This was posted 3 years 11 months 4 days ago, and might be an out-dated deal.

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Unlimited Loungekey Access on Crypto.com Visa Cards (Stake 500 MCOs for a Minimum of 6 Months)

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Unlimited Loungekey Access on Crypto.com Visa Cards (Stake 500 MCOs for a Minimum of 6 Months)
Go to Deal
Lwarhunter on 23/05/2020 - 01:44 crypto.com (1005 clicks)
Last edited 23/05/2020 - 15:11 by 1 other user

I have been having a few local credit cards with Priority pass access. Annual fees are about $360 a year for those credit cards. However they usually limit the lounge access to 1-2x per year.

The crypto.com visa debit cards however, gives you unlimited lounge access through loungekey.

I know there are 2 posts previously on Crypto.com but I believe this is too good a deal to turn down for an avid traveller. You get lounge access every single time.

To get the loungekey access, you are required to stake MCO coins on the crypto.com app for any card tiers equal or above the Jade Green/Royal Indigo cards. Having the visa debit cards allows unlimited access to airport lounges worldwide using LoungeKey.

Quick guide on what you need to do to get the card:

  1. Buy MCO (Crypto) [IMHO good currency conversion rates by using ING/86400. you can avoid international transaction fees]
  2. Stake 500 MCOs for a minimum of 6 months.
  3. Register your details to receive the visa debit card.
  4. Register for LoungeKey once you receive your visa debit card.
  5. Travel! - after the lockdown =(

After 6 months, you have the option to sell your 500 MCOs back for cash. The only risk is that the price of the coin could go up or down and you might lose value in your initial deposit.

I am personally still staking my MCOs for the other benefits listed in the other deals shared previously. Unstaking the MCOs removes your cashback, spotify, netflix, airbnb, amazon prime benefits.

Person who signs up with the referral code and stakes for the card gets $50 USD in crypto. Referrer too gets the $50 in crypto

To moderator: I think this deal is not described in the other posts. So i think it is ok? If not please remove.

Referral Links

Referral: random (257)

Both referrer and referee receive US$25 on sign up (NOTE: must stake at least A$500 CRO for 6 months). Turn off adblocker when attempting to obtain a referral link

Travel

Related Stores

Crypto.com
Crypto.com
LoungeKey
LoungeKey

closed Comments

  • raiseyoursteaks on 23/05/2020 - 01:57
    +1

    Any idea why this MCO visa card took a long time to be issued? Users all around have been getti g it yes, but not before complaining that it took forever.

    • mr_asstight on 23/05/2020 - 02:39

      Yea. So much for the waitlist.
      Been on that list for 3 years!

      • shadowangel on 30/05/2020 - 19:59

        ruby steal onwards will ship to Australia. The free card is not available yet

    • bonezAU on 23/05/2020 - 10:13

      They've only just started shipping in Europe. Those guys had to wait years.
      It's not a problem in Australia, I've had several friends (and my wife) apply early last week, shipped on Wednesday and will be here on Monday.

    • Chocka12 on 24/05/2020 - 12:31
      +1

      The company puts compliance and security as their main priority before releasing their services in any region or country.

      Put it simply, if local laws don't allow their product or services to be used, they run the risk of being shut down. Therefore, they get all the relevant approvals of governments and partners before launching. There are others in the space who have tried to launch crypto-backed Visa debit cards and been forced to withdraw their services from market altogether for making false claims of their products and services, and have launched their products without the necessary approvals. They didn't last long…

      If anyone is able to get their hands on a Crypto.com Visa Debit card, it is because the company has met all of the necessary compliance and legislative requirements of the countries and regions they roll out to.

      As you can imagine, different countries and states (U.S for example) have varying laws. Being approved to rollout services in USA, UK, EU and APAC (even if via their Singapore issuer for now), is a massive achievement given they have gone from an idea four years ago, to having a fully fledged crypto ecosystem available to a large portion of the world.

      For transparency, I've been following this company since early 2017, am currently invested and use ALL of the services it provides. My wife and I have had our cards since Dec 2019 (Green and White).

      To keep consistent with OP, we've used Loungkey access in both Sydney and Melbourne and obtained $37 credit per person for food and bev. All lounges are different so make sure you look up the benefits of each one before deciding which one to use. I can confirm that Loungekey is a benefit of the card itself and does not rely on an ongoing "MCO stake".

