Since its inception in June 2016, Crypto.com has been moving towards realizing its vision of cryptocurrency in every wallet. The company is using useful but straightforward financial services to democratize blockchain technology. Thanks to its unique products, Crypto.com is leaving a lasting and positive impact on its users’ lives.
The company’s products include metal cards, which are a different kind of Visa. The MCO Visa cards are approved prepaid cards that come with a variety of benefits. These cards range in color, all of which offer different rebates. In this guide, we will highlight the benefits you get from these cards, with a focus on the Ruby Colored card.
MCO Visa Cards
The need for MCO visa cards arose from two primary problems that Crypto.com identified among global crypto users. For starters, buying and spending cryptocurrency is a cumbersome process that may take days before a transaction is complete. Besides, global crypto mass adoption is yet to be achieved, and crypto users may often face challenges when looking for places that accept crypto payments.
Credit and debit cards may solve the issue of global payments from just about anywhere. However, financial institutions in charge of these cards often charge ridiculously high fees, which may total to about 8% of the purchase. Besides, these cards often don’t offer users any other benefits.
Thus, Crypto.com conceived the idea of prepaid MCO Visa Cards for its customers. The metal cards are beautifully crafted and come with both a magnetic stripe and a chip. These cards are arranged in tiers, depending on the customer’s staking amount at six months. Customers enjoy rebates of up to 5%, as well as staking and non-staking benefits dependent on the type of metal card they have.
All cardholders get access to free ATM monthly withdrawal, up to a certain amount, depending on the Visa card. Higher tier cards also come with airport lounge access and rebates on Amazon Prime, Expedia, and even Airbnb.
The Ruby Steel Metal Card
The Ruby Metal Card is one of the seven Visa cards offered by Crypto.com and is placed at the second-lowest tier. Users need a 50 MCO stake before they can apply for this card. Like all the other cards, the Ruby Card offers staking and essential benefits.
The card grants users a 2% rebate in MCO rewards, which is paid instantly after spending. Crypto.com deposits Spotify users get a 100% rebate, which is equivalent to $12.99 in monthly subscription fees.
The Ruby Card also comes with primary rewards that include a 1% rebate and free ATM withdrawal for amounts up to $400. Withdrawing quantities that exceed this limit will incur a 2% withdrawal fee. Additionally, users get free interbank exchanges for up to $4000. A 0.5% fee is charged for amounts above this limit.
Ruby users can connect their cards to the Crypto.com app, which lets them manage their digital assets.
How to Sign Up for a Ruby Metal Card
Applying for any of the Crypto.com Visa cards requires a 6-month MCO staking period. For the Ruby Card, you will need to hold 50 MCO tokens for this period.
The first step is downloading and signing up for the Crypto.com App. The app is compatible with both iPhone and Android devices but is only available for mobile use. You will then need to complete the KYC check.
Crypto.com offers metal MCO Visa cards that are exclusive to MCO token holders for free. Users will only need to commit to buying MCO tokens and staking them for six months. Ruby Card applicants can buy the MCO tokens directly on the app and pay for them using their credit cards or via bank transfer.
Users will get an app notification when the Ruby card is ready for shipment. They will then be prompted to update the app and stake MCO if they hadn’t done so.
After the initial 6-month staking period is over, Ruby Metal Cardholders get to choose what to do with the tokens. They can either keep staking their tokens or unlock and transfer them to the Crypto.com app. Here, they can choose whether to sell or keep them. However, users who unlock their MCO tokens lose their staking benefits, which includes the purchase rebates.
It is worth mentioning that holders will not be able to hold cryptocurrencies in their Ruby Cards. The digital currencies will be converted into US dollars, which will then be loaded onto the card.
Upgrading From the Ruby Card
You can choose to upgrade your metal card at any time. If you wish to join a higher tier, you can upgrade your card from the Crypto.com app. Once you choose to upgrade, the timer will reset, and you will have to stake MCO tokens for another six months.
The company will close your existing card as you cannot hold two cards at the same time. You will be charged with a card reissuing fee, which will be deducted from your balance, before the card’s closure.
The invention of bitcoin and blockchain technology brought about a different kind of money. This different system necessitates a different type of metal card that solves several solutions for the cardholders.
Crypto.com is bridging this gap, by providing prepaid metal debit cards, that allow users the convenience of using the cryptocurrencies from any part of the world. Unlike other credit and debit cards issued by banks and other financial institutions, these cards come with lucrative offers, including instant rebates after every purchase.
The Ruby Metal Card is one of the seven cards issued by Crypto.com. If you are looking for a Visa card that’s convenient and useful, then you should sign up for this card. All you need to do is sign up for the app and stake 50 MCO tokens for 6-months so you can start enjoying the staking benefits!