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Crypto.com Ruby Steel Visa Review

Crypto.com Visa Ruby 6 Month Review: Interesting Or No Good?

Last Updated on September 16, 2021 by Mr. FightToFIRE

With over 6 months of use with my crypto.com Visa debit card, I figured I’d share my experience with everyone.
For myself, this card has been a nice addition to my Credit cards. Without doing anything, I also improve my portfolio thanks to the cashback this crypto card provides.

Lately, there have been many cards to choose from in the crypto sphere, all with their owns benefits, but this post is only about my experiences with the crypto.com Ruby VISA debit card. To clarify, I also have the Binance card, but I stopped using it after realizing I couldn’t use it for my Amazon purchases.

How I decided on the Crypto.com Ruby steel Visa debit card

Around half a year ago, at the beginning of the year, I was looking for two things:

  • Switching to a lower cost crypto broker for my crypto investments
  • Getting another cashback card because Beobank was replacing their Visa cashback to €100 per year.

Back then, the cards were not pegged to a fiat amount to order them but to a CRO amount. So I decided to try out the first paid level card, which was the Ruby card.
I bought 10,000 CRO worth €726.03 and staked half (5.000 CRO) for 6 months to get the perks of the Ruby card.

When you order a card, the initial staking amount is locked for 6 months. After that, you can take the CRO out of the staking, but you will lose some of the perks if you do. You will be able to continue using the card even after you unstake, but you will get less cashback %, and you will not get your subscriptions to Spotify, Netflix, or Amazon Prime paid back. So to use the full benefits, you will have to keep the needed CRO staked for that card. During the 6 months where the staking amount of CRO is locked, you can not access these funds, meaning that there might be heavy price fluctuations (it’s still crypto)

With the level of Ruby also came a steel card. It’s with the delivery of this steel card where I experienced my first letdown. It took me multiple support calls from mid-February till April for my shiny and heavy metal card to arrive at my doorstep.

Crypto.com cards
Overview of the various Crypto.com Visa cards that you can get.

(First) Uses

Once received, the first thing I did was link the card to my Spotify account since it was one of the main perks: my Spotify subscription paid back. And paid back it was.
The day my subscription was due, it was fully paid back in CRO, meaning €9.99 went of my card as payment, and right away, €9.99 worth of CRO coins came into my crypto wallet. Sweet!

Meanwhile, I was getting cashback left and right for purchases that I had to do anyway. My spending didn’t change, but I was getting crypto for doing the same thing.

To be honest, I don’t always use a crypto card. I also switch between my Two Beobank credit cards for one main reason: insurance. The debit card doesn’t have any, while the credit cards do.
When I purchase goods to use immediately -think groceries- I get the Ruby steel card where I can. Of course, also for Spotify. But for bigger purchases such as a new fridge, I use my Extra Mastercard that gives 1% cashback because I have insurance.

(No) Fees

Crypto.com doesn’t charge any fees for the four ways you can top up the Visa debit card.

Supported Credit Card Supported Debit Card
Mastercard Maestro (Mastercard network)
Visa Visa Electron (Visa network)

Since I got the Ruby card first and might want to upgrade to the Royal Indigo / Jade Green level later, I have to pay a €50 fee to upgrade my physical card to Royal Indigo / Jade Green.

Is the Ruby steel Visa debit card worth it?

If you are a Spotify user that pays for their membership, the first level card is worth it.

Higher-level cards depend on your spending amount and if you also have Netflix / Amazon Prime subscriptions. You can see this in the table below.

Cashback from subscriptions are taken into account for every card level, and no interest earning on the cashback nor price fluctuations of the CRO coins are taken into account. There are other perks to the higher level cards like free airport lounge access, exclusive merchandise welcome pack, Airbnb & Expedia reductions. But you get the general idea if a card is worth it for you or not.

