Crypto.com announced on Sunday that it would reduce rewards on the usage of its Visa cards as per the specific tiers, causing native CRO tokens to tank 11% to about $0.29.
Lower tiers, Midnight Blue and Ruby Steel, will have no rewards, while Royal Indigo and Jade Green would have 0.5%. The announcement adds that Icy White and Frosted Rose Gold would get 1% and Osbidian, the top-ranking tier, 2%.
The exchange says that the monthly rewards on the lowest tiers will be limited to $50 from $25, while the higher tiers would have no rewards cap.
The report notes that staking rewards on Crypto.com cards will stop after the end of the 180 days for users who staked on May 1, excluding the cards of the lowest tiers.
The other card benefits like cashback on subscription services and complimentary airport lounge access will reportedly continue. The 14% interest rates on Crypto.com’s earn products holdings has not changed.