# Crypto cards



## Cavanbhoy (10 Oct 2020)

Anyone have a crypto.com debit card they are giving cash back rates of up to 8% for their topcard. Also interest of 12% on stable coins like Tgbp. I have been using them now for 3 months but with the lower tierd card of 3% rebate on all purhases plus free spotify and netflix.
Just curious is anyone else using them or similar


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## tecate (10 Oct 2020)

Cavanbhoy said:


> Anyone have a crypto.com debit card they are giving cash back rates of up to 8% for their topcard. Also interest of 12% on stable coins like Tgbp. I have been using them now for 3 months but with the lower tierd card of 3% rebate on all purhases plus free spotify and netflix.
> Just curious is anyone else using them or similar


I have not been using them - not available from where I'm located these days. They were doing 10% cashback on purchases up until recently. There are quite a few offerings in terms of crypto debit cards now. Binance are also doing one (with 8% cashback) and they bought Swipe (who had also issued a card). Nexo, Coinbase and Monolith are other options.


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## Cavanbhoy (10 Oct 2020)

Yes seen the swipe one went for the crypto one at 3% as the cost was reasonable. The swipe one at 8% involves a stake of 30/40k which is out of my league. The crypto one was giving 10% back on groceries etc for 6 months but has now ended.


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## tecate (10 Oct 2020)

Cavanbhoy said:


> Yes seen the swipe one went for the crypto one at 3% as the cost was reasonable. The swipe one at 8% involves a stake of 30/40k which is out of my league. The crypto one was giving 10% back on groceries etc for 6 months but has now ended.


It looks like Binance are going to phase Swipe out in favour of its own offering.


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## Cavanbhoy (10 Oct 2020)

Yes the swipe card looks as its on the way out. The plus of crypto card for me at the moment is the 12% return on Tgbp. It also is offering Defi but I dont understand that. Basically just using the app for the interest rates.


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## Cavanbhoy (10 Oct 2020)

tecate said:


> It looks like Binance are going to phase Swipe out in favour of its own offering.


Do you have any opinion on the the reliability on the Crypto.com project


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## tecate (10 Oct 2020)

Cavanbhoy said:


> Do you have any opinion on the the reliability on the Crypto.com project


I don't really - or certainly not to a level of conviction that I'd suggest you base any decision on. I'm very cynical about staking - I don't like it (for tokens that have not proven themselves in any other way). But it turns out it doesn't matter what I think as it's proving to be wildly successful. I don't like the idea of having to stake and use their token - but it has been a cornerstone of their success to date.

I know that they really are digging their claws in to this space. They seem to sponsor all manner of crypto media (particularly podcasts) and they're currently hiring worldwide in large numbers.


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## Cavanbhoy (10 Oct 2020)

tecate said:


> I don't really - or certainly not to a level of conviction that I'd suggest you base any decision on. I'm very cynical about staking - I don't like it (for tokens that have not proven themselves in any other way). But it turns out it doesn't matter what I think as its proving to be wildly successful. I don't like the idea of having to stake and use their token - but it has been a cornerstone of their success to date.
> 
> I know that they really are digging their claws in to this space. They seem to sponsor all manner of crypto media (particularly podcasts) and they're currently hiring worldwide in large numbers.


Yes I get where your coming from on the staking. Personally I staked from their ruby card roughly 1300 euro. Have received 400 euro back in cashback so far 3 months in but that amount dropping with the end of the 10% promotion. Original stake value roughly the same but tied up for another 3 months so there in lies my risk. Have invested in Tgbp which is 1 for 1 with sterling at 12% which is giving me 30 pound per week. But dont feel secure but then everything in crypto is a risk. As you say they seem to be aggressively marketing new opportunities all relating to staking their coin. Eg syndicates/ supercharger. Thanks for your input its nice to hear someones opinion with no stake in them


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## Ualtar (1 Nov 2020)

Cavanbhoy said:


> Yes I get where your coming from on the staking. Personally I staked from their ruby card roughly 1300 euro. Have received 400 euro back in cashback so far 3 months in but that amount dropping with the end of the 10% promotion. Original stake value roughly the same but tied up for another 3 months so there in lies my risk. Have invested in Tgbp which is 1 for 1 with sterling at 12% which is giving me 30 pound per week. But dont feel secure but then everything in crypto is a risk. As you say they seem to be aggressively marketing new opportunities all relating to staking their coin. Eg syndicates/ supercharger. Thanks for your input its nice to hear someones opinion with no stake in them



I am planning to get the same card but I am still in doubt. If it were today would you make the same decision you made 3 months ago?
What Tgbg stands for? I am new and saw that somewhere else but don't remember.


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## tecate (2 Nov 2020)

Ualtar said:


> I am planning to get the same card but I am still in doubt.