Ruby steel Royal Indigo/Jade Green Icy White/Frosted Rose Gold Obsidian
Stake amount €350 €3,500 €35,000 €3500,00
€500 spending Yearly cashback €275.88 €891.76 €5,567.64 €48,947.64
Time to earn stake back 1 year 5 months 4 years 5 months 7 years 2 months 8 years 2 months
€1500 spending Monthly cashback €515.88 €1,251.76 €6,167.64 €49,907.64
Time to earn stake back 0 years 9 months 3 years 2 months 6 years 5 months 8 years 0 months
€2000 spending Monthly cashback €635.88 €1,431.76 €6,467.64 €50,387.64
Time to earn stake back 7 months 2 years 9 months 6 years 2 months 7 years 11 months

Besides the monetary benefit, there are a number of key positives and negatives to point out as well.

My pros for the Crypto.com Ruby Steel Debit Card

  1. $25 welcome bonus (20.50 euro) with referral code: h4w9srzh97
  2. No costs and high cashback. Before this card, I mainly used the Beobank credit card but it was only 1% cashback with a limit of €200 which got reduced this year to €100. On top of that the credit card costs €5/year. If you do not change your spending habits, these cards are great. I’ve never had my card declined at a place that accepts Visa, and I get ‘cashback for using the card to buy things I would usually buy.
  3. The app and exchange are user-friendly.
  4. The Spotify (and Netflix/amazon subscription payback if you have a higher tier) add up to a nice amount every year for services I use anyway.
  5. When a store accepts Visa, I’ve never had my card declined.
  6. Excellent exchange rates when traveling abroad and never any problems in the countries I’ve gone to. (only Germany so far).
  7. You can put the cashback you get in an ‘earn’ program in the app, letting you earn interest on your cashback.
  8. KYC is required to order a payment card or to create an account on the exchange. This shows they comply with strict (European) financial regulations.
  9. You can request virtual cards once you’ve staked and ordered a crypto.com card, meaning you do not have to wait until the physical card arrives to start using it.

My cons for the Crypto.com Ruby Steel Debit Card

  1. Once you top up your card, you have to spend it. Transferring it back to your bank account is nigh-impossible.
  2. Waiting on your physical card is usually long. I don’t know how it is now, but the waiting time seems to vary between two weeks to three months. 6 months ago when I ordered it, it took close to 3 months weeks to arrive.
  3. Forgetting to top up your card means you can not pay with it. Always good to have a second card with you
  4. You need a backup card since not all stores accept Visa. A big one is Colruyt for example.
  5. It’s crypto ‘start up’ that rewards you with their self-created coins. The price of your staked coins shows extreme fluctuations. Over the last year, the price topped at $.26/ CRO and bottomed at $0.055 with a price of $0.12 at this moment (08/2021). The risk of losing your investment is always there, and swings are inherent to crypto.
  6. Not your keys – not your coins.

Weak Customer service

Online you can find quite some remarks regarding Crypto.com’s customer service, but at least to me they were helpful and replied every time I asked them about the status of my card or the cashback I received. That said, those two times were easy to solve customer service tickets, so this is no real reference.

Seeing how fast they are growing as a company (they crossed 10 million users at the beginning of this year), it’s understandable that reaction times are not always immediate.
A growing company has growing pains. And hiring new people is not only about onboarding them, but also about them learning how to do the job.

I still give them the benefit of the doubt regarding customer support though if they don’t improve on this, I’ll be inclined to limit my usage even more. There’s nothing more annoying than to be unable to get a hold of a company you are a customer with when you have an issue.

What can you do with the cashback?

All the cashback (and the staking rewards from higher-level cards) you get are in CRO, the native coin from crypto.com. But what can you do with these coins?

I either keep it as CRO or trade it all for one of the following cryptocurrencies I hold with them, usually, it’s Cardano:

  • Cardano (ADA)
  • Internet Computer (ICP)
  • Binance (BNB)
  • VeThor Token (VTHO)
  • Shiba Inu (SHIB)

I also use their CRO earn program. At the moment I have the second part of the 10,000 CRO I transferred in the beginning in it earning me 6%year.

Next to the wallet, I have an account on their exchange. It’s better to trade on the exchange than on the app because the fees/spread are better.
Putting crypto from the app to the exchange and back is free of charge.

But you can choose to do other things with the cashback. You can exchange your CRO cashback to Euro within the app. Other options are staking the CRO on their exchange and getting 6% interest (minimum 5.000 CRO and locked for a minimum of 6 months), putting it into their DEFI wallet (about 6% interest atm), or participating in their syndicate events (where you can buy cryptos at discount prices).

