Crypto debit cards latest?

banie01 · 13-06-2020 1:17pm

Thanks Bob and El Diablo.

Wholeheartedly agree regarding eggs in one basket.
I have my holdings spread between a ledger, Binance, Kraken, Coinbase Pro and most recently Crypto.com.

Still waiting on the card to be delivered and will most likely end up using it for my fiat spending via top ups from my N26 to take advantage of the cashback on offer as well as the free"ish" Spotify (have a family account).

I've not looked into using any DeFi or Dapps as yet so other than some Callisto, this is my 1st venture into staking.

suave.4u · 14-06-2020 3:42pm

Crypto.com is also now allowing (for a limited time) to buy using Crecit card (0% fees). Good way to top up.

banie01 · 14-06-2020 3:50pm

suave.4u wrote: »

Crypto.com is also now allowing (for a limited time) to buy using Crecit card (0% fees). Good way to top up.

If you are borrowing money to buy crypto, just be certain that you are aware of the interest cost.
Is your provider treating it as a straight purchase?
Or a cash advance?

Also be sure that if the market tanks, you can at least afford your CC payments rather than crystallizing any losses.

DYOR and remember, crypto is volatile.

el diablo · 14-06-2020 4:14pm

Is it possible to top up my Crypto.com account with my Revolut card?

Gooey Looey · 14-06-2020 4:34pm

el diablo wrote: »

Is it possible to top up my Crypto.com account with my Revolut card?

No, not by card. Sepa works

kevinbad2010 · 15-06-2020 3:06am

el diablo wrote: »

Is it possible to top up my Crypto.com account with my Revolut card?

No you will get unsupported merchant, tried to do it that's what showed up
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut

Shamo · 16-06-2020 10:07am

kevinbad2010 wrote: »

No you will get unsupported merchant, tried to do it that's what showed up
https://www.revolut.com/help/exploring-revolut/spending/which-merchant-is-not-supported-with-revolut

I've done this recently twice with the Revolut physical mastercard number and it worked fine.

On a side note, you can now topup your European MCO card directly with more stablecoins instead of doing stablecoin > Euro > card.

https://blog.crypto.com/stablecoins-top-up-for-mco-visa-card-europe-now-available/

Bob24 · 16-06-2020 11:13am

Shamo wrote: »

On a side note, you can now topup your European MCO card directly with more stablecoins instead of doing stablecoin > Euro > card.

https://blog.crypto.com/stablecoins-top-up-for-mco-visa-card-europe-now-available/

Yep - nice addition. One thing I'd say about crypto.com is that they are very agile and constantly deploying new things.

Now waiting for Apple/Android Pay in Europe :-)

Shamo · 16-06-2020 2:44pm

Oh by the way, certain grocery/delivery places are 10% cashback on the metal card and 5% on the plastic until end of June. M&S is definitely one of them. Can't find a specific list.

Edit here it is: https://help.crypto.com/en/articles/3857205-crypto-com-special-measures-for-apr-jun-2020

suave.4u · 16-06-2020 3:27pm

Shamo wrote: »

Oh by the way, certain grocery/delivery places are 10% cashback on the metal card and 5% on the plastic until end of June. M&S is definitely one of them. Can't find a specific list.

Edit here it is: https://help.crypto.com/en/articles/3857205-crypto-com-special-measures-for-apr-jun-2020

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?

Shamo · 16-06-2020 3:29pm

suave.4u wrote: »

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?

Yeah I received 10% back today and then checked up on it as didn't realise there was an offer going on.

Bob24 · 16-06-2020 4:00pm

Yep the extra cash back on the card is definitely working here with Tesco.

There are 2 different things though which might cause confusion: the 10% MCO cashback in the card in some shops, and also CRO cashback for buying gift vouchers in the app with Crypto.com Pay (which might be what you were looking at).

makeorbrake · 16-06-2020 9:26pm

suave.4u wrote: »

Wow, even Aldi and Tesco are present. Wonder whether this is only for USA though, cause on the app I don't see many shops.
Have you received any cashback?

