Asked on 13 May 2019
Saw ads for this card around, with 3% cashback on all spent, 10% rebate on Expedia and Airbnb, and 100% rebate on Spotify and Netflix, Is this too good to be true?? https://vulcanpost.com/658217/mco-visa-card-review/
I wanted to get a MCO card a few months ago. Went into their Telegram group and was horrified how difficult it is to spend money from MCO card.
Money should be easy to spend, not having to check an excel sheet on which vendor allows MCO credit card, and which vendors provide cashback.
And still, have to check whether the cryptocurrencies you send is of the sufficient value by tomorrow to top up your card (crypto are roller coasters rides)
It's too inconvenient to lock up a portion of my money.
Hi there, now is a good time to get some Mco! Let me know if you need help through the process! Happy to help!
28 Aug 2019
I believe that is a crypto currency card.
It may not be w typical visa card and might require you to store the coin in the card. Or hold unto a certain amount of the said coin.
The promotions seems to be real but you may want to check if the rebate is given in cash or again, the said cryptocurrency coin. And price of coins fluctuate.
You can find out more about their cards here
Had it since November. Been to their local events and met their CEO, CMO, ground support staff, etc. Been getting rebate and cashback but have to be mindful they are in the form of their MCO token, which you have to sell if you want to use them on your card.
Loading the Visa card used to be a pain but now you can do so with a debit card. This might help you: https://link.medium.com/5l0AWqJQR1
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.
If you don’t mind, feel free to ask me for my referral code.
27 Aug 2019
It's been working very well for me so far! Have been able to pay for all my contactless payments. Moreover, I am getting 6% interest from the 'EARN' feature every 7 days (50 MCO staked). Highly recommend At this point of writing, it seems to only be available in most parts of US, Singapore and some parts of EU. My guess is that when it gets rolled out gradually to other parts of the world, it will only make sense that the currency will appreciate. Here's $50USD to get started by using the referral code 6wbuuhd2xx Cheers!
Good news - if you held MCO for last 30 days, there was a 10% gain (a bit wow if you did a big stake of 50k MCO = USD200k, made USD20k, not bad for 1 months work). For last year even better - increase of 70% (link below for source of price history)
The downside is of course - compared to all time high ($22 bucks two years ago) it is now down approx 80%. You wouldn't want to be on the wrong end of that if you had put in USD200k.
As all cryptocurrency doesn't have much economic basis; it is anyone's guess what will happen in next year or two. So this MCO card you should think of as primarily a gamble on MCO price which also has a side/fringe benefit of being a Visa card.
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