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

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10% Cashback at Woolworths/ ALDI/ UberEATS/ Deliveroo/ McDonald's/ Costco etc Extended for 3 More Months @ Crypto.com
Go to Deal
pHyR3 on 02/07/2020 - 19:08 blog.crypto.com (2999 clicks)
Last edited 02/07/2020 - 21:13 by 2 other users

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 (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

Financial

Related Stores

Crypto.com
Crypto.com

closed Comments

    • Soluble on 03/07/2020 - 10:37

      Took 3 minutes for mine. Said the same 2-3 days

  • Turd on 03/07/2020 - 11:22

    Is this cashback in place for life?

  • RickyJ on 03/07/2020 - 11:27
    +1

    The random referral link isn't working. It's taking me to a page that asks for a referral code.

    • Turd on 03/07/2020 - 11:34

      Turn off UD or any ad blockers

    • wangasm on 03/07/2020 - 11:47

      Keep trying, you should eventually get one that shows a code.

    • Nom on 03/07/2020 - 12:08
      +2

      Click the link on your phone, once you have the app up and running !

    • RickyJ on 03/07/2020 - 13:51

      Thanks for the suggestions. I tried it on my phone and it worked :)

  • Bubbleshark on 03/07/2020 - 12:19
    +1

    What would be your return of investment in a year?

    By my little understanding:

    There is a cashback that max out at 50USD per month and increments slower after that.
    You can buy gift cards at a lower price but have to go through USD
    I never touched Crypto so I don't really get how much return I can have on that.
    The metal card has its currency in Singapore dollars, so when you make a purchase, you could lower or over pay things depending on the FX?

    By the looks of it, it'd probably top the cashback every month, making 600USD saving per year. How much you guys do?

    • bonezAU on 03/07/2020 - 13:00
      -1

      The real value in it for me has been taking the MCO cashback and investing it into CRO and other cryptos. I've made way more than the cost of the initial 50 MCO investment and I've only had my card since May.

      • Serapis on 03/07/2020 - 13:09
        +1

        Bollocks.

        If you joined in May and bought MCO at around avg price which was $5.50 worth of USDT per MCO, you would've lost ~20% of your initial "investment" seeing as though MCO is at $4.347 USDT at the moment.

        This is on their own exchange:
        https://crypto.com/exchange/trade/MCO_USDT

        Cashback is in the form of more MCO which has been dropping steadily since May.

        • bonezAU on 03/07/2020 - 13:38

          I joined in late April when MCO was at $4.95. Card arrived early May.
          I'm not going to disclose my entire crypto portfolio to you, but I assure you I am way ahead after my initial investment.

          Yes I have invested additional funds into different tokens, but I have made some extremely good gains on some trades and have made the most of any cashback received.

          Money I would not have had before, and money I would have way less of if I had invested it in the stock market.

          • Bubbleshark on 03/07/2020 - 14:25
            +2

            @bonezAU: Not asking you into going in what investments you carried out. I was just wondering how much the usual person would make out of it? I know it also depends on if you brought in more than the initial $300 and I understand that the returns on this type of transaction yield higher returns if properly managed… But that still gives me no real answer. I understand that talking money can be a sensitive topic but your answer really sounds like '' Here are the 10 tricks bankers hate you knowing, it's good… Real good, easy and not hard''. It sounds like persuasion rather than convincing

            • bonezAU on 03/07/2020 - 14:50
              +1

              @Bubbleshark: I just did some quick sums, if I exclude all of my investments bar MCO, I made $74 USD / $106.84 AUD in purchase rebates in the month of June. That's based on an average MCO price of $4.25 USD.

              If I add CRO and other tokens into the mix, it would be way higher.

              I put all of my household bills, expenses, shopping etc through this card with the exception of our power bill, because the cc surcharge is too high.

          • kctt on 05/07/2020 - 23:30

            @bonezAU: You can request card immediately after signup? I thought we have to stake and wait 6 months?

            • bonezAU on 06/07/2020 - 00:33
              +1

              @kctt: No, as soon as you stake the MCO the next step is to verify your address, then your card is ordered. It usually comes via DHL from Singapore and takes between 1-2 weeks between shipping and delivery to your door.

