What Additional Details Should I Know About My Crypto.com Visa Card? (2024)

FAQs

Is the crypto com Visa card worth it? ›

The card, depending on the tier, is full of benefits and value, although sometimes at a very high staking requirement. This may or may not make the card worth it to you—due to the opportunity costs of keeping your crypto money tied up in the program.

You can use your Crypto.com Visa Card to pay in over 40 million Points of Sale (POS) worldwide (look for the VISA logo) and countless online retail shops. Bear in mind, the Crypto.com Card is a Visa prepaid debit card.

The only difference is the type of rewards you earn. Crypto credit cards are generally cobranded credit cards. This means they are issued by a bank but marketed by a brand, such as an investment company or crypto exchange.

Inactivity: US$4.95 per month of inactivity will be charged after 12 months of no cardholder-initiated financial activity on the card unless activity resumes.

Founded in 2016, Crypto.com today serves over 10 million customers with the world's fastest growing crypto app, along with the Crypto.com Visa Card — the world's largest crypto card program — the Crypto.com Exchange and Crypto.com DeFi Wallet.

How Does a Crypto Rewards Credit Card Affect Your Credit? Because the only difference with these cards is the type of rewards you earn, they'll affect your credit score in the same way as a traditional rewards credit card.

Use the BitPay Card to Pay for a Car with Crypto

The BitPay crypto card lets you use crypto like cash. This means you can put a down payment on a car, make monthly payments, and even pay for your car insurance with crypto. Use the BitPay Card like you would any other debit card.

Fortunately, you can now pay all kinds of bills with crypto, whether you're looking to pay your phone bill with crypto, your cable bill or even make your next car payment. Read on for some of the best ways to pay bills with crypto.

Tax implications of crypto debit cards

Every time a crypto debit card is used, a crypto taxable event is triggered. The IRS considers every sale, trade, or disposal of cryptocurrency a taxable event. Thus, when the card provider converts crypto into fiat currency, the cardholder has realized a capital gain or loss.

A crypto card is a form of payment that allows anyone who holds cryptocurrency to spend it without first having to convert it into fiat currency. Many crypto exchanges have partnered with companies like Visa, MasterCard, and Swipe to process these transactions.

What is the purpose of a crypto credit card? ›

Crypto credit cards work exactly the same as any other rewards credit card on the market: you're rewarded as you spend on the card. But in this case, you're given cryptocurrency for your purchases. However, keep in mind that each card differs in how they process and award the cryptocurrency for their cardholders.

Rebates aren't reported as income, thus no 1099 forms. If crypto credit card rewards are treated as rebates, then there is no income tax on the receipt of the coins. The coins would have a cost basis of the fair market value in USD on the date that you receive unrestricted ownership of the coins.

Limits depend on the card tier and can be found in the "Fees & Limits" section on the Crypto.com app. For example, the Midnight Blue card has a maximum balance of $25,000. It also has purchase limits of $10,000 per day and $15,000 per month.

A 2.99% fee will be charged for credit card top-ups. This feature gives users added convenience and complements the current methods, which include Crypto Wallet and Fiat Wallet top-ups (via the ACH network or bank wire transfer). For instructions on how to top up the Crypto.com Visa Card, please visit our FAQ.

Can I have more than one Crypto.com Visa Card? No, we will only be able to issue one card per person.

Go to your CRO Wallet in the App. Tap on the Stake button and follow the guided steps. Confirm to have your Crypto.com Visa Card issued by tapping Upgrade.

Note: Users will receive a virtual card in the App, shortly after the review of the address documents is complete. A physical card (optional) can be requested to be delivered thereafter (card issuance fees may apply).

You won't build your credit history

Since this is a prepaid debit card, you aren't actually borrowing any money. This does mean you can't run up debt you can't afford to pay or damage your credit by missing a payment.

Are crypto debit cards and credit cards taxable? Yes. The IRS considers cryptocurrency a form of property, similar to real estate and stocks.

How much is the ATM fee for Crypto com card? ›

The only fee we have been able to find (comparable to other cards) is the ATM withdrawal fee. There is no such fee for withdrawals up to USD 200 (for the Midnight Blue Card tier, higher tiers have even higher fee free . But thereafter, the fee is 2.00%.

Crypto.com users can withdraw USD from the App by selling crypto to their USD fiat wallet and transferring USD funds from this wallet to their U.S. bank account(s) on the ACH network.

Maximum withdrawal limit for all cryptos is BTC 10 (or equivalent) on a 24h rolling basis. Please check the Fees & Limits section in the app's Settings, for the most current information.

In addition, one can pay for gym memberships, student loans, electricity and credit card bills directly from their crypto wallet or using a crypto debit card. While choosing to pay in cryptocurrencies, checking if your jurisdiction of residence treats them legal is essential.

Please note that a 1% fee is applied when topping up with credit/debit card. Please check with your card issuer prior to the transaction if any other fees may apply.

