When it comes to personal finance, millennials are getting increasingly picky on how they’re handling their money.

Who can blame them, though?

With a myriad of products vying for their attention, consumers (millennials or not) want to get the biggest bang for their buck and spare no expense when doing their research.

To stand out from competitors, credit card companies thus bank on terms like ‘cashback’, ‘reward points’, or ‘miles’ to draw as many users as they can.

Unfortunately, the average consumer still needs to contend with some less than satisfactory conditions when enjoying these perks.

Some of the more common gripes include needing to pay annual fees, hitting a minimum spend amount monthly, and foreign transaction fees.

This is where Hong Kong-based Crypto.com wants to come in, giving Singaporeans first access to its MCO Visa Card.

Founded in 2016, Crypto.com doesn’t just have a vision of cryptocurrency in every wallet – it also wants to leverage on blockchain technology to create high-impact and intuitive financial products that “combine the convenience of traditional personal finance tools with the lower fees and higher transaction speeds of cryptocurrency”.

But let’s get the elephant in the room out of the way – “What does owning a card have to do with cryptocurrency?”

Well, it helps make cryptocurrency spendable in ‘the real world’, while at the same time providing a fresh approach to financial services.

Crypto.com is, at its core (and as its name suggests), a blockchain and cryptocurrency platform, one that has developed consumer-products including the Crypto.com Wallet & Card App to buy, exchange, send, and track cryptocurrency, and the MCO Visa Card that makes cryptocurrency more accessible, and spendable wherever VISA is accepted.

The latter was launched recently in Singapore, and aims to serve two groups of consumers – the ones who want to buy, spend, and track cryptocurrency but find most options too cumbersome; and those who feel like they’re not getting enough out of their credit cards.

To be clear, the MCO Visa Card isn’t your traditional credit card, because you can only use what you put into it.

Neither is it a debit card – it’s not linked to your bank account.

It is a modern approach to a Visa Card – a prepaid card tied to a wallet app supporting both traditional and crypto currencies. You are directly in control of your spending and no longer need to worry about exchange rates.

Transactions using the MCO Visa Card are displayed in the Crypto.com Wallet & Card App, along with the cashback and rewards you are earning. Through the app, you can buy, sell, and exchange cryptocurrencies too!

The app can also be used to exchange fiat currencies, helping you spend like a local by providing real-time interbank exchange rates (i.e. the Google exchange rate), send payments to other internal and external parties, and even track coins, for free.

The MCO Visa Card’s perks are unrivaled , and perfect for today’s on-the go consumer!

5% Cashback, Free Netflix And Spotify Subscription

In a bid to be a go-to for consumers who are discerning about value, the MCO Visa Card’s strengths are especially beneficial for those who love to travel.

First of all, MCO Visa Card users can get up to 10% reimbursement for their Expedia (up to US$50) and Airbnb (up to US$100) purchases – two sites that many consumers turn to when booking flights and accommodation for their holidays.

Do note that this perk is only available to holders of an Obsidian Black card, which requires them to lockup 50,000 MCO, Crypto.com’s token.

Next, the MCO Visa Card is the cardholder’s passport (no pun intended) to chilling in style at airport lounges before flights.

Cardholders with Jade Green/Royal Indigo and Obsidian Black cards will have free, unlimited Loungekey access, meaning that they’ll be able to access more than 1,000 lounges in over 400 airports around the world #likeaboss.

Perhaps the most enticing perk of the card is that it offers 100% rebate for Spotify and Netflix monthly subscription fees – which means that your entertainment needs are pretty much paid for!

All you’ll need to do is change your payment details to the MCO Visa Card to automatically get the rebate.

At the Newark Airport (EWR), a quick check of the #LoungeKey App, my MCO Visa card #TeamIndigo gives me access to Art & Lounge. Just showed my card, signed and was in. Thanks @cryptocom. A nice spread (near closing time for food 10:30pm) pic.twitter.com/R6ErCo7bDW — Sean Rach (@seanrach) February 2, 2019

The card is also a VISA card, and is usable at more than 40 million locations all around the world, so benefits don’t just stop at the airport.

