The Crypto.com exchange has announced that it will charge fees on foreign transactions that are not in euros or pounds. Thus, fees will be applied to ATM purchases and withdrawals for holders of certain Visa cards. Namely, Midnight Blue, Ruby Steel, Royal Indigo and Jade Green.
Crypto.com clarified that the application of the fees on the exchange will begin on 19 December 2022 . The fee is currently set at 0.2% for transactions made in the EU and the UK. Instead, it is 2% fee for transactions made outside the EU and the UK.
In addition, Crypto.com specified that fees will be applied on amounts above the free monthly ATM limit.
However, the exchange platform stated that to avoid the fees, the only way for users is to become private members and own an Obsidian, Icy White or Frosted Rose Gold card. With these specific cards, in fact, users will continue to enjoy zero fees for foreign transactions.
In any case, users remain free to choose: they have the option of requesting the termination of their Visa Crypto.com card if they object to the application of transaction fees.
Could the Crypto.com exchange lose customers as a result of the new fees?
In fact, as anticipated, not all users may agree to the new applications of foreign transaction fees, and thus give up their Crypto.com Visa card.
Indeed, one of the biggest advantages of the Visa Crypto.com card, besides the fact that you can hold your cryptocurrencies and use them for payments like a traditional credit card, is precisely the fact that it has no fees or top-up costs.
In fact, most of the cards that Crypto.com offers have 0% fees for ATM withdrawals. Specifically, the Midnight Blue, the basic version of the card, has free ATM withdrawals up to $200/month.
The Ruby Steel, free ATM withdrawals up to $400/month; The Jade Green card and the Royal Indigo card up to $800/month. More advanced versions, such as the Icy White, Frosted Rose Gold and Obsidian cards, the most exclusive, offer free ATM withdrawals up to $1,000/month.
Benefits of private users of the Crypto.com exchange as a result of the new fees
Looking at the flip side, the possible benefit as a result of the Visa card fee exchange applied by Crypto.com could be the potential shift of customers from mere users to private members, who would then come into possession of the Frosted Rose Gold, Icy White or Obsidian cards.
Becoming private members in Crypto.com is convenient to both the platform and the users. Insofar as, the latter, once they obtain one of the aforementioned cards, have priority access to self-published Crypto.com research reports.
They also have priority access to major events in the cryptocurrency industry, especially if they have the Obsidian Black card. In addition, they will enjoy different types of priority assistance.
Specifically, assistance in property management related to Crypto.com assets and priority assistance from the Crypto.com support team via in-app chat or email.
Visa Crypto.com card: main features
The Visa Crypto.com card works like a regular credit or debit card, meaning it is a Visa card and allows payment via crypto without any hindrances.
Indeed, it allows users to spend their digital assets in the real world with ease.
The Visa Crypto.com credit card is available in 60 countries and usable at more than 40 million points of sale (POS) worldwide and countless online retail stores. So, in a short time it has become the most popular in the world.
In order to obtain the Crypto.com VISA card, each user must possess and stake their CRO for a period of 180 days for both virtual and physical VISA cards.
This applies to all cards except the one related to the basic plan.
All Visa Crypto.com cards offer CRO rewards and many other beneficial features to allow Crypto.com App users to save a lot of money.
In fact, Crypto.com provides CRO token holders with the following: no monthly or annual fees and no upfront costs.
There are many benefits to owning a Crypto.com Visa card, including new rewards designed to meet the needs of consumers who are always on the go.
In addition, there are existing travel benefits of the cards, which include free and unlimited access to LoungeKey airport lounges and interchange rates. And, until the news of the fee exchange, there were no foreign fees either.
Finally, the ability to withdraw cash from almost any automated teller machine (ATM) around the world that bears the VISA or VISA Plus logo, although with the application of new fees, which we will have to see how welcome or unpalatable they will be to users.