Happy Tuesday everyone,
Today I'm posting another passive income way that I am using on my way to financial independence.
It is the Crypto.com debit card that pays me 1% cashback for each purchase I make with it (with a few exceptions). The cashback is paid in CRO token aka Cronos, the official cryprocurrency of Crypto.com. The cashback is credited to my account immediately after purchase and I can exchange it to other crypto or to FIAT and withdraw it right away. But I am holding it long term since in believe that CRO will gain much in value over the next 5 years.
In order to receive cashback on your Crypto.com card you need to stake at least ($400 / €350 / £300) worth of CRO. It is then locked for 180 days after that you can withdraw the CRO or keep it in as long as you like to keep the benefits.
Crypto.com has a few ways to earn more CRO like the earn feature that pays interest for the CRO you put into it. You can put it in flexible (that can be withdrawn at any time, or you can lock it up for 1 or 3 months witch pays better interest.
Staking feature that grants you access to better cashback % and other benefits like 100% cashback on Spotify and Netflix subscriptions and other things like free airport lounge pass and many more.
Another feature that Crypto.com offers is the supercharger, you put your CRO into what is called a charging period and keep it in as long as you like (the longer, the better the rewards). The charging period lasts between 10 - 45 days, and each charging period charges a different cryptocurrency. It is always stated witch cryptocurrency will be paid out as a reward in the reward period (for example ETH). After a charging period passes, begins an acceptance period in witch the rewards are calculated and you need to accept the reward in order to enter the reward period in witch you receive rewards in a that specific cryptocurrency (e.g. ETH). The nice thing here is that as soon as one charging period ends another begins and is charging at the same time as you rewards from reward period are being distributed.
Crypto.com also has a separate defi wallet app where you can stake your CRO with different validators to earn interest on said CRO. This is the method that I am mainly using since it currently yields the best rewards.
Here is my biggest purchase with the card and the cashback amount I received
note: this purchase was made in December 2021 and the cashback rewards were 2% for my card tier at the time they decreased it to 1% on 1st of June this year. At first I didn't like this at all but after some thought I came to a conclusion that if they keep paying such high rewards they risk the project's long term sustainability, so I do believe that they made the right choice rather than keeping high rewards and potentially going bankrupt.
And at the end of the day 1% is still way better than what any bank will pay me, they will even charge me every month for "managing my account", while I receive free money on my Crypto.com card and have my account with them for free.
Here is all the cashback and referral rewards that I received over all in about 1 year's time of using Crypto.com
If you are interested and would like start using Crypto.com and its debit card I suggest you don't wait since they may slash rewards even more in the future. And now that the price of CRO is low it is the perfect time to accumulate more, since you receive more CRO for each purchase than you would if the price was higher.
When you sign up using this link and stake your CRO for a Ruby card tier or higher you and I both get $25 bonus in CRO: https://crypto.com/app/2pkg558ccm
If you have any questions post them in the comment section and I will happily reply.
None of what you read here is financial advice, just sharing my own opinions that's all. If you seek financial advice please contact a professional to help you out.
My other referral links:
I hope my content is valuable to you, have a great rest of the day :)