  • dn4hc on 23/05/2020 - 02:12
    +9

    4,153.07 Australian dollars

    • mr_asstight on 23/05/2020 - 02:40
      +4

      For a token that has no utility. Blockchain not gonna solve a thing in this case. Zero use case.

      • obavatar on 24/05/2020 - 09:31

        For that you get 3% cashback on ALL purchases! (Currently 10% for the pandemic period for Woolies, Coles, Aldi etc).
        You also get free airport lounge access.
        More tokeny I guess but you also get free Netflix & Spotify.
        BUT the main reason I choose to do it is 8-12% saving on my cash in bank (kept as TAUD).

        • warhunter on 24/05/2020 - 22:56
          +1

          I will make mine back pretty soon. paying for my business purchases. =) no worries on that deposit made

          • greenie on 25/05/2020 - 01:42
            +3

            @warhunter: I'm curious to know the reason(s) you use this card for business purchases instead of the ones where you can get airlines points like Amex etc?

            • obavatar on 25/05/2020 - 07:51
              +1

              @greenie: Because you get 3% cash back vs 2 to 2.5% max in points on any Australian Points card.
              *2 to 2.5% based on realising the cash back / return on flight upgrades (i.e. the maximum).

            • Nom on 25/05/2020 - 10:37
              +1

              @greenie: Because airline points are almost worthless in comparison - this card pays 3% back in actual cash.
              ie, every $1000 you spend on the card, you've got $30 back which you can move right back onto the card and withdraw at an ATM.

              If you run your entire household through the card and spend say $2000 a month you're looking at $720 back after just one year…

            • greenie on 25/05/2020 - 11:50
              +2

              @greenie: Got negged for asking a genuine question, really… I'm not familiar with crypto hence the question. I'll just shut my mouth from now on :(

  • rookie317 on 23/05/2020 - 02:30
    +6

    I only staked 50 MCO when MCO was half what it is now. Unless you truly believe in MCO long term, dropping 4K into it at the moment just for free Netflix and Airport access seems risky imo. 50 MCO to try it out seems to be the safer option. You can make all of that back quite easily in a year with just Spotify + cashback on food delivery/Woolworths/Coles Myer gift card (special 10% rate up to US$50 at the moment)

    • justtoreply on 23/05/2020 - 07:14
      +3

      50mco to try it out only gets spotify. For $400 outlay. Seems risky. If this currency becomes worth a turd within 10 years you'l lose. If it becomes worth a turd they'll probably make you stake something other than mco, costing you $$$ again

      Whereas spotify family sub is cheap

      • Aureus on 23/05/2020 - 08:02

        It is like $220 a year for Australian family plan. That plus 2% cashback makes it fairly easy to get your money back, even if the currency loses value

        The real risk at this tier is crypto. Com will go bust and you will lose your MCO + fiat.

        • justtoreply on 23/05/2020 - 14:26

          $220/5(?) people though is $45
          10 years at $45 is similar cost

          I'm in a "family", they don't even bother charging me for it

          • Aureus on 23/05/2020 - 15:00
            +1

            @justtoreply: Yeah well no discount on Spotify if you aren't paying for it…

            I do pay for Spotify family, so it makes more sense for me.

            • justtoreply on 23/05/2020 - 15:35

              @Aureus: Yeah i meant for an individual it's not worth it. I presumed the card would come with individual access rather than family

              • illumination on 23/05/2020 - 16:28
                +1

                @justtoreply:

                I presumed the card would come with individual access rather than family

                Nope, the rebate is actually just a fixed dollar cap of $12.99 USD (which I believe has actually gone up once or twice), and it's also not restricted to Spotify in any country either. This means:

                • If the AU price for family exceeds $12.99 USD but you want the family plan, you can subscribe overseas and still get a 100% rebate
                • If you subscribe in a country (e.g. Philippines?) where the family plan is super cheap (was it $4/AU mth or something?), I think you could hypothetically sign up for multiple family plans because you're given rebates for any charge from Spotify up to a maximum of $12.99 USD

                Of course, as to whether you can still use Filipino Spotify in Australia is another matter (14 day away from home limit or something?)

                • rookie317 on 23/05/2020 - 23:03

                  @illumination:

                  multiple family plans

                  Yup I can confirm this. According to reddit, Crypto.com doesn't have any association with those they give rebates. They simply do a crude name look-up in the transaction to issue rebates. In Spotify case, as long as the Spotify word is there somewhere on the transaction, they'll rebate up to US$13 back per month.

