krak.app
Krak Card (Kraken)
Kraken's consumer debit card: hold BTC (and 600+ other assets) in the Krak account and spend via an editable Spend Order that auto-converts at authorization on the Mastercard rate - no markup, no monthly fee, free plastic, metal for 50k balances, instant tiered cashback up to 2% in fiat or sats. Costs hide in the variable conversion spread, the default Rewards tier earns nothing, and spend/ATM limits are not published.
The bitcoin flow
Source note
Spend draws from the Krak Everyday balance: deposit BTC (or 600+ other app assets), set an in-app Spend Order, and the card converts the first available asset to the card primary currency (GBP UK / EUR EU) at authorization - Mastercard exchange rate without markup. Zero transaction, monthly and ATM fees from Krak (third-party ATM operators may charge); instant cashback up to 2% by 30-day-average Rewards tier, payable in GBP, EUR or BTC. The default Starter tier (below a 200 GBP/EUR average balance) earns 0%. Physical card free (coral/black), metal free with a 50,000 GBP/EUR/USD average balance; replacement USD 4.99 / USD 60.
Review
Overview
Yes, this is a real bitcoin card. The Krak Card, issued by Monavate (UK) or Monavate UAB (EEA) and backed by Kraken, is a Mastercard debit card that lets you spend from a balance holding bitcoin and over 600 other assets. Bitcoin is converted automatically at the point of sale based on your in-app Spend Order. You’re selling bitcoin per transaction, which triggers a taxable event each time. It’s designed for Kraken users in the UK, EEA, or US who want fee-free spending with optional BTC-denominated cashback.
Fees in practice
There are no fees from Krak for card issuance, monthly service, transactions, or FX for UK and EEA users - the conversion uses the Mastercard rate without markup. ATM withdrawals carry no fee from Krak, though third-party operators may charge. For US users, however, a 1% FX fee applies on top of the Visa rate. A worked example: a $1,000 spend by a US customer incurs a $10 FX fee. The physical card is free; metal cards are free with a 30-day average balance of at least 50,000 GBP/EUR/USD. Replacement costs $4.99 for plastic, $60 for metal.
Verdict
The Krak Card is a solid option if you’re already using Kraken and want seamless, fee-free spending with optional BTC rewards. But it’s not for stackers who want full control - your bitcoin is sold per transaction, and the default tier earns nothing. Only proceed if you’re comfortable with custodial risk and the variable conversion spread.
The bitcoin flow
Bitcoin gets onto the card indirectly: you deposit BTC into your Krak Everyday balance, then set a Spend Order that determines which assets are spent first. When you make a purchase, your bitcoin is sold per transaction if it’s next in line, converted at the Mastercard exchange rate without markup. This means your BTC is sold per transaction - the tax moment occurs with every purchase where bitcoin is drawn. Spending happens in the card’s primary currency (GBP or EUR), and Lightning top-ups are not supported. There’s no documented minimum top-up amount.
Rewards
Cashback is advertised up to 2%, paid in GBP, EUR, or BTC, depending on your Rewards tier, which is based on your 30-day average balance across Kraken accounts. The Starter tier (below 200 GBP/EUR) earns 0%, so most new users won’t earn anything unless they qualify for higher tiers. New customers receive Max-tier (2%) rewards for their first 30 days. Rewards are paid instantly upon merchant settlement, typically within 24 hours, and there are no documented caps.
Custody & risk
Your funds are held in a custodial account by Krak, part of Kraken (Payward), a well-established exchange. The card is issued by Monavate Ltd (FCA-regulated, FRN 901097) in the UK and Monavate UAB in the EEA, both authorized e-money institutions. US cards are issued by Lead Bank under a Visa license. While this brings regulatory oversight, your assets are not on-chain - counterparty risk exists. No incidents have been documented, and Reddit users report positive early experiences. Data quality is verified, so a small test load is still prudent.
