Are Black cards still available?
Monaco has a very small quantity of Obsidian Black cards on hand from the original 999 pool and is making those available for contributors who decide to hold 50,000 MCO for 6 months – if you missed out on one during the token sales, this is your last chance to get one.
Tell me more about MCO purchase requirement for Monaco Platinum cards.
Monaco Platinum cards are an amazing product that we offer exclusively to Monaco MCO token holders. With the Platinum card, you earn cryptocurrency every time you spend, receiving 0.75% crypto cashback. Platinum cards offer higher monthly limits for free ATM withdrawals and perfect interbank exchange rates, saving users a ton of money. All Platinum cards are metal and are beautifully crafted. Banks usually charge their most valuable customers thousands of dollars per year for metal cards. Monaco is offering them to MCO token holders for free - there are no monthly or annual fees. The only commitment our users have to make is to purchase MCO tokens and hold them for 6 months. Expanding our MCO token holder base will help us raise the capital needed to fulfil our mission to bring cryptocurrency to every wallet. After the 6 months period, users can transfer their MCO tokens back to their Monaco account to sell it or keep it and continue to use their card fee-free, no strings attached. MCO tokens returned over 2600% to holders since the Monaco Token Sale in May 2017.
What is the 0.75% cashback?
Every time you spend with your Monaco Platinum card, we will credit you back 0.75% denominated in MCO according to current MCO exchange rate. You can then spend the MCO with your card, convert it to BTC or ETH or keep it. This industry leading cashback, coupled with savings on perfect interbank exchange rates makes Monaco Platinum cards the most cost-effective way to spend. A perfect replacement for your favorite credit card.
What is the "free" ATM limit? does it mean there's a fee/cost above that limit? How much is it?
ATM networks charge hefty fees for usage of ATMs. We bear all these costs for our users every month as long as you stay within the Fair Usage Limit. Thereafter we charge a 2% fee. If you travel, this is usually still much more competitive than using your bank card, as you will receive perfect interbank exchange rates on your withdrawal.
What are the fees on the card?
Monaco means life without fees. There are no monthly fees, no annual fees, cards are shipped to users for free. You literally will not pay any fees as long as you stay within the monthly Fair Usage Limits. Even the 1% software license fee that funds MCO asset contract is covered by Monaco and comes from interchange revenue on every card transaction. Effectively this fee is paid by the merchant accepting your payment.
What about the MCO cashback up to 10%?
This merchant-specific cashback program will go live in 2018 once Monaco gets substantial number of users on the platform. It's simply easier to negotiate great cashback deals (likely exceeding 10%) if we have 1m+ customers on the platform.
I can hold MCO - can I also pay with it?
Yes, MCO is spendable at 40m+ merchant locations globally with your Monaco card.
Is your card program approved yet?
We are in the process of becoming a program manager. Further announcements will be made in due course regarding approvals from card schemes in each of the regions & markets.
What are the limits on the card (how much I can hold/spend/withdraw)?
Please refer to Cards page for details.
Which countries are supported (where can I get the card)?
Monaco will be rolled out globally in stages, as each region requires separate issuing capabilities; we remain fully committed to be 100% compliant with local regulations in every market we are targeting – we begin with Asia, followed by Europe (Q4 2017) and North America (2018); first cards are expected to ship end of September, with weekly card shipments gradually increasing from October till the end of the year; we expect demand to massively outpace supply in the first 12 months, so users are encouraged to reserve their cards early.
Who pays the 1% fee going towards the asset contract?
We are going for maximum platform growth strategy with no fees for users; that means that even the 1% contributions to asset contract will be paid by Monaco from the interchange revenue and not by the users as it was described in our white paper. 12) What is the MCO Asset Contract? MCO Asset Contract is a smart contract, which backs the MCO currency similarly to gold backing the US dollar during the days of gold standard. Monaco will contribute 1% of crypto funded transactions carried out on the platform to the MCO Asset Contract. MCO Asset Contract will hold cryptocurrencies forming a digital asset base for the value of all MCO tokens. 13) What is redeem & burn? MCO Token holders will be allowed to exchange MCO for cryptocurrency stored in the MCO Asset Contract on pro-rata basis, i.e. holder of 1% of all MCO will be able to exchange the MCO tokens for 1% of cryptocurrencies stored in the MCO asset contract. MCO are burnt in the process, effectively reducing the number of MCO in circulation.
What is the MCO Asset Contract?
MCO Asset Contract is a smart contract, which backs the MCO currency similarly to gold backing the US dollar during the days of gold standard. Monaco will contribute 1% of crypto funded transactions carried out on the platform to the MCO Asset Contract. MCO Asset Contract will hold cryptocurrencies forming a digital asset base for the value of all MCO tokens.
What is redeem & burn?
MCO Token holders will be allowed to exchange MCO for cryptocurrency stored in the MCO Asset Contract on pro-rata basis, i.e. holder of 1% of all MCO will be able to exchange the MCO tokens for 1% of cryptocurrencies stored in the MCO asset contract. MCO are burnt in the process, effectively reducing the number of MCO in circulation.
What is the interchange fee?
Interchange fees are transaction fees that the merchant's bank account must pay whenever a customer uses a credit/debit card to make a purchase from their store. The fees are paid to the card-issuing bank to cover handling costs, fraud and bad debt costs and the risk involved in approving the payment. In practice, this cost is passed on to the merchant accepting the payment from the customer.
How can I order a Monaco card?
Users can download Monaco app on both iOS & Android to go through a simple three-minute onboarding process and reserve their card starting 31 Aug 2017.
What’s your business model?
We generate revenue every time our customers swipe Monaco card from the fees paid by merchants (interchange revenue). On average, merchants accepting a payment with a card receive only $97 of every $100 spent by the customer, $3 being split between card scheme, program manager, issuing bank and acquiring bank. Monaco’s share of the interchange revenue comes in at 1.5-2% depending on transaction profile. Monaco will roll-out new, revenue generating products over time.