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Cryptoback™: Exceptions and limitations that you need to know

Wirex’s Cryptoback™ is a unique feature that rewards Wirex users with a percentage of their cryptocurrency spending. It's a great way for users to earn rewards for their daily purchases, all while using their preferred cryptocurrencies. However, as with any rewards program, there are exceptions and limitations that users should be aware of before they start using the Cryptoback™ rewards program. In this article, we'll explore these exceptions and limitations in detail, so you can make the most out of your Cryptoback™ rewards. 

  • Cryptoback™ rewards are subject to change 

One of the most important things to keep in mind is that Cryptoback™ rewards are subject to change. Wirex may change the amount of Cryptoback™ rewards offered or the cryptocurrencies eligible for rewards at any time, without prior notice. This means that the rewards you earn today may not be the same as the rewards you earn tomorrow. It's important to stay up –to date on any changes to the Cryptoback™ rewards program to ensure you're getting the most out of your rewards. 

  • Cryptoback™ rewards have a cap 

While Cryptoback™ rewards are a great way to earn rewards for your daily purchases, there is a cap on how much you can earn. Currently, the maximum amount of Cryptoback™ rewards you can earn per transaction is 8% of the transaction value. Additionally, the maximum amount of Cryptoback™ rewards you can earn per calendar month varies depending on your chosen price plan. Standard users can earn up to 20,000 WXT, Premium users can earn up to 100,000 WXT, and Elite users can earn up to 250,000 WXT. This means that even if you spend a significant amount of money using Wirex, there is a limit to the amount of Cryptoback™ rewards you can earn. 

  • Cryptoback™ rewards are not available for all transactions 

It's important to note that not all transactions are eligible for Cryptoback™ rewards. Currently, Cryptoback™ rewards are not available for cash withdrawals, top-ups, transfers between Wirex accounts,  or transactions made using third-party services or platforms that are not directly integrated with Wirex. This means that if you want to earn Cryptoback™ rewards, you'll need to make sure you're using your Wirex card or app for eligible transactions. Here’s a list of Merchant Category Codes (MCC) for which Cryptoback™ rewards are unavailable

  • Cryptoback™ rewards are subject to taxation 

Finally, it's important to remember that Cryptoback™ rewards are subject to taxation. In some countries, Cryptoback™ rewards may be considered taxable income. It's important to consult with a tax professional in your area to understand the tax implications of earning Cryptoback™ rewards. 

In conclusion, Wirex’s Cryptoback™ is a great way to earn rewards for your daily purchases using cryptocurrency. However, there are exceptions and limitations to keep in mind before you start using Cryptoback™ rewards. It's important to remember that Cryptoback™ rewards are only available in certain countries and for certain cryptocurrencies, and that rewards are subject to change and have a cap. Additionally, not all transactions are eligible for Cryptoback™ rewards, and rewards may be subject to taxation. By keeping these exceptions and limitations in mind, you can make the most out of your Cryptoback™ rewards and use them to your advantage. 

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