The Mastercard programme covered here is for residents of the UK and EEA. If you are looking for other card options, see the U card comparison. Fees and risks are outlined below in What to know before applying.
What is the Krak Card? Company background
Krak is a financial app from Payward, Inc., the parent company of the Kraken exchange. It launched on 26 June 2025, with the card as one of its features. Jesse Powell and others founded Kraken in July 2011. Payward also owns products such as NinjaTrader and xStocks.
The Krak Card launched in the UK and Europe in November 2025. In August 2026, the company said it had more than 125,000 cardholders. The US has a separate Visa programme, launched on 18 August 2026.
The UK and EEA version runs on Mastercard. It is a debit card with no credit line; purchases are deducted from the balance in your Krak Everyday account. Monavate is the issuer. The balance is held by a Kraken affiliate and is not covered by deposit insurance.
Krak Card rewards: five tiers from Starter to Max
Your tier is based on the combined 30-day average balance across Krak, Kraken and Kraken Pro, not on spending. The table below is for the UK and EEA programme; amounts are in pounds or euros.
| Item | Starter | Lite | Pro | Elite | Max |
|---|---|---|---|---|---|
| 30-day average balance | Below 200 | 200 or more | 1,000 or more | 10,000 or more | 50,000 or more |
| Card rewards | 0% | 0.5% | 1% | 1.5% | 2% |
| Salary Match (payroll deposit) | 0% | 0.25% | 0.5% | 0.75% | 1% |
| Metal card | — | — | — | — | Free with a 30-day average balance of £50,000 or €50,000 |
| Annual fee | Free | Free | Free | Free | Free |
There is no monthly rewards cap. You can receive rewards in the card’s primary currency (GBP or EUR) or BTC. Rewards become available after the merchant settles the transaction, usually within 24 hours of purchase. Salary Match is for UK and eligible EEA residents, excluding France, Ireland, Italy, the Netherlands, Spain and Liechtenstein. It applies to up to four employer payroll deposits per month, totalling at least £2,500 or €2,500, with monthly rewards capped at £250 or €250.
New customers automatically get Max tier for their first 30 days; no separate application is needed. ATM withdrawals, refunds, purchases below £0.49 or €0.49, and transfers used to fund the account do not earn rewards.
For flights and hotels booked through Krak Concierge, the company says card purchases earn 4%, or 6% when paid for in the app.
See Krak review and comparison for a full comparison.
Krak Card fees in the UK and EEA
- Card issuance: Virtual and plastic cards are free. A free metal card requires a 30-day average balance of £50,000 or €50,000; the new-customer Max trial does not waive this threshold.
- Annual and monthly fees: 0.
- Foreign currency: Krak charges no FX fee and uses the Mastercard exchange rate. This also applies to purchases in TWD, for example when travelling in Taiwan.
- Spread: If a purchase sells cryptocurrency or a balance in a currency other than the card’s primary currency, it includes a variable spread. There is no spread when spending a GBP or EUR balance directly.
- ATMs: Krak charges no fee, though the ATM operator may charge one.
- Funding: Bank transfers (SEPA and UK FPS) and crypto deposits are free. Funding by Apple Pay, Google Pay or debit card costs £0.25 or €0.25 plus 3.75% per transaction.
- In-app trading and conversion: 1% per transaction, with an additional spread on conversions. Selling an asset directly to fund a card purchase incurs the spread. Converting first and then spending costs more because the card purchase incurs only the spread.
- Replacement cards: £4.99 or €4.99 for plastic; £60 or €60 for metal.
See Krak fees in detail for the full fee list.
What to know before applying
- Eligibility: The Mastercard programme in this guide is for UK and EEA residents. EEA applicants must also be located in the EEA, and the programme is for personal accounts only.
- Custody: The balance is held by a Kraken affiliate. EEA balances are not covered by a deposit guarantee scheme; UK balances are not protected by the FSCS.
- Rewards are calculated using the tier in effect when the merchant settles the purchase. Rates and terms may change.
How to apply for the Krak Card (where to enter the invite code)
The referral link in this article is for creating a Kraken account. In the UK and EEA, the Kraken Debit Card and Krak Card differ only in design and both draw from a Krak Everyday account.
- Follow this article’s referral link to the Kraken sign-up page. The link applies invite code
penchanautomatically. After signing up, log in to Krak with your Kraken account. If you already have a Kraken account, you can log in to Krak directly. - Verify your identity with a passport, national ID card or driver’s licence. If the system cannot automatically confirm your address, provide proof of address dated within the last three months.
- In your Krak Everyday account, tap the card icon and choose orange or black. The virtual card is issued immediately. For a physical card, tap “Yes, get the physical card”; delivery takes about 14 business days.
- Add funds by bank transfer, crypto deposit or transfer from your Kraken account. Set a Spend Order to choose which assets to spend first and which assets to block.
- Add the card to Apple Pay or Google Pay. Contactless payments are capped at £300 per transaction in the UK and €150 cumulatively in the EEA.
You can hold up to two virtual cards and two physical cards at a time.
Card options for readers in Taiwan
For cards available to apply for in Taiwan, see the Tria card application guide or compare the crypto exchanges I use.
