Crypto.com MCO Card
The Crypto.com crypto debit card is a Visa debit card that enables cardholders to make everyday purchases with ease. Eligible cardholders have the option to choose between five different card tiers. With the everyday user in mind, this review will focus on the most attainable Crypto.com debit card: the Midnight Blue (free) card edition.
Pros and Cons
- Rewards - Midnight Blue cardholders earn 1% cashback and are paid in MCO tokens.
- No Staking - Midnight Blue cardholders aren’t required to stake MCO tokens.
- No Maintenance Fees - Crypto.com does not charge an issuance fee or monthly/yearly maintenance fees for the Midnight Blue card edition.
- No Reimbursements - Unlike the higher card tiers, Midnight Blue cardholders don’t have access to benefits such as airport lounge access or purchase reimbursements.
- Low Account Limits - Crypto.com charges 2% for ATM withdrawals over the $200 monthly limit and 0.5% for interbank exchanges over the $2,000 monthly limit.
- USD Only Stablecoins - EU and UK users currently have no stablecoin options for EUR or GBP.
Crypto.com MCO Card Overview
|Supported Currency||EUR, GBP|
|Virtual Card Support|
|Available in US|
|Available Regions||UK EEA & SG|
|Card Delivery||5-7 business days|
|Top Up Assets||ETH, XRP, BTC, LTC, XLM|
|Top Up Stablecoins||DAI|
|Top Up Methods||Crypto Deposit, SEPA|
|Mobile Wallets||Google Pay, Apple Pay|
|Issuing Bank||Contis Financial Services Ltd|
|Benefits & Rewards||1% Cryptoback in MCO Tokens.|
Benefits & Rewards
The Crypto.com Midnight Blue card enables users to earn 1% cashback rewards on all online or in-store purchases. Cardholders are paid in MCO tokens, and no MCO staking is required to participate.
Those interested in more rewards should consider the higher Crypto.com card tiers. Note that higher tiers do require MCO staking, which might not be attainable for the average cardholder.
How to Get the Card
Eligible applicants can sign up for any Crypto.com debit card by downloading the Crypto.com mobile app on iOS or Android. Crypto.com requires applicants to first complete a KYC check on the mobile app. Necessary information/documents that the applicant must provide include full legal name, ID photo, and a selfie.
Each eligible cardholder must commit to purchasing and staking MCO tokens for a minimum of six months. The required staking amount varies based on the selected card edition. Midnight Blue, the lowest card, is the only option that does not require staking.
After the initial six-month staking period is complete, cardholders have the option to unstake MCO or continue to stake for the higher cashback rewards and benefits.
Mobile App Experience
The Crypto.com mobile app is an integral part of Crypto.com’s overall crypto debit card experience. The mobile app is required for the initial KYC check, card edition selection, card activation, and fund deposits.
Here are a few key details about the mobile app:
Once a cardholder receives their card in the mail, they can easily use the Crypto.com mobile app to activate the card.
- Open the Crypto.com mobile app.
- Tap on the “Card” icon (lower right hand corner).
- Tap the “Activate My Card” button.
- Enter the 3-digit CVV on the back of your MCO Visa Card.
- Create and enter your card PIN.
Adding Fiat and Crypto Assets
Cardholders have the option to deposit fiat via bank transfer (ACH, SWIFT, SEPA) or deposit crypto assets via an external crypto asset wallet or debit/credit card.
Once you have a card, you can add crypto assets from an external wallet.
- Open the Crypto.com mobile app.
- Tap "Transfer" > “Deposit” > “Crypto”
- Select the crypto asset you want to deposit. A pop-up will appear with your deposit address and QR code.
- Copy and paste this address or scan the QR code from the crypto asset wallet that contains the funds you want to deposit.
You can also add fiat via bank transfer. Note that you might be required to input personal information depending on your jurisdiction. For example, depositing USD via ACH requires a US residential address (P.O box is not acceptable) and a social security number (SSN).
- Open the Crypto.com mobile app.
- Tap on “Fiat Wallet” from the Super App Menu Button or Home Screen.
- Tap “Transfer” > “Deposit” > “Fiat”.
- Tap on the “+ Set Up New Currency” button.
- Select a fiat currency for bank transfer.
- Complete your fiat currency wallet setup as per payment network instructions and T&C acceptance.
- Use the account info provided to transfer funds directly from your bank.
Purchasing crypto assets on the mobile app requires the use of fiat funds loaded onto the in-app fiat wallet or payment from a debit/credit card.
Using an external debit card/credit to buy crypto assets requires the following steps:
- Open the Crypto.com mobile app.
- Tap the “BUY” button and select your preferred crypto asset.
- Add a credit/debit card on the screen that follows. This will create a secure link to the Crypto.com payment gateway.
- Follow the on-screen instructions and enter your card details (card number, name on the card, expiration date, and CVV code).
- To verify a card, a small amount of money (around $0.10 SGD) will be temporarily held for up to 7 days and won’t be charged. Confirm this transaction in order to complete the process.
