Krak Card

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Krak Card scores 12 of 16 on the CBL Card Score. Kraken, Mastercard and Visa. Custodial; e-money wallet safeguarded by Payward Ireland. UAB Monavate, Bank of Lithuania e-money licence.

CBL Card Score: 12 of 16

Criterion	Points	What we found	Source
Custody	1 of 2	Custodial. The card spends only from the Krak Everyday balance, which sits apart from the Kraken trading portfolio (official, Kraken Card FAQ, 8 Oct 2026). In the EEA the fiat balance is an e-money wallet held by Payward Ireland Limited, and the terms say "funds of an equivalent value to the Fiat Currency held in your Kraken E-Money Wallet will be 'safeguarded'" (official, EEA Terms, 14 Oct 2026). The Irish Deposit Guarantee Scheme does not apply (official). In the US, funds sit "in a pooled account at Citibank, N.A." and are not FDIC-insured (official, krak.app/card).	official checked 20 October 2026
Issuer and licence	2 of 2	"Both the Kraken and Krak Card are issued by UAB Monavate, authorised by the Bank of Lithuania" (official, EEA Terms, 14 Oct 2026). UAB Monavate holds electronic money institution licence No. 92 from the Bank of Lithuania, issued 31 Mar 2022 (official, Bank of Lithuania register); Kraken's blog cites authorisation code LB002139 for the same entity (official, 13 Jul 2026). UK card issued by Monavate Limited, FCA FRN 901097 (official, Kraken blog). US card issued by Lead Bank under a Visa licence (official, krak.app/card).	official checked 20 October 2026
Availability	1 of 2	"Currently available to verified Kraken users in the UK and EEA" (official, Kraken Card FAQ, 8 Oct 2026). A US version is open to "eligible residents in most U.S. states", with New York, Maine, Massachusetts and Indiana excluded (official, krak.app/card). No UAE or Saudi offer found. Not waitlist-only.	official checked 20 October 2026
FX fee on a foreign-currency purchase	2 of 2	UK and EEA: "We don't charge FX fees", and the Mastercard rate is passed on with no markup (official, Kraken Card FAQ, 8 Oct 2026; official, krak.app/pricing, checked 20 Oct 2026). A variable spread applies when the card sells crypto to fund a purchase; spending from a fiat balance carries no spread (official). US card: Visa rate plus 1% (official, krak.app/pricing). Scored on the European product.	official checked 20 October 2026
Funding cost	1 of 2	Virtual card free, plastic card free, delivery free; plastic replacement €4.99 or £4.99; metal card free with a 30-day average balance of €50,000 or £50,000, metal replacement €60 or £60 (official, krak.app/pricing and krak.app/card, checked 20 Oct 2026). Crypto deposits free, SEPA and Faster Payments deposits free; card, Apple Pay or Google Pay deposits cost €0.25 plus 3.75% (official, krak.app/pricing). Instant Buy/Sell conversion is a fixed 1%, and a variable, unpublished spread applies when crypto or stablecoin is sold at the point of spending (official, krak.app/pricing). No monthly, annual or inactivity fee (official, FAQ).	official checked 20 October 2026
Apple Pay and Google Pay	2 of 2	Apple Pay and Google Pay, added during card setup (official, Kraken Card FAQ, 8 Oct 2026).	official checked 20 October 2026
Freeze and dispute policy	2 of 2	Freeze from the card home screen in the Krak app (official, FAQ). Disputes are filed from the transaction details screen; "Investigations may take 45 to 60 days, though many are resolved much sooner" (official, disputes article, 8 Oct 2026). Under the EEA Terms, unauthorised transactions must be reported "as soon as possible and within 13 months of the date of the first affected transaction", and Kraken "will normally refund your Kraken E-Money Wallet by the end of the next Business Day"; complaints get an answer within 15 business days and a final reply within 35 business days (official, EEA Terms, 14 Oct 2026).	official checked 20 October 2026
Yield on idle balance	1 of 2	Auto Earn pays rewards on eligible crypto held in the account, including certain stablecoins such as EURC, with assets still tradeable and withdrawable; Kraken takes a 30% commission on staking rewards and the pricing page lists 25% of yield for Vaults and 30% for AutoEarn (official, Auto Earn overview, 16 Sep 2026; official, krak.app/pricing). Fiat balances in EUR or GBP are not listed as earning. Kraken's launch release cites "up to 3.6% yield opportunities on eligible assets" (official, Business Wire, 25 Nov 2025). Not available in the US.	official checked 20 October 2026

Total 12 of 16. Official means the company's own site, terms or help centre. Third-party means a named review site with its own check date; a third-party fact is reported, not verified, and the score stands until an official source confirms or contradicts it.

