Crypto.com Continues Slashing Visa Card Rewards

By Fuglypump | Crypto with Fugly | 2 May 2022


Recently Crypto.com has started to drastically scale back their rewards program to "ensure long-term sustainability in the current market environment" at the expense of retail investors. Moments after today's announcement CRO dropped roughly 16% and recovery in the short term is questionable at best.

 


Reduction of Crypto Earn Rates

Effective from 1 June 2022, 10:00 UTC, Crypto.com will be introducing changes to the Crypto Earn tiered rewards structure. Users will access rates based on the total value of their Crypto Earn assets allocated to fixed terms (1 Month and 3 Months) as listed below:

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Interest rates have also been slashed across the board, stablecoin interest rates are now lower than USD's inflation rate.

 


Reduction of CRO Card Rewards

Cardholders with an active stake and who staked before 1 May 2022 13:00 UTC will continue to earn rewards at their current rate until their 180-day stake expires. Cardholders who stake CRO after their 180-day lock expires will earn card spending rewards as listed below:

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Introduction of monthly CRO Card rewards cap

CRO Cashback rewards are now capped for each month based on card tiers, Ruby cardholders can now only earn up to $25 in cashback per month before the rewards shut off.

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Icy White, Frosted Rose Gold and Obsidian cashback rewards remain uncapped (for now)

 


Phasing out Card CRO staking rewards

CRO staking interest will no longer be offered to cardholders, before I was getting 10% APR with my CRO stake, this was a huge amount of passive income that actually impacted my life in a beneficial way, sad to see this go.

Cardholders who still have an active stake and who staked before 1 May 2022 13:00 UTC will continue to receive their CRO staking rewards until the end of their 180-day staking period.

 


Searching for CRO Card alternatives

  • Curve Card can be used to combine with other cards to get an extra 1% cashback ($5 USD with the code N62x783F)
  • Coinbase Card offers up to 4% back on purchases ($10 BTC with the code boyer_edq)
  • Voyager is currently launching their card and offers 9% interest on USDC holdings ($25 BTC with the code DAV5E5F5C)
  • Gemini is currently launching their card offering up to 3% cashback ($10 BTC with the code yawvmz9uy)
  • Cash App Card offers boosts that give discounts on various products and services ($5 USD with the code CGSPDBQ)
  • Plutus and Nexo are potentially viable options for people who live outside the USA, unfortunately I am not one of those people.

 


Closing Thoughts

Today I unstaked my Jade/Indigo tier and then restaked back in with Ruby because I still want to use it for that Spotify rebate, hopefully they don't take that away too. In hindsight I wish I unstaked back in November/December when I had the chance, I used to be bullish about CRO back then because I believed the exhange would launch soon and that this could take CRO to new heights, but now I don't believe that the exchange launch will do much for CRO anymore seeing as how there is little use for it anymore.

If you still are interest in trying Crypto.com you can get $25 in CRO if you sign up using this code vftg58vhqw

 


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  • Cointiply and Fire Faucet are crypto rewards platforms that pay for using the faucet, clicking ads, doing surveys, watching videos and more

Follow me on Publish0x - Read.cash - Noise.Cash - Twitter - Torum


This article is intended for informational purposes only and should not be considered financial advice. Please do your own research before making any financial decisions.

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Crypto with Fugly
Crypto with Fugly

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