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10% Cashback at Woolworths/ ALDI/ UberEATS/ Deliveroo/ McDonald's/ Costco etc Extended for 3 More Months @ Crypto.com

1076

Thought I would give a bit of a run down on crypto.com and the MCO Debit card which is what allows you to get the 10% cashback at these merchants, plus 2-5% anywhere else:

The MCO Debit card is a debit card that requires a small crypto stake (the more you stake the better your perks). At current prices, the Ruby Red metal card requires a $300 AUD stake minus a $50 USD referral bonus which you can get below from OzBargain. After that you should receive the debit card and can top it up directly from your forex fee free debit card and spend it on your dope new metal card to get 2% cashback on all purchases as well as 10% on select merchants like Woolies/Aldi/UberEats and so on. You can even get 15% with Woolies discounts via Shopback/Cashrewards - I've loaded up on hundreds of dollars of those recently.

You can also use it as a Crytpo Wallet and Earn interest on your cryptos or stablecoins (tethered to normal currencies like USD, AUD), rates are 6-10%.

There are different Card Tiers - I feel Indigo/Jade (500MCO) is the sweet spot for value since you get free Spotify, Netflix, unlimited lounge passes for when flying is back, 3% cashback, and bonus interest rates. If you're more of a beginner then the Ruby is great for free Spotify and 2% cashback - i started off here but quickly realised I wanted to upgrade ($50 fee to upgrade though…)

Pros

  • Flat cashback 3% with Indigo/Jade (1%-5% with other colours) on all card spending.
  • Rebate for monthly family Aus Spotify and Netflix (prime/others with other colours).
  • 10% cashback with Woolworths/Aldi for 3 months, CAPPED AT $50 USD equivalent per month, afterwards reverting to standard 1-5% cashback.
  • 5% STACKS WITH GIFT CARDS - use ShopBack/Cashrewards for an extra 5% off.
  • For full list of others (UberEats/McDonalds/Costco etc) 10% Cashback see here(help.crypto.com)
  • No fee to top up the debit card (with normal SGD/AUD currency)
  • 3.5% credit/debit card fee wavied for crypto purchases for 3 months. Top ups never incur a fee from a debit card.
  • No forex fees when using the card
  • $50 USD equivalent referral bonus signup. Get code below.
  • Shiny metal card…

Cons

  • need to learn a bit about crypto
  • need to "stake'at least A$250 in MCO (depending on tier) for 6 months. This involves buying their coin and keeping it with them for 6 months. Obviously the value might fluctuate, but ideally would go up as more people demand MCO.

inB4

"crypto is a scam, these guys are a scam"

It's really not, they're almost a billion dollar company run by an expert management team that has had multiple successful exits. For $250 I think it's worth checking out, if their service has any kind of uptake, which given their offering seems to me extremely likely that money is going be worth considerably more. If it doesn't even with the Spotify, referral bonus and 10% cashback it will pay for itself.

You can read more about it across the web. I've personally found this channel quite useful and this video chats about why he believes crypto.com is not a scam and its price will skyrocket https://www.youtube.com/watch?v=i3wav90fjec

Thanks to the previous submission of this deal here - I reworked and updated a lot of the material there :)

Referral Links

Referral: random (254)

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

Related Stores

Crypto.com
Crypto.com

closed Comments

  • +7

    Its as simple as this, you either believe in Bitcoin and other cryptocurrencies or want to know more or you think its all a scam.

    There are many parallels we can draw in history, eg, in the late 1980s and early 1990, people didn't understand the internet, most don't use it, most feel its too complicated and too hard to use.

    This is my take, Bitcoin has been around for more than 10 years now, it has been the best performing asset class in the last decade, compare it to shares or property and its a no-brainer. I think payments and cash will become more digital in the future, cash will be phased out, it has already happened in Europe. So you either join the revolution, or sit on the sidelines with your massive debts and multiple investment properties losing money.

  • Am I blind or dumb with ING fees?

