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Crypto.com Prepaid Card and Crypto Exchange Thread

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  • Dec 7th, 2022 3:48 pm
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Crypto.com Prepaid Card and Crypto Exchange Thread

Crypto.com (CDC) is a crypto currency exchange that offers a payment card. It launched its card in Canada at the end of 2020 and has a very competitive offering for payment card. The card itself functions as a prepaid card (backed by DC Bank for Canadian issued cards), and its cashback rewards programme pays out in CRO, which is CDC's utility token (a crypto currency). CDC is a custodial exchange and offers a separate app for non-custodial wallet (which sadly doesn't carry nearly as many features). Their card first launched in the US and Singapore, then in Europe & UK. Now in Canada. Next is Latin America, and much later probably Middle-East & Africa (CDC wants to hit as many markets as possible around the globe).


Image
Linky
  1. App Link for Android or iOS
  2. CDC VISA card page
  3. Card rewards restrictions and blocked countries FAQ page
  4. VISA forex calculator
  5. RFD Best of CeFi Thread
  6. CDC DeFi Thread
  7. NetCoins Pay prepaid VISA thread

TLDR
  1. you don't have to be "into crypto" to get started, but it'd be good to get familiar with it
  2. There are five card tiers with different deposit requirements available
  3. The payment card balance is in CAD. You have the option of enabling CAD fiat wallet where you can fund and withdraw via e-transfer. A bank statement or utility bill will be required as proof of address (which is also same requirement to get the card)
  4. Account card tier has some perks outside of the card itself...boosted earn rates on Crypto Earn (0/1/3 months term deposits), top two tiers offer private status
  5. The TLDR of each card tier is: midnight blue - no CRO staking requirement. Card is plastic. Ruby Red has a deposit requirement equivalent to what you'd stash in an external savings account (rainy day funds), the green and indigo cards compare to what you'd deposit into a big bank chequing account to get monthly fee waiver, white/rose gold are comparable to a mid-range vehicle MSRP, and the black card is comparable to buying a condo or house. Giving the analogy because the CRO fluctuates and CDC does re-rate their CRO card staking amounts periodically
  6. Cards offer no-FTF (up to a generous monthly cap, afterwards it's 0.5% FTF), generous ATM limits (no rewards on ATM's but it's still useful for a no-FTF prepaid), different cashback rates at each tier, streaming service rebates that increase in services at each tier and top two tiers include travel accelerator (Expedia both tiers, Airbnb top tier). It's a no-FTF VISA so check VISA's interchange rates on forex. CDC offers a range of "assets" but unlike Revolut, the card is not a multi-currency card...Canadian issued cards can only hold CAD
  7. How long does it take from ordering the card to it arriving - anywhere from a few days to a few months

2022-03-19 Card Stake Update
As pointed out in thread by @Song44...the card stake amounts are pegged to fiat based on local currency. This might kill the "dollar cost averaging" strategy, meaning one could buy in whenever they are ready to stake for whichever card they have as part of their goals...or buy CRO on the cheap if it dips and wait for it to go up.

Here's the 2021-03-19 card stake grid
Image


Given the exclusions and the fact that it's a prepaid...do not rely on CDC for extended warranty and probably best not to use it in scenarios where it wouldn't pay cashback (aside ATM's if travelling). The card balance can be funded by selling crypto or directly from CAD fiat wallet. Once the card has been funded, one cannot withdraw within the app (can only spend or use at ATM).

Other pro tips
  1. if you don't have Protonmail yet, then grab it, even for the free plan. Use it for CDC and other banks for email verification. It's much more secure than Gmail. Also grab Authy to use as an authenticator for 2FA
  2. Sign up with a referral. Don't solicit referrals in thread. Use same referral link/code for both the app and the Exchange
  3. if you hold a fair bit of crypto, you might not want to keep it all in one place, especially in a custodial exchange
  4. Edit: DeFi wallet has DApps so other earning mechanisms available there
  5. If you refer someone to CDC (or are referred to CDC), do not arrange in sending the referral bonus from the referee to the referrer immediately (put it in Supercharger and wait a week or so, or swap it to another crypto or stablecoin and send peer to peer that way), otherwise referral credit may get clawed back!

