Crypto.com deteriorates its card offer

Exciting times for Crypto.com users! After the platform just recently slashed the returns for the Earn program, making the offer quite unprofitable especially for larger deposits, the revision of the card program followed last Sunday. Here, too, the new conditions for customers are not exactly positive.

Significantly lower cashbacks

Thus, the cashback of the Visa card will be capped in the future, the percentages partly more than halved and the staking interest corrected neatly downwards. If the free entry-level card previously brought 1% in crypto cashback, there will be no cashback at all from June 1. For this, one will have to deposit a certain amount of CRO tokens for at least six months in the future.

Anyone who staked the equivalent of 350 euros for the Ruby Red will only get 1% of their sales back in CRO tokens from next month. Previously, it was 2%. For holders of the Jade Green and Royal Indigo, the cashback will drop from 3% to just 2%. For the higher card levels, for which 35,000 and 350,000 euros must be deposited, the cashbacks are reduced to 3% and 5%. Here, the end was previously only at 8%. Originally, Crypto.com had wanted to reduce the cashback rates even more, but then it gave in in favor of the community.

Crypto.com-Visa mit BitcoinDas Bild zeigt die Visa-Karte von Crypto.com mit einem Bitcoin

On top of that, cashback in the lower card tiers up to and including the 3,500-euro Visa will be capped at a maximum of $25, or $50, per month. Higher spending will still be possible, but will no longer be reimbursed. At least: the monthly free rewards for paying for Spotify, Netflix or Amazon Prime will remain, depending on the card level. Nothing changes for the free access to airport lounges either.

Especially for holders of the expensive card models, the reduction of the staking rates, which fall to 4% and 8%, is very painful. Here, Crypto.com has so far been more generous with 10 and 12%. Thus, one will receive less interest for his coins deposited for the Visa card.

After all, anyone who still stacks new coins up to and including May 31, 2022, can secure the previous conditions for another 180 days, with the exception of the cap. Platform had also reacted to the criticism of its users here.

CRO share price reacts strongly

The changes were initially even more drastic. The platform initially wanted to completely eliminate the staking interest rates for its Visa cards, but backtracked 24 hours after the announcement following a huge outcry from the community. The cashback rates were also subsequently lowered to a lesser extent.

As a reason for the numerous deteriorations, the platform stated that it wanted to make itself fit for the future. The previous offer was not financially viable in the long term with a further increase in the number of customers. The value of the CRO token subsequently slumped significantly, losing almost 40% of its value at times. The price is now almost 60% away from the all-time high from November of last year.

Earlier, Crypto.com had already significantly reduced the interest rates for lending. The full crypto interest on stablecoins of up to 8% is now only available up to a total deposit of $3,000. After that, the interest rates are halved. If you even hold more than 30,000 US dollars in deposits, you don’t even get a third of the advertised interest anymore.

It shows once again how fast-moving the crypto market is. Only recently, we dedicated a separate article to this topic and pointed out the risk note. Before making any investment, you should check on your own responsibility whether the desired offer actually still exists.

$25 starting credit

Those who still want to secure the old conditions of the Crypto.com Visa card can do so until the end of the month via our link*. Then, after ordering one of the metal cards, you will get 25 US dollars on top.