              You can use the benefits immediately after you receive and activate the card.

        • Nom on 03/07/2020 - 19:16
          -2

          @Serapis
          Bollocks ?

          In three months, you've made $70 ($50US) from the opening referral, $70+$70+$70 ($50US+$50US+$50US) shopping at Woolworths/Costco/ALDI (10% rebate capped at $50US per month), and $20+$20+$20 from the Spotify rebate.
          That's $340 before you've even started with the 2% cashback - if you spend $5000 in those three months then you've made $100 cashback too.

          Unless you move all the MCO rebate into a really poor performer, you're easily making back the $350 investment in the first three months.
          And if you've moved it into a strong performer like Kyber coins then you're wayyyyyy ahead.

          And you've still got your 50MCO.

    • wangasm on 03/07/2020 - 14:02

      Another user summarised it nicely https://www.ozbargain.com.au/node/549325#comment-8949776.

      Obviously the more you spend using the card, the more cashback and benefit you get out of it (I'm talking about the permanent 1-5% not the bonus $50).

      When you top up the card you top it up in SGD, but you can convert it back to AUD straight away if you wish to avoid any fluctuations in the SGD. So when you pay for something in AUD it takes it out of your AUD balance. You will lose roughly 0.1% for the AUD->SGD->AUD conversion which is expected.

      • techlead on 03/07/2020 - 14:28

        Its because of the spread, I've tracked this in for a couple of months, the FX rate is very close to the market rate.

  • Cirrus123 on 03/07/2020 - 14:32
    +2

    6-10% interest + forced 6 month investment = ponzi.

    Get this out of here. No one can provide interest rates like that without scamming.

    • techlead on 03/07/2020 - 14:36
      +1

      Well, the traditional banking system can't, but crypto certainly can. It is actually standard in the industry.

      Many other companies are offering more, eg BlockFi has 8.6% interest for USD deposits and 6% for BTC. This is possible because they can lend out crypto or USD at a higher rate, just like a bank. There's no lock up period with BlockFi, withdraw anytime, but only one fee free withdrawal a month.

      I've heard it all before, back in 2013 everyone said Bitcoin was a scam and a ponzi, 7 years later, still going strong, beats returns from all other asset classes.

      • Cirrus123 on 03/07/2020 - 15:10
        +3

        The proof is in the pudding. If anyone were able to provide interest rates even 0.1% higher than the banks in a way that didn't add the promise of you losing all your money, you would see billions of dollars suddenly shift into it immediately.

        You're talking 6x the interest rate and the coin is dropping in value. I trust those billions of votes over your promise of a safe investment, especially when it is identical to every ponzi scheme on the face of the planet from the beginning of time.

        • techlead on 03/07/2020 - 15:15

          That's exactly what happened with Blockfi, when they launched, millions flowed in which they didn't expect, they had to restrict it for a while by putting a cap on the interest payable for large amounts.

          I don't think Crypto.com is promising nor marketing this product as a safe investment, not sure where you got that from. Deposits into Crypto.com are not backed by any government and has risk, anyone telling you any different is not being truthful.

        • Nom on 03/07/2020 - 16:02
          +3

          Cirrus123, there's absolutely no "promise of a safe investment" here.
          If the coins tank to 0 value, you lose your money. If Crypto.com go bust, you lose your money.

          This isn't a risk-free investment, and it's important to understand that before you reach a position on whether the potential gains outweigh the risks.

          Equally, the presence of some risk doesn't make it a "scam" - clearly they need to offer higher rates than a bank to offset the higher risk compared to putting your money into a bank, that's the risk vs reward of investment !

        • rookie317 on 03/07/2020 - 18:46

          What if I tell you there's a way for you to earn 4.4% APY in a USD pegged stablecoin (DAI) without having to trust anyone, any entity, any government with set in stone computer code as laws and regulations? The only factor that drives the rate is supply and demand, simple as that. Think of a bank without the operation and middlemen, regulated by unbreakable laws that don't even need authority to enforce. Would you say a 1.3 billion USD market is a big scam too?

    • ph81 on 03/07/2020 - 22:12
      -2

      Lol…I suggest you do a bit more reading rather than make completely ignorant statements like above. Either that, or keep scrolling for another deal.
      The above comment smells like a banker post.

