The Crypto.com Visa card has quickly become one of my best investments to date, and continues to reward me for using it. These rewards far surpass much of its competitors in the space.
In this article, I will run you quickly through the ways to earn and how to best utilise the cards. You can easily earn using the card, but maximising the rewards will be shown here using my strategy.
TLDR — Aim for the 2% Ruby Visa card first. If you can, go straight to the 3% Jade Green/Royal Indigo card.
It’s pretty simple, the cards give cashback in the form of CRO, Crypto.com’s native token on the CRONOS network. On almost* all purchases, you will receive the % reward based on the tier card that you own, paid out to your wallet in CRO.
*you can check what’s excluded here.
Example: You spend £100. You own the Ruby card and will earn 2% on this £100. At the time of purchase, £2 worth of CRO is bought and enters your wallet. CRO is at £0.50 at the time. So for this purchase, you earned 4CRO.
The key thing to remember here is that if you believe in CRO and that Crypto.com as a whole has value and room to grow, that 4CRO could worth more in the future (or of course less, let’s not forget that). However, let’s see how that would translate with an example:
You spend £100 and earn 4CRO at £0.50 at time of purchase. CRO increases in value to £0.75, your 2% cash-back has effectively become 3% due to CRO increasing in value by 1.5x. And so on.
If you’re going to make a purchase regardless, you may as well get something back from it and that’s the key thing here, maximising your spending to earn you money back which in turn can grow into even more via staking and appreciation.
Anyone with a Crypto.com account can apply for the free Blue Visa card with a 1% cash-back. I would personally skip this tier. It matches the reward rate of many credit cards (albeit with higher entries which are difficult to get) but here we want better than that and I think the 2% Ruby card is perfect for everyone even with the required 6-month £300/$400 locked stake.
Receiving 2% back on all your purchases adds up quickly and can mean hundreds saved and/or kept as an investment. If you decide to keep the cashback as CRO, it’s essentially DCA’ing (Dollar cost averaging, explained here) into a coin which is a sound and recommended investment strategy.
On top of this, you also get a 100% rebate on your standard Spotify subscription (the total is £12.99). I however, use a family plan which is £16.99, £12.99 is rebated in full, the additional £4, I receive the standard 2% back on so you can still benefit from using this more expensive plan. Keep this in mind as it should not deter you from using a family plan if that works best for your situation. You can split a family plan (let’s say between 3) and each person then pays £5.66 instead of £9.99 for their own plan. Saving everyone £4.33! You will be receiving the cashback on the full amount while saving everyone else money as well.
Then there’s the Jade Green/Royal Indigo card. This requires a £3000 or $4,000 6-month locked stake, but your cashback increases by 50% up to 3% The second biggest benefit in my opinion is the CRO that is staked will be earning 10% p.a. , paid weekly. On top of the Spotify rebate, you also get a 100% rebate on your Netflix subscription and last of all, gain access to airport lounges. The increase to 3%, up from 2% is not to be scoffed at and the upgrade is worth it. It’s a 50% increase on cashback and beats pretty much everything else on the market, the additional rewards round it off into a perfect package.
The final two cards are targeted at incredibly wealthy individuals and even though they offer better rewards, the cost to reward ratio shortens. However, if you can afford it, they do come with incredible rewards — 5% or 8% cashback respectively.
Below is a full breakdown of the rewards, this can be viewed in full on their website:
Key tip: After your staking period is finished, the staked CRO stays staked however there is one big tip to take into account. Once your staking period is over, if the market value of CRO is higher than when you originally purchased and staked it and you would like to continue using the card, you should unstake and restake. This will allow you to release some CRO in excess as you will be staking the minimum needed.
For example: You purchase £300 of CRO at £0.5 for your Ruby card which purchased 600CRO. After 180 days, CRO is valued at £1. You can now unstake and restake just 300CRO for you to keep your rewards.
The leftover CRO will transferred into your wallet and is now entirely liquid to be used in the next step. If CRO’s market value has decreased below your original investment price, you must not unstake. You will lose your card’s perks and will require additional CRO to restake.