Beyond these perks, the card also offers users attractive cashback rates.

Crypto.com offers users up to 5% cashback on ALL purchases. Once the required MCO Tokens are locked up, Obsidian Black cardholders get 5% back, Royal Indigo and Jade Green get 3%, Ruby Steel gets 2%, and even those on the Midnight Blue tier (no MCO Token lockup required) can earn 1% cashback.

In the event that cardholders choose to unlock their Tokens, cashback of up to 2% will still stand.

#Coffee with my Obsidian Black #Cryptocurrency Card ?? Getting coffee today at the Bean & Table Cafe in #Kingston #Canberra #Australia ??? Payment weapon of choice was the #MCO #Visa Card from Cryptocom and some nice #cashback from the purchase. pic.twitter.com/v4Fc7KEGJh — EthereumAdvocate (@ethadvocate) January 25, 2019

If the need for cold, hard cash arises, the MCO Visa Card also lets cardholders withdraw money from ATMs with no extra fees.

But perhaps the most enticing perk of the card is that it offers 100% rebate for Spotify and Netflix monthly subscription fees – which means that your entertainment needs are pretty much paid for!

All you’ll need to do is change your payment details to the MCO Visa Card to automatically get the rebate.

As a TL;DR, the table below summarises the perks for each tier:

Crypto.com is also rewarding early adopters of the MCO Visa Card.

Regardless of how much MCO a user chooses to lockup, founding members will receive a limited edition Obsidian Black card and enjoy the perks based on the card tier.

‘What Are The Yearly Fees?’ And Other FAQs

Given that a credit card with cryptocurrency abilities is a rather novel concept, below is a list of Frequently Asked Questions (FAQs) that consumers interested in the MCO Visa Card might have.

What are the fees for owning an MCO Visa Card?

There is no annual/monthly/delivery fee, but users will need to stake MCO Tokens in the Crypto.com Wallet & Card App for at least 6 months.

How does the 100% Spotify/Netflix rebate work?

Visit the respective sites and pay for your subscription with your MCO Visa Card. For existing users of Spotify/Netflix, go to the subscription and payment page to change your payment method to the MCO Visa Card. Crypto.com will deposit the MCO equivalent of the rebate to your wallet after.

How does the rebates for Airbnb and Expedia work?

Just like Spotify/Netflix, cardholders need to make payment with the card, and Crypto.com will deposit the MCO equivalent of the rebate to their wallet after.

Where can cash withdrawals be done?

Withdrawals can be done at almost any ATM worldwide with the VISA or VISA Plus logo. For Singapore users, ATMs in the atm⁵ network can be used for these transactions.

What cryptocurrency and fiat currencies are supported?

Currently, it supports 7 fiat currencies and 6 cryptocurrencies. These include cryptocurrencies BTC, ETH, MCO, BNB, LTC, XRP, and CRO, and fiat currencies EUR, GBP, SGD, HKD, JPY, and AUD.

Can purchases be made with cryptocurrency?

To spend the crypto in a wallet, users will need to convert what they have into the appropriate fiat currencies before making a purchase with any merchant that accepts VISA.

Can cardholders load other cryptocurrencies onto the card?

Cardholders cannot load cryptocurrency onto their MCO Visa Card. All cryptocurrency will be converted to SGD, and the SGD can be loaded onto the card for use in purchase and ATM withdrawals.

What happens if the card is lost or stolen?

Cardholders will be able to block any activity on the card using the app. Crypto.com also keeps track of “suspicious activities” (like online purchases with higher than customer’s average ticket size at a new merchant), and will decline transactions in these situations.

To find out more about the MCO Visa Card or sign up for it, check it out here.