  • techlead on 03/07/2020 - 14:33
    +2

    Pro tip:
    When you use this card with PayPal, ALWAYS choose the option to not use PayPal's conversion. You need to do this every time, because PayPal reverts to using their rate as default.

    So you if you transacting in AUD, choose AUD, instead of SGD in the conversion options. The difference is between 5-6% which is daylight robbery.

  • greenie on 03/07/2020 - 14:39
    +1

    Probably worth mentioning that crypto.com plan to release an Australian version of the cards. They're just going through the red tapes at the moment I guess, but once they do, you'll be able to top up with PayID in AUD.

    • techlead on 03/07/2020 - 14:40

      Amazing! Can't wait!!!

    • h4lcyon on 03/07/2020 - 16:10
      +1

      And hold AUD currency (as opposed to SGD today).

  • lorikeet on 03/07/2020 - 14:49
    +6

    The big unknown is the evolution of the MCO price. For example it lost ~20% in the last 30 days.
    So personally I would factor a 20%-50% risk instead of OP's wishful thinking:

    ideally would go up as more people demand MCO

    Apparently half of the maximum supply of the token is still held by the company.

    And I disagree that the Indigo/Jade (500MCO) card is the sweet spot. You get 1.5 times the cashback but you have 10 times the risk. The 6% pa interest doesn't protect you much, is only 3% for 6 months so for example if the MCO lose 10% in 6 months you still lose ~7% which is ~$200!

    I think I just get the 50 MCO card for the referral and get out after 6 months.

    • techlead on 03/07/2020 - 15:06

      Yes, it is a little volatile, but what isn't at the moment? Have you check the share market? Even bluechip stocks are fluctuating a lot.

      Past performance is not an indication of future performance, but to give context, over the last 6 month period it has gained 3.87% in dollar terms but lost 15.09% against BTC. It is not a stablecoin, so don't expect it to behave like that.

      There will be risk, which means the price could be lower or higher than what you bought it at.

    • rookie317 on 03/07/2020 - 15:30

      You can do it in stages like me? I also started with the 50 MCO card, I've made that back + some more so I just staked 450 MCO more for the Jade card. When I make back the 450 MCO I may consider the next tier, but probably not :D Keep in mind there's a SGD$50 card issuance fee for subsequent card that I factored into as well. I'm not a big CDC believers personally since I don't like centralized entities but I also have 50K CRO staked as well for Syndicate (pretty much free money every 2 weeks).

      • techlead on 03/07/2020 - 16:02

        Yea, the last event for BTC at 50% off was amazing, don't forget to accept your allocations!

        • rookie317 on 03/07/2020 - 16:38

          Right but for me I just dump immediately on the exchange after accepting the allocation. Popular coin like BTC events will always be too oversubscribed though, even with 50K CRO staked I was only allocated like 0.025 BTC.

          • techlead on 03/07/2020 - 16:43

            @rookie317: Small coins are oversubscribed too, its still free money if you dump it immediately lol

            • rookie317 on 03/07/2020 - 16:56

              @techlead: Yeah no complaint of course, free money is free money no matter what. Just saying that with 50K staked, I was only able to buy like 900 CRO worth of BTC at 50%. My rough estimate the event was 18 times oversubscribed with 15322 subscribers. It's gonna get worse as more people stake in the platform so I fully expect it to go away at some point. Better enjoy while it lasts.

              • techlead on 03/07/2020 - 17:18

                @rookie317: Yea, no doubt, a good thing never lasts forever.

                I'm thinking back to all the cheap 1080ti I bought, mined with them, then sold them at a profit, good old days.

      • lorikeet on 03/07/2020 - 16:38

        Making profit your first 50 MCO doesn't change anything. "Past performance is not an indication of future performance"
        You are still taking the same hundreds of dollars of risk when you re stake the 500 MCO.

        Like I said I don't see the advantage of taking much more risk for 1% more cashback and Netflix/Airport Lounge (which are not worth much for me).

