Australia's MCO Bitcoin VISA Debit Card by Crypto.com Review
Updated: 07 August 2020
Last November (2019), I received my MCO Debit Card in Brisbane, Australia and so far I have to say it has been amazing and worth the wait! So good in-fact, that I decided to write a quick review and share my findings with screenshots for you to take a look at. I'll try to cover the answers to all the questions you might have.
What is MCO Bitcoin Debit Card?
MCO Bitcoin Debit Card is basically just a VISA Debit Card with some subtle differences. It is not linked to your Australian bank account. It is not a credit card. Instead think of it as a prepaid debit card (like the ones you can purchase at Coles or Woolies). For example, you prepay $100 AUD on your card and then you can use it, just like a normal debit card at EFTPOS machines or shopping online.
Click here to order your MCO card (use our referral code: cgizfwieti to claim your free $25 USD signup bonus! you enter this code once you've registered for your MCO Card via app settings)
Key benefits of the MCO Card:
From what I can see these are the main benefits:
- Works just like your regular debit card (EFTPOS is enabled).
- Holds 7 fiat currencies AUD, USD, EUR, GBP, HKD, JPY, SGD
- Holds 50+ cryptocurrencies including BTC, ETH, XRP, CRO
- 2%+ cashback on all purchases available.
- Free Spotify and Netflix rebates available.
- Fancy metallic card.
- Control all your fiat and crypto currencies via the Crypto.com app.
- Fiat exchange rates are currently better than the banks.
- No bank fees.
- No international fees.
- You can download your card transactions to CSV.
Key risks of the MCO Card:
From what I can see these are the potential risks:
- If your subject to fraud (ie - someone copies your card number and uses it). The domestic banks have a good process for claiming back your money. However with Crypto.com I am not sure if such a process exists. You can however, freeze your card using your Crypto.com mobile App, which is good. And then order a new one.
- Crypto.com is a fairly new company so that comes with an element of risk.
- It is not a credit card, so you may not be able to use it for things like hotel deposit bookings.
Key technical information:
- Crypto.com holds your private keys for your wallets.
- Crypto.com holds your fiat currencies (they’re essentially your bank).
- All crypto transactions are processed on-chain.
Who are Crypto.com?
The company was originally called Monaco and rebranded to Crypto.com in 2018, hence the use of the MCO cryptocurrency symbol. They have also recently expanded to a fully fledged cryptocurrency exchange and are offering other services such as crypto investing and payment systems. Also announced in May 2020, they have now reached 2 million users milestone.
This is what the Crypto.com App looks like:
You can see it holds both cryptocurrencies and fiat currencies. The cryptos are held "on-chain" and fiat is held by crypto.com. It's kinda cool to be able to control what currency (or crypto token) you want your money to be stored in. Then at any time exchange it for a different one. Could be great when travelling internationally.
Where can you use the MCO Card?
You can use your MCO card anywhere in the world that supports VISA payments. Which is pretty much everywhere these days. As you can see below, my EFTPOS transations for some coffee and food i bought. Then you can see the cashback received in CRO token direct to the crypto wallet. You can also buy gift cards with the app with 10% cashback.
How to order a MCO Card from Australia?
Pretty simple. You create an account for Crypto.com and then complete KYC and choose your MCO card you want. When I ordered my card I was in a long queue, however I believe that waiting times have greatly reduced. Update November 2020: The CRO red card staking requirement is now 2,500 CRO instead of 1,000 CRO token (2,500 CRO = approximately $270 AUD).
What you need:
- An email address
- A phone number
- One identification document
Claim your $25 Signup Bonus
Click here to order your MCO card
(use our referral code: cgizfwieti to claim your free $25 USD signup bonus! we both get $25! - pre November 2020 this was $50 USD)
Note: If you signup without the bonus code you can still be added via App Settings -> Referral Code, within 10 days of confirming their email during sign-up. Once you've claimed your bonus it will appear in your Crypto.com App Rewards section as seen below.
I've referred my friend, why is my $50 / $25 referral not showing?
Your $$$ will be credited after their 1,000 CRO is deposited into their account, completed KYC and ordered the card.
Where is my referral link?
Once you've used our referral link to get your $25 bonus, you may want to start using your code so you get the bonus instead of us (obviously we say this is optional as your more than welcome to keep using our code...haha). But here is where you find your own code:
What are the MCO Card fees?
Card Top-up Option
You can purchase AUD through the Crypto.com App directly using your existing Credit/Debit card.
Free (to buy fiat)
3.5% fee (to buy crypto)
You can transfer your BTC directly to your Crypto.com App BTC Wallet. This transaction is done "on-chain" so it might take 5-10 minutes to comes through depending on the Bitcoin blockchain network.
(usual blockchain network fees may apply)
5 - 10 minutes depending on the blockchain wait time.
Request bank transfer via the Crypto.com App. You receive the bank details via email and then process your international transfer. Note there is a minimum transfer of $500 USD for this method.
(SWIFT international bank fees may apply 6- 40 USD depending on country)
Can you top-up the card with BTC or cryptocurrencies?
Yes you can get your BTC wallet address from your Crypto.com app and the transfer directly to that on-chain wallet.
Can you top-up the card with bank transfer from your Australian bank account?
Yes you can top up your MCO card with a bank transfer. This transfer is an international SWIFT based transfer and takes 6-8 days to clear. The minimum transfer is $500 USD. With this in mind, I would recommend it might be better to to transfer using an Australian based company like Coinjar, which will convert from AUD to BTC on there then send the BTC to your Crypto.com App, then from there convert the BTC to SGD and then finally to AUD. I've done this doesn't take too long. Coinjar accept BPAY which is quite fast.
How does the free Spotify and free Netflix work?
Simple. You change your payment method to your MCO card and then when your payment is made to Spotify / Netflix you get rebated in CRO coin. Note that you’re card is probably based out of Singapore so you’ll need to change your Spotify location.
Proof below that the Spotify payment does get rebated into your CRO mobile wallet.
How can they offer 2% + cashback on all purchases?
At first the cashback seems a bit crazy, but after doing more research, I found this to be a major advantage over using a regular bank card. My reasoning: my normal card doesn’t offer me cash back so why would i use it over this one? The cashback is in the form of CRO cryptocurrency cashback, and is instant into your CRO mobile wallet.
If there is no currency in your fiat wallets will it automatically use another currency?
When you have AUD available, it uses AUD. When you don't have AUD, it will use SGD. It will not automatically transfer your crypto balance to fiat. If there is no fiat balance, the transaction will decline.
Can you pay with your phone instead of the card?
At the moment you can only pay using your MCO card, while they say in the near future you’ll be able to pay directly with your phone through Apple Pay / Android Pay.
To conclude, it’s great to see these types of payment products and services bringing the power back to the people and allowing us to control our currencies worldwide without being charged a ridiculous amounts of fees by the big banks.
Thanks for reading!
Thanks for reading my review - hope it was helpful and hope you enjoy the MCO card as much as I have been.