Cashback Program
Restrictions link is near the top of OP, but I think it's worth maintaining a list of DP's for specific merchants
  1. Amazon (automatic); Amazon Prime waiver for private tier cards (now automatic, since Feb 2022)
  2. BNPL's - Klarna (won't work, they don't accept prepaids); PayBright (automatic) DP from @khanggle - Sezzle (automatic) positive DP from @acidice (only for manually paying 2nd, 3rd and 4th installments)
  3. Delivery Services - Dial a Bottle (automatic); Instacart (automatic)
  4. Department Stores - Walmart (automatic)
  5. [Excluded] Fees - Service Canada - DP from @JaiKor; Service Ontario - excluded MCC 9399
  6. Grocery - YIG (automatic); Sobeys (automatic)
  7. [Excluded] Insurance companies - The Co-Operators (verified MCC code on Revolut VISA and it's "Insurance - Sales")
  8. [Excluded] Money transfers - Remitly (blocked, cannot even add card)
  9. PayPal - eBay (manual adjustment first time, then automatic); Teachable - excluded
  10. [Excluded] Plastiq - MCC 9311 DP provided by @fooit
  11. Proxy Cards - Curve reported to work for EEA cardholders after many complaints, but don't think it'd be possible to add Canadian CDC card to Curve; LastCard - excluded since it uses merch code 6540
  12. Recurring & telecommunications - Fido & Fizz (automatic); Shaw (automatic)
  13. Rent: Yardi payment processing (automatic) DP from @khanggle
  14. Resto - Hailed Coffee is excluded - DP from @dimon222
  15. Shipping & Transportation - FedEx (automatic), street parking pay meter (automatic)
  16. [Excluded] Software/Hardware: Arenanet software purchase gives cashback - DP @Obie2014; Google Play store - in-app purchases (but buying hardware earns cashback) DP provided by @dimon222; Samsung dot CA - codes as 6300 [Insurance Sales, Underwriting, and Premiums] DP's from @rhw123 & @JaiKor ; Steam store gives cashback - DP @dimon222
  17. Streaming Services - Netflix (automatic); Spotify (manual adjustment first time, automatic afterwards)
  18. Travel - agoda.com (manual adjustment)
Last edited by titaniumtux on Apr 1st, 2022 5:21 pm, edited 42 times in total.
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Thread Summary
Old write-up...


2020-08-03 Update account staking tiers have been set in CRO. Those who had MCO staked get to convert to CRO and keep their current tiers without the need to buy more CRO just to keep their account tiers (grandfathered). This may heavily affect new users' decision on which tier to go with, since the amounts for each are much higher.

Posting this thread a little early. Was hoping to wait for announcement of prepaid card launch date for Canada, but looks like there's been some discussion in other threads and thought it'd be time to funnel the discussion here. Posted in CC's because one of their flagship features is a prepaid card.

Disclaimer: crypto.com as well as most crypto exchanges offer a referral incentive. Please do not solicit referrals in thread.

Let's funnel crypto.com through the five W's, shall we?

Who: used to be Monaco. They spent a lot of money to rebrand. They've been eager to aggressively expand their business. Canadians can sign up, and gain access to most of their offerings (except at the time of writing, their prepaid card has not yet launched in Canada). They've mentioned that they're coming to Canada, so for now we wait.

