Few months ago I wrote a review on CoinZoom card and the exchange as a whole. It is still the most detailed and useful CoinZoom review you will find on the internet. Well, CoinZoom has now added some Terms and Condition that exclude certain transaction from getting cashback.
As of writing this article the cashback qualifying purchase exclude:
- MCC Code 6011 (ATM Transactions)
- MCC Codes 4829 and 6012 (Financial Institutions Payments) and
- MCC Code 6513 (Real Estate Agents and Managers).
CoinZoom also excludes cashback on gift card purchase.
Clawback or Not?
Some easy cashback methods are no more but this is expected as more and more people become aware of crypto debit cards. The most popular crypto card, from CDC, has a ton of exclusions, Fold recently threatened to ban MSers, and Coinbase 4% card has been shutting down people for a while.
The big question is will CoinZoom do a clawback like CDC? CDC is infamous for changing T&C and then doing a clawback, even a year later, all of which I have covered in my CDC debit card review.
Closing Thoughts
So if you earned a lot of cashback in those categories should you HODL or SODL your $Zoom tokens? I already sold mine because of various reasons including their further involvement with MLM (see CoinZoom review here) and my personal belief that the price had peaked, at least temporarily. In fact, my balance on CoinZoom as a platform is now less than a dollar.
If you want to hold, you should keep up-to-date with any potential clawback news. The bad thing is literally nobody on the internet consistently covers Crypto cashback, let alone the CoinZoom card. The good thing is some of my readers joined CoinZoom after reading my CoinZoom review and a few of them happen to hangout in our crypto Telegram group. The other good news is there is no lockup period on $Zoom (cough CDC cough) so you can sell it all at the first sight of potential clawback. If I had to take a wild guess, they won’t go the route of clawing back like CDC but you never know.
H/T: Sebastian.
