/biz/ - Business & Finance

[Anonymous No.24263282]

Decided to contribute this post since not long ago I was on the other side trying to decide whether to pull the trigger on these card investments. None of this is financial advice, just my personal experience. I apologize in advance for the length of this post, it is intended for people trying to decide on whether to get one, or both, or neither of these cards and there are lots of variables in play. If you have already made up your mind about both of these companies/cards, then you will probably not find this post useful. There is so much FUD currently on both subs, but I have had overall positive experiences with both platforms even though things have been evolving rapidly on both platforms, and do not have any incentive to bash one or the other.

So I have both the CDC Icy/Rose card (physical card) and Swipe Slate card (virtual card, physical card processing), and am located in the US [fyi: Swipe only recently became available in the US]. I have used CDC platform for many more months than Swipe, but have now used both platforms quite a bit and although I just have the Swipe virtual card have used it for several purchases. Also of note, I do not use credit/debit cards to purchase crypto, so I do not have experience with that aspect of these platforms. I obtain USDC fee-free through Coinbase, and then transfer it out.

I am comparing the CDC Icy/Rose card instead of Obsidian because with today's token prices the CDC Icy/Rose card is around $18,500 (250,000 CRO), with CDC recently having increased staking amounts required for card tiers by 150% (previously was 100,000 CRO) - Obsidian is now around $185,000 (2,500,000 CRO).

Here is the comparison and which I think did better with each feature...

[Anonymous No.24263296]

>>24263282
App - CDC:

Both apps have worked fine for me and offer a decent array of security features. If I had to pick one, I would say the CDC app since it has a bit more polished/developed feel and a transaction history export feature which will make things much easier come tax season. Hopefully Swipe rolls out this feature in the coming months.

Registration - Draw:

I did not have issues registering for either platform. I am in the US and KYC got approved pretty much immediately for both. The only notable difference is that Swipe asked for a picture of a utility bill/bank statement and CDC did not. But I did not encounter any issues.

Card receipt - Swipe

The reason I am handing this one to Swipe even though I have not yet received my physical card is that Swipe has a virtual card feature, and CDC does not. I was able to use the virtual card the day after I staked by SXP. That being said, I did receive by CDC card pretty quick - within a few weeks - so obviously if there is some unexpected delay in my Swipe physical card then I might change my opinion here (why I put the asterisk above). I am also guessing CDC is working on a virtual card feature.

[Anonymous No.24263331]

>>24263296
Deposits - Draw:

I have had ZERO issues with crypto deposits to either account. I have even transferred funds back and forth between CDC-Swipe without issue.

Withdrawals - Swipe:

I have had ZERO issues with withdrawals from either account. Swipe withdrawals are free, CDC charges a few bucks...so I am giving this one to Swipe.

Card loading - Swipe:

With CDC to use crypto for card purchases you have to sell crypto to load your card and only certain tokens can be used to load your card...for instance, on CDC if you have USDC and want to use it to load your card, you currently have to sell USDC to one of the tokens that is accepted to load the card, then sell the other token to load the card and all those transactions have fees on CDC. With Swipe it draws funds as needed and you can you use your stablecoins 1:1 on the card, or set to pull funds from another type of token in your wallet. With CDC once you load funds to the card, you cannot unload it...basically would have to withdraw it from an ATM if you ended up not wanting to have certain funds on the card any longer.

[Anonymous No.24263358]

>>24263331
Cashback - Swipe:

8% cashback with Slate, 5% with Icy/Rose . Also with Swipe you can choose between a few tokens (including stablecoin) in terms of how you would like to receive your cashback. CDC is always CRO. I have have ZERO issues with receipt of cashback and it has been instant on both. That being said, I have seen recently that CDC released a pretty massive list of exclusions for their cashback:

https://help.crypto.com/en/articles/4597450-restriction-of-cro-rewards-programme

I think this list is going to be very off-putting for a lot of people - and hopefully CDC changes their mind on it - since I think most people who are doing the math have factored in using the card to pay for a lot of these things to justify the cost of the card. It is also unusual because CDC just days ago sent out an e-mail that said "As a valued cardholder, you’re eligible for CRO Rewards on all card spending."... so it is kind of confusing why they would send that out and then have this massive list of exclusions released in the background at essentially the same time.

Card perks - Swipe:

Both cards have reimbursement for services such as Netflix and Amazon Prime, but I am giving this one to Swipe because they offer On-chain SXP staking rewards for their Slate card, which is currently better than CDC CRO rewards after their recent rate drop. SXP On-chain staking is not a fixed rate whereas CDC Icy/Rose stake rewards for CRO is at 12%, but as we have seen from the recent CDC rate drop from 18% to 12% it can also be subject to change (although CDC did honor the 18% for people through their initial 6 month lock-in period). I am adding a condition to this category that there is bonus 2% CRO rewards for certain Earn products with CDC Icy/Rose which may be quite beneficial for some people. So there is a bit of user specificity in terms of which card would benefit a user the most based on the perks they would utilize, particularly if you utilize CDC's Earn platform.

[Anonymous No.24263409]

>>24263358
Customer Service - CDC:

This is a tough one, because CDC has had their ups and downs. I have had CDC get back to me very quickly, but also have had a couple of e-mails that they did not respond to at all. Swipe has not gotten back to me for any messages I sent through their Helpdesk which is why I am giving this to CDC, but in their app I have gotten connected in under a minute. So I think both apps are doing well with their live chats, but I am giving this one to CDC because most recently they have been better at getting back to me with e-mails and Swipe has not through their Helpdesk. I think CDC gives higher priority customer service response time to Icy/Rose/Obsidian card members so it may be different for others. But being honest, I have not had issues getting in contact with either through their live chats.

