Crypto.com / MCO

Just came across Crypto.com via an Instagram ad as I’ve been looking into airport lounge memberships.

Anybody know much about their card offerings?

They seem to have some good perks and they say no fees in the video!

I don’t fully understand it, but the cheapest airport lounge card seems to require staking (buying and holding), 500 MCO ($1500 worth), which you can’t spend for a certain period of time.

I too have looked at this before, but I don’t really get what they’re offering. They are advertising pretty heavily atm.

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The whole offering is a mess. The cards aren’t available in the UK yet anyway.

Their product basically seems to involve taking deposits (locked stakes in MCO) and lending them out for a profit.

The app and website are a total mess though, so very hard to get an overview.

Enough to set alarm bells ringing for me

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I’m still getting adverts for this.

Any news or experience of it from anyone?

They are REALLY heavily advertising on Facebook at the moment. The posts on there are a mixture of

a) “I ordered my card 2 months ago where is it?”
b) “This card is a total scam”
c) obviously “paid for” posts from “happy users”

As someone else has posted - acquiring a card with any sort of benefits effectively commits you to lending them up to $1,500 for 6 months. There is a mythical free card that no-one appears ever to have received. And there are people at the variety of lending levels who have purchased the “MCO” required to get a card who have not been sent a card.

I would avoid this one by a very large margin.

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I use crypto.com every day. If you’re into crypto it’s a pretty sweet service. Money back on all transactions made on their (metal) card, airport lounge access, competitive exchange rates and staking for crypto you would otherwise just hodl.

If you’re not on the blockchain bandwagon yet then I’d give it a wide berth but if you are, you could do worse than at least kick in the tyres and making your own mind up.

(Edit) My previous post was hidden as my enthusiasm For Crypto.com was classified by somebody as spam. So this is a toned down version with the basic message: It’s a great service for me, of course YMMV. Do your own research and feel free to reach out to me if you have any questions.

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I’m about to stake 50 MCO for a red metal card so this is somewhat reassuring to read. Doesn’t give as many benefits as staking 500 but I’d rather give it a test drive of sorts before I commit to a larger stake.

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All the 5 star reviews on Trustpilot and elsewhere tend to be from people angling for referrals. Customer service appears to be non-existent. I find making issuing you with a card conditional on you depositing money with them for 6 months in a completely unregulated market somewhat concerning. A great proportion of the complaints are where people have deposited money and have either not received the card, or the card has not been activated.
This is nothing to do with being nervous around crypto, this just looks completely dodgy. To be brutally honest, this looks like a Ponzi scheme on a grand scale, with Monaco using the incoming “stakes” to finance the frankly unsustainable “interest rates” on their pseudo crypto and cashback. Ask yourself - would you lend someone you’d never met hundreds - if not thousands - of pounds on the promise that, 6 months down the road you might get issued a card that perhaps will offer some of the perks outlined?

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This was my initial reaction. Still is.

That’s why I’m not going in with a bigger stake than I’d be able to completely shrug off were it to be lost in a collapse. Right now the red metal card is going to cost a stake of about US$255 or £210-ish. Aesthetically speaking I’d prefer the green one but it calls for a stake 10x as great and I’m not going to do that before I make sure the service works for me.

I’ve still got doubts, but I’m going to give it a try before I complain so that I’m not doing so out of ignorance.

I’ve had a few issues that have all been resolved reasonably quickly and professionally.

I think they faced big problems getting enough cards and then lost GBP wallets altogether, which has inevitably put off UK customers. They announced they’d have GBP again by May, but that hasn’t happened yet.

The £50 card upgrade fee and account closure fee are pretty insane. There’s also a £5 annual inactivity fee on the card. None of which inspires confidence. Their fees are presented on one very long page in the app and are generally very difficult to read.

In terms of risk, I’ve already more or less matched my basic stake with sign up bonus and “cashback” (which is paid in MCO). The most irritating thing for me personally is the EUR 100 minimum withdrawal, so I keep on having to top up to withdraw and it takes two days to do :man_shrugging:

After initial problems activating the card that went away after an update, it’s been working fine. Added to Google Pay with no problems. Card top ups to the card and to the EUR wallet are currently free of charge, so you can just top up as you go.

I would advise caution and certainly wouldn’t hold significant balances with them. But it is OK for a bit of cashback.

Yesterday, I topped up Revolut with a credit card (0.5% cashback), then my Crypto card with Revolut (free of charge), then Freetrade with Google Pay and my Crypto card (1.0% cashback variable with MCO value). I wanted to see if this would work, just because this sort of thing is very likely to attract attention and card blocks eventually.

MCO is quite a complicated product that offers a lot of things, but with risk attached. It took me a bit of time to get my head around everything with the various tiers and stake/not stake offerings. So far they’re delivering on what is advertised. That’s 6%+ interest on various stakes, 1%+ cryptoback on card spend, 10% cryptoback on essentials, 100% cryptoback on Spotify/Netflix/Amazon Prime subscriptions and more, plus $100k dollar giveaway competitions and free metal cards. Furthermore you can buy discounted gift cards for familiar retailers through the app and there’s a generous referral scheme.

It also allows free cash withdrawals and forex free transactions. The free card topups are unsustainable - I could name a dozen prepaid card operators who offered this and have either shut down entirely or removed/heavily restricted the feature. The card top up fee is 3.5% which I’m sure they will revert to once the free topup promo period is done.

MCO appear to be a “sharp” business. If you sign up in the hope of using the Visa card to generate cashback for making transactions like topping up prepaid cards or paying off credit cards, you may be disappointed.

You get a lot, but there are also various fees buried in spreads and exchange rates if you use the app. For the various benefits of the product it’s probably worth using some of these services.

The customer service has been alright - the card was received within days of application and customer services have gotten back quite quickly after I’ve made contact with them.

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When something looks to good to be true it normally is.

There is wirex, UK based, UK bank account and sort code and reasonable and clear charges.

My only thought here is ‘if these benefits were sustainable, Amex would have already offered them’. But even Amex Platinum isn’t offering anything near this. So… Probably TGTBT.

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The model is similar to Zeux, Abra et al, I believe. Crypto-collateralised contracts or CCCs. Don’t ask me what they are though :slight_smile:

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I have now got my red card (£200). Again, this is a level I would be prepared to lose but it’s only ‘staked’ for 6 months and then I am able to withdraw if I want.

So far so good. 2% cashback on all spending. No foreign usage fees and ‘free’ Spotify Premium.

This does seem too good to be true but I’m hoping to make my £200 back in cashback and Spotify before considering going up to the £1000 card version.

Support takes about a day to respond. That’s good enough for me.

Crypto still makes no sense to me but this is a gentle introduction.

Don’t forget the boosted cashback rates at the moment

I particularly like the 10% off at tesco and just eat

Wow. Had no idea, thanks.

Would you say it’s worth getting one? I’ve seen at least 7 adverts for it on Facebook this morning alone

They’ve just changed their staking requirements. It’s definitely not with it on the new CRO tiers. It only works for me on the more generous original 50 MCO tier because of the signup and referral bonuses.

The cashback is paid in tokens as well, which may not suit some, as the token value varies quite a bit over time.

Watch out for dodgy tactics too, like a £50 account closure fee and £50 card upgrade fee.

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