    To me it sayson ING's fee page 2.5% for international transactions, how are people buying MCO with ING without any fees?

    • +1

      just use 86400 - no foreign fees

    • +3

      ING has fees be they refund them if you meet the conditions ($1000 deposit and 5 transactions per month).
      You can use Up or 86400 which straight up don't charge fees.

  • +2

    I just went through the process of signing up and am using the card daily as my day-to-day debit card. Feel free to PM me for any specific questions. I thought the sign up was smooth and shipping of the card super fast (took under a week from Singapore). The 10% cashback on groceries really makes it worth it. Also got to use my card with the recent uber eats local food fest deal, getting a further 10% back for all my orders. The cashback is immediate at the time of transaction and comes back in their native crypto MCO, which you can convert to AUD or USD or other crypto once you meet a threshold of like $20 something. You can then load up your debit card or withdraw it.

    Like with all emerging market technologies, especially crypto, there's some risk, but there's been 3 separate ozbargain posts about this which I've scoured through and a very active Australian telegram group that is also very helpful. I recognise there's a chance the company may go under, and their business model currently is quite unsustainable, even for the crypto space, but in the short-term I'm happy to make use of these advantages, at least for the 3 months this promotion is going for. It's just too good not to use and the only tenable risk is I see MCO crashing, so I lose my initial investment in the short term. One such external shock that could've caused this was the Wirecard scandal a week ago, but MCO price was fine after the CEO assured that the funds are safu and aren't located on Wirecards. If everything is fine and market hasn't moved much in next 3 months when my stake ends, I can easily withdraw all my funds away from the platform to more legit platforms like binance, ftx, coinbase, or hardware wallet. I think for the short-to-medium term its good especially if you were already in Crypto to begin with. If you aren't then you shouldn't bother because it's a deep deep rabbit hole to dive into and this isn't exactly the most risk-free way to enter the industry. For a great guide on all things crypto, go to nuggets news. Alex is a down-to-earth, hard-working everyday Australian who makes it his job to try to educate people so they're not scammed. https://www.youtube.com/watch?v=gq9T2vLiDig

    • Will you be able to keep an aud balance or have to go through AUD-SGD and SGD-AUD everytime you top up and spend…

      • +1

        Unfortunately no, the card must be denominated in SGD, which means every time you load, its AUD to SGD and when you spend, its SGD to AUD, so there is a little bit of FX risk.

        I mitigate this by keeping a minimal balance on the card and use the just in time method. I know when bills are due and roughly what my expenses are each week, so I just periodically load just because I need to make large purchases and keep a minimal balance for the every day expenses. I have been tracking FX gain/loss, the AUD/SGD rate has been fluctuating and using the just in time method I'm at a very small loss, around 0.1% which is more than offset by the 3% cash back (You need to stake 500MCO earning 6% interest in order to get this card).

        I don't think any card lower than the 3% cash back is worth getting because you can just use the HSBC card for 2% cashback, save the hassle of dealing in crypto. Although HSBC cashback is only for paywave (so transactions under $100), while cash back for Crypto.com is for ALL spend.

    • How long did it take to go from “issued” to “shipped”? Thanks!

    • Hi there,
      -initial buy-in stakes, what card did you use? I tried Ubank card and error message came back saying issuer declined.
      -Top up fund: what card did you use?
      Thanks. Sign up process is not straightforward, I must say.

  • so to use the card.. I have to top it up.. by converting $$ into their crypto currency?

    • +1

      No, the visa card wallet is separate to any holdings in your crypto wallet.

      You don't have to buy crypto to spend money at the shops. It's a prepaid visa card, so you add funds to it (top up) from another AU debit card that doesn't charge foreign transaction fees, then you spend at the shops/online as you would with any other visa card.

      Once you've staked the 50 MCO tokens, you can choose to buy more crypto or not. Totally up to you. The 50 MCO gets you the card and the associated benefits.

      • It's a prepaid visa card

        So I can add it to apple wallet?

        • Not in Australia yet - the cards haven't been enabled for Google Pay or Apple Pay.