Image

What:
A crypto exchange that offers the following:
  1. funding with CC. Normally 3.5% fee, but waived during the pandemic. Will punch as cash advance, only benefit is buying crypto quickly, and crypto.com can charge your CC in CAD (as well as other currencies) to avoid FTF. Most outlets to buy crypto with CC won't charge your card in CAD, meaning you'll incur FTF as well, most likely. Another reason not to do this is it requires 3Ds, meaning prepaids (Revolut, PayPower, Stack, etc.) cannot be used as payment card to buy crypto
  2. Funding fiat in our and GBP via domestic bank transfer. We can do this using TransferWise, Revolut, as well as some other less obvious EUR/GBP deposit account outlets. Those who sign up with US ID can fund via ACH bank transfer in USD
  3. Prepaid card initially launched in US and SG, now in UK/EU as well. Promised to launch in Canada and Latin America in 2020. The prepaid card is funded in fiat, and has a dedicated "wallet" within the app. Cashback is rewarded in MCO balance
  4. Term deposits (open/1 month/3 months) that pay dividends weekly (non-DRIP)
  5. Secured loans (irrelevant to us who have cheaper borrowing outlets via PLOC or BT's)
  6. A dedicated exchange for traders, where periodically a range of coins go on sale. Purchasing power for these are capped based on tiers of term deposits in CRO coin made within The Exchange
  7. Custodial exchange, but they also offer a non-custodial exchange. Their non-custodial exchange can be linked, but otherwise just holds coins (and account holder holds the keys), doesn't seem to work with the other features

Why: crypto currencies are growing. They're risky. I would recommend to not put all your investments in crypto, but maybe at least some of them for diversification. Crypto.com seems fairly innovative and competitive. There's a referral bonus of $50 USD (paid out in MCO coin) for locking in 1k/10k/100k/1,000k/10,000k CRO coin. Using the exchange rate from 2020/08/03 as an example, 50 MCO 1k CRO is approximately $216 CAD and 500 MCO 10k CRO is approximately $2,158 CAD. It also earns interest while parked, and unlocks different tiers of their prepaid card. Tiers were originally set in MCO coin and were much lower a little higher amounts converted in CAD prior to 2020-08-03. With the prepaid card, the 10k CRO stake that offers free Netflix and Spotify for life is an even more impressive offering than Canadian chequing account signup offers. For speedy fiat funding, fund TransferWise, then transfer GBP to Crypto.com (GBP domestic transfers are faster than EUR SEPA transfers). You can buy GBP from TW, or you can fund TW directly in GBP using other methods (domestic transfer or wire). Do not use Simplii/CIBC global transfer since they'll take a much higher spread on sending GBP/EUR, also probably won't work since they send a wire (our GBP/EUR deposit credentials are for domestic transfers only afaik at the time of writing).


When: we're all waiting for their prepaid to launch in Canada. Their coin sales in The Exchange happen every 1-3 months it seems. Previously, funding in a wide range of fiat currencies was possible through wire or domestic transfer with UK domiciled credentials (plus SEPA for EUR). We've kept SEPA for EUR, lost the wire feature but gained back domestic GBP transfers in spring/summer 2020


Where: sign up using the mobile application for Android or iOS. Basically everything works through the app, except managing The Exchange (use web browser for that).

I'll update the thread once we get more Intel on Canadian launch for their prepaid card.

Friendly tags @[Bull Dog] and @[Eleventeen]


How
To fund CDC in CAD, send an interac e-transfer using a supported FI that allows auto deposits. After the e-transfer is sent, check your email for the ref # that starts with CA... then post that in CDC (fiat wallet->CAD->deposit) and they'll quickly credit your account.


Edit One (1)
Added a mention in OP that prepaids won't work to buy crypto. I'll add a worthy mention to whoever wants to buy crypto with a CC or prepaid and dodge cash advance. Buy Flexepin vouchers (max $500 CAD each afaik, and can probably fund max $500 CAD per day at any crypto exchange). Afaik Coinsquare used to but no longer takes Flexepin (I signed up for Coinsquare via Drop for 25k pts but never used it since min funding was not required at the time for Drop offer). Flexepin available at Gas+, Hasty Market, and some other places. I've never used this method, and I have not yet signed up with any crypto exchange or purchasing platform that currently allows funding via Flexepin. Mind you, funding fees/spread is high, so it's only an okay deal if you're hitting MSR on a CC or you only pay for things in cash. Other honourable exchanges for buying crypto...Newton (PAD transfer), Coinberry (e-transfer), Shakepay (e-transfer), CoinSmart (e-transfer). The first two are competitive beyond the referral signup bonus, and the last two are only good for the referral signup bonus.

