I have always wanted to be able to pay with crypto and ordered a TenX card 2+ years ago which has yet to arrive due to circumstances. Today, I went ahead and also ordered a Crypto.com card as an alternative getting "50$ Free MCO" in the process. This is what I learned doing some research on the card before ordering it...
Regular Pre-Paid Visa Card
One of the reasons I opted for a TenX card instead of the Monaco card (which rebranded to crypto.com) was because TenX aimed to have you pay directly in Crypto while with Crypto.com you basically have to sell your crypto paying in regular currency. This makes the Crypto.com Visa card nothing more than a regular Pre-Paid credit card that makes it way more convenient to spend crypto compared to cashing out through Coinbase avoiding fees and the time it takes. The crypto.com card also has the major benefit that you get a % cashback paid in crypto for everything you buy with it along with some other perks.
MCO & CRO Tokens
The way it goes with many of these projects is that they did an ICO to raise funds giving out coins they later have to force a use-case onto. MCO tokens need to get Staked in order to get the card benefits and there are different Card Tiers giving higher Cash Back for a bigger Stake.
It is also possible to get a Free Card that gives a 1% cash Back paid in MCO. Staking 50 MCO gives 2% cash Back and Higher Limits along with Free Spotify (Subscription is paid back monthly in MCO). Higher Tiers give even more benefits (Higher Cash Back % / Free Netflix / ...). Staking needs to be done for at least 6 months, the MCO can be withdrawn after but this will also drop the Cashback to 1% in case of the 50 MCO Stake Card.
Staking CRO Tokens gives benefits on the Crypto.com exchange in the form of Discounted fees and Higher Earn Rewards for Staking Coins.
Overall the model is very similar to what Binance is doing with their BNB token. Crypto.com also aims to be an all-in-one easy crypto solution for people to get started with.
Marketing and Free 50$ MCO
If anything, Crypto.com is doing an excellent job when it comes down to marketing their product and getting actual users. The fact alone that they managed to get their hands on that domain is quite massive and the 50$ Free MCO for everyone that signs up using an Affiliate link (Feel free to use mine is you want to get the 50$).
When you sign up using a referral link or code (e7xe283zea) you will see the 50$ (42.46€) in your account but it is actually frozen and only gets unlocked when you order a card and Stake at least 50 MCO. After I staked the 50 MCO for my card, it did actually get released so I did get the Free 50$. From what I understand, there is a bit of a catch however because they charge a 50$ Fee if you are ever going to close your account. Taking that into account, everything is pretty much free unless you take the "Free Card" option with no Staking.
Sign-Up Process & KYC
The entire sign-up process is done through their excellent mobile app (you also can use the login on the crypto.com exchange) and was quite self-explanatory. Aside from the fact that the app wouldn't let me take a picture of the back of my ID Card so I had to use the option to manually submit a picture, I didn't have any problems whatsoever. The process of getting 50 MCO from Binance and getting it on there staking it is also not that difficult when you are used to crypto. They do offer an option to directly buy it using your bank account from the app. All steps have been approved and my card is pending to be Issued. I expect it to probably take a while and just hope it won't take years :)
So far I'm quite optimistic about getting the Crypto.com Visa Card. What they offer very much suits my needs as I'm looking for an easy way to use crypto each month for small expenses such as groceries. The 2% Cash Back on every purchase will be really nice and I'm glad about the 50$ I received. I will bring another update when I actually received and was able to use the card. To anyone who is also looking for an option to spend their crypto and decides to go for the Crypto.com card, make sure to use a Referral link or code (if possible mine: e7xe283zea ), otherwise you won't be getting the 50$ Free MCO.