Is it worth getting the MCO VISA CARD? - Seedly
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MCO Visa Card

Multi Currency Cards

Nicholas Tan Yi Da

Asked on 16 Dec 2019

Is it worth getting the MCO VISA CARD?

Anyone here uses the MCO visa card? Do u think its worth it now to use for purchases and stake the mcos, other than for just the usd50 introductory offer?

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Jason
Jason
Level 3. Wonderkid
Updated on 29 Aug 2019

I got the Red Ruby card, the rebate is real (as far as Spotify is concerned), the rebate/cashback is in the form of MCO coin which I usually cash out immediately.

Things about the card:

1) To benefit from the rebates and cashback, you will need to have a ‘stake’ in MCO coin, you can see it as a deposit to use the benefits. For my card, the stake is 50 MCO, about 200 USD in total when I bought it. I treat the ‘stake’ like a refundable one-time credit card fee. Plus my savings from Spotify makes this ‘stake’ smaller as time goes by. Even though my MCO stake currently dropped by 10%, the accumulated savings I have earned from Spotify so far still gives me a net gain. The lock-in period for the stake is 6 months, you can cash out your stake when the lock-in period ends but lose the rebates/cashback features. I don’t see it happening to me anytime soon unless they stop their rebates or I change to something other than Spotify.

2) Cashless payment has no limits, but not for ATM withdrawals. For my Ruby Red card, the monthly ATM withdrawal limit is $400. I tried withdrawing via DBS ATM, it works fine. Used it to purchase some groceries with no issues as well. The app has a cash wallet section, that is where the funds will be located, to transfer money into the cash wallet, you just need to sell the cryptocurrency and designate the funds to be deposited into the cash wallet, and you are good to go.

3) Recently a new feature came out that allowed me to deposit the cryptocurrency I owned to obtain fixed returns. The rates are up to 8% p.a. with a duration of up to 3 months. I tested the 6% p.a. rate with a lock-in period of one month, and they have been giving me the yields every week. So far, I really like this feature as the returns are to my liking, allowing me to own cryptocurrency without the risk of being exposed to its volatility. The yields were given in the form of the cryptocurrency deposited. If it all works well, I might use this as another source of fixed D in the future.

If you are interested in cryptocurrency AND have Spotify/Netflix, etc., this card will suit you and would provide a long term return of your subscription fees. You can treat the ‘stake’ as a refundable credit card fee when you do not need the card in the future.

Please note that the above statements are just my personal opinion, I strongly suggest anyone interested to read up more about MCO before going in. Cryptocurrencies are very volatile, be cautious with your money if you intend to buy some. Respect how you spend your money, and your money will return you in kind.

Cheers!

If you don't mind, feel free to ask me for my referral code.

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Jacqueline Yan
Jacqueline Yan

27 Aug 2019

Hi there, I’m Jacqueline from the Seedly Team. :) Just a friendly reminder to not post any promotional/referral codes here. All promotional/referral codes posted in other users’ questions will be deleted. Hence, we have removed your referral code from this answer. However, you can still share your referral code here on Q&A: https://seedly.sg/questions/does-anyone-have-promotional-referral-codes-for-mco-visa-card Please note that members who do not adhere to our community guidelines after repeated warnings may be banned from our platform. Thank you!
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Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 18 Dec 2019

If you are interested in investing Crypto over the long term, my answer is that the MCO visa card may be worth it. This is because even the MCO cryptocurrency itself follows the boom and trough of the crypto cycle. However because there is a holding period of 6 months, you need to think long term of holding crypto. After 6 months, you can tehn consider adding on or using the amount you have staked for other cryptos. Please note that you need to maintain a minimum amount of MCO credits in your card if you want to continue enjoying the Netflix benefits etc

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Keith Ng
Keith Ng
Level 5. Genius
Answered on 19 Dec 2019

If you are into crypto, then yes.

Otherwise, think twice. Aaron wrote an article on it.

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Leo Chin Ho
Leo Chin Ho
Level 4. Prodigy
Answered on 18 Dec 2019

As MCO is a crypto coin, you will be subjected to price swing in MCO price. So ask yourself if you are able to withstand a drop of 50% or even 80% of the MCO price when you stake for half a year?

Saying so, do have a look at the tier of 50MCO, given that MCO has been declined from its all the highs for quite some time, the down side is still unclear and that is the scary of crypto. Yet, because it is just 50MCO, you wont have too much to lose. In return, you can have 2% cashback for all your purchases and even free spotify which is quite worth the risk. However do take note that even though the cashback is immediate, the cashback is in MCO form, so you still need to sell the MCO back to SGD and there is a min of MCO before you can sell. Also, you can also involve in crypto earn where you can gain 6 to 12% of crypto interest if you have other crypto coin that is sitting around and doing nothing.

Also, the conversion rate is quite good, so you can just credit in SGD and you can spend it on msia and any foreign country without the need to go to a money exchanger. The SGD deducted was comparable to good rate offered by money exchangers.

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Lipton Tee
Lipton Tee
Level 3. Wonderkid
Updated on 18 Dec 2019

As a current MCO Card holder, I would say no unless you want to dabble in crypto. With the card as it is now, it is still hard to recommend to anyone who wants the card for the non-crypto benefits only, because it is still mainly a crypto-spending card.