Edit Two (2) - added "how" to OP for funding in CAD.
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Upvote for the tidy OP. Personally not interested in crypto, I experimented with it a couple of years ago out of interest for the tech, made a small profit, and concluded it doesn't add anything of value for me.

The staking thing is a little questionable if you ask me. Right now they are aggressively trying to grow their customer base by giving high incentives to stake, creating demand for their MCO coin. Inevitably, those incentives will be lowered over time and maybe even disappear and everyone will want to get rid of their MCO coins. These are the only factors driving the market for MCO AFAICS.

How quick/slow is the sign-up and KYC process? Sounds like there may be a temporary opportunity while the card top up fee is waived is one happens to have a card proxy that currently doesn't pass on MCC........
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rhw123 wrote: Upvote for the tidy OP. Personally not interested in crypto, I experimented with it a couple of years ago out of interest for the tech, made a small profit, and concluded it doesn't add anything of value for me.

The staking thing is a little questionable if you ask me. Right now they are aggressively trying to grow their customer base by giving high incentives to stake, creating demand for their MCO coin. Inevitably, those incentives will be lowered over time and maybe even disappear and everyone will want to get rid of their MCO coins. These are the only factors driving the market for MCO AFAICS.

How quick/slow is the sign-up and KYC process? Sounds like there may be a temporary opportunity while the card top up fee is waived is one happens to have a card proxy that currently doesn't pass on MCC........
KYC is pretty fast with DL & selfie. Afaik they ask for proof of address upon being eligible for their prepaid card.
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titaniumtux wrote: KYC is pretty fast with DL & selfie. Afaik they ask for proof of address upon being eligible for their prepaid card.
Thanks. Do you happen to know which merchant code they use?

I have an account with 2gether which is somewhat similar: Visa prepaid with crypto balances, can load with card, have to stake their own coin (which they gave away for free when I signed up). Their app is really nice but their merchant code is blocked by most cards.
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rhw123 wrote: Thanks. Do you happen to know which merchant code they use?

I have an account with 2gether which is somewhat similar: Visa prepaid with crypto balances, can load with card, have to stake their own coin (which they gave away for free when I signed up). Their app is really nice but their merchant code is blocked by most cards.
Not sure, but my TD Cash VISA showed temp charge as "cash" category, so safe to say cash advance.
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titaniumtux wrote: Not sure, but my TD Cash VISA showed temp charge as "cash" category, so safe to say cash advance.
Based on the Linux references in your handle and signature, I would have thought you're geek enough to extract the MCC, it's included in the JSON transaction data accessible via the browser console. Smiling Face With Sunglasses
Last edited by rhw123 on Jul 11th, 2020 5:38 pm, edited 1 time in total.
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rhw123 wrote: Based on the Linux references in your handle and signature, I would have thought you're geek enough to extract the MCC, it's included in the JSON transaction data accessible via the browser console. Smiling Face With Sunglasses
I'd do it if I had the time. It's a hassle to do it on a phone.
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FWIW...
Hello Titaniumtux

Thank you for reaching us out.

We have received a green light for the arrival of our MCO Visa cards in Canada. Soon we will announce further information on our social media channels.

Once we begin shipment preparations in your area, you will be prompted to submit proof of address in the app.

Let me know if you need further assistance!

@LOL808 thinks I go by my RFD handle on personal accounts :lol:
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Great posting ! You can also fund Crypto.com by purchasing tusd or pax crypto coins within the app with your bank debit card, which won't incur you any cashback fees and for which crypto.com is not charging any upcharge for at the moment, and switching them within the app to fiat currency.