My most recent Crypto.com cashback
The overview you get in the Crypto.com app of the most recent cashback. At the bottom you can see the Spotify rebate.

Cashback on everything?

No, you do not get cashback on all your purchases. Crypto.com excludes some ‘merchant codes’ for cashback. Examples of these purchases are insurance, taxes, fines, or self-service gas stations. However, paying for your gas at the counter afterward gets you to cashback. Withdrawing money also does not give you cashback.

The cashback you see in the app is the total euro amount of the cashback. Other than that, the cashback is visible and available in the app the second you make the purchase. In total, I got around 462.62529059 CRO as cashback; if I had kept it all as CRO, this would equal around €55.51 in cashback today (17/08/2021).

What other things do you have to know? 

  • Staking for a Royal Indigo & Jade Green card and upwards will automatically let you earn 10% interest paid out weekly in CRO on your card-staking. Staking for a Frosted Rose Gold, Icy White & Obsidian card will give you a 12% total on your card-staking.

  • There is a monthly spending limit of 25.000$, and you can ‘only’ do 300 transactions a month with the card.

  • Free Airport lounge access is available from Royal Indigo & Jade Green upwards. (One guest for free as well from the level of icy white/rose upward)

  • You can link your crypto.com card to your Curve card. Curve is an app where you can link all your credit cards behind that one card and ‘switch’ which card you wish to pay with. While you are waiting for your physical crypto.com card, you can link your virtual card to Curve and pay that way. No money on your crypto card? No problem, choose a different payment card in the curve app and switch the payment to your crypto card later on (they have a go back in time feature where you can switch payments from one card to another up to 90 days after your purchase).

  • Crypto.com has a free card as well, it works the same way as the ‘staked’ cards, and you get a 1% cashback with this card (it’s called midnight Blue). For this card, you do not need to stake any of their CRO coins.

Conclusion

How do I summarize my first 6 months?

While I haven’t used the card as my main card, I do enjoy it every day through the “free” Spotify subscription. Thanks to this full refund and the 2% cashback I save CRO every month which I can then either keep or convert to any crypto of my choosing. The overall performance of my crypto portfolio has improved leaps and bounds thanks to this.

Not everything is rose petals and rainbows. The customer service definitely isn’t the greatest, and it’s only reachable through the app (as far as I’m aware). The reaction speed of said service is slow at best though at least not non-existing like other crypto-companies. Crypto.com is a rebrand of Monaco and its Monaco coin (MCO) which came with a controversial coin swap to crypto.com coin (CRO). So, who’s to say they won’t do it again?

Vigilance remains necessary due to this very turbulent atmosphere. As a result, I would never put more than a couple of hundred euros at a time on the card making it unlikely that it will ever become my main Visa card.

With that all said, All in all, I’m a satisfied Crypto.com Ruby steel Visa debit cardholder albeit somewhat reserved.

CRYPTO.com Logo

Crypto.com

If you are looking for a no-cost yet decent cashback debit card, Crypto.com Ruby should definitely be on your shortlist!

Interested in applying for the Visa debit card? 

Apply for the Ruby Steel Crypto.com Visa card directly by clicking here.
Or download the Crypto app and use the following referral code when signing up: h4w9srzh97

When you stake for a card through one of the above methods, we will both receive 25 dollars as a gift (approximately €20.50).

Mr. FightToFIRE

I'm a developer for a major financial institution in Belgium that is present in over 40 countries. I have over 8 years of working experience in the development of customer applications focussing on all aspects of banking. This helped me gain a deep understanding of the inner workings of a commercial bank. All of this experience in both banking and life culminates in this blog about personal finance and my fight towards FIRE.

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Luk

Thanks for the insight into the Crypto.com visa debit card.

Yuzzzzuy

What about taxes? Is the sale of the CRO, acquired via cashback a taxable event? If you use it to pay back several subscriptions on top of regular cashback, it can amount to quite the sum. I suppose you could spend it, but legally are you supposed to declare it? I think I once read about taxes on crypto acquired via staking, so wondered whether it applied to crypto cashback as well.

Last edited 22 days ago by Yuzzzzuy
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