That reminds me - Fold and Lolli have been making great strides forward in facilitating new users stacking sats via their rewards programmes. They're US only right now but hopefully they will go international soon.

makeorbrake · 18-06-2020 1:02pm

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

Bob24 · 18-06-2020 2:53pm

makeorbrake wrote: »

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

While very successful (pretty much every fintech issuing payment cards in Europe had to to rely on their services at one point), Wirecard seems to be having regular and sometimes serious governance issues - they definitely need to do something about that.

Having said that, I don't think there is any major concern for crypto.com users as Wirecard doesn't hold any funds. They are only the card payment processor, so the very worst case is that cards stop working (and even that isn't very likely IMO).

makeorbrake · 18-06-2020 3:01pm

Bob24 wrote: »

Having said that, I don't think there is any major concern for crypto.com users as Wirecard doesn't hold any funds. They are only the card payment processor, so the very worst case is that cards stop working (and even that isn't very likely IMO).

Yup, it was that aspect of it that I was referring to i.e. the potential for cards to stop working. We've had this happen in the past (visa responsible for pulling the rug out from under crypto cards in the past). I think these cards are a good bridge/interim product - and the space is better with them for right now - so would hope that they stay in place.

Bob24 · 18-06-2020 3:19pm

makeorbrake wrote: »

Yup, it was that aspect of it that I was referring to i.e. the potential for cards to stop working. We've had this happen in the past (visa responsible for pulling the rug out from under crypto cards in the past). I think these cards are a good bridge/interim product - and the space is better with them for right now - so would hope that they stay in place.

Yes - my knowledge of the space is limited and I could be wrong, but a systemic risk for the industry seems to be that beyond Wirecard there aren't many other options (if any) for a fintech to simply roll-out payment cards across Europe without that fintech becoming a card payment processor itself.

Bob24 · 19-06-2020 1:35pm

makeorbrake wrote: »

This may be of relevance to any of you with crypto.com debit cards:

LINK

"According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade."

Who stuck their mitts in the cookie jar? Quite the cookie jar at $2 billion!

Stock markets really not taking this very well! (rightly so)

The Wirecard share price is now 28 euros (was 100 euros yesterday morning).

makeorbrake · 19-06-2020 1:52pm

Bob24 wrote: »

Stock markets really not taking this very well! (rightly so)

The Wirecard share price is now 28 euros (was 100 euros yesterday morning).

In fairness it's not the sort of money you 'misplace' down the back of the sofa

....so if there's any sense, I think the share-price should tank. Then again, we are in the era of rampant money printing and people tripping over themselves to buy shares in bankrupt companies so who knows!

banie01 · 19-06-2020 1:55pm

So do I buy wirecard now?

makeorbrake · 19-06-2020 1:57pm

banie01 wrote: »

So do I buy wirecard now?

Do you trade via Robinhood? If so, then YES!

Bob24 · 25-06-2020 11:21am

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Shamo · 25-06-2020 3:33pm

Bob24 wrote: »

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Glad to hear it. I had one issue with the card so far, I couldn't get it to work on Parcelmotel.com but it was fine if I went through Paypal.

banie01 · 25-06-2020 3:41pm

Bob24 wrote: »

Crypto.com CEO on the Wirecard situation. Reassuring about customer funds but uncertain about the cards (although given that so many companies are using Wirecard to issue their cards, I still believe a solution will be found for all these cards to keep working).

https://twitter.com/Kris_HK/status/1276092011913736192?s=20

Mine is issued but yet to be shipped.
Will be curious to see what happens with its being delivered now and it's processing and management.

I'd assume that as wirecard are seeking insolvency protection that they will continue to operate as is until that's resolved?

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Gooey Looey · 25-06-2020 3:42pm

banie01 wrote: »

Mine is issued but yet to be shipped.
Will be curious to see what happens with its being delivered now and it's processing and management.

I'd assume that as wirecard are seeking insolvency protection that they will continue to operate as is until that's resolved?