The initial staking of MCO for the MCO Visa card can also be done with your bank debit card.
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Bull Dog wrote: Great posting ! You can also fund Crypto.com by purchasing tusd or pax crypto coins within the app with your bank debit card, which won't incur you any cashback fees and for which crypto.com is not charging any upcharge for at the moment, and switching them within the app to fiat currency.

The initial staking of MCO for the MCO Visa card can also be done with your bank debit card.
Which bank card worked successfully for you?

Lots of banks, are still outright banning any sort of crypto purchases with cards. Pretty sure that goes against the MC/Visa terms (By issuing visa/MC, they agree the card holder should be any to buy from any approved visa/mc merchant without bias - and crypto.com is a major visa/mc partner).. But to my knowledge, most/all of the big 5 still do it, because they can. Personally had BMO, TD and scotia reps outright tell me that around a year ago. I think regulations/laws are being worked on not allowing banks to do that, but not sure if they are in place in canada yet. (They are in some EU countries)

https://en.wikipedia.org/wiki/Legality_ ... th_America
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Eleventeen wrote: Which bank card worked successfully for you?

Lots of banks, are still outright banning any sort of crypto purchases with cards. Pretty sure that goes against the MC/Visa terms (By issuing visa/MC, they agree the card holder should be any to buy from any approved visa/mc merchant without bias - and crypto.com is a major visa/mc partner).. But to my knowledge, most/all of the big 5 still do it, because they can. Personally had BMO, TD and scotia reps outright tell me that around a year ago. I think regulations/laws are being worked on not allowing banks to do that, but not sure if they are in place in canada yet. (They are in some EU countries)

https://en.wikipedia.org/wiki/Legality_ ... th_America
I was able to stake my 50 MCO (285.00) using my Scotia debit card. I'll probably stake 500 MCO if I see the price of MCO dip down.

Note for all potential MCO Visa holders: all cashback is in the form of MCO crypto coins, Crypto.com 's in house crypto coin, which may either go up or down in value. If you want to cash out your MCO you will have to convert to another crypto coin like Bitcoin or Ethereum and transfer out to a crypto exchange in Canada like Newton and exchange for CAD there.
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Bull Dog wrote: I was able to stake my 50 MCO (285.00) using my Scotia debit card. I'll probably stake 500 MCO if I see the price of MCO dip down.

Note for all potential MCO Visa holders: all cashback is in the form of MCO crypto coins, Crypto.com 's in house crypto coin, which may either go up or down in value. If you want to cash out your MCO you will have to convert to another crypto coin like Bitcoin or Ethereum and transfer out to a crypto exchange in Canada like Newton and exchange for CAD there.
Alternatively just transfer accrued MCO into MCO prepaid card balance, which is in fiat...then spend it and earn 1-5% cashback on that, too.
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Bull Dog wrote: I was able to stake my 50 MCO (285.00) using my Scotia debit card. I'll probably stake 500 MCO if I see the price of MCO dip down.

Note for all potential MCO Visa holders: all cashback is in the form of MCO crypto coins, Crypto.com 's in house crypto coin, which may either go up or down in value. If you want to cash out your MCO you will have to convert to another crypto coin like Bitcoin or Ethereum and transfer out to a crypto exchange in Canada like Newton and exchange for CAD there.
I was also able to verify my scotia visa scene card, as I got it set up for verified by visa (all MCO card purchases require 3DS)..
But after that working, my purchase was blocked as fraud. Calling fraud department they eventually admitted they only do it because they have no other way to block transactions and they don't like crypto. So YMMV, i think some manually triggering/fraud has to trigger for them to catch and block your transactions, but they will eventually if you buy much and it triggers the 3DS system. (If you otherwise spend a lot on the card you use, a small transaction like 50 mco won't necessarily trigger it, but buying 500 might).

Scotia were also jerks and refused to refund the verification fee ( was a few bucks at the time, crypto.com are meant to refund it, but since the card got blocked they couldn't refund it either).

