Being a cryptocurrency enthusiast and a Crypto.com customer since 2019, I have always looked for innovative payment solutions that would allow me to make the most of my investments. I have tried many cards over the years, among the most famous are: the Binance card, the Nexo card and the Crypto.com card (Ruby Steel). However, about a year ago I decided to apply for an American Express Platinum card, and this choice turned out to be very strategic. This is why, after evaluating both options, I preferred Amex over the Crypto.com card. I would like to point out that in this article we will compare the Platinum version of American Express (€720 per year) with Ruby Steel (€450 in blocked CRO) as they have comparable requirements and benefits. These are two different cards, with different payment methods and that work on separate circuits but we will evaluate them based on the benefits that both provide.
Requirements
The requirements to apply for an Amex card are mainly 2: having a bank account and an income that varies based on the card you request. For Platinum, €45,000 gross is required. The Crypto.com card, on the other hand, requires a profile on the exchange, a six-month block of €450 in CRO that can be released at the end (under penalty of losing the card benefits).
The differences between the two cards become more marked when considering the benefits that each one offers:
1. Premium Services and Personalized Assistance: One of the aspects that struck me most about the Amex Platinum card is the level of service offered. Unlike the Crypto.com card, with Amex I have access to dedicated customer support, available 24/7, and highly professional. In case of emergencies or doubts, I can count on immediate support, something that can sometimes be lacking in all other card managers, where automation is often predominant. By calling the dedicated number even from abroad, I have received support in my language and in just a few minutes.
2. Travel Benefits: If you travel often, like me, the Amex Platinum card offers a package of benefits that is unmatched. Free access to airport lounges around the world (unlimited for 2 people), including Centurion Lounges, Priority Pass and much more, is a plus that a card like Crypto.com cannot offer. To have it, you would need to request the superior version which, however, requires an investment in CRO of €4500 (definitely more than the amount needed to have the Amex card). That's not all: by booking a trip with Amex you have complete insurance for yourself, your luggage and for a relative you are traveling with, which is often essential.
3. Luxury Experiences and Exclusive Events: American Express also stands out for the exclusive experiences it offers its customers. I was able to access private events, book starred restaurants at discounted prices and participate in evenings reserved for cardholders. In addition, I had access to numerous upgrades in room reservations at partner hotel chains such as Marriott, Hillton and others. The Crypto.com card, as useful as it is in the digital world, has not yet reached this level of attention to lifestyle.
4. Cashback Vs Membership Rewards: The Crypto.com Ruby card offers an average cashback of 2%, which may seem interesting for those looking for an immediate return on everyday purchases. However, with the Amex Membership Rewards system you get one point for every euro spent and it is possible to convert the points into free airline tickets, flight upgrades or luxury hotel stays, as well as reverse the expenses incurred. Personally, I found it much more advantageous to be able to obtain long-haul flights for free with the accumulated points, rather than a fixed cashback in CRO. An Amex point can be worth from €0.004 up to over €0.1 depending on how you want to use it.
5. Taxes: What, however, made me choose American Express over any other crypto card are the taxes. In Italy, but soon also in Europe in general, you pay over 26% in taxes on capital gains and cashbacks are considered as such. Therefore, if you compare the value of Amex points with the Crypto.com cashback, the latter is certainly higher, but once the taxes I have to pay are removed, the situation is reversed.
6. Referral: Lastly, I left the option to introduce a friend. Amex offers the possibility of giving your referral link to someone and, if this person requests a card and reaches a minimum amount of transactions, it credits €100 to €200 in points to the person you introduce and €200 to €300 to the friend. This is a significant sum, also considering that with referral links the participation fees for the first year are often zeroed out and that a person can cancel the card whenever they want without losing the entry fee.
Conclusion: A Perfect Balance between Innovation and Tradition
Although Crypto.com remains an excellent service, I believe that it was convenient until the entry thresholds were raised and the benefits were reduced. Since then I have preferred to use other services that, even if they are not connected to the crypto world, can provide me with benefits in daily expenses such as travel.
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