The Krak Card earns Up to 2% cashback on a Mastercard debit card with no annual fee, available in UK + EEA.
Kraken is a US cryptocurrency exchange founded in 2011 by Jesse Powell and launched publicly in 2013, with corporate operations historically based in San Francisco. Operated by Payward, Inc., it is one of the longest-running spot exchanges and offers spot, margin, futures, and staking products across multiple regulated jurisdictions.
The Krak Card is a crypto debit card offered by Kraken, available in UK + EEA. It offers Up to 2% cashback across 5 reward tiers, giving users the ability to earn higher rates as they increase their commitment. There is no annual fee to hold this card. It runs on the Mastercard network and requires full identity verification.
New to crypto cards? Read our complete buyer's guide to understand fees, rewards, and how to choose. Concerned about privacy? See our KYC vs non-KYC comparison. Compare more options in our best crypto cards in Europe guide. See where it ranks among the best crypto debit cards.
| Tier | Rate | Requirement |
|---|---|---|
| Starter | 0% | Under €200 average combined assets |
| Light | 0.5% | €200+ average combined assets (Krak + Kraken) |
| Pro | 1% | €1K+ average combined assets |
| Elite | 1.5% | €10K+ average combined assets |
| Max | 2% | €50K+ average combined assets, stainless steel Metal card |
The IBAN lives in the Krak app (EUR IBAN, GBP account number), not on the Monavate-issued card. A dedicated DE-prefixed Virtual IBAN is available to eligible clients in Luxembourg, Germany, Latvia, Greece, Croatia, and Hungary. The Bank of Lithuania fined UAB Monavate EUR 270,000 with a warning on 2025-11-25 for AML, management, and reporting breaches.
Compare IBAN and transfer capability across cards in our crypto cards with IBAN guide.
On $500/mo spend, the estimated monthly cost breakdown for Krak Card is: gas $0.00, conversion spread $7.50, flat/FX fees $0.00, and amortised card/tier fee $0.00, for a total drag of 1.5% of spend. After $0.00/mo cashback that is still a net cost of about $7.50/mo ($90.00/yr). Krak Card tops up from a centralized balance, so there is no on-chain gas cost regardless of how often you reload. Figures are conservative estimates and vary with conditions.
The card formerly marketed as the Kraken Card now trades as the Krak Card, a Mastercard debit card that sits on Kraken's standalone Krak money app rather than the main exchange app. It is a debit product for personal-account residents of the UK and EEA, funded from a Krak Everyday balance and spendable across what Kraken variously counts as 400+ (support FAQ) or 600+ (card page) fiat and crypto assets at Mastercard acceptance points. Krak charges no annual or monthly fee and no FX or ATM fees from its own side, but a variable conversion spread applies whenever you spend from a crypto rather than fiat balance, and third-party ATM operator fees still apply.
The headline "up to 2%" is real but heavily balance-gated. As of the June 2026 support docs the program is a five-tier, 30-day-average-balance system: Starter 0% (under 200), Light 0.5% (200+), Pro 1% (1,000+), Elite 1.5% (10,000+), Max 2% (50,000+), in GBP or EUR, paid in local currency or BTC with no monthly cap. Balances across Krak, Kraken, and Kraken Pro all count. The practical consequence: a light spender holding a small balance earns 0% to 0.5%, and the marketed 2% requires roughly 50,000 parked across the three Kraken products.
One genuinely useful wrinkle for new users: Kraken seeds new Krak customers with a welcome gift of the Max Rewards tier (2% cashback plus a 1% salary match in eligible regions) regardless of balance, so the first weeks flatter the card versus its steady-state rate; Kraken does not publish how long the boost lasts. And because the tier is locked at merchant settlement rather than at purchase, with deposits smoothed evenly across 30 days, users cannot game the rate by topping up right before a big purchase.
Verified user signal is limited because the card is new. Early Trustpilot feedback cited in third-party coverage describes slow, largely automated support responses [1]. A hands-on reviewer hit onboarding friction (OTP codes not arriving by email or SMS, with similar stories from other users suggesting a wider bug) but also reported in-app chat replies within about 30 minutes and a support team that actively responds to app-store reviews [2], so support experiences look inconsistent rather than uniformly bad. Claims about week-long account suspensions and app-stability problems could not be verified and were dropped.
Updated 2026-07-06
Note: Rebranded to 'Krak Card'. 1% promo ended March 31, 2026. New 5-tier balance-based cashback system launched Mar 31: Starter 0% (<€200), Light 0.5% (€200+), Pro 1% (€1K+), Elite 1.5% (€10K+), Max 2% (€50K+). Metal Mastercard (stainless steel) for €50K+ Max-tier users, free for eligible, €60 replacement. Krak Concierge with 60% off luxury hotels and 4% travel cashback for Max tier. Cashback in EUR, GBP, or BTC. Up to 10% APY on vaults. Salary Match (up to 1% bonus). The Bank of Lithuania fined issuer UAB Monavate EUR 270,000 with a warning on 2025-11-25 for AML, management, and reporting breaches.
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The Krak Card is a crypto debit card offered by Kraken. It is available in UK + EEA and allows users to spend cryptocurrency at merchants worldwide.
The Krak Card offers Up to 2% cashback. There are 5 tiers: Starter (0%), Light (0.5%), Pro (1%), Elite (1.5%), Max (2%).
The Krak Card has an annual fee of $0. Additional fees: Conversion fee: ~1.5%.
Supported assets include 400+ to 600+ fiat and crypto assets (official pages conflict on the count); top-up methods include Krak Everyday account balance, ACH (via Plaid), Debit/credit card, Apple Pay, Google Pay, PayPal.
Yes. The Krak Card requires full identity verification (KYC): expect to submit a government-issued ID, and often proof of address, before the card is issued.
The Krak Card is available in UK + EEA.
The Krak Card is a debit card. You need to load cryptocurrency onto the card before making purchases.
Yes, the Krak Card supports Apple Pay and Google Pay for contactless payments.
The Krak Card is issued by UAB Monavate (EEA); Monavate Ltd (UK). Licences: EMI (Bank of Lithuania, EEA); EMI (Financial Conduct Authority, UK).
Yes, the Kraken platform provides a personal IBAN in the user's name. Capabilities: receiving third-party transfers: yes; sending transfers to third parties: yes. The IBAN lives in the Krak app (EUR IBAN, GBP account number), not on the Monavate-issued card. A dedicated DE-prefixed Virtual IBAN is available to eligible clients in Luxembourg, Germany, Latvia, Greece, Croatia, and Hungary. The Bank of Lithuania fined UAB Monavate EUR 270,000 with a warning on 2025-11-25 for AML, management, and reporting breaches.
Fiat balances are e-money issued by Kraken's Payward entities (Payward Ireland Limited in the EEA, Payward Service Limited in the UK), kept separate from the companies' own funds; the UK e-money is not covered by the FSCS.
Want to see your annual earnings? Use the ROI Calculator to estimate net cashback at your spending level, or compare cards side by side.