Crypto.com Visa card rewards: Spotify, Netflix CRO reimbursement end date
Earlier this year, digital exchange Crypto.com announced that it would begin to phase out its rewards and lower the cashback rates on its popular Visa prepaid cards.
The changes, announced on 1 May 2022, were due to take effect on 1 June, with reward rates dropping based on each card tier.
At the time of the announcement, the exchange’s move to cut its reward rates sent the project’s native token, CRO coin, down by more than 15% the same day.
An update on the company’s website confirmed that the changes were put in place to “ensure long-term sustainability”.
CRO to USD
Merchant rebates valid until 2023
Crypto.com confirmed that as of 23 July 2022, all Crypto.com Visa cardholders will only be eligible for merchant rebates within the first six months after their card activation. After the six-month period, these benefits will expire, and users will no longer receive their CRO reimbursements.
The company confirmed that this shift will be applicable to all merchant rebates, such as Netflix (NFLX) and Spotify (SPOT). Under the new revised merchant rebate benefits, Crypto.com will keep reimbursing these benefits for six more months, with a new end date of 23 January 2023.
Cardwholders will instead receive up to 2% back when spending with these merchants, depending on their card tier, which ranges across five different tiers, starting with Midnight Blue and rising to its Obsidian tier cards.
However, if a cardholder decides to downgrade their CRO stake during the six-month merchant rebate benefit period, the validity period on the new card tier will not be extended.
Crypto.com added that private members who hold an Icy White, Frosted Rose Cold or Obsidian card can continue to enjoy their existing merchant rebate benefits.
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