Crypto.com Card Review 2023 for New Zealand

The Crypto.com card is an option for cryptocurrency holders looking for simple ways to access and use their digital assets. With this card, New Zealand crypto holders can use their assets to make payments on platforms that accept Visa cards for fast withdrawals and purchases. Plus, it offers up to 5% cashback rewards in addition to other perks.

Before using this cryptocurrency debit card for transactions, you should understand how it works, its benefits, and its downsides. This review explores everything there is to know about the Crypto.com card. At the end of this write-up, you can decide if it’s a worthwhile option for you as a cryptocurrency owner.

Features of the Crypto.com Card

The Crypto.com card is a prepaid debit card. You must fund the card using cryptocurrency or fiat money on the Crypto.com app before using it for payments.

If you choose to load fiat money, you can do so with a debit or credit card. Alternatively, you can use funds that are already in your Crypto.com account.

However, if you choose to use virtual money, your cryptocurrency is first converted to dollars using the current market value. This is to prevent the effects of price swings that are common in the crypto market. Afterwards, you can use it just like any other payment card.

Supported Cryptocurrencies

Kiwis can top up this cryptocurrency debit card with over 100 digital currencies, including popular and lesser-known options. This makes it easier to use the card regardless of your preferred cryptocurrency (provided the card supports it). Some digital currencies you can use to fund the card include:

Bitcoin
Ethereum
Litecoin
Ripple
Tether
Polkadot

The top-up process is straightforward. You simply have to visit the appropriate section, select the cryptocurrency you want to use, and follow the prompts. Here is a breakdown of how to fund the Crypto.com card:

Navigate to the “Card” tab.
Select “Top Up.”
Choose “cryptocurrency” as your preferred payment method.
Enter the amount you want.
Confirm the payment.

Fees

Transferring funds from your bank account to the cryptocurrency debit card is free. However, there’s a 3% fee attached to funding your Crypto.com card with a credit card. Other fees you should note when using the card include:

$4.95 monthly after 12 months of inactivity
$7 to reissue a Midnight Blue card
$50 to reissue any other card

These charges, especially for reissuing another card, are a drawback for some customers. However, when compared to cards like Coinbase, Crypto.com has lower transaction fees, which is a plus.

Cashback Rewards

There are different rewards that come with using these cards, and one of them is cashback. This means that you get back a certain percentage of the amount you spend. Here are the perks for each card tier:

Midnight Blue: This card has very few rewards and earns no cashback.
Ruby Steel: The benefits of using Ruby steel include reimbursement for Spotify subscriptions for the first six months. You earn 1% cashback.
Royal Indigo and Jade Green: Perks of these cards include reimbursement for the first six months’ subscriptions on Netflix and Spotify. Users get 2% cashback.
Frosted Rose Gold and Icy White: You get reimbursement for Spotify, Netflix, and Amazon Prime. The cashback percentage for using this card is 3%.
Obsidian: The most beneficial of the lot, users enjoy monthly reimbursements on subscriptions and a 5% cashback.

Pros and Cons of the Crypto.com Card

There are different advantages to using this Visa card payment in New Zealand, including faster withdrawals at online casinos. Despite these benefits, the debit card has a few downsides you should keep in mind. The following sections discuss the pros and cons of the Crypto.com card.

Pros

Spending your virtual assets is easier: With a Crypto.com card, spending your cryptocurrency is a breeze. Simply add funds to your card via your account’s cryptocurrency wallet and you’re good to go.
No annual or monthly fee: Certain prepaid debit cards incur a monthly or yearly maintenance fee. The provider doesn’t charge a yearly fee, making it a cost-effective option.
Flexible rewards: The card automatically accumulates CRO tokens as a reward for purchases you make with the card. You can then choose to keep the CRO tokens or exchange them for another cryptocurrency or fiat currency.
Reimbursement for some subscriptions: You can pay your Spotify, Netflix, or Amazon Prime subscription fees with your Crypto.com card. Monthly fee credits you earn for Spotify and Netflix are up to NZ$13.99, while Amazon Prime is up to NZ$14.99.
Free ATM withdrawals: Users enjoy free ATM withdrawals, though there’s a monthly limit based on your card tier. For instance, the maximum for the Midnight Blue card is $200, while that for Obsidian is $1,000.

Cons

It is a prepaid card: When compared to credit cards, prepaid debit cards like the Crypto.com card have a few drawbacks. Using these cards doesn’t improve your credit score regardless of your positive payment practices. Also, you can use only the money you load into these cards. This is unlike a credit card that you can use and pay later.
Transaction limits: While using a Crypto.com card, there are limits on how much you can load, withdraw, and spend. These limits depend on your card tier, so the higher it is, the better for you.
Staking to enjoy benefits: To get the most out of your Crypto.com card, you must stake CRO. You have to keep these staked if you want to keep enjoying the benefits.

User Experience

The Crypto.com card is easy to apply for, set up, and use. If you don’t have the card yet, here’s how to apply for one:

Download the Crypto.com application on your Android or iOS device.
Open the application, sign up, and complete the KYC (“Know Your Customer”) process.
Next, navigate to the card page which is located at the bottom right side of the app.
Choose a card tier and lock the required CRO token.
Fill in your details and accept the terms and conditions.

You’ll first get a virtual card in the app that you can use for online purchases. If you want a physical card, you can request one, and it’ll be shipped to your location.

Activation and Setup

Once you have received the physical card, follow these steps to activate it in the application:

Open the mobile app and click the card icon at the bottom right corner.
Select “Activate My Card.”
Fill in the three-digit CVV at the back of the cryptocurrency debit card.
Set your pin.
You can now top up and start using the card.

After activation, the expiry date and CVV on your virtual card will be updated to that of the physical card. If you have any problem with these processes, visit the help page or contact customer support.

Compatibility and Acceptance

You can use the Crypto.com card at merchants that accept regular Visa debit and credit cards. However, keep in mind that it is a prepaid debit card, and some merchants might only be open to credit cards. You should also note that these cards have varying transaction limits, which are specified in the app.

Conclusion

After reviewing the Crypto.com card, we can confidently recommend it to Kiwis. Getting the card is easy, there are minimal fees, and you enjoy different rewards as you use it.

However, there are a few downsides, like it being a prepaid debit card and having to stake before enjoying rewards. If you don’t mind these disadvantages, then the Crypto.com card is a great option for cryptocurrency holders.

Disclaimer

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