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Crypto.com Visa card rewards: Spotify, Netflix CRO reimbursement end date

By Alara Jordan

Edited by Charlie Mellor

10:25, 27 September 2022

Cryptocurrency tokens lie on a table in front of a Crypto.com Visa card
Crypto.com confirmed that the changes were put in place to “ensure long-term sustainability” – Photo: Shutterstock

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.

ETH/USD

3,195.12 Price
+0.880% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

370.55 Price
-1.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.11 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

60,073.45 Price
+2.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

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.

Markets in this article

CRO/USD
Crypto.com Coin / USD
0.09503 USD
0.00159 +1.740%
NFLX
Netflix Inc (Extended Hours)
645.30 USD
-7.5 -1.150%
SPOT
Spotify Technology SA (Extended Hours)
302.25 USD
-1.18 -0.390%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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