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Didn't Revolut change from MasterCard

banie01 · 25-06-2020 3:57pm

Gooey Looey wrote: »

Didn't Revolut change from MasterCard

That was a different change.
Revolut were in the wirecard platform and left it in 2018.
https://www.fintechfutures.com/2018/02/revolut-ditches-wirecard-for-in-house-card-issuing/&ved=2ahUKEwjtuOXgnJ3qAhVQShUIHSpuBMEQFjACegQIBBAB&usg=AOvVaw2Z3ayOzIjmKhmDVAG4Cj9i
https://www.google.com/amp/s/amp.ft.com/content/7f6bd2cf-8960-3e0d-af24-cf361b745815

Bob24 · 25-06-2020 4:27pm

Shamo wrote: »

Glad to hear it. I had one issue with the card so far, I couldn't get it to work on Parcelmotel.com but it was fine if I went through Paypal.

Have you ever used it with chip and PIN at a physical location?

Not sure this is the problem but if you haven't done it yet you might want to do it once. I can't guarantee it is related but mine seems to see more widespread acceptance after I did that.

Bob24 · 25-06-2020 4:43pm

banie01 wrote: »

If memory serves Revolut switched processors from wirecard a couple of years ago and it made no noticeable difference to users.
Wonder if that will be the case in Cryto.com's case?

Yes Revolut (and I believe N26) did transition from having Wirecard issue cards on their behalf to becoming a card issuer themselves.

So unless I am mistaken they didn't technically change card issuer, they rather ditched their issuer and became their own issuer.

Thing is, I think there might be a lot of technical and regulatory hurdles to be able to do this; and it doesn't look like something Crypto.com could be doing quickly (if at all, I am not sure they want to commit ressources to become a regulated card issuer in Europe at the stage).

In terms of finding another issuing partner, I admittedly don't know the market that well, but my impression is that one reason for Wirecard's success is that it isn't easy for fintechs to find other card issuers which have the infrastructure and regulatory approvals to very easily outsource to them the deployment of payment cards across Europe. Anyone knows more about this?

But again, my gut feeling is that while Wirecard as a company seems rotten to the core, their customer base and their business is very much real - and a lot of people in Europe are regularly using payment systems supported by Wirecard (not just payment cards, many other things related to digital payments). I could be wrong would be surprise if all of this collapsed with no motion fund to keep that business running and those customers served.

Shamo · 26-06-2020 11:57am

https://blog.crypto.com/our-statement-regarding-wirecard-uk/

Cards are dead for now at least.

Bob24 · 26-06-2020 12:02pm

Shamo wrote: »

https://blog.crypto.com/our-statement-regarding-wirecard-uk/

Cards are dead for now at least.

Argh that sucks ... bad timing less than a month after launch.

I have to say I am surprised as I relay didn't think the situation would lead to immediately stopping the service; if every other company relying on Wirecard has to disable them there will be a lot more announcements today (there are many more, but I think Curve is also relying on Wirecard).

Edit: and Curve is indeed currently offline as well: https://community.curve.app/t/wirecard-updates/22539
I guess many other cards besides Crypto.com and Curve ones are impacted, this is massive. Curve was actually in the process of moving away from Wirecard (good planning on they end!), so it must be doable - hopefully Crypto.com can organise something but it will take a while I assume.

Bob24 · 26-06-2020 12:41pm

Says they are moving to a new vendor. But how long that could take I don't know ...

https://twitter.com/kris_hk/status/1276467556014886912?s=21

banie01 · 26-06-2020 1:02pm

Lads this is all my fault!
I apply for my reward card and Wirecard goes tits up :pac:

Received an email from them just now with more info on the impact of Wirecards closure.

I actually closed my Curve account a couple of weeks ago too so not really impacted by that one.
I wonder who Coinbase Cards processor is?

A lot of the pseudo-bank and card aggregation providers are going to be severely impacted by Wirecard's closure.

Bob24 · 26-06-2020 1:19pm

Apparently Coinbase are using a company called PaySafe to issue their cards, so they are ok.

Bob24 · 26-06-2020 1:33pm

Just got an email from crypto.com. It says the balance on the card will be converted to USDC in the crypto wallet within 48 hours.

I don’t get why they are not simply moving it to the EUR fiat wallet ...

unkel · 26-06-2020 4:44pm

MCO taken a 35% hit or so in the last few days, presumably because of the wirecard issue. Glad I didn't get into this! Well I did, I applied for the card. But that was completely free, no need for buying or staking any coins.