- Once complete, return to your Crypto.com wallet and tap the “BUY” button. From there, enter the desired amount and select your credit/debit card as the source of funds.
- Confirm the transaction with your passcode or fingerprint. The transaction will then be processed.
Transferring and Withdrawing Crypto Assets
Mobile app users can send crypto assets to other Crypto.com users instantly without fees. Withdrawing crypto assets to an external wallet includes a small fixed fee and a withdrawal minimum that varies for each asset. For example, Bitcoin (BTC) has a minimum withdrawal of 0.003 BTC and a fixed fee of 0.0005 BTC. Users can visit the “Fees & Limits” section in ‘Settings’ for up-to-date details on each crypto asset.
Tracking Crypto Asset Prices
The mobile app provides data feeds for 200+ crypto assets. Utilizing these feeds, users can monitor prices, volume, market cap, percentage change, and more. Historical price charts are available for the value of crypto assets relative to USD and BTC for intervals of 8 hours, 1 day, 1 week, 3 months, and 6 months.
Crypto.com offers a referral program for all users, including non-cardholders. Those who register their email address on the mobile app will be emailed a referral link. Referral links can also be accessed via the mobile app.
The referral and the referrer each earn $50 in MCO whenever the referral signs up for a debit card and stakes at least 50 MCO—the minimum amount for the Ruby Steel card edition. The referral program is available for every card edition except for Midnight Blue. Note that the referral bonus amount is $50 for each user, even if higher card tiers require applicants to stake a higher amount of MCO.
How to Use the Card
Using the Crypto.com crypto debit card for purchases is comparable to using traditional debit cards, with only a few slight differences.
Crypto.com crypto debit card transactions function like this:
- The cardholder deposits funds onto the crypto debit card in one of two ways:
- Fiat - Deposit fiat via bank transfer, external debit card, or credit card.
- Crypto Assets - Deposit crypto assets from an external wallet.
Crypto.com MCO Card Alternatives
|Supported Currency||EUR, GBP||EUR, GBP||USD|
|Physical Card Issuance Fee||FREE||$4.95||$9.95|
|Domestic ATM Fee||$1.75||1%||$2|
|Crypto-to-Fiat Fees||1%||2.49%||Varies 0.5%-1%|
|International Transaction Fee||3%||3%||3%|
|Mobile Wallets||Google Pay, Apple Pay||Google Pay|
|Available Regions||UK EEA & SG||UK & EEA||U.S|
Frequently Asked Questions
Is the Crypto.com card available to residents of the United States?
Yes. The Crypto.com card is currently available to US residents.
Does Crypto.com require KYC for cardholder applications?
Yes. All applicants must complete and pass a KYC check, which is only accessible from the Crypto.com mobile app.
How many types or tiers of Crypto.com cards are available?
There are seven different card color options. Among these cards, there are five levels with varying MCO staking requirements that determine rewards and benefits for cardholders.
How do I add funds to a Crypto.com debit card?
Cardholders have the option to deposit fiat via bank transfer (ACH, SWIFT, SEPA). Alternatively, they may deposit crypto assets via an external crypto asset wallet or debit/credit card.
Can I spend crypto assets directly using a Crypto.com physical card?
No. The physical card doesn’t support direct spending of crypto assets. Cardholders need to exchange crypto assets for fiat in the mobile app before paying Visa merchants. Crypto assets can be sent from the in-app wallet to another Crypto.com wallet or an external wallet.
What are the fees associated with purchasing and using a Crypto.com Midnight Blue card?
There are no card issuances or monthly maintenance fees associated with the Midnight Blue card. Crypto.com charges 2% for ATM withdrawals over the $200 monthly limit and 0.5% for interbank exchanges over the $2,000 monthly limit.
Do Midnight Blue cardholders have access to the airport lounge feature?
No. The airport lounge feature is reserved for higher tier Crypto.com cards.
Is it true that Crypto.com Midnight Blue cardholders are reimbursed for purchases on Netflix, Spotify, and other services?
No. Reimbursements are reserved for higher tier Crypto.com cards that require MCO staking, which are considered expensive for the average cardholder.
Does Crypto.com have a mobile app?
Yes. Crypto.com has a mobile app for iOS and Android. The mobile app is required for the initial KYC check, card edition selection, card activation, and fund deposits.
Conclusion: Is The Crypto.com Midnight Blue Debit Card Worth it?
The Crypto.com Midnight Blue (free) card edition is currently one of the most popular crypto debit card options available—but is it a good option for potential cardholders?
For the vast majority of retail consumers, Crypto.com’s higher card tiers initially appear to offer decent cardholder benefits. This is clearly not the case after viewing the fine print. Rewards are heavily capped for all card tiers. The initial six-month staking period requirement and high staking costs likely outweigh any benefits gained from reimbursements and rewards.
Most importantly, users who stake a large amount of MCO tokens risk significant losses if the value of the token declines relative to USD or fiat currencies.
Overall, Blockfer currently recommends that potential cardholders consider the Midnight Blue card. The higher tier Crypto.com cards should be avoided due to high costs and limited benefits.