                  It makes slightly less sense really if you don't pay for Spotify. But the 2% rebate is still potentially useful for a no annual fee card, plus interbank rate and no ATM fee (both up to certain amounts).

                • nessism on 25/05/2020 - 06:46

                  @illumination: You and fam can use PH Spotify in Oz, I and my extended family do :)

      • rookie317 on 23/05/2020 - 10:02

        Umm in 10 years? You'd have made back $410 long ago really. You don't need to stake every year like an annual fee btw. The spotify value is US$13 pm so $240 a year, if you don't get the card before end of June (special 10% rate), then the other $170 can be made back at 2% with $8500 spent a year which is fairly reasonable. That's all assuming MCO becomes turd in a year or sooner, doesn't really matter I just consider it 0 being conservative.

        But like Aureus says the big risk is Crypto.com goes bust, which of course it can, but it's fairly big so this just depends on your risk aversion really. I only staked ~$200 but even at $410 I think I'm still ok to lose all of that. The best case is of course you get a 2% cashback card for life + free Spotify + free up to US$400 ATM withdrawal (potentially good for cashing out your crypto at relatively good rate. Can someone advise if we're legally required to file this as capital gain in this case?) + up to $4000 interbank exchange rate. That to me is worth the risk but again, everyone's risk aversion is different of course.

    • cloudy on 23/05/2020 - 09:49

      Yea but if I buy MCO now and get this deal then someone else will get 50 MCO for the deal and push MCO up, and then someone else will buy MCO and as long as I sell out before the last person I make money and get free lounge access.

      What could go wrong?

      • rookie317 on 23/05/2020 - 10:12
        +2

        I assure you this is not, I've been in crypto space for a while, personally involved with a couple projects and I've seen a lot of pyramid schemes. Of course you should always do your own research just like any form of investment.

        Also note that your 50 MCO is locked up for 6 months removing the potential pump n dump of a lof of shitcoins. You just don't know what the market is after 6 months really. And please refer to my above post where I mentioned even if you assume to lose your 50 MCO, you can make that back relatively easy. I do intend to stake 50 MCO indefinitely though (since you lose benefits if you cash out) so I do consider it a joining fee. Of course it was only $200 for me so my decision was much easier.

        I definitely don't agree on locking up 500 MCO just for extra Netflix + 1% more cash rebate + lounge access though.

      • shadowangel on 31/05/2020 - 02:11

        They get $50usd which is only 9-10mco

    • obavatar on 24/05/2020 - 09:33

      For that you get 3% cashback on ALL purchases! (Currently 10% for the pandemic period for Woolies, Coles, Aldi etc).
      You also get free airport lounge access.
      More tokeny I guess but you also get free Netflix & Spotify.
      BUT the main reason I choose to do it is 8-12% saving on my cash in bank (kept as TAUD).

      *Who cares if it drops. Even if I ended up with half of that 4 odd k AUD then I'm already better off with the 3% savings alone on purchases.

      • nightelves on 31/05/2020 - 00:19

        Can I ask how the interest works?

        • obavatar on 31/05/2020 - 09:06

          It's 8-12% per annum paid weekly. So you would have to keep putting it back into the 8-12% TAUD savings account for it to act in a compounding fashion. Hope that helps.

  • BusaKaine on 23/05/2020 - 07:22

    Yeah it seems high if MCO drops, good value if it doesn’t. I have the Citi Prestige card as it comes with unlimited priority pass plus guest and several other benefits that I used extensively until this crap started happening.

    I got MCO in Dec 18 for around $2.50, MCO when it was almost 1/4 what it is now, it was awesome but I’ve traded most of mine and just what is the futures of MCO?

    It’s a decent amount to stake now, just depends if you believe in it for the next 6 months.

  • ChillBro on 23/05/2020 - 07:28
    +1

    I had this on my periphery but I didn't realise you lose access when you take the money back out. Kills the deal for me.

    • BluBoy on 23/05/2020 - 09:50
      +1

      Even if you withdraw your stake you still get 1.5% cashback on all spending, as well as the Loungekey access pass (the title of this post)

  • KudosTheHero on 23/05/2020 - 10:21
    +2

    Best thing I've ever done with cryptos is use the MCO card. Rebates on Spotify, Netflix, LoungeKey, Amazon … loving it!