I otherwise rarely used that visa, thus why I got verified i guess. I just tried it because all of my other main cards wouldn't even verify at the time. Might of improved these days, was over a years ago. But scotia's/etc big 5 stance on buying crypto hasn't changed, so be wary.

Scotia also shut down there verified by visa sign up page recently.. This doesn't mean the cards aren't consider 3D Secure anymore - they still are (they just auto approve now) thus your purchase worked.. It just means you can't set up more secure 2-factor verification, which in some cases for larger transaction, may be required.
Last edited by Eleventeen on Jul 18th, 2020 4:02 pm, edited 1 time in total.
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re: cashback/interest/other bonus payout: While that's what crypto.com states (That it's paid in MCO).. They actually paid me my 80 MCO sign up bonus in a really confusing way:
In CRO - their "chain" coin.. And not in the app, at all, in the exchange.

Basically they have 3 (well 3 main) places you can store crypto:
The crypto.com app - The main thing you use to sign up for the card / manage their currency / deposit fiat
The exchange - No app available.. Must use a browser and desktop recommended.. It's where you exchange crypto types, or deposit them into their exchange savings system to earn up to 20% P.A. interest on CRO i think

The crypto.com wallet app - completely separate app .. Required if you want to manage your crypto yourself .. EG: Find out your actually public/private keys so you can directly send others bitcoin who don't use the crypto.com app.
It's otherwise optional if you happy to let crypto.com manage your keys for you.. More like a full bank service. But yea it is required for certain things like Bitcoin sending, possibly others.

Still confused myself on why they have 3 seperate systems, but yea that's how it works. You probably should sign up for all 3, just to get all the verifications/security stuff out of the way to not waste time later.

I just forgot about it for months, and then when I completed the 6 month lockin and looked to see if I got the sign up bonus, just was nothing there. Googled around and found they put it in the exchange. Than signed up for the exchange. Nothing shows there either until you hunt for the "pending tab".. Seems even though i should of got it months ago, it onyl counts as deposited once I created the exchange account (you link it with the main app, but it's still a seperate account)

1 biz day later, the exchange stuff shows up in the crypto.com app.. But you can only view it there / see your relative total in fiat, can do anything with it there, gotta go to exchange.

So yea i think the advertising that they reward/comp you in MCO is outdated, and they actually just do CRO into the exchange now. (Easy enough to exchange the two with no fee's anyways so doesn't really matter unless you forget to do it, just confusing)
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titaniumtux wrote: Alternatively just transfer accrued MCO into MCO prepaid card balance, which is in fiat...then spend it and earn 1-5% cashback on that, too.
Or I guess most people could cash out in pounds or Euro transferred to Transferwise Multi Currency account, but as you know they deactivated my account and stole my money ( to date ) .
Last edited by Bull Dog on Jul 18th, 2020 5:06 pm, edited 1 time in total.
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So it doesn't seem that using bank debit card is reliable way to load money into crypto.com even though it's free for now since you'll probably get your bank account locked till you phone them. So cheapest way to load money in is pounds or euro from Revolut, then more expensive ways are either transfer crypto purchased through a Canadian exchange like Newton, or pounds or Euro through Transferwise.
@titaniumtux Any idea which of the last 2 ways is cheaper ?
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Bull Dog wrote: So it doesn't seem that using bank debit card is reliable way to load money into crypto.com even though it's free for now since you'll probably get your bank account locked till you phone them. So cheapest way to load money in is pounds or euro from Revolut, then more expensive ways are either transfer crypto purchased through a Canadian exchange like Newton, or pounds or Euro through Transferwise.
@titaniumtux Any idea which of the last 2 ways is cheaper ?
  1. can't do volume with Revolut...they'll shut you down for funneling bank transfers
  2. You can get creative with TW...I also successfully transferred GBP from Monzo to CDC
  3. Newton and Coinberry are good if you "time the market" (by that I mean fund and trade when there's a market dip) since you can fund and trade quickly at low spread
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