What's your motivation in getting the card? Do you just want a card that you can spend crypto funds in €\$ with? Or is it the discounts on purchases or potential gains in the token?
The token tanked a couple of weeks ago when the project announced that they were cutting staking incentives by 70%. They've also scaled back the discounts on purchases. Perhaps that makes for an opportune reset.



Ualtar said:


> What Tgbg stands for? I am new and saw that somewhere else but don't remember.


Trust Token - a stablecoin that in this case (TGBP) tracks the pound sterling.


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## Ualtar (2 Nov 2020)

tecate said:


> What's your motivation in getting the card? Do you just want a card that you can spend crypto funds in €\$ with? Or is it the discounts on purchases or potential gains in the token?



I use Revolut for everything and I get 1% cashback. When I saw their cashback 3% plus Netflix and Spotify I thought could be a good deal.
Thanks for your response regarding TGBP. I'll have a look.


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## masterboy123 (9 Jan 2021)

It's 2021 and I am using Revolut. 

Is it still worth getting crypto card? Only for grocery  shopping and purchases from Amazon.


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## Cavanbhoy (9 Jan 2021)

Cdc the free card given 1% rebate or the ruby card given 2% rebate plus free spotify appear worthwhile. The cards above this are only worth while if you have high every day spending.


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## Cavanbhoy (9 Jan 2021)

Ualtar said:


> I am planning to get the same card but I am still in doubt. If it were today would you make the same decision you made 3 months ago?
> What Tgbg stands for? I am new and saw that somewhere else but don't remember.


Hi did you go ahead with the card.
If it was now I would have stuck with the jade card. I staked for the Icy card it cost be 10.5 k value of that at the moment is 7.5k.  The upside is that if I didn't go for the card I wouldn't have purchased any crypto. At this moment in time I am up roughly 3k so all in just about even.


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## horusd (11 Jan 2021)

What is the point, (apart from % retns) of having one of these, for the ordinary punter? I certainly do not want to take a punt on them. I have Revolut, N26 and ordinary debit cards,  which have some kind of guarantee (at least N26 does at the moment).  I find the whol crypto currency a tad risky and volatile.   Am I wrong?


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## Cavanbhoy (11 Jan 2021)

No benefit apart from Cashback.
The only other benefit is for ease of access to Crypto through the app but as you rightly said it is volatile.


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## Ualtar (4 Feb 2021)

Cavanbhoy said:


> Hi did you go ahead with the card.



Yes, I did. I applied the ruby one (2% cashback). I do not like crypto coin and keep some money frozen for 6 months makes me very uncomfortable.
After that, I found out Binance is doing the same. Their 3% cashback card is more "expensive" but the money is frozen only for one month. I would have taken that one if I hadn't already applied for Crypto.com card.


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## Super critical (10 Feb 2021)

Cavanbhoy said:


> No benefit apart from Cashback.
> The only other benefit is for ease of access to Crypto through the app but as you rightly said it is volatile.



I think a certain cohort who don't like keeping the rules would possibly see it as a way to keep their crypto gains off revenues radar also. Spending directly from the crypto exchange would mean no gains showing in bank accounts to be questioned for tax purposes.


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## tecate (10 Feb 2021)

Super critical said:


> I think a certain cohort who don't like keeping the rules would possibly see it as a way to keep their crypto gains off revenues radar also. Spending directly from the crypto exchange would mean no gains showing in bank accounts to be questioned for tax purposes.


Doesn't sound like a workable plan for tax evasion (not that I'm in any way advocating for that). Revenue can just as easily request data from crypto exchanges as it can from banks.


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## Super critical (10 Feb 2021)

tecate said:


> Doesn't sound like a workable plan for tax evasion (not that I'm in any way advocating for that). Revenue can just as easily request data from crypto exchanges as it can from banks.



Admittedly I am not too well up on the ins and outs of crypto only what I read about it and I don't have any dealings in it myself but I had thought since its not regulated that exchanges would be under no obligation to give out any info nor would they had pps numbers etc on file anyway? (or maybe they do ask for this on sign up I don't know). There is so much talk about crypto currencies being a way for law breakers to avoid tax that I thought it wouldn't be so simple for revenue to get any details aside from seeing unexplained amounts coming into bank accounts during an audit etc.


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## RedOnion (10 Feb 2021)

Super critical said:


> but I had thought since its not regulated that exchanges would be under no obligation to give out any info nor would they had pps numbers etc on file anyway?


While crypto currencies themselves aren't regulated, the exchanges are to varying degrees depending on jurisdiction, as are the card issuers. Any of the crypto card issuers I've looked at have e-money licences. 

It's a bit like saying houses aren't regulated. But all the parties involved in buying & selling are.


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