    • rookie317 on 23/05/2020 - 10:27

      You staked at least 5000 MCO?? I salute you.

    • Ler0y007 on 23/05/2020 - 11:27

      Same.

      This is a repost though.

    • bongo007 on 23/05/2020 - 12:14

      Do you just use it like a normal credit card? can you send AUD to it? what's the transfer fees etc?

      • pHyR3 on 23/05/2020 - 20:38

        not OP but yep, use it just like a normal credit card (except better imo)

        no transfer fees that I've seen unless you're moving cryptos to another site/person. just top up with your normal debit card that doesn't charge FX fees - for me that's my 86 400 card.

  • redwood on 23/05/2020 - 11:11

    Is it just me or I can’t see any lounges listed in Sydney/Melbourne?

  • miq on 23/05/2020 - 11:14
    -5

    Holy Christ those cards are ugly

    • Ler0y007 on 23/05/2020 - 11:27
      +6

      Nah they sick

    • pHyR3 on 23/05/2020 - 20:38
      +1

      havent seen many metal cards in Australia, look cooler than some crappy $2 plastic

  • illumination on 23/05/2020 - 15:09

    Been using this since March this year. Got really lucky and staked 500 MCO during the big dip.

    So far, so good. It is in fact exactly because of the LoungeKey benefit that I got the 500 MCO card instead of the 50 MCO card.

  • firefly2k3 on 23/05/2020 - 16:09

    What happens when you unstake after 6 months? Is the card still good for lounge access? and for how long is the card valid after unstaking?

    • illumination on 23/05/2020 - 16:31

      What happens when you unstake after 6 months?

      Unstaking is basically just selling the MCO (think of MCO as the "stock"), whereas the 6 month staking requirement is like a 6 month term deposit.

      So when you unstake, you sell it at whatever the price/value of MCO is when you sell. You choose when to sell after 6 months - it just means the ability to sell is "unlocked" for you.

      Is the card still good for lounge access?

      Yes. Lounge access is a benefit that, at least at the time of writing, is not tied to staking. However, you get an increased cashback rate and the potential Spotify/Netflix/Amazon Prime/Airbnb benefit if you continue to keep it staked.

      and for how long is the card valid after unstaking?

      As long as the company exists, I guess. The "stake" should be seen as more of a joining fee rather than an annual fee. But of course, benefits could be subject to change at their discretion.

      • firefly2k3 on 25/05/2020 - 22:45

        So do they literally lock my initial stake for 6 months or can I unstake without any penalties other than losing the staking benefits?

        • Nom on 25/05/2020 - 22:48
          -1

          Your stake is held for 6 months - that's the entire point of the staking…

          In return, you get the benefits listed.

          • illumination on 26/05/2020 - 17:04
            +1

            @Nom:

            Your stake is held for 6 months - that's the entire point of the staking…

            But that's not his question. I take it he's wondering if there's an option to unstake immediately and just accept less benefits. To which I think the answer is no.

            • redwood on 31/05/2020 - 01:46

              @illumination: Would it be possible to stake less after the initial 6 month period for less benefits? i.e. stake 500 at first for benefits with the indigo/jade card, then only 50 for the bennies with Ruby after 6 months?

              • shadowangel on 31/05/2020 - 01:58

                @redwood: Click the link and unstake. Rewards are less.
                It still has more rewards then ruby card with no stake.

              • illumination on 31/05/2020 - 02:28

                @redwood: I'm actually not sure - but shadowangel makes a good point (even though it doesn't answer your question). I guess the question would be - why would you want to, given the benefits are better on an unstaked (after 6 months staking) 500 MCO card?

                But I've just had a look - the benefit of the unstaked card is that you still get lounge access, but your 50 Staked Ruby would be better for 2% cashback (instead of 1.5% on an unstaked 500MCO card) and 100% Spotify rebate.

                None of the unstaked version of the cards give you 100% Spotify rebate.

                But sorry I can't answer your question - I'm not sure!

        • illumination on 26/05/2020 - 17:05
          +1

          Having a look in the app, it doesn't look like there's even an option to unstake within the 6 month period. So nope, you can't choose to unstake your staked MCO during the initial 6 month lock-in period, even if you were willing to do so to just "accept" fewer benefits.

  • ligma2000 on 25/05/2020 - 00:03

    I've been using this card (icy white) since Nov 2019 and the loungekey access works flawlessly.

