edit: 10% not 20%, sorry guys I messed up with the Coles Myer discount. Oh well, still a great deal imo.

It acts like a debit card, with other some other beneficial products. Essentially you deposit fiat cash (or crypto) into it and spend it.

You can also use it as a Crytpo Wallet and Borrow against your Crypto (Using it as a quasi credit card), rates 8-12%. Or you can simply gain interest on your Crypto deposits, like a quasi savings account, but with better interest rates.

There are different Card Tiers, check them out. I feel Ruby is the sweet spot for value to those new to crypto, or those who just want a deal and don't care about crypto. If one were to have some decent holdings, chucking some in one of the higher tier cards makes sense for some added benefits (such as earning interest on your 'stake')

Pros

Flat cashback 2% with Ruby (1%-5% with other colours) on all card spending.

Rebate for monthly family Aus Spotify with Ruby (netflix/prime/others with other colours).

10% cashback with Woolworths/Coles for 3 months, CAPPED AT $50 USD equivalent per month, afterwards reverting to standard 2% cashback.

10% STACKS WITH GIFT CARDS - at least Woolies through the entertainment book

- at least Woolies through the entertainment book For full list of others (Maccas/Woolies/Costco etc) 10% Cashback see here

-There's an active Oz & NZ chat/community here

3.5% credit/debit card fee wavied for cryptocurrency purchases for all users for 3 months. There are ways to get around this standard charge, but this makes it approachable for newbies and convenient for the rest of us.

$50 USD equivalent referral bonus signup. Get code below.

Shiny metal card…

Cons

need to use, perhaps learn about Crypto at least a little bit

need to "stake' 50 MCO (ruby card) for 6 months. ~$320 (50 MCO * $5USD current price, minus $50USD signup bonus). This involves buying their coin and keeping it with them for 6 months. Obviously you're at the mercy of the crypto market over those 6 months for the value of those $320.

depositing money to crypto.com can be tricky. To do it easily, you need a Visa. They can't accept Australian mastercard. You will also be hit with a bad FX transfer rate, unless you use a bank account/card that gives interbank FX rates. There are other deposit options than Visa however, all with advantages & disadvantages.

-FX risk, They're Singapore based and use SGD/USD or GBP?. You deposit in this money, so are vulnerable to FX fluctuations. However, when you spend form the card, their FX rates are interbank, so you pay no fees, spread or commission. However apparently they are close to launching with an Australian banking partner so when that happens new cards will be issued out to us that will then have the default currency in AUD.

inB4

"crypto is a scam, these guys are a scam"

It's not and they're not. They're almost a billion dollar company. For $320 I think it's worth checking out, if their service has any kind of uptake, which given their offering seems to me extremely likely that money is going be worth considerably more. If it doesn't even with the spotify it will pay for itself and you can shout (or even charge, this is ozbargain lol) your friends and family spotify and get some brownie points there.

Thanks to 8urt0 & gothebroncos for the help getting me into it!

If the ozbargain referral isn't working, feel free to PM me and I'll hook you up.