I'm Rocking A New MCO Visa Card

in LeoFinance9 months ago (edited)

So this beauty came in the mail today:


Made of composite metal, this thing weighs about 10 times that of a regular plastic card. It feels like it a bit thicker than a normal card too. I'd be reluctant to insert it into a ATM machine that captures the entire card, out of fear of it getting jammed in the works.


It took about two weeks to arrive, and the packaging was very classy.

Before you can get a card, you must first download the Crypto.com app (REFERRAL LINK) and order it from there. The app itself is pretty cool, and you can purchase a number of cryptocurrencies using a debit card right from it (currently there are no fees for this). The card is not available in all countries besides the USA, so I would definitely determine availability prior to trying to get a card.
You must stake to get the most cash back, which is based upon the different tiers below. The tiers offer more an more benefits as you increase your stake. At $150,000, one million CRO is a bit rich for my blood.

tiers .jpg

The one I chose

I chose the Royal Indigo card, which requires 10,000 CRO staked for six months in order to earn 3% cash back, and a 16% staking return. I also get reimbursed for Spotify and Netflix accounts. At recent CRO prices, that's about $1500 US.


The App And Staking

10,000 CRO staked for six months, which currently pays 16 percent per year. The payouts also arrive every 7 days, and I've already received a couple. At it current price of $0.15, CRO is 12th on the list at Coinmarketcap. You can stake other cryptocurrencies there as well. BTC for example pays 6.5% per year, ETH pays 5.5%, and there are many others available.



Cash Back

By far the best feature of the card, is the cash back for purchases. At my level it's 3%. It is not a credit card, but a prepaid cash debit Visa card. This is great for everyday purchases, and I get 3% back in CRO tokens, which I can HODL or trade for something else. To load it, all you have to do plug in the routing and account numbers for your card into your bank, and set up ACH transfers.

How do you get one?

  • Download the Crypto.com App to your phone.
  • Do KYC (It's banking, what do you expect?)
  • Choose your card and staking level.
  • Buy the applicable amount of CRO (you could do this prior to or at the the time you request a card.
  • Request your card and wait for it to arrive in the mail(It took about 2 weeks for me).


This card is a cool bridge between the fiat and crypto worlds. Even if you stake 1000 CRO (about $150 at current prices), you still get a decent 2% CRO cash back. I plan to use it for everyday small purchases, with the added advantage of getting 3% of the purchase price in fiat going into the cryptocurrency ecosystem.

Would You Get One?

Would you be interested in obtaining one of these cards and staking some CRO, or do you feel like it's too risky?

Posted Using LeoFinance Beta


I had the purple card for almost a year now and I recently upgraded to the icy white version. These debit cards are quite possibly one of the best crypto products I have ever used. Everyone who earns cryptocurrency and has to go through the annoying process of cashing it out to fiat for purchases should absolutely get one. Not only do you save on tons of fees converting crypto to fiat, but you earn a TON between the staking rewards and the cash back. Could not recommend this more!

Posted Using LeoFinance Beta

Another major bonus is the interbank exchange rates on card purchases. Usually non-US people get killed (3.5%) on conversions of US$ to their local currency when buying online.

That's reassuring! Maybe I'll try to earn my way up to the next tier. May take a minute ;)

I've been loving my Crypto.com card. I started with the Ruby card with and have now upgraded my stake to 10k CRO and working my way to 100k.

Great interest rates (up to 12%) on US$, AUD$ & GBP stablecoins and pretty good interest on BTC and ETH. Amazing interest on CRO, up to 18%!

I know its centralised and "not your keys not your crypto" but at those interest rates its worth the risk. They do have $360M insurance and a separate custodian.

"not your keys not your crypto"

This is my big beef with it all. I have trouble trusting any exchange or org in the crypto world, too risky and the past shows us just that.

Everything has risk.
The question is whether the return justifies the risk.
Money in a bank account can be confiscated by the government (eg Cyprus) or frozen because of an unpaid parking fine and earns zero interest.
Crypto in your "own keys" wallet can have its keys lost or stolen and earns zero interest.
Crypto staked as a Liquidity Provider on a decentralised exchange can be hacked (eg wLEO) but earns a decent return.
Crypto on a centralised exchange can be hacked or the exchange can go bankrupt, but there may be insurance.