    I previously had this benefit with priority pass through amex platinum, but amex has recently removed non-lounge airport experiences ($36 aud pp to spend at participating restaurants - examples include movida bar or cafe vue in melb) for their members. I'm guessing it was due to people overusing the card esp between the busy mel-syd corridor?

    I can honestly say, with the MCO card, I look forward to flights even more now because it's practically unlimited food and drinks for you and your friends.

    • wangasm on 25/05/2020 - 02:34

      How do you claim the $36 food spend with this card? Do you simply use the card to pay or do you need to tell the venue you have loungekey?

      • ligma2000 on 25/05/2020 - 13:06
        +1

        You'll need to say you want to use loungekey, and then they sign you in with your card and give you a budget of $36 aud per person to spend on anything you want. Anything over your limit you can pay the difference through traditional payment methods.

        All participating lounges/restaurants that I've been to have a sign out front that say that they accept loungekey and priority pass.

        I'd recommend reading an Australian priority pass guide from finder/executivetraveller/pointshack if you want to know more as they're essentially the same thing.

    • tlai on 03/07/2020 - 02:22

      You bought the $30,000 card? WoW!

    • knobbs on 14/07/2020 - 21:19

      How often are you allowed to claim entry to a lounge or use the $36 AUD? Once per day or can you literally visit all the cafes and do it for 1 flight?

  • xrailgun on 25/05/2020 - 11:55

    how did you guys manage to fund the MCO? Macquarie and commbank (Masters) and NAB (Visa) are all giving me 'declined by issuer'.

    • ligma2000 on 25/05/2020 - 13:15
      +2

      I personally use ING (visa) for purchasing cryptocurrencies through the Crypto.com app, and for funding the card with fiat I use Macquarie (mastercard). Avoid commbank and Nab or you may be hit with international transaction fees.

      Reasons your cards may not work is that mastercard doesn't allow you to purchase crypto in Australia. If you're using ING, make sure you unlock your card features for the month otherwise you'll be hit with fees as I did once.

      • xrailgun on 25/05/2020 - 13:19

        Thanks, I just had a look at ING and they're only waiving int fees if you deposit $1000/m? that's quite an extra hassle if I don't use it as my primary account…

        • ligma2000 on 25/05/2020 - 13:21
          +1

          Agreed, its why I'm only using macq to top up my card atm. May be easier to buy MCO through binance or another exchange and then transfer it over to the app.

        • Chocka12 on 26/05/2020 - 13:31
          +2

          I use the MCO card as my main card for everyday purchases, bills, insurance, basically anything. My monthly spend is easily over $1000/mth.

          With the above as a guideline, I would send $$ from my main bank to ING and top up the MCO card as I go i.e. 5x $200 top ups each month

          This easily meets the ING fee waiver eligibility every month.

          The MCO top ups count as a card transaction in order to meet the 5 cleared card transactions per month requirement.

          Takes less than a minute to top up hence i don't mind doing it as I go. Especially since I consider the cash back I get for doing it :)

          • knobbs on 14/07/2020 - 21:20

            @Chocka12: What is the method/payment form of topping up the MCO card? Do you Bpay or something to it? Just trying to figure out how the 5x transactions of $200 a month get counted towards ING's terms.

            • wangasm on 15/07/2020 - 00:59

              @knobbs: You can either top it up from the crypto in your wallet or directly with any Visa/MC card. So you can just top it up 5 times with small amounts on the ING card and easily meet the transaction requirement.

              • knobbs on 15/07/2020 - 09:14

                @wangasm: thanks for the reply. I am still not clear on what process/payment method you are using to fund the card. Is it Bpay from ING to the card, bank transfer to the card, do you put in the ING details and 'charge' the ING account from your card?

                Sorry if I am being pedantic, just wanting to know before I jump in.

                • Chocka12 on 15/07/2020 - 09:28
                  +1

                  @knobbs: In the crypto.com app:
                  1. go to 'card' section
                  2. select 'Top Up'
                  3. Select 'credit card'
                  4. Add new credit card
                  5. Enter the INGVISA card details

                  Now that your card details are saved on the app, type in the amount you want to top up and away you go!

                  Your top up will be treated as a VISA card purchase by ING.

                  • knobbs on 15/07/2020 - 09:45

                    @Chocka12: Excellent thanks, so it is basically a 'charge' on your ING account. That solves my question!

