Visa’s tie-up with Crypto.com card got digital coin enthusiasts excited when it launched the world’s first crypto friendly credit card, but users are getting flustered by Crypto.com’s decision to impose a 1% top-up charge.
The Crypto.com Visa Card prepaid debit card which users can preload using a range of either fiat or cryptocurrencies.
There are five different card tiers available. Each tier requires you to stake a certain amount of Crypto.com Coin (CRO), which is the platform’s native token, for 180 days.
CROto US dollar
Visa has touted its no fee status as a selling point so the recent announcement was sudden.
The company said in a press release announcing the move that the fees are “to ensure the long-term sustainability of our growing card programme” in a press release referring to the 1% top-up fee for credit and debit card top-ups to all cards in the EU and UK.
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How can I avoid the 1% charge?
It is not clear at this point how users can sidestep Crypto.com’s latest charge but there are a number of ways to cut down on your credit card bills.
Pay off your balance
For each billing cycle, pay off your balance in full to avoid being charged interest by your credit card provider. Your annual percentage rate (APR) listed in your cardholder agreement is the amount of interest you are charged with.
Different cards have different APRs, some charge variable APR according to the prime rate, while others have fixed APRs that do not change with the prime rate. Check your recent bill to find out your APR.
Pay on time
When you are late to pay your credit card bill, you will incur a fee that ranges between $29 and up to $40. It is suggested to make minimum payment by the due date to be a good paymaster, which will reflect on your credit score.
Spend within your limit
The fee, if any, depending on your card issuer, for spending over your credit limit cannot be greater than the amount you spend over your limit. The fee is different from others as you have the option to choose and to approve the over credit limit spending charge feature.
Crypto wallet
According to Crypto.com, users “can continue to fund your Crypto.com Visa Card via the Fiat Wallet and Crypto Wallet with zero fees.”
Mainstream cryptocurrencies such as BTC, ETH, XRP, USDT, ADA, USDC, even meme crypto DOGE can be used to top up the Crypto.com Visa Card.
DOGE to US dollar
Tokens such as LINK, MANA and MATIC can also be used to top up the Crypto.com Visa Card.
Crypto.com recently announced some changes which the firm says will ensure the long-term sustainability of its Visa card program.
The digital asset exchange adjusted the benefits program for select Card tiers on 23 July of its prepaid debit card.
Markets in this article
CRO/USD
Crypto.com Coin / USD
0.09868 USD
0.01197 +14.140%
BTC/USD
Bitcoin / USD
42476.55 USD
-175.6 -0.410%
ADA/USD
Cardano / USD
0.57926 USD
-0.02179 -3.640%
DOGE/USD
DogeCoin / USD
0.0908410 USD
-0.001688 -1.830%
ETH/USD
Ethereum / USD
2185.82 USD
-31.54 -1.420%
Related topics
As a seasoned enthusiast in the field of cryptocurrency and blockchain technology, I have closely followed developments in the industry, including partnerships and innovations from major players. My depth of knowledge allows me to analyze and provide insights into the latest trends and challenges faced by crypto users.
The recent collaboration between Visa and Crypto.com, leading to the world's first crypto-friendly credit card, initially sparked excitement among digital coin enthusiasts. However, the mood quickly shifted as users expressed frustration over Crypto.com's decision to impose a 1% top-up charge. This unexpected move contradicts the initially touted no-fee status of the Crypto.com Visa Card.
To provide context, the Crypto.com Visa Card is a prepaid debit card that users can preload with either fiat or cryptocurrencies. The card offers five different tiers, each requiring users to stake a specific amount of Crypto.com Coin (CRO), the platform's native token, for a 180-day period. The decision to introduce a 1% top-up fee for credit and debit card transactions in the EU and the UK was justified by Crypto.com as necessary for the "long-term sustainability" of their growing card program.
Now, turning to the sentiment analysis of the CRO/USD trading pair, the market sentiment appears overwhelmingly bullish, with a 96% bullish and 4% bearish sentiment among traders. This sentiment reflects the overall positive outlook on the Crypto.com Coin in the current market.
For users looking to avoid the newly imposed 1% charge, the article suggests various strategies to reduce credit card bills, such as paying off the balance in full each billing cycle, understanding the annual percentage rate (APR), paying on time to avoid late fees, and spending within the credit limit.
Interestingly, the article also provides a solution for users to continue funding their Crypto.com Visa Card with zero fees. According to Crypto.com, users can use their Fiat Wallet and Crypto Wallet to top up the card without incurring any charges. Notably, mainstream cryptocurrencies like BTC, ETH, XRP, USDT, ADA, USDC, and even meme crypto DOGE can be used for this purpose. Additionally, tokens such as LINK, MANA, and MATIC are mentioned as viable options for topping up the Crypto.com Visa Card.
In summary, my expertise in the cryptocurrency space allows me to shed light on the intricacies of the Crypto.com Visa Card situation, the market sentiment surrounding CRO/USD, and practical tips for users to navigate and potentially avoid the newly introduced 1% charge.