In-app trades - Swipe:

CDC - like many platforms - builds-in fees on the buy/sell side of trades (a buy/sell "spread"), but I have not really seen this on the Swipe app. I think Swipe is the only platform in the entire crypto space that I have used that really seems to be pretty much fee-free exchanges of tokens. That being said, one slight advantage CDC has is that they have a lock-in period for the price that is about 15 seconds...Swipe on the other hand seems to be able to make adjustments to the price if needed even compared to the confirmation page if the price changes. This might mislead people in terms of how much their actual buy/sell ends up being compared to the confirmation page, but that being said even with slight fluctuation in price it has still been less than the fees that other platforms charge. The other thing is that sometimes it has actually worked out in my favor in terms of getting more than I thought I would.

[Anonymous No.24263444]

>>24263409
Tokenomics - Swipe/SXP:

The market cap of SXP is only a fraction of that of CRO, in fact it is currently under around 5% the market cap of CRO. As Swipe plans to expand their services, I think there is a lot more potential for growth than with CRO. That being said, CRO also has other current utility on CDC such as their Syndicate events. SXP has token burn, which CRO does not...in fact, SXP has recently seen some of its highest token burn in quite a while. The current staking rewards for SXP are also higher than with CRO, especially after CRO's recent rate cut as mentioned above. Between the market cap differences, token burn, staking rewards, and room for platform growth SXP takes the cake for me. Owning significant amounts of both tokens, I obviously want both to succeed so have no particular financial motive to favor one over the other.
Overall - Swipe:

Overall, I feel the Swipe card is a much better deal at this time especially after CDC increased their staking amount for the Icy/Rose. I am still going to use CDC services because I use their Earn platform, but my assessment is that the Swipe card is a better value at this time. I think you would have to have a significant amount of funds in Earn to justify the CDC Icy/Rose card. Obviously if the price-point or features of the cards change, then this assessment could change.

[Anonymous No.24263584]

This is why sxp is better

[Anonymous No.24263721]

[Anonymous No.24264043]

>>24263721
I think this is my favorite meme

[Anonymous No.24264670]

>>24263282
Thanks for putting that info together OP, really good comparison between CRO and Swipe.
Any predictions for when SXP market cap will approach CRO market cap? That was the main reason I bought it.

I'm a leaf so I didn't think it was available yet, but a virtual card sounds really good. I'll have to look into it again..

[Anonymous No.24264791]

Thanks for this, OP. Do you have any thoughts on the whole idea of crypto cards in general? I held SXP until recently when I sold (at a loss) because I realised I just don't spend enough in general for it to be worthwhile having a card when that money could be in a different coin generating better returns. Also, it seems that Swipe are moving towards having more and more perks on the highest-tier card and reducing the lower-tier ones, and since I don't have 30k to tie up and won't be in a position to do that for some time, it just feels like I'm not in their target customer base. I'm also worried about the tax implications. But they both support stablecoins now, right?
In general, do you see crypto cards as something promising that could get a lot of users, or do you think it needs more refinement before it'll catch on?

[Anonymous No.24265022]

Started divesting from that filipino trash SXP

[Anonymous No.24265082]

I use cro because I feel like the earn rates are so good, but I’m considering switching to swipe and just have my funds on blockfi

[Anonymous No.24265137]

Churning credit cards for rewards is still better.

[Anonymous No.24265233]

CZ has completely stopped retweeting SXP related posts and has left XVS launch completely unmentioned. He used to be overly enthusiastic about SXP stuff but he is probably fed up with the terrible execution by the pinoys

[Anonymous No.24265295]

>>24264670
My prediction is by end of Q2 of 2021. Swipe has the superior product imo and the financing needed to take down CRO.

[Anonymous No.24265347]

Swipe really doesn't have an inspiring future right now.

[Anonymous No.24265454]

CRO over SXP but they are both peices of shit

[Anonymous No.24265575]

Whats going to happen once CB drops their card?

[Anonymous No.24265609]

>>24264791
If you have crypto, having at least one crypto card is a must. It's the easiest way to cash out imo (and has the lowest risk of getting noticed by the tax man).

If you don't believe sxp will go up in price (which I personally do), Swipe sky card is still an amazing product. Not only you get 2% cash back, you get like USD 30 worth of rebates every month. It pays for itself within like a year.

I also believe Swipe is a perfect way for normies to get into crypto. It's very simple to use. My gf uses swipe but has like USD 200 worth of btc on it. She still gets very excited when btc goes up 3%

[Anonymous No.24265643]

The pain that CRO has seen lately is punitive. Saltiness. But at the end of the day it's still a good deal and an amazing deal compared to traditional credit card offerings.

I don't really have an opinion on Swipe, their infrastructure is behind compared to Crypto.com, so I would simply look at the card tier and see which one is less expensive. I write off the initial investment into the card. You shouldn't be investing in these utility tokens, their tokenomics are centralized garbage.

I would look out for the Binance cards once those come out. Makes no sense for Swipe to exist if the Binance cards already work in the Binance ecosystem and will capture that user base organically. SXP might see some eventual token trade in this regard just like with MCO.

[Anonymous No.24265720]

>>24265233
CZ literally retweeted SXP related post yesterday...

[Anonymous No.24265826]

>>24265643
When binance cards be fully launched, swipe cards will be migrated to the binance platform. However, you will get to keep your swipe benefits

[Anonymous No.24265868]

>>24265575
Depends on what they offer I guess. But the current CB cards are not worth it

[Anonymous No.24266019]

>>24265868
Are they already out or just the current offerings on the card? I'm still on the waitlist unless its a burger thing.

[Anonymous No.24266154]

>>24266019
Just the current offerings on the card. They are still not available in the US, only EU

[Anonymous No.24266279]

Swipie swipie, please go upie

[Anonymous No.24267158]

Bump as this is a good thread