                • wangasm on 15/07/2020 - 10:01

                  @knobbs: It's none of those things. It's a direct credit card transaction to the ING card using the card number, same as if you were to purchase something with the card online.

        • shadowangel on 31/05/2020 - 00:57
          +1

          Signup using a referal $100aud worth it ?

          Try 86400 or Up. Both have referals

      • shadowangel on 31/05/2020 - 00:55
        +1

        Use Visa cards. ING, UP, 86400 should work.

        • klownz on 31/05/2020 - 23:52

          86400 card protection blocked due to the SGD .11c transaction followed by another larger transaction.

          A quick call to 86400 customer support and it was easy to unblock.

          • shadowangel on 14/07/2020 - 21:46

            @klownz: I had ING block mine and they did the same. It is that small deposit followed by a bigger withdraw.

    • Nom on 25/05/2020 - 22:37

      UBank's Visa Debit card works fine, as do 86400 and Up.

  • Bluey123 on 25/05/2020 - 18:29

    How do you guys do the referral? I click on the ozbargain referral link but it takes me to a page where i have to put in a referral code and my email address.

    • Nom on 25/05/2020 - 22:35
      +1

      Click it on your phone, once you have the app up and running 👍

      • Bluey123 on 26/05/2020 - 15:56

        Ah awesome thanks, was opening it on my computer haha

    • dn4hc on 26/05/2020 - 00:15

      curl https://www.ozbargain.com.au/api/referral/461 on terminal or stop the page when redirecting.

    • Chocka12 on 26/05/2020 - 13:15
      +1

      If you're having trouble with the referral link, there's another way you can activate the referral.

      Download, install the app and register. Once the app is up and running, there will be an option in the app menu where you can enter the referral code.

      NOTE: you only have 10 days to enter the referral code using this method after you've registered.

      Obviously if you were able to register using a referral link, this in-app option won't appear.

  • yl88 on 27/05/2020 - 23:36

    As the pandemic spreading, Loungekey Access is useless.

    • Enelass on 01/05/2021 - 14:38

      Disagree… Whether you fly domestic or within the travel bubble, access to a lounge or free restaurant is not useless…

  • Bluey123 on 28/05/2020 - 11:27

    So I've stake 50 MCO. do I need to wait for 6 mths before I can use the card or can I use it immediately after receiving it.

    • Nom on 28/05/2020 - 21:32
      +2

      You can use it immediately

  • Bluey123 on 08/06/2020 - 23:08

    So I am trying to change my payment in my Spotify Family account to my Ruby MCO card. But its coming up with "Your payment method and country don't match. To continue, change your account's location or use a different payment method." How's everyone linking the card to spotify as payment?

    • Nom on 09/06/2020 - 23:16

      danz, get onto https://t.me/crypto_com_Aus_unofficial to join the AU/NZ community, they're very helpful and will answer all your questions !

      • Bluey123 on 09/06/2020 - 23:20

        Ah awesome i figured it out, thanks man. I went onto their discord server and they were very helpful too :)

        • wangasm on 11/06/2020 - 14:49

          Would be helpful if you shared with everyone what you actually did :)

          I get around this by paying with the card through Paypal. You still get the rebate this way. Just need to make sure to disable Paypal's rubbish currency conversion.

          • knobbs on 06/07/2020 - 11:20
            -1

            @wangasm: Do you have to make this card the 'preferred way to pay'? Or can you just set PayPal to use that card for Spotify only?

            • wangasm on 06/07/2020 - 12:15

              @knobbs: When you set up Paypal in Spotify you should be able to select the card. If not you can also check the card is selected in your Paypal account settings under Payments -> Manage automatic payments -> Spotify
              You can also change your conversion option here too to not use Paypal's conversion

  • Bluey123 on 11/06/2020 - 17:58

    Ah sure no worries. Set your card on Spotify to come from paypal - Login to PayPal website - settings - payments - manage automatic payments - choose Spotify - choose the card you're paying from - when they list all the cards you can choose from each card underneath has conversion option - change the option so that PayPal doesn't auto convert for you :)

  • Enelass on 01/05/2021 - 14:17

    I'm a bit of a gambler, so I am keen on taking the risk of owning about US$5,000 CRO for 6months minimum on Crypto.com to get a indigo/jade card given I pay for Spotify / Netflix and would love to get a LoungeKey lifetime access (well at least, until they revoke the benefits, or until the company die e.g. neo-bank bought by a bigger group then killed)