        • rookie317 on 03/07/2020 - 17:47

          Actually I only risk 450 MCO for the Jade card the moment I staked for it. In fact, in June alone I made back another ~30 MCO (I staked at $7.5 per MCO). This has nothing to do with making profit by the way, the money I made back are from rebate: 2.5 MCO (6% APY from 500 MCO staked), $20 spotify, $20 netflix, $70 from $700 spent with Menulog, Woolies, Costco, Aldi, another 90 or so from 3% rebate. Accounting for the extra 10% rebate going away in 3 months, I will make back the entire amount in about 15-16 months just from rebate.

          This accelerates quickly if you do utilize other aspects of staking 500 MCO: Airport Lounge, 2% extra APY for crypto deposit (the extra 2% APY alone on stablecoins can already beat almost any bank interest honestly).

          Obviously if the company goes bust then everything is thrown out of the window but as long as it's not, the depreciation of MCO is not a concern for me. It's a calculated risk that I'm ok to take. Only time will tell obviously.

  • Qtea on 03/07/2020 - 15:15

    Would anyone happen to know the whole tax compliance with having the MCO card??
    * Holding cashback MCO?
    * Converting MCO to fiat currency immediately for purchase?
    * 6% APN on stake 500 MCO?

    • rookie317 on 03/07/2020 - 15:36
      +1

      I think the moment you convert MCO to fiat is when you are subjected to CGT? Just like when you sell any asset or bank interest. Since it didn't cost anything for you to gain that asset (the rebate portion), the whole amount is your capital gain.

      When you unstake your 500 MCO and sell that is when you account in the cost to work our the difference which could actually be a capital loss depending on MCO price.

    • gizzard on 11/07/2020 - 13:14

      Crypto is taxable, unquestionably, but everyone's situation is different. Is it for personal use, how many transactions are you making, is your usage such that you would be deemed to be running a business etc

      These days there's plenty advice around on this and the Telegram Unofficial Aussie/Kiwi forum for CdC has a sticky that helps point you in the right direction but, in the end, it's advised that you get advice from an accountant.

  • savingM on 03/07/2020 - 15:57

    Hey guys a lot have mentioned using Up, 86400 ING, and others to top up the mco card account. I guess what I am curious about is how much are people paying to top up their account i.e 20 SGD using the above mentioned. EG I have topped up using UP yesterday at around 7:58 pm $20.86. Please post to help other users to get an idea of when and which bank to top up with.

    • techlead on 03/07/2020 - 16:08
      +1

      20SGD for $AU20.86 has an implied rate of 0.95877, the AUD/SGG was not that low last night, around 0.96600, so their rate is not good.

      This has been my experience, ING and CUA have exactly the same FX rate. I tested it by submitting a transaction with them seconds apart. CUA has similar account features to ING but they charge you the FX conversion fee first then credit you at the end of the month, I would recommend ING, better app, better website.

      The rate for HSBC is bad as well, don't use them for FX transactions.

      • savingM on 03/07/2020 - 16:18

        I think I will have to wait until next month as I haven't made 5 transactions last month. You are correct in that the rate should have been better. I did make an enquiry with UP in regards to the rate as compare with google and mastercard.us website which was off by 10 cents. Currently showing to be around $20.65 ish. Can you confirm if your recent top up this month has been around $20.65 with ING? Thanks in advance. Kinda curious if UP has up their cost in term of my frequent top-up likely. Also recently looking back at my transaction history with UP its seem that the rate initially isn't the same as after the transaction pending. EG top up today at say $20.7 for 20SGD and after transaction pending the cost could be $20.8. Would that be the case for ING?

        • techlead on 03/07/2020 - 16:33

          Yes, ING does this also

    • h4lcyon on 03/07/2020 - 16:14

      You can also get variances due to rate changes between posting date and settlement date.

      e.g. Today I see $20.86, but the transaction isn't settled until Monday and the rate on that date has changed.

      Which means I could see $21.00 or $20.55 depending on the way the SGD/AUD market moved over the weekend.

      I believe this is the way all Visa cards work, but happy to be told X company does not do this.

      • savingM on 03/07/2020 - 16:21

        UP does that. How about ING? Gotta hate that, kinda like false advertising in a way but then again this is exchange rate but still would be nice to lock in at it is from when the transactions were made.

        • techlead on 03/07/2020 - 16:33

          ING does this also, if the rate moved in your favour, you get a credit, or a debit. Sometimes I get a negative balance because of it, but since the AUD has been trending up, I have been getting credits the last few times I deposited.

