I’ve decided to write about MCO Visa cards as somebody who:
- Doesn’t know anything about Cryptocurrencies and have never bought/used them before
- Is using MCO for the first time
- Enjoys maximizing the benefits that come with the card
So MCO cards are now shipping to certain countries, Singapore being one of them. There are 5 versions of the cards:
The plastic midnight blue card is free for anyone to apply, and doesn’t require any investment or “MCO lockup”. The other 4 cards are made of composite metal (thus it comes at a price), and requires an MCO lockup, the amount of which is shown in the diagram above. So what is an MCO lockup?
MCO is the name of the native cryptocurrency that is being used by this app/prepaid card. It’s similar to Bitcoin or Ethereum or any other cryptocurrency out there. So in order to get receive any of the 4 other cards, you will need to make an investment of either 50, 500 or 50 000 MCO and lock this amount up for a period of 6 months.
As I was interested in the benefits that came with the Indigo Blue/Jade Green card (more on that later), I decided to try locking up 500 MCOs and scored a Jade Green card in the process. At the time when I purchased the 500 MCOs (on Mar 2, 2019), the exchange was 1 MCO = S$3.58. So I paid S$1790.61 (+$62.67 admin fee; Crypto.com charges 3.5% admin fee for all cryptocurrencies purchased on their platform). I used my HSBC credit card to make the purchase, but please be aware that many credit cards treat such purchases as a cash advance, so there will be additional fees that you’ll need to bear when using a credit card. Interestingly enough, I was not able to use my DBS credit cards (I tried 2 different cards) to make the purchase.
It is important to note that purchase of cryptocurrencies is highly risky and I suggest that you only lock up money which you are able to spare. Also, in order to enjoy the benefits, the MCOs which you choose to lock up need to continue to be locked up. I was also lucky because as of today, the exchange is 1 MCO = $4.52, so my 500 MCOs had appreciated to a value of approximately S$2260, so that means a small profit in my favour.
If you are interested to get started with your own MCO card, use my referral link or my referral code: eng8ywgx93. The first 10 people to use my referral code will get US$40 credit in your MCO card, which I understand can be claimed after 30 days. This offer is on a first come first serve basis.