Krak Card Review: Cashback, Fees, & Perks

Krak’s cashback rate depends on the rolling 30-day average value of assets held across Krak, Kraken, and Kraken Pro. Deposits increase this average gradually over 30 days rather than moving users into a higher tier immediately.

The qualifying balances differ between the UK and EEA program and the US program:

New cardholders receive Max Rewards for their first 30 days. After that, the applicable tier is determined by their rolling average balance.

Cashback is based on the user’s tier when the merchant finalises the transaction. It typically becomes available within 24 hours of settlement and can be paid in GBP, EUR, or BTC in the UK and EEA, or USD or BTC in the US.

There is no monthly cashback cap. ATM withdrawals, refunds, reversals, chargebacks, transfers, funding transactions, and purchases below £0.49, €0.49, or $0.49 do not qualify.

Krak charges no monthly card fee, transaction fee, or card issuance fee. The main variable cost is the spread applied when cash or crypto must be converted before completing a purchase.

Third-party ATM operators may add their own fee. Daily, weekly, and monthly card-spending and ATM limits vary by region and are shown in the app.

Paymentscan Testing

On 2 July 2026, Paymentscan made a 6.99 PLN purchase funded with USDC. Krak displayed conversion rates of 1 USDC to €0.8674 and €1 to 4.27 PLN, implying a charge of approximately 1.8873 USDC.

The actual charge was 1.8790 USDC, approximately 0.4% lower than the amount derived from the displayed rates. No separate card or FX fee appeared, and €0.03 of cashback was credited. This was a single small crypto-funded transaction and included Krak’s applicable conversion pricing.

Krak can be funded through bank transfers, payment cards, mobile wallets, PayPal, Kraken balances, and crypto deposits.

UK customers can use Faster Payments, while EEA customers can use SEPA transfers. These domestic bank transfers are free. US customers can fund through ACH for free, while USD and CAD SWIFT deposits cost $3.

Apple Pay, Google Pay, and debit-card deposits carry a fixed £0.25, €0.25, or $0.25 charge plus 3.75%. PayPal deposits cost 3.39% in the US, while the applicable fee in other regions is shown before confirmation.

Crypto deposits are free, although withdrawal fees vary by asset. Supported networks include Ethereum, Solana, Arbitrum, Optimism, Polygon, Base, Avalanche, Stellar, and several other chains.

Spend Order

Users can choose the order in which Krak spends their cash and crypto balances. If the first asset cannot cover the entire purchase, Krak moves through the list and combines subsequent balances.

Assets can also be blocked from card spending. Any crypto or non-primary fiat currency used for a transaction is converted into the card’s primary currency when the purchase is authorised.

Metal Card

Krak offers a stainless-steel Mastercard or Visa to users who maintain an average balance of at least £50,000, €50,000, or $50,000. This metal-card threshold is separate from the US balance required for the 2% Max cashback tier.

Travel Cashback

Krak Concierge offers boosted cashback of up to 4% on eligible travel booked through the service. Booking prices, taxes, cancellation terms, and other conditions are set by the relevant travel provider.

Salary Match

Eligible UK and EEA customers can earn a tier-based reward on qualifying salary payments. Rates range from 0% to 1%, depending on the same average-balance tiers used for card cashback.

The benefit requires cumulative qualifying payroll transfers of at least £2,500 or €2,500 and is capped at £250 or €250 per month.

Balance Earnings

Eligible Krak balances can earn up to 3.6% APY through AutoEarn. Krak also offers separate vaults with rates of up to 5.18% APY. AutoEarn availability and rates vary by region.

The Krak Card is available to verified personal-account customers in the UK, EEA, and US. The US card is unavailable in New York, Maine, Massachusetts, and Indiana.

The card can spend supported assets at Mastercard or Visa merchants and withdraw cash from ATMs. UK and EEA cards use GBP and EUR respectively as their primary settlement currency, while the US card settles in USD.

Paymentscan completed Krak’s identity verification and onboarding in approximately 10 minutes on a Samsung Galaxy S8. The virtual card was available immediately after approval, and it could be added directly to Google Pay. Apple Pay is also supported.

Krak is best suited to existing Krak or Kraken users who already keep enough assets on the platforms to qualify for cashback. Its free virtual and plastic cards, uncapped rewards, configurable Spend Order, and fee-free FX in the UK and EEA make it a practical everyday-spending option.

Users with a low average balance receive little or no cashback, while crypto-funded spending includes a variable spread. US users also pay a 1% fee on foreign-currency purchases.

1. Download Krak and create a personal account.
2. Complete identity verification.
3. Add money through a supported bank transfer, payment method, Kraken balance, or crypto deposit.
4. Set the preferred Spend Order for cash and crypto balances.
5. Activate the free virtual card or order a physical card.
6. Add the card to Apple Pay or Google Pay.