        • h4lcyon on 03/07/2020 - 16:34

          86400 does it too.

          To be honest I don't think it's related to which bank provides the card, it's just how international transactions work.

        • lorikeet on 03/07/2020 - 16:40
          +1

          The only card I know of which process the fx rate immediately is Revolut.

    • niknah on 03/07/2020 - 19:45

      Exchange rate on finance.yahoo $1.0335
      The AUD to SGD exchange rate on my Xinja to MCO card top up $1.0378 (It was never at this rate any time today)
      Exchange rate on my tap&go purchase with the MCO card $1.033548 (Probably the same rate as finance.yahoo)

      Surprisingly, I ended up with 1.58014056 MCOs for a AUD$10.05 cashback, which is USD$7.06 = AUD$10.19

  • popsiee on 03/07/2020 - 18:56
    +2

    I've researched a bit about the offering and its a race against time to get the benefits you can before the whole scheme will fall with the guys at the top making a runner .
    Best summary is using your gift card before the deadline that we don't know when .
    Those thinking its safe it all an illusion about people investing as much as they can with unsustainable interest rate ( yes fuel by new investors money and referrals )
    Isn't a clue 4-5 times the normal interest rate offering that something is wrong ?
    Another big clue was the false advertising of the free account !

  • XedeX on 03/07/2020 - 19:01

    Hi,

    I forgot to use the referral link for signup. Is there any way i can use the referral code after signup or any other way to get the $50 bonus ?

    • greenie on 03/07/2020 - 19:08

      You can still enter the referral code in the app after sign up.

      • popsiee on 03/07/2020 - 19:20
        +1

        Too bad I cant retire with a financial instrument of BTC vs MCO that I would long .
        Betting Bitcoin will kick MCO A$$ for those that aren't into this stuff :)

    • Nom on 03/07/2020 - 19:22

      Yep, just click the link on your phone now you've got the app up and running đź‘Ť

  • niknah on 03/07/2020 - 20:23
    +1

    You didn't mention that the cashback is sent back to the MCO account. You need a minimum of 4.5 MCOs transfer it to any other currency. So the minimum spend here is USD$200.11 (AUD$289) or else your cashback MCOs are just stuck there.

  • baskinghobo on 03/07/2020 - 21:21
    -1

    Is crypto worth considering over HISA?

    • niknah on 03/07/2020 - 21:45
      -1

      Yes, some bitcoins for diversity in your investment portfolio. MCO, CRO are the creation of crypto.com, they can do what they want with it. HISA is stored in a currency that's being printed out lots right now cause they want to avoid a depression.

  • sunny007 on 03/07/2020 - 22:46

    when I am trying to load initial SGD for 50 MCO with UP master card, I am getting error "transaction declined by the issuer"

    • wangasm on 04/07/2020 - 00:01
      +2

      You can't use a Mastercard to buy crypto in Australia. It must be a Visa Debit (Like ING/86400).
      MC can still be used to top up the card itself.

      • sunny007 on 04/07/2020 - 00:17

        Don't have any Visa card and can't register on 86400 as I'm not AU citizen. Have to look for other Visa card option. Anyway, thanks for your help.

        • wangasm on 04/07/2020 - 01:23
          +1

          Another option is you can buy crypto from an Australian exchange which supports local bank deposits. Like BTCMarkets, Independent Reserve and Coinspot. You can then send the crypto directly to your Crypto.com app wallet. Just note you will have to pay some trading fees this method.

          • sunny007 on 04/07/2020 - 07:37

            @wangasm: Thanks! Would try to buy crypto if I don't get the visa card.

        • illumination on 04/07/2020 - 01:46
          +1

          I don't think I've seen an Australian bank that specifies only citizens can register/open an account. Yes, there are definitely limitations, and one of them is being a citizen, but you can also be usually be a PR, New Zealand Citizen, or a visa holder (student/work visa, typically).

          • sunny007 on 04/07/2020 - 07:39

            @illumination: I will check again. However, I tried twice with my docs and on front page of sign up one of the criteria is " Australian citizen or permanent resident".

            Thanks!

