Were crypto.com VISA cards too good to be true? A small research [EU]

Yes, people are still bummed after the CDC cashback rewards slashing announcement and of course the two previous Earn rewards slashes.

However, the biggest upside of crypto.com in my opinion, is how GOOD their VISA card system was(still is?). It is: Accessible everywhere, easy to sign up and order a card, no stake required (for the lowest tier). 1% – 8% cashback rewards, plus subscription rebates, plus interest on your stake? Too good…..

Even Coffeezilla referred to crypto.com as a "ponzi scheme" in his latest video, although we got to admit that Coffee would probably call out his grandma for promoting a ponzi scheme for giving him a $20.

I got to point out that, as weird as it may sound: crypto.com cards are still one of the best options out there. Now let's quickly check some popular alternatives:

1. Curve

"Curve offers a card that aims to integrate all your other cards into one. Instead of carrying a bunch of different debit and credit cards, you just add them in the Curve app, verify them, and then you can simply carry around the Curve card and have access to spending from any of your other bank cards.”

Not so much of a rewards type of platform, but still very convenient and offers its own card with a small cashback rate (1%) to select retailers. BUT, of course, you have to subscribe and pay a monthly fee. Also, Curve has nothing to do with crypto, but still, it is convenient when you use multiple cards.

1. NEXO Wallet

NEXO is a crypto platform that offers a wide range of features. From exchanges (fiat to crypto etc.), to lending/borrowing, to your own Nexo card.

NEXO card looks very attractive at the moment because it offers 0.5% cashback in BTC or 2% cashback in their native token NEXO. Wait, what's the catch?

The catch is that, according to their FAQ:

• For a virtual card: maintain a Portfolio Balance of at least $50.

• For a physical card: maintain a Portfolio Balance of at least $500 and a Platinum Loyalty tier.

I still haven't used NEXO yet so I cannot elaborate further but of course you can read more in their website or head over to their subreddit. A lot of existing users are happy to help there.

1. Plutus

Plutus is a UK based company that also offers a wide range of crypto services, such as a non-custodial wallet to store your crypto and a pre-paid debit card with cashback rewards, depending on your plan. The rates are very attractive but the downsides are:

• Monthly subscription fee (might not worth the return)

• Top-ups can only be made with bank transfers which may take hours/days.

• Cashback is in Plutus token, same as CRO but, Plutus is an ERC-20 token and in order to be sold, you need to transfer funds to a non-custodial wallet that supports the ERC-20 standard and pay gas fees which are currently on average… half a PLU.

Here is a list of their plans if you want to check them out.

Plutus is a new platform so please DYOR.

1. Revolut

I'm pretty sure a lot of people are familiar with Revolut. Their app is very user friendly and offers a variety of services. You can trade crypto (values only, not actual coins unfortunately). You can also go through their monthly subscription plans to earn cashbacks and other rewards. But, cashback is at 0.1% for EU use and 1% for International use. Don't think it's worth a monthly subscription unfortunately.

Last thoughts:

Of course there could be more alternatives, depending on the country you live and based on your goals, however, these look like the best alternatives to crypto.com.

This might be controversial but, Crypto.com is still one of the best crypto cards out there. It's easily accessible and unfortunately, even with the slashed rewards, it still matches (and surpasses) the rewards offered by other similar products in the market.

All attractive rewards/perks from other platforms come with their downsides. There's pros and cons to every product/service out there. Please do an extensive research before you decide which one to use.

Personally, I am still unsure as to where to go from here. The easiest choice for me is to keep using my cdc card and keep earning 11% on my DeFi wallet on every reward I get, plus my existing CRO which are slowly losing value. Crypto.com has spent a lot on marketing so I want to remain hopeful that they have a long-term plan and they will eventually announce something good for their users. But I won't be hesitant to point out that these unexpected announcements are hurting the company's credibility.

Maybe this is all collateral damage from the current market situation which looks bad overall. Maybe in the future crypto.com will offer higher rates once again. Please remember, other platforms who are using this situation to push their own programs, can, and most probably will, eventually cut their own rewards in their future.

Lastly, please feel free to share your own research, experiences, thoughts on the mentioned platforms and feel free to recommend additional ones. And of course, take every advice with a pinch of salt. Everyone has its own agenda to push.