Thanks for the info. I have the MCO Visa and been testing it out.
Credit cards can be paid off for free by bank transfer. I may have missed something, but paying a 1% spread to perform rewards exempt transactions seems quite expensive. The balance could have been used to earn rewards on a qualifying transaction?
Some sums would have to be done to assess the benefits of choosing the 500 MCO stake card vs 50 MCO. Perhaps worth it if you use Netflix and spend enough that an extra 1% makes it worthwhile, but a much higher risk if the value of MCO drops during the staking period. Even losing £200 odd would be a pain, a risk that you don’t have with a normal prepaid card.
The risk is that the crypto price could move against you between you buying the crypto and selling it to the GBP wallet. A small one, but extant nonetheless.
It is genuinely good news that they will allow the Visa to be topped up by bank transfer. My question is, how sustainable is it for them to allow free loads, reimburse Spotify payments and pay 2% on card purchases? From what I understand the interchange fee cap for prepaid cards is 0.2%.
I don’t think the MCO Visa can really be viewed as a standalone product. Unless a fee was imposed to top up, like the 3.5% card fee for buying crypto (a free promo is on at present). Otherwise people may have to give something back by trading on the price of cryptocurrencies, with the card being provided as an easy way to spend returns. Or using the other services they advertise.
In the past I’ve seen numerous financial institutions try and get the better of people who game them for financial gain through non-standard use of their products. Some are smart in how they handle this and others aren’t!