A while back, I wrote about how Binance and Crypto.com were going head to head with their cryptocurrency visa debit card offerings. Well, a few things have changed since then. Crypto.com has increased their staking requirements for their cards. Part of the reason for this, is the horrendous drops in the value of the CRO token. Check it out.
So while you've had your CRO staked, merely for the purpose of having a Crypto.com card, with all of their perks, the value of your stake has been plummeting. This causes a large dent in the actual profitability of having such a card, regardless of the perks it has.
Meanwhile, Binance Card offers the same cashback perks for around the same price, based on holding BNB in your Binance account, but here's the kicker. Your BNB can be held anywhere on your Binance account. This means, your BNB can actually be part of launchpad which actively earns you interest on your BNB. Not only that there are various other products on Binance which BNB can be used in to generate a steady, reliable return. All of this, without having to "stake" BNB for a lock up period. The BNB can be withdrawn or sold easily at any time.
This is made even more attractive when you consider that historical performance of BNB has been one of the best on the entire crypto market. While other cryptocurrencies are currently struggling to get back to previous all time highs, BNB has already been close to its all time high price again. Check out the charts.
That's a lot better looking than the CRO charts.
Overall, it looks like Binance Card is a much better offering than Crypto.com's card now, due to the fact that you don't have to lock up your tokens for a long period and based on the price performance of each token. Not to mention, Crypto.com has been embroiled in many scandals in the past, while Binance has quite a clean and favourable record with the public.
The only thing missing from Binance Card are some additional perks, like 100% rebate on services like Spotify and Netflix, or LoungeKey for airport lounge access.
With that said, Binance has stated that more perks will be coming to the card in the future. So I'm eagerly awaiting those to really put the nail in the coffin for Crypto.com's card offering.