crypto card singapore

Crypto.com Card Review 2022: Best for CRO and Cryptocurrency Users

Cryptocurrencies are unavoidable as they have become a famous, highly volatile, and speculative asset. If you’re planning to invest in cryptocurrencies, consider having a crypto card in Singapore as your first venture into it.

Crypto.com Visa Card is one of the most famous cards available in Singapore and the rest of the world. This card has multiple tiers perfect and easily fitting for any Singaporean’s lifestyle. While it does have requirements to have you stake CRO currencies with SGD equivalents, it has many features beyond just being a semi-forex and crypto wallet you can use. 

General Key Features

  • A prepaid credit card you can top up with cryptocurrency, credit and debit cards, and bank account transfers
  • Crypto.com CRO currency cashbacks
  • Good foreign exchange rates
  • Multiple card tiers

 

Pros and Cons

Here are the pros and cons of this credit card

Pros

  • Multiple card tiers suitable for any lifestyle
  • CRO cashbacks
  • Prepaid credit cards protect your identity

Cons

  • Enormous CRO staking/maintaining requirements
  • Lengthy CRO staking period
  • Benefits vanish if you remove your CRO in less than six months

What is Cryptocurrency?

Before jumping right into CRO and Crypto.com visa cards, it’s important to refresh your memory about cryptocurrencies.

A cryptocurrency operates independently of a central bank and uses decentralized control instead of centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

In theory, anyone can create cryptocurrencies, such as Crypto.com’s CRO, without any government regulation. This lends to its high volatility if there are only a few adopters, but it can achieve stability once it gains a high user base in the future. Thus, the Crypto.com card increases its user population by introducing credit card perks backed by their CRO cryptocurrency.

What are the Multiple Tiers of Crypto.com Card?

Crypto.com positions their card as equivalent to traditional bank-backed visa credit cards despite prepaid cards loadable with SGD or CRO. Their visa card has five tiers, with Obsidian going toe-to-toe against tried-and-proven luxury credit cards and Midnight Blue offering the lightest and lowest-risk card available in the market.

1. Obsidian

The highest card tier requires you to stake at least S $500,000 worth of CRO. In turn, this gives you the following advantageous benefits:

  • Cashback up to 8% from eligible transactions in CRO
  • Monthly Spotify cashbacks up to USD $12.99
  • Monthly Netflix cashbacks up to USD $13.99 (for Basic and Standard subscriptions only)
  • Up to USD $12.99 worth of cashbacks from your Amazon Prime membership
  • 10% cashback on Expedia bookings up to USD $50 for one month
  • 10% cashback on Airbnb bookings up to USD $100 for one month
  • Have unlimited airport lounge access worldwide with another member with Crypto.com’s LoungeKey membership.
  • Crypto.com Private Access
  • Earn bonus rewards from future Crypto.com events
  • Crypto.com private jet partner first-time flight privileges
  • Crypto.com merchandise pack..
  • Up to S $1,000 monthly free ATM withdrawals
  • Zero charges on currency exchange transactions

2. Icy White/Frosted Rose Gold: 

This Crypto.com visa card tier requires you to stake at least S $50,000 worth of CRO tokens to get the following benefits from your prepaid card:

  • Instant 5% cashback from any eligible transaction in CRO
  • Monthly Spotify cashbacks up to USD $12.99
  • Monthly Netflix cashbacks up to USD $13.99 (for Basic and Standard subscriptions only)
  • Up to USD $12.99 worth of cashbacks from your Amazon Prime membership
  • 10% cashback on Expedia bookings up to USD $50 for one month
  • 10% cashback on Airbnb bookings up to USD $100 for one month
  • Have unlimited airport lounge access worldwide with another member with Crypto.com’s LoungeKey membership.
  • Crypto.com Private Access
  • Earn bonus rewards from future Crypto.com events
  • Crypto.com private jet partner first-time flight privileges
  • Crypto.com merchandise pack
  • Up to S $1,000 monthly free ATM withdrawals
  • Zero charges on currency exchange transactions up to S $15,000 per month