Score history

20 October 2026

12 of 16

First score

Standing

Company	Kraken (Payward). In the EEA the e-money wallet behind the card is provided by Payward Ireland Limited, an electronic money institution authorised by the Central Bank of Ireland (register C453020), and crypto services by Payward Europe Solutions Limited, a MiCA crypto-asset service provider authorised by the Central Bank of Ireland (register C468360) (official, EEA Terms, effective 14 Oct 2026). In the UK, Payward Services Limited is FCA-authorised for e-money and payment services (FRN 1010381) (official, Kraken blog, 13 Jul 2026). In the US the card is a separate Visa product issued by Lead Bank, with money transmission by Payward Interactive, Inc. (NMLS 1843762) (official, krak.app/card).
Network	Mastercard in the UK and EEA; Visa in the US (official). official
Rails	Kraken names UAB Monavate (Bank of Lithuania EMI licence No. 92) as the card issuer for the EEA and Monavate Limited (FCA FRN 901097) for the UK (official). The fiat balance is an e-money wallet held and safeguarded by Payward Ireland Limited, a Central Bank of Ireland EMI (official). The US card is issued by Lead Bank with funds pooled at Citibank (official).
Website	krak.app/card
Health tag	Watch Card issued by a Bank of Lithuania licensed e-money institution with a published safeguarding statement for the e-money wallet, but Kraken's parent paid $30 million in February 2023 to settle SEC charges over its US staking programme, and the Everyday balance carries no deposit guarantee (official SEC release; official terms).
Last checked	20 October 2026

When it goes wrong

Freeze from the card home screen in the Krak app (official, FAQ). Disputes are filed from the transaction details screen; "Investigations may take 45 to 60 days, though many are resolved much sooner" (official, disputes article, 8 Oct 2026). Under the EEA Terms, unauthorised transactions must be reported "as soon as possible and within 13 months of the date of the first affected transaction", and Kraken "will normally refund your Kraken E-Money Wallet by the end of the next Business Day"; complaints get an answer within 15 business days and a final reply within 35 business days (official, EEA Terms, 14 Oct 2026).

The dispute route, in order: the company's own support desk, then the card network's chargeback rules, then the regulator of the issuer where one is named. A frozen card is a question, not a verdict: the Frozen Account Survival Kit applies to cards too.

Costs

FX	UK and EEA: "We don't charge FX fees", and the Mastercard rate is passed on with no markup (official, Kraken Card FAQ, 8 Oct 2026; official, krak.app/pricing, checked 20 Oct 2026). A variable spread applies when the card sells crypto to fund a purchase; spending from a fiat balance carries no spread (official). US card: Visa rate plus 1% (official, krak.app/pricing). Scored on the European product. official
Funding	Virtual card free, plastic card free, delivery free; plastic replacement €4.99 or £4.99; metal card free with a 30-day average balance of €50,000 or £50,000, metal replacement €60 or £60 (official, krak.app/pricing and krak.app/card, checked 20 Oct 2026). Crypto deposits free, SEPA and Faster Payments deposits free; card, Apple Pay or Google Pay deposits cost €0.25 plus 3.75% (official, krak.app/pricing). Instant Buy/Sell conversion is a fixed 1%, and a variable, unpublished spread applies when crypto or stablecoin is sold at the point of spending (official, krak.app/pricing). No monthly, annual or inactivity fee (official, FAQ). official
ATM	Krak charges no ATM fee in any region; third-party operator fees may apply; no free allowance is stated (official, krak.app/pricing, checked 20 Oct 2026).
Tiers	Starter, Lite, Pro, Elite, Max, based on 30-day average balance; tier thresholds are not published in the FAQ. Metal card for Max members with a €50,000, £50,000 or $50,000 average balance (official).

Cashback, as of 20 Oct 2026

Starter 0%, Lite 0.5%, Pro 1%, Elite 1.5%, Max 2%, set by a 30-day rolling average balance across Krak, Kraken and Kraken Pro; paid in Bitcoin or fiat; new users may get the Max rate for the first 30 days, subject to geographic limits (official, Kraken Card FAQ, 8 Oct 2026). Blog says cashback is paid weekly (official, 13 Jul 2026). US page adds up to 6% on travel booked through Krak (official, krak.app/card).

Cashback is a dated fact, not part of the Card Score. Promo rates change too often to score.

Availability

"Currently available to verified Kraken users in the UK and EEA" (official, Kraken Card FAQ, 8 Oct 2026). A US version is open to "eligible residents in most U.S. states", with New York, Maine, Massachusetts and Indiana excluded (official, krak.app/card). No UAE or Saudi offer found. Not waitlist-only. official

Identity checks: Full Kraken identity verification before the card can be ordered (official, Kraken Card FAQ).

What we still need confirmed

Facts marked official come from Kraken's own pages or terms. Facts marked third-party are reported by a named review site and count as reported, not verified. These items are open for the next Monday sweep:

• Spread charged when a stablecoin balance is sold at the point of card spending. Rescore funding to 2 if it is published and under 1%; to 0 if it is 1% or more. open
• Part N (Card Services Terms) of the EEA Terms did not render in this check. Confirm the card-level dispute window and any chargeback wording. open
• Whether EUR or GBP fiat balances in Krak earn any yield, and the current stablecoin Auto Earn rate for EEA users. Rescore yield to 2 if fiat or stablecoin balances earn with no fee cut and no lock. open
• Rewards tier balance thresholds for Lite, Pro and Elite. open
• Any Gulf launch. Rescore availability to 2 if the UAE or Saudi Arabia is served. open
• The reported Lithuanian banking licence application (third-party, Payment Expert, 8 Jul 2026) and whether it changes the issuer. open

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