          USA users can do this, and apparently it's "coming" to Oz cards at some point…

    • Seems like it

    • You just recharge their prepaid debit card using your AU debit card (86400, ING etc). That recharge/topup is loaded onto the card as Singapore Dollars (as there isn't a local banking partner as yet).

      Spend from the card, earn the cashback (%) in their token (MCO) which you can trade back to SGD on the card/accumulate/trade for other currencies.

      • Any loss on aud sgd conversion if using a fee free card?

        • A little bit here and there. Does eat into it but for 10% cash back and free spotify, etc it does make it worthwhile.

          They have been claiming that they're working on an Aus based issuer in which case there would be no conversion required and it'll simply be a bank transfer.

        • A little, I have been tracking the FX gain/loss, its at 0.1% loss for me atm. I use the just in time method to minimise this.

  • +5

    I'm a user of the crypto.com card currently on the ruby tier card. I think OP did a good job explaining it, too bad people are taking the piss at his post. Just go to the website and look at what benefits you receive when you stake (lock away your tokens for a period of time) your tokens.

    I'm currently receiving 2% cash back and I use my ING card in order to do transfers. So far I've not been charged any fee what so ever. If you have any questions feel free to ask

    • Is money spent on card completely separate from staking coins?
      If I stake 100 MCO coins, there is no point of spending on the coins (convert coin to dollars) to buy things for some cashback when MCO coin is at low value.

      • +1

        Staking is separate, your stake just sits in your app crypto wallet which you can't touch for at least 6 months.
        Cashback on spending is instantly credited to you in MCO, which you CAN touch and convert it back to cash to top up your card. It does not matter if the MCO is low value as they give you exactly how much it is worth at the time of the transaction. eg. $10 spend = 30 cents worth of MCO on an Indigo card.

        • Also note that the 500MCO card comes with 6% interest on your stake - this is paid into your account weekly (roughly about 0.5MCO per week).

      • +1

        there's basically 2 sides to the wallet on your mobile app, the crypto wall and the fiat wallet (Local currencies in this case SGD or AUD). You stake your initial 50 after you receive your card, this has to be staked a minimum 3 months then you can do as you wish with your tokens.

    • Ruby doesn’t entitle to Netflix, right? Need to go next tier for Netflix?

      • Ruby doesn't come with netflix, The next tier up has netflix

  • +3

    I'm in.

  • +1

    I literally just signed up this morning. Understand people’s scepticism but everything has a risk, even fiat.

  • Saw the other guy in the other post who bought the $30k card … !

  • How secure is this as a wallet? Anyone use this to store other coins?

    • +2

      Anyone will tell you that nothing is as secure as holding your own keys and you obviously don't own the keys with this app.
      At least on this app/wallet you get some decent interest by holding through Earn https://crypto.com/en/earn.html
      At the moment I'm just holding a small amount of TAUD as a trial run for 3 months which gives 12% p.a. Better than any typical bank interest and without the volatility of a normal coin.

      • How'd you tether to AUD? I only saw Euro/GBP?

        Also when you pay for the TAUD does it automatically stake/earn a return?

        • They definitely have TrueAUD and you simply put it in earn for Flexible (6%), 1 month (8%) or 3 months (10%). These figures are based on how much MCO you stake but the above is based on 50 MCO or less (Ruby card) .

        • It is definitely in there. It does not automatically stake/earn. You have to stake it yourself after purchasing.

        • I hold TAUD too. Like other tokens, you don't earn interest for the day that you switch your holdings to "Earn" nor on the day that you withdraw them.

  • P.T.BARNUM

  • +1

    10% on coles GCs?!

  • Am I doing something wrong with 86400. Set up account and says you can instantly use with Apple Pay without having physical card yet. But Apple Pay is saying invalid card.

  • +2

    Word of caution when placing the initial order, do it from a Debit card otherwise you risk being stung by a Cash Advance fee.