Lastly, in the perfect scenario you would unstake and restake your CRO after the locked period at the time of a peak price. Timing this is a lottery but in theory can be done. The higher the market value of CRO at the time, the better as it means less CRO is locked.
If you wish to upgrade to the next card tier, you’ll be issued a new card number and the old one will be canceled. The virtual card upgrade is free, but keep in mind that upgrading your physical crypto.com card costs 50€ or $50. The upgrade isn’t really worth it since you can perfectly use the virtual card number on a service like Curve if you need the physical card and would only be for style points.
Managing Your Cashback
Cashback is paid to your wallet in CRO. You have 3 viable options:
- Keep as CRO
- Convert it to a Fiat currency (such as GBP or USD)
- Convert it to another Cryptocurrency
All these options are viable and hold different benefits. Keeping as CRO and in turn staking it, will help you accumulate more CRO to eventually upgrade your card if you wanted to. You could of course, swap to Fiat and buy with that, CRO at any point.
Converting it to Fiat will move it more inline with competitors cards and is both a positive and negative depending on your mindset and confidence in CRO. Fiat doesn’t have the same upside potential as a cryptocurrency in the sense it can grow in value. CRO has the potential upside of price increase. If you are more risk adverse, you may want to side with converting it to Fiat as this will hold its value and you can ‘lock in’ your rate of 2% cashback.
Converting to another cryptocurrency is your third option. Using your cashback to buy eg. BTC or ETH would also be a sound option and allows you to DCA into those over time.
Staking your CRO and earning interest
TLDR: Transfer all of your extra CRO to the DeFi wallet and stake it immediately. But beware of the 28-day unbonding period if you have future plans for your CRO.
Skip this paragraph if you know what staking means —To summarise and simplify, staking can be somewhat compared to an ISA at a bank. You lock up your currency and the platform you are using to stake uses those funds in a variety of ways which earns them an income, and the interest rate you receive is payment for locking up your funds.
The Crypto.com DeFi wallet is an entirely separate app to the main app and the exchange. It acts as a decentralised wallet and lets users access many decentralised services. Here we will be using it to store and stake our excess CRO in a decentralised manner for a higher return than via the main app.
The Cronos network is a proof of stake network and in turn this allows users to provide CRO via staking to help the network run and pays you back in return.
The DeFi Wallet is where you will get the highest returns on your CRO and the lowest bar of entry at a minimum of 1 CRO to stake. The APY is up to ~12.30% currently. Here’s how it compares to other forms of staking CRO:
- Defi Wallet: Flexible (with a 28 unbonding period) ~12% APY 1 CRO minimum
- Crypto App Earn: Flexible stake — 2% APY. 500 CRO minimum.
- Crypto App Earn: 1 Month stake — 4% APY. 500 CRO minimum.
- Crypto App Earn: 3 Month stake — 6% APY. 500 CRO minimum.
- Crypto App Supercharger: the rewards are not paid in CRO and the advertised APY is not entirely accurate. To put it simply, just avoid this service unless you want to diversify into other projects on a tiny level. Avoid.
- Crypto Exchange App: Soft staking — 2% APY. 1,350 CRO minimum. Rewards are paid daily and compound.
- Crypto Exchange App: 6-month stake — 10% APY plus Exchange benefits. 5,000 CRO minimum. Rewards are paid daily and compound.
As you can see, the DeFi wallet’s APY is the clear winner. However, there’s the major downside which is the 28-day unbonding period. You can unstake at any time but will have to wait those 28 days to receive your funds back, during which no rewards are paid. As I mentioned, your CRO is helping the network through proof of staking, so this 28 days period prevents people from constantly moving their CRO and renders the network useless.
I hold some CRO in Flexible earn currently so I can sell quickly if, CRO for whatever reason, goes on a run and I think it’s a good time to sell. I would say this good advice but not required. If you plan on holding CRO longterm, which I am, stick to the DEFI Wallet. If you want some flexibility, hold the minimum in Flex and the rest in DEFI.
Using the DeFi Wallet: First download the wallet and make sure to connect it to your main Crypto.com account via the app. You can do this by hitting the wallet settings and going via “Connect to Crypto.com app’’. Once both are connected, do a test transfer of CRO to the wallet to see if it’s all working. This can be as little as 1 CRO. Choose the CRONOS network for the lowest fees. Once you are happy, transfer your funds over.
