The credit card is a crypto-backed card provided by Crypto.com – one of the best crypto apps on the market. Most investors will have heard of Crypto.com due to the platform’s low fees and user-friendly trading experience.
Aside from Crypto.com’s extensive investing features, the platform also offers a dedicated crypto card. The debit card is available to all users and acts in the same manner as a prepaid card. This approach means that the card does not need to be linked to an active bank account to facilitate transactions and can instead be topped up whenever the user pleases.
The critical distinction between crypto-backed cards like the Crypto.com Visa card, and traditional debit cards, is that the former allows users to fund their card balance using cryptocurrency. Ultimately, this means that users can buy Bitcoin (or any other supported digital currency) and then use it to pay for goods and services.
For users interested in obtaining a Visa card, the only requirement is that they must hold CRO tokens – Crypto.com’s native currency. Once CRO ownership is confirmed, users can apply for the card through the mobile app and Crypto.com will send it out for free. Finally, in terms visuals, the Crypto.com card is an aesthetically-pleasing metal card with no recurring fee attached – which is in stark contrast to many other metal card providers.
Using a crypto card for the first time can be slightly daunting, meaning it’s a good idea to understand how the card works before using it for transactions. Relating this to the Crypto.com card, users can easily top up the card’s balance through App using a credit/debit card, FIAT currency, or cryptocurrency.
It’s important to note that Crypto.com offers flexibility for those who do not wish to use crypto – ensuring the card appeals to a broad audience of potential users. Another great feature is that US-based users can top-up the Crypto.com card instantly using PayPal, although a 2.1% transaction fee is attached to this process.
However, if you do wish to use crypto to make payments, this is extremely simple to do. As Crypto.com is one of the best crypto exchanges, users can instantly purchase crypto via the Crypto.com App and then use these crypto holdings to fund the card’s balance.
Download the Crypto.com mobile app from the App Store or Google Play and tap ‘Sign Up’. Enter your full name and email address, then choose a username and a password for your account.
Before buying crypto through the Crypto.com App, you’ll have to verify your account. You will need to provide your full legal name and a picture of your government-issued ID (e.g. your passport or driver’s license).
Finally, you’ll also have to take a selfie to verify the accuracy of the documents. Once these tasks have been completed, Crypto.com will begin the verification process, taking anywhere from a few hours to multiple business days.
Once you are verified, you can proceed to purchase CRO through the Crypto.com App. The easiest way to do this is via a credit/debit card, which you can link during the purchasing process. All you need to do is tap ‘Buy’ on the app, select CRO, and then follow the on-screen instructions to complete your purchase.
All users must own CRO to be eligible for the Crypto.com Visa card. However, the Midnight Blue tier does not require CRO staking, whereas the other tiers do, so make sure to obtain the necessary CRO for the tier you are interested in.
After you have purchased CRO, tap the ‘Card’ icon on the bottom right of the homepage. You can then select the tier you’d like, stake the amount of CRO required for your tier, and confirm your delivery address. Once these steps are completed, they will begin the process of shipping your new card.
You can easily keep tabs on your card by looking at the mobile app’s ‘Card Status’ section. US-based users can expect to receive their Visa card within 7-14 business days. Once the card arrives, click ‘Activate My Card’ on the App, enter your card’s 3-digit CVV number, and create a PIN. After this, you can top-up the card through the app and begin using it right away.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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