    Source: Personal Experience

    • +1

      Not just the initial order, it's best to avoid using credit cards for anything related to crypto. This includes topping up the MCO visa card. Crypto.com charge a 1% fee when using a credit card to top up, but it's free for debit cards.

      I've not yet heard of an Australian bank that doesn't treat topping up or buying crypto as a cash advance.

      Debit cards all the way…

  • +1

    Is there a cap for the 10% off gift cards?

    • +1

      $50 USD a month for the 10% cash back at selected vendors.

      • I don't think the limit applies to the giftcards purchased in the app - if you have a 10,000CRO stake, then I think the 10% cashback is unlimited.
        The $50 USD applies to the 10% spend through the Visa card only.

      • Just to clarify, the US$50 is the maximum cashback received for the 10% off so any expenditure up to US$500 (around A$720) will give you 10% back. If you go over that amount then the residual will give you 2% (Ruby card) or 3% (Jade) etc.

      • I was referring to the Crypto.com Pay Giftcard that includes the Coles/Myer gift card. Is there a cap for that one? It is not mentioned anywhere.

  • How do we get cashback for coles gift cards?

    • The Coles gift cards are sold within the app under the "Pay -> Gift Cards" section. However the Woolies ones via Cashrewards are better value, since you're getting 14.5% off (that is if the 10% rebate does work for Cashrewards gift cards, but I think it will)

      • Is this in Crypto app? I don't seem to have "pay" section yet, just applied for the ruby red today

        • Yes, inside the Crypto app. The "Pay" section is listed in the middle menu, along with "Wallet", "Fiat Wallet", "Card" and other options.

          • +1

            @inventel: oh yes haha, I didn't realize that's an actual button. Thx!

            • +1

              @david1215: You need to stake 10000 CRO another token to get 10% off Coles Gift Cards, without its 5% off

              • @barry345: CRO has been rocketing up. Just to give context, over the last 6 months it has gone up 256%. Compare that to property which is either stagnant or falling depending on the area, not to mention the maintenance cost of property.

                I started buying and mining Bitcoin in 2013, at the time I had a choice of buying a property or buying Bitcoin. I'm so glad I chose Bitcoin.

    • +1

      To buy the Coles card. You will need CRO. The minimum purchase is 1000 CRO, that's $123 USD. If you want to withdraw the left overs back into your bank account, you can't unless you have a European bank account(SEPA). Or you can put it into the card(SGD) and withdraw cash, but there's a minimum of 100 SGD deposit for the card.

      So the money gets transferred from AUD > USD > CRO > left overs to EUR/SGD > AUD. And they'll take a little commission on each currency exchange.

      • -2

        LOL. Looks very annoying to try and save a little money via this scam.

  • Which payment currency do I select on signup? USD?

    • +1

      SGD, your card will always be denominated in SGD, I think that selection is for what currency to display which you can change at any time.

      • +1

        Best to use USD IMO. There's very few crypto sites that will reference SGD for crypto prices.
        Even if you select USD in the app, your card balance will always display in SGD and purchases in AUD. Everything else displays in USD.

        This is something that can be changed in the settings later on though, so don't stress.

  • dont they increase the conversion rate to make their money back from deals like this.
    So you are better of buying the crypto from somewhere else and then transfering it if possible.

    • looked into this before, the answer was no.

      they're using this somewhat as a loss-leader by making no profit from commissions and spreads, unlike on other brokerages where this is just any other coin.

      of course you'd still have to transfer to another brokerage to trade for other coins, but for fiat ramps, 1st party seems to be the way to go.

  • -6

    OzB should ban this pyramid scheme junk

    • How is this a pyramid scheme?

  • Hoping someone can explain a little bit.

    If I get the indigo card(invest whatever I need to for 6 months) I can then transfer from AUD to the indigo card. Do I lose any fees here if using UP or 86400 or ING(if I've met their no int fees?)

    Then use that money to pay for goods in Australia, do I pay fees for this?

    Then the 3% rebate comes in the form of MCO? So there is a fee to convert this to AUD?