You will see Earn on the bottom menu, hit this and head through to search for a validator to stake via. I stake using “Jerry’s Pool”, however, you can choose whichever you like and I encourage you to do so. It is best to do some research into the validators and ones that interest you - You can do this here. Always check the fees and see how consistent their rates are and if they are reliable.
If you like, you can always split your CRO into two or more different validators. Your CRO is not in danger of being lost here, but the validator might fail to provide the advertised rate for a variety of reasons and you may miss out. That’s why it’s good to do a little research and check the reliability of your chosen validator.
Once your CRO has been staked, you will be able to “Claim Rewards”. This can be done as often as you like as the CRO is constantly being paid out to you, however take into account there is a tiny fee for this as it counts as a transaction, albeit basically non existent (0.001 CRO). I would recommend waiting until at least 1 CRO to re-stake or claim. Make sure to re-stake if you would like to maximise your earnings. You can add to your stake at any time and I would advise doing so to maximise your returns. I normally transfer when I have 10CRO accumulated but do this as and when you want to obviously.
Please keep in my mind that if your goal is to passively earn CRO to get a card upgrade or accomplish another goal, the 28-day unbonding period has the potential to hurt your plans given the market’s volatility.
TL;DR: If you’re planning on buying more CRO, do so via a Mission which could earn you more CRO in the process.
Albeit not a very lucrative earner, Missions are now implemented into the app to rewards users for spending using the Crypto.com app rather than another service. These missions will reward you with ‘Diamonds’ and once accumulated, can be used to exchange for ‘random mystery boxes’. These cost 25 diamonds a piece.
Found at the bottom of the menu under Bonus:
These boxes will not reward you with much CRO whatsoever, so should be treated like a tiny bonus on top of what you already planned on spending on the app.
For example: There is the ‘Volume Venture’ mission. This is to sell or buy 500USD of crypto in one day. If you planned on doing close to this amount, or planned on doing that much trading over the course of a couple of days, it would be worth considering doing so in one day to earn the 60 diamonds, which in turn, would net you 2 boxes.
Again, I must reiterate that sometimes the fees and spread using the Crypto.com ecosystem may not be the cheapest so you must weigh up your options if you’re planning on trading any amount even with the Missions taken into account. Binance for example, may end up being cheaper for a trade overall.
Lastly, you can earn free CRO through missions. Often overlooked since they are “hidden” in the crypto.com app, missions reward you with diamonds for using the app. Once you’ve accumulated 25 diamonds, you can exchange them for a random mystery box. Several users have reported that rewards in these boxes amount to less than 1 CRO per box, so don’t expect much from missions.
Missions must be opted-in. One mission can be completed to earn 1 diamond for free, a day. The other missions are either 1 time only, once a month, or require you to trade. Once you complete a mission, you must transfer the diamond immediately to your vault since they have a 7-day expiration date.
Tap the ‘Diamonds Earned’ area after completing a mission to store your diamonds and after you open a box, be sure to Withdraw it to your Wallet.
The Big TLDR
- Stake for a Ruby or Jade Green/Royal Indigo crypto.com Visa card
- Pay for everything using the card, no matter how small
- Transfer the rewards to the DeFi wallet and stake it in your chosen validator
- Re-stake the validator rewards to compound your interest rate
- Earn diamonds through missions and claim the rewards. Stake the rewards in the DeFi wallet as well.
- Once your staking period ends (180 days), un-stake your CRO and re-stake only if the value of CRO has increased since your initial stake. Do nothing if it’s below. Send the leftover CRO to the DeFi wallet, stake it in a validator and repeat.
- Click here to sign up to Crypto.com and use my referral code: 8d8rmjw55n. You need to use the code to receive $25 bonus when you stake for your Visa card. I can get some kickback for writing this article also so thank you.
Thank you for reading and I hope it helped you.
Disclaimer: I am not a financial advisor. This is not financial advice and I encourage you to always Do Your Own Research before going ahead with anything. Information is important and make sure you DYOR!