3. Jade Green/Royal Indigo

The Jade Green/Royal Indigo tier requires you to stake at least S $5,000 to earn the following CRO rewards in cashback and privilege form:

  • Instant 3% cashback from any eligible transaction in CRO
  • Monthly Spotify cashbacks up to USD $12.99
  • Monthly Netflix cashbacks up to USD $13.99 (for Basic and Standard subscriptions only)
  • Have unlimited airport lounge access worldwide with another member with Crypto.com’s LoungeKey membership.
  • Up to S $800 monthly free ATM withdrawals
  • Zero charges on currency exchange transactions up to S $10,000 per month

4. Ruby Steel

A tier above the regular Crypto.com credit card, the Ruby Steel crypto card in Singapore requires you to stake at least S $500 CRO token value to have the following benefits.

  • Instant 2% cashback from any eligible transaction in CRO
  • Monthly Spotify cashbacks up to USD $12.99.
  • Up to S $400 monthly free ATM withdrawals
  • Zero charges on currency exchange transactions up to S $4,000 per month

5. Midnight Blue

The most basic card tier requires no CRO stake. This is the preferred choice among many for their first Crypto.com credit or debit card. Once you apply for the Midnight Blue card using the Crypto.com mobile app, you can get this card within weeks, and it does not require you to purchase CRO tokens.

  • Basic 1% cashback from eligible transactions in the form of CRO
  • Up to S $200 monthly free ATM withdrawals
  • Free currency exchange transactions up to S $2,000 per month

happy men cryptocurency profit growth

Who Should Use Crypto.com Card?

If you have S $500,000 and have full faith in CRO coin’s performance, you can be an early adopter of CRO, benefit from its growth after six months beyond the staking period, and get the many advantages of the Obsidian card. While income requirements from other bank-offered cards offering similar benefits are lower than S $500,000, these bank cards don’t give you an early adopter option because they use fiat currencies (or SGD, in simple terms).

Crypto.com is accessible for anyone who wishes to use CRO cryptocurrencies. It has no annual fees, is prepaid, and does not require any staking if you use the Midnight Blue card with its minimal benefits. All the cards give users a chance to find a “sweet spot” that fits their lifestyle.

Here are also the best crypto exchange in Singapore and how to buy them.

Why Should You Use Crypto.com Visa Card?

Crypto.com has features and perks on par with well-known bank-provided visa cards. While its non-staking benefits aren’t recommendable, you can conveniently find many perks in various tiers. Here are reasons why you should use this card.

No Fees

Your card benefits get activated by how much CRO value you stake in SGD. The highest-tier card has a challenging requirement of $500,000 worth of CRO to risk in exchange for compelling perks from visa. In addition, you won’t have to pay any annual fees and other expenses using this card.

Huge Cashback and Lifestyle Perks

Depending on your card tier, you can enjoy high-quality perks that upgrade your lifestyle. For example, Obsidian-tier cards can provide you airport lounge access, huge discounts, and benefits from various popular online services and other real-world applications. The enormous uncapped cashback from high-tier Crypto.com cards gives you purchase rebates in CRO cryptocurrency that has a high potential to increase value over time.

Efficient Spending Control

Prepaid credit cards help curb spending control by letting the users only spend what they have. With this, the users can’t overspend and end up with a balance that is too expensive to pay off. Crypto.com credit cards take this to the next level by allowing cryptocurrencies to finance your card aside from the traditional bank and credit card transfers you can use.

Low Commitment Required

Staking your currencies doesn’t mean you pay Crypto.com anything of value. Once you stake cash, you get the CRO value while enjoying your card’s perks, depending on its tier. When you feel the card isn’t useful for your lifestyle as you’ve imagined, you can un-stake all your CRO and keep them in your wallet app. You can take back your cash or even profit from them by selling them at a price you’re comfortable with based on market movements. Plus, all the cashback and perks get instantly granted in CRO, so you won’t have to call any customer support for any possible disservice.