    Lastly I can't see any transaction limit for the rebate, is there one?

    • +1

      I don't think the black card is worth getting, unless you want to buy that much in MCO tokens anyways. I think the sweet spot is the 50MCO to 500 MCO level.

      That said, you can't transfer AUD directly to the card, it is issued in Singapore, so must be denominated in SGD. So when you deposit using ING, 86400 etc, you are converting AUD to SGD. Then when you spend, you are converting from SGD to AUD. I have tracked this and the FX loss is around 0.1%. I use the just in time method, where I deposit just before spending and keep a very minimal balance to cover my every day expenses.

      The rebate comes in the form of MCO tokens, if you want to convert this to AUD, you can either:

      Convert to another crypto currency, like BTC, ETH and send it to an Australian exchange to sell to AUD, or
      Convert it to a USD or AUD stablecoin, like USDT. I think some Australian exchanges support an AUD stablecoin, but not many, USDT would be your best bet. Then send it to coinspot or some other exchange which supports USDT or the USD stablecoin you selected and sell into AUD.

      As for paying fees, I presume you mean merchant fees? Its up to you, I pay up to 2%, any higher, I use cash.

      As for transaction limits, there are deposit limits, but they are high enough for most people. The transaction limit depends on the card level you choose, for example for the 500MCO stake card, the monthly limit is $10k SGD, after which there will be a 0.5% conversion fee. The rebate is unlimited on all spend. I have yet to blow the $10k in any month, I guess I'm not a big spender haha. All my expenses go through this card.

      • I currently spend $15k a week through the business so looking at what the difference would be, currently earning around 1% in rewards. I hadn't looked how much investing was required for the black when I first commented. Now looking at the 3% card

        I guess with the 3% I could build up a higher MCO balance and hit the next card level?

        • Spend limit is $25k SGD/month and $250k SGD per year I think for the higher tier cards.

          • @greenie: Thanks mate, will factor that in. Got the spare cash to put in there so I might just split my purchasing to max out the 3%

            • +1

              @Soluble: If you have a spouse/partner you can refer them for them to get their own card :)

  • Has anyone used a credit card for this with no cash advance fee?

    • I've never heard of any banks that don't treat crypto as a cash advance. You're buying currency with currency, so it'll be treated the same as you pulling money out of an ATM with a credit card. Cash advance.

  • +3

    I downloaded the app and went through the scary process of pic of driver licence and pic only to find the app did not offer the only decent plan that is the free card . Waste of time and misleading !
    https://crypto.com/en/cards.html

    • +3

      Big bait and switch.

      The whole staking thing screams pyramid scheme, even if not "intended" to be one, all it does is pump the coin price.

      • Its a mechanism for people to buy into the platform to get the benefits. Its not for everyone, so do your own research and consider your own financial circumstnances.

        • +2

          Investing in to Bitconnect was a mechanism for being able to get in to the platform and get the benefits.

          • @watwatwat: The similarities with Bitconnect ends with both of them having a token, BCC and MCO.

            Crypto.com has been operating for 4 years now, while Bitconnect only operated for just over a year. Crypto.com has an ecosystem of products, this card is just one of their offerings, they also have an exchange as well.

            Bitconnect doesn't have a product, just their fake "trading bot" which is supposedly making around 1% a day, that's nothing like Crypto.com.

      • all it does is pump the coin price.

        Well yeah, this is the entire business model. It's a trade for us, the consumers, to buy in for benefits, so that the owners can have a better price for the massive amounts of coin they have.

        • +2

          Which is basically pyramid scheme in nature.

    • -2

      They do offer the free card.

      • +1

        They definitely don't. I had big back and forth with support until they said it's not avaliable in my region.

        • +2

          That's not a good look, they should make that clear.

    • -1

      For anyone else reading this, the free card is basically useless anyway - you'll lose a chunk of the 1% cashback in currency conversions.
      I agree it's bad form to advertise it when it's not actually available - but this particular option isn't a deal.
      The 50MCO and 500MCO cards are the sweet spot for value - if you don't want to make this investment into Crypto, then this deal probably isn't for you.