Pros & cons
Pros
- free virtual + plastic card, no monthly or annual fee
- BTC auto-converts at authorization on the Mastercard rate without markup (UK/EEA)
- instant cashback up to 2%, paid in GBP, EUR or BTC
- spend order can block assets (e.g. keep BTC stacked)
- Apple Pay + Google Pay; documented FCA-authorised issuer (Monavate, FRN 901097)
Cons
- full KYC through a verified Krak account; personal accounts only
- default Starter Rewards tier earns 0% cashback below a 200 GBP/EUR 30-day average balance
- variable spread on every crypto conversion, disclosed only per transaction
- spend, load and ATM limits not published
- US pricing view contradicts the FX-fee promise (1% fee named on a Mastercard card)
Factsall documented fields
| Card type | Debit · Mastercard · Physical + virtual |
|---|---|
| KYC | Full KYC |
| KYC trigger | Always - the card requires a verified Krak account (full KYC, personal accounts only) |
| Custody | Custodial |
| BTC load | BTC via in-app conversion |
| BTC sale timing | BTC sold per transaction |
| Lightning | no |
| Issuance | Free virtual + free plastic (replacement USD 4.99); metal card free with a 30-day average balance of >= 50,000 GBP/EUR/USD, replacement USD 60 |
| Monthly fee | none |
| Top-up fee | 0% |
| FX fee | not documented |
| ATM fee | 0% |
| Cashback | 2% in cash (GBP/EUR) or BTC (cap: none documented) |
| Regions | UK, EEA, US |
| Apple Pay | yes |
| Operator | Kraken (Krak app) |
Score breakdownoverall 7/10
FAQ5 questions
Is this a real bitcoin card, and how does bitcoin get spent?
Is KYC required to get the Krak Card?
What fees does the Krak Card charge in practice?
Does the Krak Card pay rewards in bitcoin?
Is the Krak Card safe and who holds my funds?
On the website1 captures
Captured live capture 2026-10-01. Click any screenshot to enlarge.
Sources8 fetched & dated
Every claim traces to a source we fetched and dated. Community sources are individual threads, not paid reviews.
- Krak Card - Debit Card (product page)
Monavate (FCA FRN 901097, Company 12472532) as issuer; tiers 0-2% cashback in GBP/EUR/BTC; spend-order conversion.
- Krak Card Frequently Asked Questions (updated 2026-09-18)
Support FAQ: eligibility = verified Krak account, personal accounts, residents of the UK, EEA and US; both virtual and physical cards (coral/black); Apple/Google Pay; zero transaction fees; FX fees waived - Mastercard rate without markup; no Krak ATM fee, third-party ATM fees may apply; Spend Order converts the first available asset to the card's primary currency (GBP UK / EUR EU) at authorization; 600+ assets in app, subset initially spendable.
- Krak Card Cashback Overview (updated 2026-07-31)
Rewards tiers by 30-day average balance across Krak/Kraken/Kraken Pro: Starter 0% (0), Lite 0.5% (200), Pro 1% (1,000), Elite 1.5% (10,000), Max 2% (50,000) GBP/EUR; assessed every 30 days; cashback locked in at merchant settlement (typically within 24 h); all cardholders automatically eligible; new customers receive a welcome Max Rewards gift.
- Krak Pricing (US Service Pricing view)
Card services: virtual + plastic issuance free (replacement 4.99/60 USD), metal requires 30-day average >= 50,000 USD; local-currency spend free; ATM: Krak charges nothing, third-party fees may apply; US debit-card FX passes the (Visa-named) exchange rate plus a 1% fee; crypto spend carries a variable spread. Deposits: bank transfer free, debit/Apple/Google Pay 3.75% + 0.25, wire 3 USD.
- r/beermoneyuk: Krak Debit Card: Free GBP 10 + 2% cashback for 30 days
Community thread promoting the Krak debit card welcome offer (free GBP 10 + 2% cashback for 30 days) - confirms the card is actively marketed to UK users and that the welcome Max-tier gift is the headline hook.
- Krak US pricing - FX disclosure
Foreign Exchange (FX) for US debit card customers - Cash FX Conversion - We pass on the Visa exchange rate and a 1% fee on debit card transactions.
- Krak debit card (US) - issuer disclosure
Krak debit card is issued by Lead Bank pursuant to a license from Visa U.S.A. Inc. Krak is a financial technology company, not a bank.
- Kraken Card cashback overview (support)
There are five tiers: Starter GBP/EUR 0 = 0%, Lite 200 = 0.5%, Pro 1,000 = 1%, Elite 10,000 = 1.5%, Max 50,000 = 2%. New cardholders receive Max-tier rewards for their first 30 days after opening a Krak account. There are currently no monthly caps or earning limits.