Funding, Fees and Charges

  • No annual fees.
  • Crypto.com fees may apply when you use your card with your app.

How to Apply For Crypto.com Card?

Here are the steps to apply for a Crypto.com credit card.

Eligibility

  • 18 years of age and above
  • Crypto.com mobile app user

Steps to Apply

1. Download the Crypto.com app on either iOS or Android

2. Register for a Crypto.com account and then log in

3. Select your preferred card in the Card tab

4. Submit and confirm your registered address to deliver your card straight to your doorstep.

Blocking transactions from a bank card. 3d rendering.

Let’s Learn More About Cryptocurrencies

Let’s take your cryptocurrency knowledge to the next level.

1. What is CRO Cryptocurrency?

CRO is a utility token that will be used to fuel the Crypto.com platform and drive its growth. It is a utility token for exclusive use on Crypto.com’s products and services, including crypto trading, credit cards, loans, market data products, and ICOs (Initial Coin Offerings).

Like any other cryptocurrencies, CRO can gain or lose value without underlying assets other than legal tender and high population usage.

2. Is Staking a Currency The Same As Paying Currencies?

The word “stake” means to risk or put something at risk. It is a noun that means an amount of money or property that is risked in a game or other uncertain activity. To enjoy Crypto.com credit card’s benefits can also mean investing to gain profits, such as staking your SGD by purchasing CRO that has much more volatility than the SGD.

This is different than paying with currency, which simply means to give money in return for goods or services rendered.

3. Is Crypto.com Visa a Zero-Risk Prepaid Card?

Prepaid credit cards are attractive because they don’t come with the same risks as traditional ones. There’s no limit on how much you can charge, so it’s a good idea to use them for one-time purchases that you can’t afford to pay off right away. Generally, you won’t do overdrafts and have any interest rates on your prepaid cards. However, you can’t have installment plans or improve your credit scores with these cards.

4. Will This Card Let Me Pay Any Visa Transaction With CRO?

As we’ve mentioned earlier, you’re exchanging a specific amount of SGD to obtain a card with perks that suit your lifestyle. The Crypto.com visa card will allow you to pay for any Visa transaction using CRO, the service’s cryptocurrency. If you’re unsatisfied or the six-month staking period has passed, you can then sell your CRO using Crypto.com.

If you’re satisfied with its perks, you can use your Crypto.com visa card to pay for everyday needs. Therefore, if your CRO increases in value, the visa automatically exchanges your CRO into its SGD equivalent when you swipe it to pay.

5. Which Cryptocurrencies Can Load My Crypto.com Card?

Your Crypto.com visa card is loadable with bank transfers and credit cards. After you align your crypto wallet, you can use the following currencies to top it up.

  • ADA
  • BTC
  • CHZ
  • DAI
  • DOGE
  • ENJ
  • EOS
  • ETH
  • LINK
  • LTC
  • MANA
  • MATIC
  • PAX
  • TAUD
  • TCAD
  • TGBP
  • TUSD
  • UNI
  • USDC
  • USDT
  • VET
  • XLM
  • ZIL

Our Final Thoughts

Crypto.com’s visa card is a great way for cryptocurrency investors and enthusiasts to transfer their profits from cryptocurrency trading into practical everyday-use case events, such as paying with a visa card. If you’re willing to stake higher, you can gain more benefits from your Crypto.com visa, but you wont’ increase your credit scores or enjoy any installment payment features.

Key Takeaways

  • Crypto.com visa card is a visa-recognized card that you can use in the millions of POS it has worldwide.
  • You can top-up your Crypto.com visa card with bank transfers, credit cards, and other cryptocurrencies.
  • Crypto.com visa card has five tiers that can suit your lifestyle and comfort in staking cash.
  • You can sell your staked CRO at any time, but you’ll need some technical knowledge to profit from them.

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