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Crypto.com Visa Card top-up fee: How to avoid paying new 1% charge

By Capital.com News

08:06, 19 July 2022

Man holding Crypto.com debit card in hand
Man holding Crypto.com debit card in hand – Photo: Shutterstock

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.

​​CRO to 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.

DOGE/USD

0.14 Price
-2.150% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.62 Price
+2.440% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

180.02 Price
-1.900% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,451.53 Price
-1.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

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
0.09503 USD
-0.00164 -1.730%
BTC/USD
Bitcoin / USD
67715.80 USD
-85.85 -0.130%
ADA/USD
Cardano / USD
0.43034 USD
-0.00712 -1.640%
DOGE/USD
DogeCoin / USD
0.1385716 USD
-0.0030245 -2.150%
ETH/USD
Ethereum / USD
3451.53 USD
-49.42 -1.410%

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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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