Summary of Crypto.com changes (effective 1 Jun 2022)
With multiple updates, revisions, backlashes and more tweets, it can be confusing to understand what Crypto.com Earn and Card programs now offer. Their website homepage does not inform new users of the changes too. I have been keeping track, so here’s a summary of what you should expect, mostly effective 1 Jun 2022.
Earn Program
They introduced a 3-tier structure, whereby interest rate is in full effect for only tier 1, thereafter greatly reduced.
| Tier | Deposit on fixed-term | Interest rates |
|---|---|---|
| Tier 1 | First $3,000 | 1x |
| Tier 2 | Next $27,000 | 0.5x |
| Tier 3 | Thereafter | 0.15x |
Refer to New Rewards Rates Table for the exact interest rates (differs by token, deposit term, and your CRO stake).
For example, if you have a $400 staked Ruby Steel card, and you deposit USDC for 3-months, then the interest rate is 6%. But only the first $3,000 is at full 6%; next $27,000 is at 3%; thereafter at 0.9%.
CRO Staking Rewards
The CRO staked will receive rewards for Jade Green card and above, at the following rate.
| CRO Stake | CRO Rewards |
|---|---|
| $4,000 (Jade Green) | 4% |
| $40,000 (Icy White and above) | 8% |
Card Rebates
The revised card rebates will be effective only when you re-stake after 1 Jun. If you restake/upgrade before 1 Jun, then you will continue to enjoy the existing card rebates for the new 180 days period.
The revised rebate when you re-stake after 1 Jun as follows:
| CRO Staked | Rebate |
|---|---|
| $0 (Midnight Blue) | 0% |
| $400 (Ruby Steel) | 1% |
| $4,000 (Jade Green) | 2% |
| $40,000 (Icy White) | 3% |
| $400,000 (Obsidian) | 5% |
In addition, there is a monthly rebate cap for the following 2 most popular cards:
| CRO Staked | Rebate | Monthly Cap |
|---|---|---|
| $400 (Ruby Steel) | 1% | $25 |
| $4,000 (Jade Green) | 2% | $50 |
Which means only spending of $2,500 a month has applicable rebates.
What can you do before 1 Jun?
If you’re reading this before 1 Jun, then you can enjoy for the last few times.
You can deposit while interest rates are higher, and applicable to the first $30,000. But your last 3-months deposit is up, you can move your fund elsewhere.
You can upgrade your card (eg. $400 Ruby Steel to $4,000 Jade Green) as they have waived off the $50 re-issuance fee. When you upgrade before 1 Jun, you will have a new 180-days stake, which will let you enjoy the existing card rebate for another 180 days.
Bonus: For Singapore users
Until 24 May, they have increased the referral bonus to USD $50! Both referrer and the new user get USD $50 each! In addition, when the new user deposit S$100 via FAST, they can get another S$100! Need a referral code? Here’s mine f8276tkt8y.
I “referred” my family member partly because of the increased bonus, and partly because of the revised changes. My own card is not in time for renewal, plus I don’t want to upgrade, so signing up another new account will provide another 180 days of better rebates. 🤫
One last tip for Crypto.com new users. The first 30 days has no credit card fee. The best way is to buy USDC via Grab debit card (earns Grab points), while being top up via Amex (earns 1.5% rebate). You can even do their Grab challenges easily. Grab no longer gives points for CRO, but Amex still earns 1.5% rebate when you topup to Grab. Buy 500 USDC every day, and you get to receive diamonds to win some CRO too! 🤑
