Crypto.com, Bread Financial and Comenity Capital will launch a new crypto earning credit card in summer 2025.
- No annual fee
- Card earns at the following rates:
- Midnight. No lockup requirement. Earns an unlimited 1.5%.
- Ruby. $500 lockup requirement. Earns an unlimited 2%.
- Jade/Indigo. $5,000 lockup requirement. Earns an unlimited 3%.
- Icy/Rose. $50,000 lockup requirement. Earns an unlimited 4%.
- Obsidian. $500,000 lockup requirement. Earns an unlimited 5%.
- Lockup period is 365 days.
- Payouts CRO cryptocurrency
I assume you need to lock up your funds in CRO. A similar program was implemented before and the value of CRO dropped by half. 5% cash back is simply not sustainable and $500,000 in a 5% APY account would earn $25,000 anyway. I suspect if you’re doing the volume that would be required to make this worth it you’d get shut down. This is an easy pass in my opinion and I can’t see this ending well for anybody that decides to go for it.
Hard pass.
This was so interesting to watch unfold back in 2022. “Lockup” period is never ever for your benefit lol. That being said, the coin looks pretty comfortable around 8-9 cents, and their stadium lease goes until 2041, and they have no active SEC investigations, so….it could be worse lol
The problem is this card requires you invest in a depreciating asset. That might make this sustainable, but you are paying for it in currency devaluation and loss of interest/market returns.
It requires you to invest in a volatile asset, not any different than the risk of holding any other crypto. It could massively increase in value or go down in value. CRO has been around for years and went up over 1000% a few years ago and people who jumped on the bandwagon after it went up 1000% and then it went back down when the broader crypto market dumped got upset.
CRO also has other utility and is part of the platforms own blockchain but obviously somebody who is just getting it for the card benefits and does not care about crypto at all will be much less interested in investing in crypto just for some card perks.
If it’s “not any different than the risk of holding any other crypto” they should pay out in BTC instead of CRO. They should offer a big SUB too.
Exactly! The multiplicative depreciation is far worse!
Also, like their debit card, they might excluded some MCCs from earnings, e.g. 5734.
The link to this list should pop up when you search “cro mcc”, looks like the system flagged my reply as spam if I included the link.
Also, like their debit card, they might excluded some MCCs from earnings, e.g. 5734.
Here’s the list:
help.crypto.com/en/articles/4597450-restriction-of-cro-rewards-program-and-restricted-markets-for-crypto-com-prepaid-debit-card
What exactly is “lockup”? I have to keep money in a crypto.com account?
Also, like their debit card, they might excluded some MCCs from earning rewards, e.g. 5734.
Here’s the list:
https://help.crypto.com/en/articles/4597450-restriction-of-cro-rewards-program-and-restricted-markets-for-crypto-com-prepaid-debit-card
Ditto. I was shutdown and also lost most of the “cryptoback” in the periodic crypto bloodbath.
Yes, they shut me down for trying to maximize cash back, back when it was MCO not CRO. I’ve read many similar stories since then. This product is a key piece of how they create demand for their token, churner beware.