypto to begin with and the fees there.

Financial Cryptocurrency

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Comments

  • tajid on 15/05/2021 - 12:50

    Yeah well mate nothing in the world is free.

    This is a normal marketing strategy to promote the use and purchase of their own coin. Similarly used by Binance and most other exchanges.

    To spend money, you don't need to use their defi wallet. Literally topping up from your card.

    They are working on AUD card right now and we should soon have it.

    Yes, generally unless there's huge movement in forex rate in between you topup to the time you pay. You should be losing at most 1% from the forex.

    You can earn 10% interest on your staked CRO with Jade card.

    Maybe best ask this on Crypto.com subreddit.

    • furyou on 15/05/2021 - 17:42

      Well I don't get the point of using a credit card to top up this so can use as a credit card.

      So many people talking about this I figured there must be some sort of bargain and I just can't work it out

      • KDOZ on 15/05/2021 - 18:37

        The Visa Card does come with a few perks such as Cashback, 100% Cashback on Spotify and depending on which tier you get, 100% Cashback on Netflix as well. About a year ago, I staked roughly $1200 worth of MCO (now CRO) for the card. Nowadays you need to stake exactly $5000 for the same card so I can see why it might not look as intriguing for some users now. Not to mention that I have to use a different card that accepts SGD so I can top it up with SGD. However, I can see this changing soon hopefully when they do start to rollout the Australian Crypto.com Cards.

        Think of it as a deposit I suppose, you deposit $5000 for a card to get access to those perks, then after the 180 days past and you don't like it, you can unstake it and hope the value of the coin hasn't dropped drastically.

        As for how you can top up your card in a more efficient way, I use TransferWise (now Wise) to transfer AUD to SGD that takes a 0.5% fee. then after that's done, I top up using SGD so it works out to be around 2.5% Cashback every time I use it (depending on the tier).

      • tajid on 15/05/2021 - 18:49
        +1

        You definitely do not want to topup using a cc because it would be counted as cash advance AFAIK.

      • furyou on 15/05/2021 - 21:57

        Currently I don't think I'd stake over the 500 min. But you also need to stake sth else before I can do that. It feels strange, like if HN wanted me to keep $500 with them and give me some Harv coins, you know what I'd say to that.

        Ayway to stake it forever, it's like buying the perk. If CRO drops, do I have to top up to make it $500 worth?

  • MelBorn on 15/05/2021 - 15:15

    any news on the aud card?

  • furyou on 27/05/2021 - 14:52
    -1

    It seems like you're paying $500 for the privilege of having a debit visa card you can use to your own money(coins) on. Not very ozb. But so many people doing it. Is there another card you can use coins-> visa w/o the cost?

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