/ MCO

Wait £50 closure fee and £50 for card feel that’s shockingly awful

How can they justify a £50 account closure fee? Surely that’s not legal.

I do wonder how they would enforce it. The whole app is geared to locking you in though. I think there is an account dormancy fee after a year as well

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I seemed to have earned over £72 cashback in a couple of days. It’s ringing alarm bells as too good to be true. I won’t count that as cashback until it’s safely back in my Monzo account as GBP.

Does anyone know how to remove unstaked money back to Monzo?

Don’t use Monzo for Bitcoin payments in as it is possibly against T&C’s and may get ur account closed

The £50 closure fee on the card is only if you want them to transfer the balance from your balance to your account.

If you spend you balance or get it to £0, then there is no fee.

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You need to convert to fiat and transfer out to a ban account

If you transfer out, you have to transfer out a minumum of £100.

Review Wirex.

Thanks both.

I transferred the cashback back to the Visa card so it’s available to spend again.

It worked a charm. So I’m currently only down about £100 on the £200 stake.

I read on Reddit that Monzo closed the account of one of their users who was sending money to Crypto dot com ( about 5000 pounds ). And now CDC is blocking any money transfers from Revolut accounts. So it might be difficult to get money into CDCfor the prepaid Visa since many regular banks seem to block crypto sites. The easiest way to top up the CC is through transfer of crypto such as BTC, ETH, LTC, XRP, TUSD, TGBP, TAUD, PAX and USDC, which a lot of people won’t want to be bothered with.

The CDC company is legit and considered to be reliable, but like all crypto, it’s a bit of a Ponzi scheme. They have to attract more and more users to pump up the value of their native token, CRO. All their earnings that they give out from Visa purchase cashback,staking various crypto coins, participating in farming out tokens etc. is paid out in CRO, so you have to have faith that it will continue to keep its value in the future.

Cashback is not staked, so you can convert it to fiat and withdraw once you have the minimum of 140 CRO (worth about £17), so the cashback itself doesn’t create much lock-in.

The six-month 1000 CRO stake for the minimum card tier is not great, but it’s easily offset quickly by using someone else’s referral code, maybe referring someone else, then maxing the cashback.

Tying everything to CRO makes the package less attractive, but I don’t think this quite qualifies as a ponzi scheme.

This, and the times I’ve felt the urge to cash out before reaching 140 CRO, I’d just topped up 140 CRO with a debit card, then converted the 140 + (cashback amount) to fiat together. I usually just put it on the card to spend again (or withdraw cash for the few times I still need it).

I don’t feeI that CRO is any different than BNB or any other utility coin on any other cryptocurrency exchange. But honestly speaking, they are only worth as much as people think they are. Because CDC can mint up to 100 Billion of their CRO .

I don’t feel stable coins like USDC are a bit of a Ponzi, since they are tied to real USD holdings at a real bank.

There’s quite a lot of useful stuff on the Trustpilot reviews - a large quantity of the 5 star reviews seem to be people fishing for referrals (Trustpilot should ban this sort of stuff) - probably looking to recover their losses and increase the value of the CRO token :wink:

The most common themes are

  • Non-receipt of card - you seem to have to deposit money on it before they will send it to you
  • Non-execution of requests to liquidate the CRO token to “fiat currency”
  • Non-payment of promised bonuses
  • False advertising - the “free Spotify or Netflix” are paid out to you in CRO, which are difficult to convert to cash to be paid out on the card

Some one above me encapsulated it perfectly “They have to attract more and more users to pump up the value of […] CRO. All their earnings that they give out from Visa purchase cashback, staking various crypto coins, participating in farming out tokens etc. is paid out in CRO, so you have to have faith that it will continue to keep its value in the future.”

The ubiquitous advertising makes me think that they are throwing more and more resources at this, in an effort to keep the ponzi scheme going.


There’s a new one out, called Binance/Swipe. It looks more promising since it’s a deflationary coin, ie. swipe token gets burnt as money gets spent with a max supply of about 289 million which is shrinking as it gets burnt. Whereas CRO has an almost infinite 100 Billion coin limit and no burning of tokens. The Swipe card is cheaper to get- for 300 SXP tokens ( about 220 pounds ) you can get the Sky card which comes with free 2% cash back in Bitcoin on all purchases with 100% rebate on Spotify, Netflix and Amazon Prime memberships.

" with 100% rebate on Spotify, Netflix and Amazon Prime memberships"

Presumably not paid in hard currency. And 220 pounds “staked” could be used to buy, er, Spotify, Netflix and Amazon Prime memberships, no ?

To add to this list of problems, a new one that’s popped up on Reddit is their newly-discovered ability to retroactively change the terms of their cashback program, clawing back rewards previously given. I staked for a Ruby card knowing that my purchase of MCO (at the time) was essentially investing in the company itself, and that I should be prepared for the possibility of it losing value. But this fundamentally shakes my trust in the company itself.


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Now it would cost you 240 pounds, the SXP coin has appreciated by 20 pounds since I last posted.

I don’t blame them for that. There were some people gaming the system by connecting it to a curve card and getting cashback on ATM withdrawals, paying for gasoline at the pump and getting cashback on the preauthorization amount and the final amount so the gas was free, sending people enough CRO coin to get a new Ruby card and then taking back their coin once that person got their referral bonus, sending themselves money through Paypal and paying their Paypal bill with their MCO Visa. And so on. Those people ruined in for everyone else.