I absolutely love sharing life hacks with you. You know that, right?
Cumulatively, I think readers of this humble blog here have probably received value worth ten of thousands of dollars over the years? No kidding!
In times of market uncertainly and bearish sentiment, people are getting bored and looking for ways to maximize what they already have.
Which brings me to today’s blog post on the Crypto.com VISA card – the one crypto project that is most relevant to my day-to-day life which I’m able to interact with every month.
Consider this an update post since I have been using it for the past two years.
What is Crypto.com VISA Card?
To put it simply, the Crypto.com Visa Card is nothing more than a prepaid card with very unique properties and rewards tied to it.
Generally speaking, prepaid cards are actually very similar to debit cards. The main difference is that debit cards like SingLife are directly linked to my accounts (where funds are deducted for payments) but prepaid cards need to be topped up first.
For Crypto.com VISA Card, I can easily top it up using credit / debit cards or cryptocurrency. More on the crypto part later on.
If the necessary amount of CRO tokens is staked, I’ll get to enjoy the staking benefits listed in the table above.
In the beginning
The Crypto.com project first came to my attention in 2017 and back then, it was known as Monaco.
I was on the waitlist for the longest time and to be honest, I don’t remember much about the project. All of a sudden, it sprang to life!
Just like what I wrote about in my 2019 Binance SG Conference blog post – “teams have probably overestimated what they could achieve in a year – but are likely to underestimate what they can do in ten years.”
In Crypto.com case, it was two years! I started writing about them again in 2019 after finally receiving the first metal card in my life.
Since then, I have been enjoying the complimentary Netflix and Spotify services as a result of holding the Crypto.com VISA Card and staking the necessary CRO tokens.
There is quite a history regarding Crypto.com and their MCO / CRO tokens which I won’t elaborate on. Basically, the staking requirements have changed from a fixed amount of tokens to a fixed dollar value (see above table) at the time of staking.
Let’s be honest – nobody knew if the project will survive, and nobody knew whether we’re throwing good money down a black hole.
Nobody knew it will end up at #14 on CoinMarketCap, too.
We took the risks, and we’re now reaping the returns.
To be clear, my Crypto.com situation is this – my entire invested capital has already been withdrawn and re-invested in other projects.
The remaining 10,000 CRO tokens worth about USD $1,100+ at current prices are bonuses and continuously staked to ensure I’ll continue to receive these staking benefits.
More details on the Crypto.com rewards & benefits here.
This means that weekly staking rewards (~SGD$3), monthly Spotify reimbursement (~SGD$10), monthly Netflix reimbursement (~$SGD12) plus unlimited 3% cash-back are considered “free money” (if there is ever such a thing)!
Having a stream of $35 dividend effortlessly from Crypto.com every month is really nice.
Cumulative S$433 rebates (and counting)
First things first.
As of right now, I have received a (minimum?) total rebate of $433.44 from Crypto.com (specifically for Spotify and Netflix) as a result of utilizing their VISA card over the past two years.
This represents a rather generous yield (and returns) if Crypto.com continues their awesome reimbursement of the two paid subscriptions.
Spotify is free
I first received my Crypto.com VISA card (Ruby Steel) in September of 2019.
I wrote a little review and it got picked up by the Crypto.com team. Lucky me?
One important point to emphasize is that these rebates offer is launched by Crypto.com independently and there is no partnership between Crypto.com and the merchants in this offer. Crypto.com has the sole discretion to modify this offer at any time. Do bear this in mind when making any decisions.
So, CRO is the native token of Crypto.com and rewards / rebates / reimbursements are paid in CRO tokens to your mobile wallet app.
- Free Spotify since : August 2019 till present (22 months)
- Max. Rebate = USD $12.99 ~ SGD $17.20
- Actual Monthly : SGD $12.98 (Duo Plan)
- For calculation, I’ll simply use the cheapest plan (Individual) at SGD $9.90 x 22 = S$217.80
Thankfully, I got to make quite a few referrals back then and eventually used the money together with some crypto returns to bump myself up to the Royal Indigo tier.
Netflix is free too
After upgrading myself to the Royal Indigo tier to take advantage of the free Netflix, I wrote another review.
Similarly, rewards in the form of CRO tokens are given.