  • +4

    It certainly looks enticing but do the sums for your spending habits before you take the dive.

    Taking into consideration the increased cashback at Woolies is for 3months, and my spending habits, I calculated i'd get roughly $300 back over 6months.

    HSBC 2% is easier and you don't need to buyin $315 of MCO's.

    • -1

      Alternatively if you're already thinking of putting some money into Crypto, then it's a no brainer !

      The idea is that your $315 of MCO becomes more valuable over time…

      • +2

        Yes but only if you wanted to invest in MRO already.

        Otherwise better to go via Binance or BTCMarkets and invest in the currency you want.

        • -1

          Right - but this investment into MCO comes with some significant benefits.
          If you're putting a lot of value through the card, the 3% + Netflix + Spotify + Lounge Access can add up to many thousands of dollars over time.
          Obviously factor everything in when you make your choice.

          • +2

            @Nom: I was doing sums for the 2% card. The 3% card is 500 MCO (~$3200 AUD) which is serious cash

            • @FrugalDealHunter: One other thing to bear in mind is that you earn 6% interest on the 500MCO stake.
              If you put that $3200 AUD into a bank account, you probably earn less than 2%…

              If MCO drops in price, then it can easily wipe out those gains … but in reverse, if MCO goes up, then your $3200 could be worth significantly more !

              • +5

                @Nom: MCO has lost 28% in the last year.

                If you have a mortgage, 6% return is ~4% post tax, depending on your tax rate. Better to pay that $3k into your mortgage for a guaranteed return of 2-3%. Not as exciting as free Netflix though.

          • +2

            @Nom:

            Right - but this investment into MCO comes with some significant benefits.

            Bitconnect also came with significant benefits. Great interest rates were offered! Up until all the money was stolen.

            • @watwatwat: Yep, a friend of mine was burnt by Bitconnect.
              If you don't think the benefits outweigh the risk, then this deal is definitely not for you !

  • +1

    Do we get the standard cash back e.g. 2% for the Ruby card, if we pay for Government services like ATO or Council rates? I know it’s supposed to be for ALL transactions but would be nice if someone could confirm it.

    • +2

      I find most Gov services don't distinguish between a debit and credit card, and they surcharge you which negates the cashback.

      better to BPAY.

      • I pay my council rates with my MCO card and there's no surcharge, and yes I get the cashback.

    • The rebate happens for all transactions - there's no limitations on which vendor you're using the card at.

      But, it's a Visa card - some organizations will surcharge you for using Visa and obviously if this surcharge is more than the card rebate, you're not coming out ahead…

    • Yes, it works for the ATO, however, the ATO charges a hefty transaction fee as it is considered an overseas card (2.7%) from memory. However, I have received advice from my accountant that this is tax deductible (do your own research and get your own advice), so I have been paying the ATO with my card.

      • If it is tax deductible (which seems like a reasonable position) then there is the question of whether that makes the cashback earned from that payment taxable.

        Usually they go hand in hand, e.g. income protection insurance premiums are tax deductible and the payout from the insurance is taxable. Other insurance is usually not tax deductible and payouts aren't taxable. I'm not sure if that applies to cashback, but something to perhaps keep in mind.

        • The cashback is also taxable, that's a separate issue to the fee being taxable. Even if you don't pay with your crypto.com card, the cash back you earn is like interest payments, hence taxable in my opinion. Do your own research and get your own professional advice.

          • @techlead: I don't think the cashback is taxable, but yeah check with your tax accountant.

            • @greenie: I also thought that the cashback wouldn't be taxable but now believe that it would.

              If it was in cash like CashRewards and ShopBack it wouldn't be but it's paid in MCO so you are effectively being given an airdrop of a different asset. That asset would then be part of CGT assessment in tax return.

              That's my understanding and something to discuss with your accountant.

  • Does anyone know how long the "validation" process takes? Have submitted everything and they said 2-3 business days….is this the standard?

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