Bob24 · 26-06-2020 10:27pm

Well that didn't take long ... Just saw they have already removed the balance from the card and credited it back to the main wallet in USDC.

SkySter · 27-06-2020 12:03pm

Bob24 wrote: »

Well that didn't take long ... Just saw they have already removed the balance from the card and credited it back to the main wallet in USDC.

I transferred my FIAT balance back to my Irish Bank using a SEPA transfer this morning. Nothing showing on my FIAT balance so I assume I'll see it Monday.

Bob24 · 27-06-2020 12:13pm

Now saying they are working “on the process of switching of the card program to [their] new vendor”.

This implies they have selected a new card issuer already. But waiting for more information in terms of how solid that statement is and how long the process might take.

https://twitter.com/kris_hk/status/1276614268067012608?s=21

makeorbrake · 27-06-2020 1:50pm

The fallout extends beyond crypto-cards.

LINK.

How the hell does $2 billion fall down the back of the sofa!? EY should get heavily criticised for this. It's like an Enron type scenario for the card industry.

Bob24 · 27-06-2020 2:10pm

makeorbrake wrote: »

It's like an Enron type scenario for the card industry.

Basically this is why it looks like yes!

From what I gather there was a subsidiary in the Middle East which was creating loads of fake business and supposedly sending the profits to the Philippines, just to inflate the books.

EY and German regulators will indeed have some explaining to do.

JohnnyFlash · 28-06-2020 4:45am

Bob24 wrote: »

Basically this is why it looks like yes!

From what I gather there was a subsidiary in the Middle East which was creating loads of fake business and supposedly sending the profits to the Philippines, just to inflate the books.

EY and German regulators will indeed have some explaining to do.

And still you decide to ignore Tether!

Cognitive bias.

Bob24 · 28-06-2020 7:53am

JohnnyFlash wrote: »

And still you decide to ignore Tether!

Cognitive bias.

Care to clarify which post you are referring to?

Bob24 · 30-06-2020 8:08am

Just got a notification from the app saying the card is working again ...

Shamo · 30-06-2020 8:41am

Bob24 wrote: »

Just got a notification from the app saying the card is working again ...

That was quick. Also the COVID-19 promotions have been extended another 3 months.

Bob24 · 30-06-2020 8:51am

Shamo wrote: »

That was quick. Also the COVID-19 promotions have been extended another 3 months.

Yes ... basically I think U.K. authorities realised the massive impact of what they did and decided to allow Wirecard UK to process transactions again while they find out if a solution can be found for all these cards.

I hope that crypto.com won’t get complacent and that they will keep working on switching to another card issuer though, as Wirecard could go dark again anytime.

banie01 · 30-06-2020 8:52am

Here's hoping I actually receive my card soon then

It's been at "issued" for the last 2 weeks with no sign of it shipping.

SkySter · 30-06-2020 12:18pm

banie01 wrote: »

Here's hoping I actually receive my card soon then
It's been at "issued" for the last 2 weeks with no sign of it shipping.

Similar timeframe here. Will post once it lands.

SkySter · 02-07-2020 9:45am

Just something to be aware of regarding SEPA withdrawals on the Crypto.com App. I made a request to withdraw Euros 27/06. It only got processed this morning 02/07 and I expect another day now for it to land in my bank account. 5 days!

Now they do say on the app the transfers take 3 to 5 working days but every other exchange I've used takes a max of 2 days end to end for SEPA.

Shamo · 02-07-2020 10:01am

SkySter wrote: »

Just something to be aware of regarding SEPA withdrawals on the Crypto.com App. I made a request to withdraw Euros 27/06. It only got processed this morning 02/07 and I expect another day now for it to land in my bank account. 5 days!

Just noticed that myself as I've been waiting since Saturday for it to be processed which is slower than any other SEPA withdrawal I've tried in the crypto world.

SkySter · 02-07-2020 1:55pm

Shamo wrote: »

Just noticed that myself as I've been waiting since Saturday for it to be processed which is slower than any other SEPA withdrawal I've tried in the crypto world.

This 3 to 5 working day "processing" step is a bit much for what should be a completely automatic transfer exercise. It is our money after all...

Anyway now I know. Forewarned is forearmed.

Crypto debit cards latest?

Comments