I have decided to retain my CRO for a bit longer and this article describes the reasons for that.
- I can get 8% interest staking a stablecoin
- I can get 3% cash back with a debit card
- Using multiple crypto platforms is beneficial for reasons of security, access, and more
- The next best alternative imo (Coinbase cashback + staking) is substantially less lucrative
- 1% cash back debit
- Stablecoin staking is under 1% interest
- *I can pay my mortgage and potentially get cash back
- CRO’s parent company keeps increasing the requirements for better cards, so I doubt I will be able to get the 5% card or the 8% card
- Many of CRO’s ecosystem features are inaccessible in the USA
- The coin value has basically moved sideways over the last 6-12+ months, creating an opportunity cost relative to crypto index and some other investments
- Holding a large amount of cash in one coin is always risky
- *I can’t use CRO + Plastiq
*These are the key pros and cons. Further details:
- On balance, I previously believed CRO would be a net win if I can get cashback each month paying mortgage and other recurring expenses.
- In the past, I was able to use ACH to pay mortgage, and Plastiq advertises that they support ACH. After using it, I realized the ACH they allow isn’t compatible.
- Specifically, Plastiq expects you to provide an ACH deposit location, but my mortgage company expects you to provide an ACH pull location. Plastiq doesn’t provide a virtual account such that I could send my bank the Plastiq routing information for a pull-style transfer.
- I now notice that my current mortgage provider, PennyMac, accepts an ordinary debit card payment. So I can completely ignore using Plastiq and in fact get a higher total cash back because I don’t have to pay the Plastiq fee!
So this new strategy seems more limited but also more lucrative. You need to make sure your mortgage provider takes a debit card – but maybe that’s a new thing that is catching on?