          • sunny007 on 04/07/2020 - 17:25
            -1

            @illumination: Who can apply?
            Let’s take a look. Before you get started, please make sure you:

            have at least a 20% deposit or equity (our maximum LVR is 80%)
            are buying or refinancing a residential property (we don’t lend for vacant land)
            are an Australian citizen or permanent resident
            have a good credit history
            are a PAYG employee

            • illumination on 04/07/2020 - 19:53
              +1

              @sunny007: Ah ok, I guess I'm wrong then. I'm sorry. I honestly have never seen such a restrictive criteria.

            • greenie on 04/07/2020 - 21:23
              +1

              @sunny007: Those are the requirements to apply for a home loan…

              • wangasm on 04/07/2020 - 22:14
                +2

                @greenie: Yeh thats for the home loan, but the bank account still requires a PR or Citizenship.
                https://www.86400.com.au/faqs

                To join us, you need to be:
                16 years old or over
                an Australian citizen or permanent resident with an Australian residential address

                And have:
                an Australian driver licence, passport or Medicare card handy (you’ll need at least one of these)
                an Australian mobile number and a mobile phone that’s running Apple’s iOS 11.0 or later, or Google’s Android N (7.0) or later

  • pr0d1gy on 03/07/2020 - 23:25
    +4

    This just came out. Makes it even more worthwhile!

    • savingM on 03/07/2020 - 23:29

      Does that mean we dont need to worry about the international transfer fee?

      • wangasm on 04/07/2020 - 00:14

        AFAIK There will still be international transaction fees because the payment is still being processed overseas. So the only benefit I see from this is reducing possible exchange loss going from AUD to USD/SGD to pay for the crypto, that is assuming they give a good rate for the AUD, which it seems they kind of do.

      • rookie317 on 04/07/2020 - 00:17
        +1

        You don't need to worry about fx fluctuation but you will still get hit with foreign tx fee if the payment processor is in another country (I believe CDC payment processor is in Gibraltar). Learnt it the hard way buying crypto in SGD with my SGD card thinking its a Singapore entity, got hit with $200 foreign tx fee.

        • Nom on 04/07/2020 - 07:44

          There's a bunch of banks that don't charge any foreign transaction fee - open an account with Up or 86400 or Transferwise or ING…

          • barry345 on 04/07/2020 - 09:21

            @Nom: TW, unfortunately, is a Mastercard and crypto purchases are blocked however 864000 and ING are good alternatives.

            • Nom on 05/07/2020 - 15:35

              @barry345: No, Transferwise also offers SEPA bank transfers with almost no fees.
              You use this function to move AUD into your Crypto.com EUR fiat wallet - which you can then use to buy Crypto.
              You don't need to use the Transferwise debit card when buying Crypto (but you can use it to top-up the Crypto.com Visa card).

  • peter05 on 04/07/2020 - 00:56

    How are we able to click the referal links? The Ozbargain link referrer doesn't fill out the code that you need to receive the cashback credit, anyone able to help me out?

    • wangasm on 04/07/2020 - 01:25

      It can be blocked by an adblocker, try disabling that first. Otherwise try opening the link on mobile.

    • Nom on 04/07/2020 - 07:43

      Open the link on your phone once you have the app up and running…

    • fLaMePrO on 04/07/2020 - 15:04

      Worked for me in Incognito, desktop.

  • gatenbyj on 04/07/2020 - 08:37
    +4

    Seems like a ponzi scheme? Once the sweeteners are withdrawn, I can't see a business model that will sustain the price of the underlying crypto.

    If you want to take the risk then don't put in more than you can afford to lose, get out when you've made your money back and don't encourage people you care about to put their money in.

    • watwatwat on 04/07/2020 - 10:49
      +2

      Yeah. I don't see any good rebuttal for this so far.

      • illumination on 04/07/2020 - 20:08
        +5

        I guess my comment is probably the closest, except I'm not saying "no! you guys are wrong! It's not a ponzi scheme!" - and I will not say that.

        I'm just sharing what I think is probably the most effective way of getting your feet wet while not losing out in case it is a scam lol.

        However, the closest I've seen to a reasonably comprehensive analysis of how sustainable this whole thing is, is this video.