In Crypto.com's case there is insurance and you earn a good interest rate. So I think it worth the risk.

True, .. I use the staking coins feature on my Ledger, so I have control of my keys + I get a daily return. There's more coins being added that give you a return, so far I have 4 streams of passive income using this method.

I might have to do that myself.

There is the concept of holding and securing assets, and one of participating in decentralized and distributed finance. The second one cannot be achieved with perfect security and in a trustless fashion. As you implied, individuals have to determine their own risk/reward.

They've just reduced the amazing 16-20% on CRO stakes and term deposits to 6% in line with other cryptos. But only for new deposits so I've still got plenty of CRO earning 16-20% for a couple more months.

The thing about this companies offering returns of staking non-native stakable coins is that you are loaning them to someone else, and relinquishing your rights to them.

Tell me it doesn't work this way and I may be interested. I'm a non trusting bastard in 2020, and have a rule (besides HIVE). If it doesn't work on the Ledger, I am not interested.

We are straddling two worlds. While I hold the keys for the majority of my crypto, I'm interested in projects that also straddle the two worlds. Yes that requires trust and custodianship, and one has to decide what percentage of their holdings they are willing to relinquish control over or lend out.

I hope you don't get burnt, after being burnt with BitConnect and Cryptopia going down I have little faith in anyone besides myself.

Nice! Seems like a sturdy card and def has the aesthetics. I may give it a shot later.

How are fees to unstake / withdraw tokens?

I ask because I anticipate waiting for some time to withdraw staked tokens in DeFi because the high fees make it impractical to do so or eat up a significant profit margin to make it seem more attractive to just wait for 10 years or so.

AFAIK there isn't a fee to unstake, you are just locked in. According to what I've read they do pass on network fees of whatever crypto you are dealing with on withdrawals.

Nice! THey are beefy ass cards aren't they? I have the Red but may be upgrading to yours too. 2% vs 3% cashback and bigger staking bonus. Plus I think CRO will rise, err, I hope!

Cool, they are one of the more solid projects out there. If it does rise significantly, I wonder if they will adjust the tiers to make them more affordable.

Typo in the current CRO price of $0.015. Want one of these so bad, and to use BlockFi, but alas, am not allowed. C'mon regulations!!! They're a no brainer with the small coin purchase to get the card with the interest payouts. Just hope I can get one before the early adopter perks change.

Bit licence?

Thanks for the heads up!

I'm going to look into it and give it a whirl once things settle down for me. Currently moving and buying a new house, so don't want to mess around with anything financial right now until all that is settled. But, I will definitely look into this. Check back in with me in about two weeks or so; keep it top of mind for me :-) Reblogged!

Nice, and congrats on the new digs!

@joshman, does MCO 1099 you the same as CashApp when you sell to yourself?

Sorry if I missed that part in your article but I'm literally one foot out the door and saw this article.

Good question. If they don't I'd need to input the transactions into Cointracking and report them myself at the end of the year.

I was able to find this however:

I appreciate that article, thank you. BitPay does the same with their new card they just activated this summer and CashApp just began January this year. Seems they're all onboard.

You've seen this IRS update to form 1040, yeah? They just revised it in February if I'm not mistaken, a 'yes or no' question and it's at the very top of the form--fourth line on the front page.

I've also heard you prove your purchase date compared to your sell date and you're taxed on the gains--typical, like any sold commodity. I haven't had to do that yet but it's the fourth question on next years form so I'm trying to be prepared.

See you around @joshman. Good lookin out.

Greetings friend, good that you got your visa card, that is a help but here in Venezuela that type of cards will never arrive in $ hahaha greetings I hope you are well I hope you invest it in something good and enjoy it..

Suludos amigo

I have something similar to that, but it's debit only... No credit function. :/

No credit on this on either!

I'm waiting for my card to arrive.


Hola joshman,

Gracias por destinar correctamente el 100% de las recompensas de está publicación a HP y ayudar al crecimiento de tu cuenta.

Thanks for allocating the 100% rewards of this publication to Hivepower.

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If you don't want to be notified, answer this comment with the word `STOP`.

Wanted to follow up and see how this is working out for you so far?