    On their website, crypto.com states by staking $4,000USD for 6 months, you'd be eligible for a Indigo/Jade card and define Staking as <<"Stake" or "Staking" means the holding of CRO in your Crypto.com App Wallet for a period of 6 months.>>
    A card providing unlimited complimentary access to PriorityPass Select (+1 Guest and with acces to restaurants unlike Amex) usually costs around AU$700 a year (e.g. Citi Prestige) so investing on CRO for 6 months min to get a Complimentary LoungeKey access is appealing (to me, probably not to everyone.)
    Now I'm curious about the following situation:
    1. Say I stack US$5,000 worth of CRO (Today 25,000CRO since a CRO values at US$0.2)
    2. and the CRO goes a few time down to $0.1 (total owning = $2,500 at this time) prior to boucing back to $0.2 (total owning = $5,000)
    * Would crypto.com tell me I haven't held $US4,000 worth of CRO for 6 months hence deny me access to the indigo/jade card?
    * Or would it be based on how much I have owned on average during a 6 month period?

    Also I could not find terms and conditions anywhere… What tells me that the LoungeKey access is a complimentary access and not a "paid access" (like the CBA Ultimate Rewards, lol).
    Appreciate any answers, and for those interrested in the approach, follow your own risk approach: Reading on MCO Monaco on Investopedia shows that the founder has records of closing his companies not in best terms (https://web.archive.org/web/20210225222236/https://www.strai…)

    • Enelass on 01/05/2021 - 14:35

      Also it appears "staking CRO" is not simply owning CRO (on your own wallet) but owning these on their platform (they have the private key).
      I would seriously question WHY crypto.com insists on hosting YOUR coins…

      So if the company was to disappear from a day to the other, they might keep the crypto coins for themselves… (this would'nt be the first time: Google "Mt. Gox")
      I'd honnestly say this could be a time-bomb scam so, again, proceed at your own risk. Happy to be corrected if I'm making any false statements.
      https://help.crypto.com/en/articles/1961286-how-do-i-stake-c…

      • Chocka12 on 02/05/2021 - 11:17
        +1

        Crypto.com provides both a custodian service (they hold your private keys) and a decentralised (DeFi) wallet (you hold your own keys).

        You'll find that most exchanges and platforms offer custodian service that enable access to features contained within those platforms. Customers who prefer can move their crypto assets to their chosen wallets and own their own private keys, but know that doing so might restrict your access to the platform's other services I.e. the crypto.com VISA card. At least it's a choice that you have. Nobody is forcing you to use their platform.

        I would assume that crypto.com would use the funds from card stakes to reinvest in order to continue providing the card benefits. I could be wrong… but it would be no different to how traditional banks operate by using customer funds in one area to provide services in another area plus, it makes perfect sense.

        As custodians, Crypto.com have a responsibility of holding customer funds safe and currently hold the gold standard in Crypto security and insurance. A rug pull by Crypto.com on over 10million users (at time of writing) will have severe consequences not only for consumers but also its many large corporate partners - think VISA and the global alliance partnership it has with Crypto.com

        As with anything, people are reminded to do your own research and only invest what you'll be comfortable losing.

    • Chocka12 on 02/05/2021 - 10:36
      +2

      The Loungekey access is a pretty sweet perk and is definitely a complimentary benefit. I've use it a number of times locally and internationally pre- Covid, and again a few times locally this year. The only time you would be required to pay is if you use services outside of what the lounge allows I.e. bringing more guests than your card benefit allows, exceeding your spend credit (some lounges in AUS offer guests a $36 credit to spend on food and bev) etc.

      Please note that upon swiping your card to use the airport lounge benefit, Loungekey will process a small holding charge to ensure the card is active but it automatically drops off after a few days. The holding charge has always been around AUD$3.75 IIRC.

      Once you have staked your CRO for a card, the value of CRO over the 6 months (and beyond) has zero impact. It is not a requirement to "maintain" the stake value for the card and Crypto.com will never deny access to your card based on your stake value. The only requirement in order to get the card and be able to use it is to have enough at the time to initiate the stake.

      • gtrain on 29/10/2021 - 13:12

        Does the lounge ask to check that the person with the card is actually the cardholder?
        Wonder if I could lend my card to someone?

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