Crypto.com is changing the rewards program for its Visa prepaid cards starting June 1, including by offering lower earning rates for rewards in the cryptocurrency token Cronos, or CRO. A post on the company’s website says the changes are to “ensure long-term sustainability.”
What Is the Crypto.com Visa Card?
The Crypto.com Visa Card is a prepaid debit card that comes with five tiers. If you stake nothing, you can get the Midnight Blue card, while holding $400,000 worth of CRO in the Crypto.com app wallet for at least six months makes available the highest card tier, called Obsidian.
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How Is the Crypto.com Visa Card’s Rewards Program Changing?
Cardholders with all but one card configuration will see reductions to their CRO rewards rates. Obsidian cardholders with no active stake will continue to earn 2% back in CRO rewards on eligible transactions, but Obsidian cardholders who have an active CRO stake will earn 5% instead of 8%.
At all other card tiers, CRO rewards rates will go down with or without an active stake. For some tiers, CRO rewards may decrease to zero: Midnight Blue cardholders will earn 0% instead of 1%, and Ruby Steel and Royal Indigo or Jade Green cardholders will earn 0% if they do not have an active stake (with an active stake, Ruby Steel will earn 1%, and Royal Indigo and Jade Green will earn 2%).
Two of the card’s lower tiers will also have monthly caps on their CRO rewards: $25 for Ruby Steel, and $50 for Royal Indigo and Jade Green. Royal Indigo and Jade Green cardholders are in the same tier, with a $4,000 stake requirement.
Eligible cardholders who stake CRO will also earn at revised rates for staking: Obsidian, Icy White and Frosted Rose Gold cardholders will receive 8% per year, while Royal Indigo and Jade Green cardholders with CRO stakes will receive 4% per year.
Cardholders who have an active six-month CRO stake by 7:59 p.m. Eastern Time on May 31 can continue earning at the existing staking and CRO rewards rates through the end of the six-month period, according to Crypto.com’s announcement. If you stake again at a lower tier, though, you won’t qualify to keep earning at current rates.
Crypto.com has altered some of the coming changes since it announced them May 1. Modifications came after feedback from the community, according to tweets from Crypto.com CEO Kris Marszalek. Cardholders who move to a higher card tier will also see the card’s typical $50 upgrade fee waived “until further notice,” Marszalek tweeted.
Crypto.com’s moves preceded a broad crash in the cryptocurrency market during the week of May 9, when cryptocurrency Terra (LUNA) dropped dramatically. The price of CRO has also gone down since the company’s May 1 announcement.
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What Are Some of the Crypto.com Visa Card’s Benefits?
Cardholders with an Obsidian, Frosted Rose Gold or Icy White card and an active CRO stake can continue to receive reimbursements for their Spotify, Netflix and Amazon Prime subscriptions. Cardholders in every tier above Ruby Steel can also continue to access LoungeKey airport lounges.
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Crypto.com Decreases Visa Prepaid Card Rewards originally appeared on usnews.com