- Free Netflix since : December 2019 till present (18 months)
- Max. Rebate = USD $13.99 ~ SGD $18.50
- Actual Monthly : SGD $19.98 (Premium Plan)
- For calculation, I’ll simply use the cheapest plan (Basic) at SGD $11.98 x 18 = $215.64
Frankly speaking, it isn’t exactly value for money right now to get the Royal Indigo tier. It was exactly what I wrote in 2019 as well.
Putting together the rebates and staking rewards, we’re looking at about 15-20% annual returns based on the current SGD$5,000 staking requirements.
It may sound attractive, but what happens if Crypto.com suddenly removes the subscriptions rebate? You’ll have to manage your expectations to be ready for any new developments.
My crypto-to-fiat gateway
3% cash-back on almost anything is amazing, especially during Covid times. (yay)
Free airport lounge access is fantastic when we can travel. (meh)
Awesome forex rates when I use the card overseas too. (meh)
Obviously, Spotify and Netflix are the big deals for me. (yay)
More importantly, the Crypto.com VISA card also functions as a convenient crypto-to-fiat gateway for easy access. Sure, I can get my crypto funds into Xfers before direct withdrawals into bank accounts.
If there is one more alternative that I can tap on, why not?
Bear-ish market? I use simple strategies
It is obvious that highly complex and risky strategies aren’t suitable for everyone. This is even worse during bear-ish market sentiments, and people are afraid to get in.
Read Also : Crypto Crash? I’m Tired
This is why crypto options that exhibit ease-of-use and lower barriers to entry such as custodian platforms would thrive despite being less competitive when it comes to features and rates.
Crypto.com is one such option. In addition to its VISA card, it also offers interest-earning strategies native to its wallet app called Crypto Earn that rivals Blockfi, Hodlnaut and Celsius Network. Crypto veterans would scoff what these rates but I think they will remain a force to be reckoned with, due to their ease of use for the general population.
The catch for me is that I have 10,000 locked CRO tokens (about S$1,600) till the end of time if I wish to continue using their services. In return, I’ll keep getting that sweet $35 monthly value.
For a new investor, it isn’t very worth it (currently S$5,000 locked up via staking needed) considering you’re new to the Crypto.com ecosystem, considering the risks you would be taking on.
Ruby Steel tier (S$500) is not bad if you want that 2% cash-back, Spotify plus the option of using it as a crypto-fiat gateway.
And when you’re done, don’t stop! Refer your friends (2 or more) and get a chance to win US$888 in their latest promo campaign (1st to 30th June 2021).
If you have made it this far into this post and found it helpful or informative, consider subscribing!
Hitting the Like and Share button (floating at the bottom-right corner) will help my content to reach out to more people who would benefit from it!
Blog news & stuff
I recently created free eBooks for you – do check them out!
- Investing My First $20,000 : Bogleheads Three-Fund Portfolio (Singapore)
- HDB / BTO Selection Tip : Don’t buy an apartment in SG before you check this FREE resource
No matter which is your preferred app or medium, there are plenty of ways to get notified whenever there are new blog posts!
Oh – did I mention I have a brand new shop?
It is basically an upgraded version of my dedicated referral links & codes page and some are exclusive offers. In my virtual store, I penned down my thoughts and listed some awesome products and services that I’m already paying for that helped to supercharge my financial journey. Check it out – it might have something you want!
This humble blog will not be here without your support and will always remain free for all. If you use Brave browser, I am a verified creator so you can tip $BAT directly within the browser.
Hello! I’m Kevin, Turtle Investor
At the age of 30, I am the Personal Finance Blogger who laid claim to a negative net worth of minus $25,755 – and decided to turn things around.
- Seven years later in 2019, I hit CPF Full Retirement Sum (FRS) of $176,000 without making a single cent of CPF top-up.
- In eight years, I added $453,000 to my net worth (excluding the value of my HDB apartment).
- I made over $12,000 in alternative income in 2020 (and $20,000 in one month) in addition to my full-time job.
I am married to a lovely wife and that means dual income with no kids. In my free time, I chase miles so that we can fly in business class. My hobby is making pocket change off this blog and sharing everything I know with you!
Supporting My Family Who Is Impacted by Covid-19