And Card rebate reduced too

02 May 2022 News

Looks like is plugging the leaks on all fronts. They have slashed their crypto earn programs drastically, and now they are reducing the credit card rebates. Read their blog updates here.

I hold a US$400 staked Ruby Steel card, and they have reduced the rebate from 2% to 0.5%. That is a 4x reduction at once, effective once the 6-month stake expired. They even introduced a rebate cap of $25 per month..

At 0.5% rebate, it is much worse than bank’s credit cards.

Also, they have scrapped the 10% CRO rewards for Jade Green card and above! Oh gosh.

So, goodbye to my beautiful metal VISA card too 👋🏻

UPDATE: Revised after backlash

There was so much negative feedbacks, and the CEO tweeted to pacify. Thereafter, they provided an update:

Revised Card Rebates:

  • Ruby Steel: 1%
  • Royal Indigo / Jade Green: 2%
  • Icy White / Frosted Rose Gold: 3%
  • Obsidian: 5%

So my Ruby Steel dropped from 2% to 1% (instead of 0.5%). That’s more acceptable.

The rebate cap remains.

To entice users to stay, and to upgrade, they will also waive the $50 card reissuance fee. I can upgrade my Ruby Steel to Jade Green without paying for an extra $50, and continue to enjoy the current rewards (during the 180 days staking period) if I upgrade by May 31st – that is indeed attractive.