Hey everybody hope you’re doing good. Today, i’m going to be reviewing the crypto.com ruby red debit card. So you may have seen these crypto debit card offers them their debit cards attached to your crypto account with them.
So I want to show you kind of how this works, we’ll look at the website. First, what the details are of the card and then i’ll Show you actually, in my account how how it actually works, some things that are nice and some things to be aware of. So, let’s jump right into this.
So here is the crypto.com website. you can go here and get the card information. you just scroll down and has all the different reward tiers for these cards. So the cards are actually Really interesting when you, when you first look at them, because you have things like three percent five percent: eight percent cash back rewards.
When you use the card, which sounds really great, but then you also have to realize you have to stake a large amount of their crypto token, the crypto.com coin or crow, as it’s abbreviated. As for those coins, so to get the ruby red card, which is the one that I did, I just needed to stake 400 in usd.
so that was worth testing it out for me, just to see what happened. I will say, though, as soon as I snaked that 400 worth of pro, which was at a time when it was going up and it immediately lost uh value the next day, so i’ve currently lost about 50 with the debit card.
That’s okay, you’re staking it for six months, so you’ve got time for that to come back. So that’s the first thing: how does the Staking work? Basically, you’re going to buy that amount of their crypto.com coin and then you’re going to agree to stake it for six months. which means you’re gon na lock up that money lock up those coins for six months, so that you can get the card. If you don’t want a lot uh do any of that. You can use the midnight blue card, which is their base card, or I believe you can sometimes use these yeah.
Crypto Debit Card Benefits
You toggle this here and you can Get some rewards without staking now, but you only get there’s really not much difference between these two cards , if you’re not staking. If you turn off your staking on that. So that’s a quick look at that piece.
Now the rewards for this, so the crypto debit card ruby red gives you 100 reimbursement on your spotify. Now the fine print is going to tell you that’s Up to $12.99 per month, so that was my first question is how do these reimbursements work ? You know how much, how do you get the money back? How does that even work, so i’ll show you that in the app actually how that works, but just to verbally tell you here, you basically have to charge that service to this card.
So if you have the ruby Steel and you want to get the spotify uh reimbursement, you need to change your spotify billing to this card, which means you need to load money on this crypto debit card. So the first thing you need to do is lock up 400 worth of the crow coin. That’s just money, you’re locking up and hopefully the crow coin goes up, and that is worth more or less stay stable.
Again, it’s a cryptocurrency, so you could lose that money that you’re staking as well. But then, once you do that you need to Add money to your crypto.com debit card.
You need to add usd so that there’s actually money on the debit card. You’re loading, the card. So that you can use it, so I loaded in another hundred dollars into that card, which so that I can actually use the card for my spotify account, so that is kind of how these rewards work.
So it’d be the same for all of these two You get the netflix, the prime 100, reimbursements, and obviously larger amounts you have to stake for that. So there’s some other benefits to the car. I’m not going to go into a lot of details on that.
but let’s jump into the app because I want to show you kind of what this looks like, because that was the biggest question for me. Was this sounded interesting, But what did it actually look like in the app itself? So let’s go ahead and jump into that here and let’s jump over to the app here there you go. So this is the crypto.com visa card that I have set up . So in the app you just tap card on the bottom bottom right. That jumps you over into the card and you can top up your balance up at The top where it says top up, so you can use that to add more funds.
I’m currently I have a balance of $98 dollars sitting in there, so I deposited 116 and you can see the charge came out for the 18 and 11 cents for my spotify now my spotify is a little more expensive because it’s a family plan, but I Think, generally, if you just have the individual plan, their reimbursement of the $12.99, I think covers it or covers most of it. So that’s important to note that you’re only getting reimbursed up to their maximum, not the full amount of your spotify charge so that charge went through the card and then where’s your rebate.
Well, the rebate doesn’t show here because your rebates, your cash back, are paid in the crow coin. The crypto. com cryptocurrency, which is another important thing to note that you’re, because originally I was wondering, is if It hit here.
Could I just put some money on the crypto debit card and basically just get free spotify, you know it would charge it and then reimburse me. No, that’s not the case. It’s going to go over to your crypto account, so i’m going to go over here at the bottom.
To accounts and open up my crypto wallet and go into the crypto.com coin, you can see I put in 400 and I have less than 400. So i’ve lost money on this so so far it has Not proven worthwhile to get this.
But right here you can see card rebate, spotify, there’s the reimbursement of the 12.99 for the spotifys that was paid to me in the crow coin, and then I believe this crow rewards right here is for the purchase, because you do get two percent cash back on Your purchases, so I think that’s what that is: that’s the 10 For cash back see if that makes sense, 18 times 0. 02.
Now, maybe that wasn’t for that. Maybe that was some other, maybe there’s interest or something on the crow , but you you are supposed to get the cash back on your purchases as well. So that’s where all that shows up so again, the good thing is is if you like the crypto.com platform and you’re You like the their crow coin and you believe in it in the future, the good thing is you’re.
Getting cash back and you’re staking a cryptocurrency that you want to be involved with anyways. The side of this is like I experienced here and i’ll show you the last six months of the coin, as you can see right here how the value of the coin went up really high here in november now, if I would Have signed up for this credit Card or sorry the debit card back in october, it actually would have worked out really well, because I would have double if not triple that money.
So if I would have put 400 in and staked it here, it’d be probably over a thousand dollars again. I’m awful at timing this stuff, because I signed up for my card in this time period somewhere, so the coin is actually down now. If the value of these cryptos go up, Then you’re in good shape.
So that’s just something to keep in mind, so that is the crypto. com, the crow coin. That is how it works.
You can see here two in the app where it says crow, i’m on steak, 137 days it lets. You know how many more days until you can unstake it , i’m not a hundred percent clear, I believe. If you unstake it, you lose the benefits of staking it .
So I think I think that is the case with this. Is you have to keep the the crypto staked and so yeah? It’s interesting! It’s i’m going to continue to run my spotify through it i’ve thought about you know. Should I sell enough of the crow crypto to refund and back to usd, so I can put it back in the crypto debit card.
back in the card here, to keep this balance going. I might do that. I might because it I might wait until this gets a little bit lower and then sell.
You know 20 bucks at a time. So there’s enough money in there to pay my spotify, so it could work out. But again, it’s not it’s not like a normal credit card when you’re just getting flat cash back at no risk you’re just buying getting cash back.
It’s not like a bank where You’re getting interest with no risk. It is a crypto. com.
It is sorry it is a crypto debit card and your funds are attached to crypto. The only thing that’s not is the usd that is actually on like on the screen here. This $98 dollars is in a usd , so that is one to one.
That’s not going to go up or down, but as far as the rewards that are paid for you, those go up and down and the amount that you have to stake to get the crypto debit card could go up or down. So it’s a high risk debit card. I wouldn’t recommend it for anyone if you just want to have fun and you got some extra money and you want to play around with the idea – and you know i’m having a cool little.
You know crypto debit card. I think it makes sense in that sense that it’s fun, but it’s not for everyone, because you have to be mindful of . You know the finance the funds that you’re putting into it .
I will say just quickly if you are looking for a a credit card, a true bitcoin credit card. There is the block, buy card this one. I do like a lot better, gives you one and a half percent cash back, but it is a credit card.
So you have to actually apply run your credit to get This and it pays you cash back in bitcoin or ethereum. I think you can pick other cryptocurrencies , so it gives you those cash back rewards like a normal credit card, but again 100 1. 5 percent cash back.
There’s credit cards that give you more cash back. The convenience of this one is that you get cash back right to crypto, so it’s kind of interesting.
Originally posted 2022-01-13 07:13:00.