Crypto.com may be required to issue to you a Form 1099-MISC, Miscellaneous Income, if you are a U.S. person who has earned USD $600 or more in rewards from Crypto.com during the previous calendar year from Lockup, Earn, Referrals, or certain other activities.

Yes, Crypto.com does report crypto activity to the IRS. US users who earn $600 or more in rewards from Crypto.com from Staking, Earn, Referrals, or certain other activities will receive a 1099-MISC tax form and the same form will be sent to the IRS.

For shoppers, the advantages of paying with Bitcoin include greater simplicity in placing the transaction; users are anonymous, there are no interruptions from intermediaries, and transaction fees are low. Credit cards offer other features, such as borrowing money and reward points.

You will have to choose from two different ways to withdraw cryptos: withdrawal to an external wallet address or withdrawal to your Crypto.com app in case you connected the app to the exchange. If you wish to withdraw to an external address, you will have to add a withdrawal address first.

What is this? The company makes money on interchange fees which are paid by the merchant to the card-issuing bank to cover the cost of facilitating the transaction. The fee is usually around 1% and is split between Visa and Crypto.com.

Which card is better Coinbase or crypto com? ›

In terms of rewards and perks, the Crypto.com Visa has the edge over Coinbase's Visa Debit Card. For example, the Crypto.com Visa offers up to 5% cash back on all purchases, while Coinbase's Visa Debit Card only offers up to 4% back in crypto rewards.

You need a credit score of 670 or higher to qualify for most crypto credit cards. These cards are usually only available to consumers with a credit score in the good credit to excellent credit range. There are, however, some exceptions that you can qualify for even if you have a lower credit score.

Crypto.com's top competitors include Coinbase, BlockFi, and Trust Wallet. Coinbase (NASDAQ: COIN) operates a bitcoin wallet and platform.

Cryptocurrency may be a virtual currency, but its value can never go negative. In short: The value of a cryptocurrency cannot be worth less than $0.

Yes, Crypto.com does report certain transaction information to the IRS. Because it is a centralized exchange based in the U.S., it is required by law to report users' activity with a Form 1099. When an exchange like Crypto.com issues a Form 1099, they send one copy to the user and one copy to the IRS.

Yes, you can use the Coinbase Card to withdraw cash from an ATM, and Coinbase will convert funds from your spending balance to process the withdrawal. Coinbase doesn't charge fees for ATM withdrawals, but the ATM terminal you use may charge fees.

LoungeKey™ Airport Lounge Access is one of the benefits that come with our premium metal Crypto.com Visa Cards: More than 1,100 lounges in over 500 airports are available. Free to our Obsidian, Icy White, Frosted Rose Gold, Jade Green, and Royal Indigo CRO cardholders.

$1,000 weekly card limit if you have an activated Crypto.com App account (KYC required) $10,000 weekly card limit if you have an activated Crypto.com App account (KYC required) that is staking CRO and/or holds a Ruby Steel Crypto.com Visa Card (or higher card tier)

Usually, the fee increases during sudden blockchain rate fluctuations and major world events; your crypto account has a history of microdeposits (like referral bonuses). If your account has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs.

Low fees with cash: There are no trading and transaction fees on Crypto.com if you make your purchase with money transferred in from your bank account via ACH, or automated clearinghouse, transaction.

Is there a way to avoid crypto com fees? ›

Fees for Crypto Trading

Buying with a credit or a debit card will have a 2.99% fee, and if you exchange crypto within your account, the transaction will be free. SWIFT deposits and withdrawals will have varying bank transfer fees, and ACH and SEPA deposits and withdrawals are usually free.

Overall, it's a good crypto card for those willing to invest in the CRO token, but you need to stake a sizable amount to unlock the best features. Since this card is so different from most other options, make sure to compare it to the best credit cards before you make your pick.

Crypto.com is offering them to CRO token holders for FREE: NO monthly fee. NO annual fee. NO setup fee.

Does Crypto.com report to the IRS? Crypto.com provides American customers with a 1099-K form when they have more than $20,000 in trade volume and more than 200 trades for the year. A copy of this form will also be filed with the IRS.

You won't be taxed on the crypto rewards when they're granted to you, just as you're not taxed on cash back, points or miles. But if you sell a cryptocurrency that has appreciated, you would be taxed on the capital gain, the difference between your acquisition price and the selling price.

The Crypto.com Rewards Visa Card is a prepaid debit card, so you don't have to worry about most common credit card fees. That means you won't pay interest on your purchases or an annual fee.

Fortunately, you can now pay all kinds of bills with crypto, whether you're looking to pay your phone bill with crypto, your cable bill or even make your next car payment. Read on for some of the best ways to pay bills with crypto.

The main benefits of these cards are the option to earn rewards as crypto directly, forgoing the need to buy crypto with cash, and using them as a relatively low-risk way to get into crypto investing.

Cryptocurrency payments = significantly lower fees

It is a well-known fact that credit card payment providers are charging merchants interchange fees for processing payments. These costs can reach up to 3-4% from every purchase a customer makes.