        In summary:

        • They are probably not making money from their "card" side of their business, but are rather using this as a loss leader. And this is really what most Ozbargainers, are most concerned about (understandably) and are questioning how this is sustainable.
        • The other 5 pillars of their business (Token Sales, App, Exchange, Merchant, Borrow/Lend) are considered to be profitable, and as a whole entire ecosystem, that's how this is believed to be sustainable

        I think you could relate it to something like ING's 5% cashback on PayWave transactions years ago. I don't think any reasonable person expected that to be a permanent/sustainable promotion. However, no one was calling it a scam. I guess there's a difference when a fully licenced institution like a bank is doing it, versus a crypto company, which will always have its doubters.

        But why did ING do it? Probably to attract new customers and try to get people into the habit of making ING their primary bank account. I don't know how well it worked, but those who just want to take advantage of it and get it can roughly consider doing what I've suggested earlier in this thread.

        If Crypto.com as a whole are making enough money, then I think you could expect some of these benefits to remain, and once they feel that they've gotten enough market share/users, I suppose it would only be logical to expect perks to be taken away/reduced, to the bare bones of only what makes them money.

  • lito on 04/07/2020 - 11:13
    +2

    Just ordered the Ruby one, can’t wait for card to arrive and try it. Read all the comments on pros & cons, and giving it a chance.

  • ja912son on 04/07/2020 - 15:46

    Tried to sign up for the card.
    It says it takes 2-3 business days for ID verification. Is this normal?

    • savingM on 04/07/2020 - 16:54

      Yep, its may take shorter depends on how many people sign up, etc

  • Turd on 04/07/2020 - 17:58

    Did you guys add a credit card? Mine was declined by bank.

    • greenie on 04/07/2020 - 21:22

      Don't use a credit card, it will be treated as a cash advance. Note that you can only use Visa to buy crypto. I use ING to buy crypto and Macquarie to top up the MCO card, both have no fx fees.

      • Turd on 05/07/2020 - 01:24

        Oh so a debit card is ok?

        • greenie on 05/07/2020 - 01:27
          +1

          Yep, use Visa debit to buy your crypto and either Visa/MC debit to top up the MCO card.

  • theblake on 05/07/2020 - 09:09
    +2

    Seems to me that aside from free Netflix/Spotify( which many people dont use) and limited time woolworths discount, then its a big outlay to get this card, one would have to spend a lot to get that back.

    I can see this is a great deal for some people bit not everyone.

  • theblake on 05/07/2020 - 10:21
    +4

    The Stake has to be left in there permanently (6 month cycles)to get these high value benefits, eg AUD $3000 for lounge benefit and free netflix. its a flat out PONZI scheme. There is plenty enough shopping discounts/cash rewards without putting your money at such high risk.

    • Serapis on 05/07/2020 - 20:19
      +1

      Pretty much this. I've compared this staking and "cashback" to how I would perform buying $250 shares on Selfwealth + regular cashback schemes and it's seriously not worth the risk. While this scheme's cashback rate is high, I believe that selling the MCO from the "cashback" would trigger CGT which greatly reduces its benefit…

      Any benefit would need to rely on speculation that MCO is guaranteed to increase in price.

      • Yanoflies on 22/07/2020 - 22:32

        <$10,000 AUD will not trigger CGT given that you purchased the MCO for the purpose for spending, not investing.

        It's a little grey but this is according to the ATO.

  • lito on 05/07/2020 - 12:01

    Just got email to say AUD top ups now available, would this mean can use any debit card without FX charges now?

    • gizzard on 05/07/2020 - 13:19

      I would say that is unlikely but might be bank/account dependent. As Crypto.com is an overseas company you may well still get foreign transaction fees.
      I just checked this for 2 credit cards that I would like to use to top it up but both indicated there would be fees.

    • wangasm on 05/07/2020 - 14:38
      +2

      It's not the currency that determines the fees, it's where the payment is processed. Since the payment is still processed in Singapore it will still attract an International transaction fee. But you will get a better rate since the currency does not have to be converted.

      • rookie317 on 05/07/2020 - 22:41

        Actually the payment is processed in Gibraltar, yeah go figure. A year ago I had the same assumption as you and purchased with my Singapore card, got hit with $200+ foreign tx fee. Lesson learnt.

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