A payments and cryptocurrency platform offering a Visa card that can be used anywhere has unveiled a range of cashback benefits designed to attract modern consumers and frequent travelers.
Crypto.com says it now offers free Netflix and Spotify subscriptions to its MCO Visa Card holders. Users who pay for their subscription with the MCO Visa Card can receive a 100 percent rebate on the cost of their plan, dependent on the type of card they have signed up for.
The platform is also offering 10 percent rebate on Expedia bookings to customers with the top two tiers of its five-tier Visa Card, along with a further 10 percent cashback on Airbnb reservations for those who opt for its most premium card tier.
Crypto.com says cardholders can now also receive cashback on all of their purchases, ranging from 1 percent to 5 percent, depending on the type of card they have.
The five tiers of card relate to the level of MCO Token, Crypto.com’s native cryptocurrency, that customers have locked up. No funds need to be set aside for the lowest tier, but more benefits are unlocked as more MCO Token is staked.
Kris Marszalek, the co-founder and CEO of Crypto.com, said:
“The MCO Visa card now offers best cashback terms of any card in the market, along with perks that match the lifestyle of our community. We’ve received hugely positive feedback from our customers in Singapore and are looking forward to shipping the cards in the US, Europe and other key markets. The product is irresistible whether you’re a hardcore cryptocurrency fanatic or someone who is just learning about it.”
Eliminating markups
Besides its prepaid card, Crypto.com has also been vying to position itself as “the best place to buy crypto” — launching its Vortex Trading Engine last month. The company says that this engine aims to deliver the lowest possible cryptocurrency prices at the true cost — with no fees or markups — to everyone, and as a result, claims its app can be more cost efficient than dealing with exchanges individually.
In explaining how it is capable of delivering these rates, the platform describes itself as an institutional player enjoying “preferential trading terms with major exchanges which allows them to pass on 100 percent of all savings to users.”
Going global
Crypto.com’s MCO Visa Cards began shipping to customers in Singapore in October 2018 —and now, the prepaid product is heading to the United States.
The platform says that its metal cards do not impose annual or monthly fees on its customers, and all customers benefit from no-fee ATM withdrawals with a monthly limit. The product is complemented by an app enabling customers to buy, sell and store a multitude of cryptocurrencies — and, to ensure that regular travelers can “spend like a local,” interbank exchange rates are offered for foreign exchanges. According to Crypto.com, this is the equivalent of receiving the “Google rate” when you search online for how much $100 would be worth in another currency.
Crypto.com says demand has been high so far, with more than 400,000 downloads of its app to date. Meanwhile, more than 125,000 reservations of its MCO Visa Card have been made around the world.
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