Community post
Crypto.com Ruby Card - 2 months later
Two months in already since I started using a Ruby card by Crypto.com for my business expesnes. (Amex is still my go to for personal expenses).
I'm very happy with the returns at 220 USD it means I will have just over 1.000 usd within a year at the very least.
Although my initial plan was to convert this into Bitcoin as the rewards are being paid in their native CRO, I think the benefits will be great if I stake more cro and move into a higher reward rate card such as the Royal Indigo & Jade Green which offers 3% instead of 2% on the ruby.
I'd strongly recommend that you use ANY rewards card for your day to day expenses either FIAT or CRYPTO one.
Replies (9)
I still haven't worked out how these crypto credit cards actually work. 😂
Glad you're please with yours.
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I have a ruby one too, but I am based on Australia, and the card I have is SGD based. This means I pay more than 2% in exchange fees, so its not really worth it for me at the moment until they bring out one in local currency. I do use it for the free Spotify though.
This one is a prepaid debit card and not a credit one.
You can either stake CRO or not and start earning from 1% up (depending on how much you have staked). You just loaded with fiat and you are good to go!
Yeap, that is a different story. It makes perfect sense for me as I have replaced it with my debit business card.
Ah. I see. I think that might be where I've been getting a bit confused. Thanks for the extra information.
So the CRO appears in your wallet, not on the card like a fiat pay back would?
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The CRO is initially used for staking if you wish to get the ruby or anything above (2% + ). If you do not want to buy CRO you can opt in for their blue card(dont remember the name) for 1% returns.
You load it with fiat (british pounds in my case) and spend British pounds. Rewards are being paid in CRO and you can either just keep them, convert to your preferred crypto or sell for fiat!
OK. So I need to compare it with the returns I get on my standard fiat cashback card or Avios points etc.
Another thing I don't quite get . . . I read somewhere that you can use cards to legally avoid paying CGT. Presumably that doesn't work in this instance as converting CRO or selling to fiat would be a taxable event.
Maybe you need a credit card to do the CGT thing?
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The CGT question is a good one that I do not have a response yet. I will look into it when we make the next company accounts with my accountant.
Sounds good. 😁
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