Crypto.com (CRO) reduces card repayment and earns savings interest

Crypto.com (CRO) will limit the monthly repayment of its cards from June 1, 2022

Crypto.com (CRO) has just announced important changes to the holders of its bank cards. From June 1, 2022, the platform will drastically reduce the amount of cashback in CRO received with each purchase to “to ensure long-term sustainability”.

card users Midnight blue (the only card that does not require you to deposit CRO) will have to say goodbye to their rewards. Until now, holders have received 1% of the amount for their purchases in the CRO.

The fall also affects higher-than-cards, such as Ruby steel. If you have not paid CRO, you will no longer receive any cashback. The amount of card rewards Royal Indigo / Jade Green, Icy White / Frosted Rose Gold and Obsidian will now range from 0.5% to 5%. So far, the cashback rate has risen to 8% for the highest card.

Similarly, Crypto.com will too Limit the maximum amount of cashback to be collected each month for some cards. Ruby Steel holders will not be able to receive more than $ 25 in CRO, compared to $ 50 for Royal Indigo / Jade Green. Crypto.com states that it “There is no monthly CRO rewards ceiling for Icy White, Frosted Rose Gold and Obsidian cardholders”.

Finally, the platform announces phasing out of CRO staking. Users will no longer be able to receive rewards on the CRO inserted in the app. Crypto.com points out that people who deposited cryptocurrencies before the May 1 date will continue to receive the rewards during the token lockout period. The exchange specifies that the other benefits of the cards remain unchanged:

You will continue to receive refunds for your favorite monthly subscription services, including Spotify, Netflix and Amazon Prime. […] Jade Green, Royal Indigo and other higher-level cardholders can continue to enjoy unlimited free access to the airport lounge. “

👉 On the same topic: How to unlock the $ 25 bonus on Crypto.com?

Crypto.com (CRO) lowers earnings further

A few days earlier, Crypto.com announced a fall in interest rates of its Earn Savings Formulas. The platform will now divide interest rates into 3 levels. For deposits under $ 3,000, you continue to earn the full interest rate promised in the app.

If you deposit more money, you will only receive half of the promised rate in the range of $ 3,000 to $ 30,000. Finally, users who have deposited more than $ 30,000 should settle for one-third of the interest. The fall relates deposits locked for a period of one or three months. Rose Gold, Icy White and Obsidian cardholders “will still be entitled to 2% additional allowances per year”.

As a reminder, the stock market had already lowered its interest rates in April. Crypto.com justifies these successive changes by highlighting its “rapid growth” and “the current market environment”. Contacted by us, customer service specifies that it is “of a commercial decision taken by the department concerned”.

The competition rubs its hands

This massive overhaul of the Crypto.com offering risks benefiting the many competitors in the sector. Frustrated by the exchange’s new prices, many users may turn to growing services such as Nexo, Celsius or Plutus. The latter also shared a mocking tweet referring to Crypto.com:

“Have your rewards been reduced?” Are you looking for a new crypto card? Don’t worry, we’ve got you covered! ».

Alex Mashinsky, CEO and founder of Celsius, also reacted to Crypto.com’s decision by saying that “card business has become too crowded” and it’s high time “for a new king to take over”. The platform, which specializes in borrowing and investing in cryptocurrencies, recently announced the launch of its first bank card.

These messages come as Crypto.com trusted a very aggressive communication campaign to recruit new customers. The exchange especially established a partnership with Angel City FC in Los Angeles before offering commercials during the Super Bowl.

Crypto.com has also become known to the general public thanks to a TV commercial starring actor Matt Damon. The company has no plans to stop there. The exchange has signed an agreement with Fifa to become one of the official sponsors of the 2022 World Cup.

Også Also read: Crypto.com (CRO) asks French users to repay their loans by March 15, 2022

Source: Crypto.com, Twitter

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About the author: Florian Bayard

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