Cedric has mentioned some of my complaints with the card, such as:

  1. Big hassle to top to the MCO Fiat Wallet up to buy the MCO (in order to stake it), current way to top up without incurring any fees is to go from your Credit Card/Debit Card -- Revolut -- MCO Fiat Wallet. And there is a few days wait before the money actually show up if this is your first top up. The instant way to top up is through credit card, but there will be a 3% fee.

  2. Cashback in the form of MCO - this is not a big issue, but be warned there is a minimum cashout limit of 4.5 MCO - you cannot cashout any less to your MCO card.

  3. Crypto investment is a risky business, MCO is still a small player in the crypto field, so it is hard to say how it will perform in the future. There will be a LOT of volatility - 1 MCO was $6 last Saturday, and it is down to $5 today.

  4. It doesn't earn miles - at the end of the day it is a glorified cashback card, with higher % depending on how much you stake, but I can't see people staking $250k for a 5% cashback card, most people will be getting 2%-3% cashback, which is a meh rate for cashback.

Despite the flaws, I still got the card, because I am quite confident in the MCO crypto as the company is expected to launch the card in Europe soon, plus the other benefits like Spotify, Netflix and lounge access. Some of the issues above like top up directly from bank account to MCO Fiat Wallet and minimum cashout limit of 4.5 MCO has been acknowledged and are being worked on. The card is also a good way for someone to dabble in crypto as it allows you to spend it easily through the card/local bank withdrawals.

For general usage, I would recommend you to wait until they deal with the big issue like allow instant topups from local bank accounts/debit card before getting it.

But if you still want to try it out, you can use my referral link here for 50 USD after signing up and staking 50 MCO (about $260) https://platinum.crypto.com/r/5grkbac4yg​​​

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Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 18 Dec 2019

I almost got the MCO card.

I was very tempted by the free NETFLIX, and of course an opportunity to have some investments in crypto. In the end, after reading up and checking with a few crypto investors, I didn't. Here is why I didn't get the MCO card

  1. It is a damn big hassle to top up the card to use the balance in the card

  2. The MCO visa is rejected at many merchants, SG users actually have an excel sheet to update where is accepted and where it is not. They made the excel sheet to make it easier for MCO visa holders to use, but the fact such an excel sheet exists means the card is not good enough

  3. Netflix and other bonus are not outright free, you pay, and they credit it as their MCO coins back to you. So... crypto "investments"

  4. Every crypto coin other than bitcoin is being slaughtered in the past few years. (for those who are in crypto, yes binance coin and probably a few less known coins are performing better than bitcoins but its a very tiny minority), so if you want to invest in crypto, stick to bitcoin, nothing else

  5. From that day till now, the MCO coin has dropped. So much for my "free" netflix".

Sticking to my usual VISA and Mastercard for cashback and miles....

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Victor Tan
Victor Tan

18 Dec 2019

Hi Cedric, I'm Victor with the Crypto.com team. May I just clarify some points that were raised: 1. You are now able to top up your MCO visa card directly via debit card/credit card. 2. We have enabled 3DS for our card not too long ago, enabling more merchants compared to previously. 3. Yes, our rebates and cashback are all in MCO tokens, but do keep in mind that you can again load them back into your MCO visa card to spend them. 4/5. As with any financial products DYODD.
Leo Chin Ho
Leo Chin Ho

18 Dec 2019

Cedric, you are not updated. Right now, MCO support 3ds secure, which means MCO can support almost all the merchants that use the latest security. Now you also can direct credit the bank amount to MCO fiat balance, so you no longer need to go through fiat -> crypto -> fiat anymore. This is valid for singaporean so oversea user may not benefit for this. As for the cashback, those MCO you receive, you can always sell it back to be convert to cash. Of course, you can be like me and see it as a form of MCO monthly investment. As for the price of MCO volatility, this is very common for MCO. Given how much the MCO had dropped, Bitcoin also have dropped quite a lot during this same period. If you are talking about crypto investing, i would say it is better to build it like any investment profile where you have allocation for different coins instead of just all in bitcoin.
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Vincent Lam
Vincent Lam
Level 3. Wonderkid
Answered on 02 Mar 2020

It has free Spotify and Netflix. If you are interested in crypto, you can apply and get USD$50!

Referral code: e734pxvbj4

https://platinum.crypto.com/r/e734pxvbj4

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Zaine Toh Jia Jun
Zaine Toh Jia Jun
Level 4. Prodigy
Updated on 12 May 2020

I am using it, check out my YouTube channel I made reviews about it. https://YouTube.com/c/simplyeverything

Personally been with them for 10 months. Cashbacks are insane. If you understand crypto and hodling

Edit

Add-on

You can get cashback when using the card. It's awesome

https://blog.crypto.com/stay-home-and-stay-safe-shop-online-using-crypto-com-pay-gift-cards-and-earn-2x-pay-rewards/

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Question Poster

01 Aug 2019

Are there any fees?
Zaine Toh Jia Jun
Zaine Toh Jia Jun

01 Aug 2019

Getting the perks like higher Cashback, you have to buy their MCO token minimum of 50 MCO to lock up and they give $50 USD for free when you lock it up using my link http://bit.ly/MCO_SignUp There is free tier as well but 1% Cashback only. There is no fees for the card for like monthly fee / for maintaining the card like traditional cards.
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