Kraken decided to change this and in 2025 released Krak – a financial application with a debit card that allows you to pay literally everything you have in your account and still get cashback for it. Yes, cashback in BTC.
What exactly is Krak?
Krak is not another cryptocurrency card stuck to your existing stock exchange account. Kraken designed it from scratch as a full-fledged financial application – something it calls an “everything account”. The idea is simple and audacious at the same time: one screen, one card, 400+ currencies – both fiat and crypto – and no wandering between applications.
Krak Card – a card that works like a Swiss army knife
Krak Card is a Mastercard debit card – physical or virtual, to choose from. It works wherever Mastercard is accepted, that is… practically in every corner of the world, with over 110 million merchants in over 190 countries. You add it to Apple Pay (or Google Pay) and pay contactless before you even take out your wallet.
The magic happens underneath. Do you have bitcoins, ETH, SOL, USDC and some euros in your account? The app converts all this in real time at checkout. You can even split one payment between several assets – for example, EUR 80 from your cash balance and the rest from Bitcoin. You decide what goes first and what is “protected” from release. Once you set your priorities in the application and you’re done.
How much is it? Zero.
And it’s not clickbait. Krak Card does not charge:
- transaction fees,
- currency exchange (FX) fees,
- fees for ATM withdrawals around the world,
- monthly fees,
- annual fee for the card.
There is one exception to remember: a variable exchange rate spread applies to crypto spending, and third-party ATMs may add their own fees. But this is the responsibility of the ATM operator, not Kraken.
Cashback – real, not in loyalty points
This is the element that distinguishes Krak Card from 90% of products on the market. For each qualifying purchase you get up to 1% cashback – immediately after the transaction is settled, without waiting until the end of the month, without thresholds, without limits.
And now, pay attention, because this is important: cashback is paid in EUR, GBP or – on request – in Bitcoin. Not in points. Not in platform tokens, which you can’t exchange anywhere. In BTC or local currency that you can spend immediately.
How does cashback tiering work?
Additional boost on the go: when booking through Krak Concierge (built-in tourist concierge in the application), you get an increased refund of up to 4%. This feature is still being developed, but the direction is clear.
Security – because crypto and peace of mind can go hand in hand
The ability to pay with cryptocurrencies sounds great, but one question immediately arises: what if something goes wrong?
Kraken responded with a comprehensive control system built into the application:
🐙Real-time monitoring. Each transaction is analyzed for anomalies. If something looks suspicious, the system reacts before the money even leaves the account.
🐙Instant card freezing. Lost your card at a party? You block it with one tap in the application. Did you find it? You unlock just as quickly.
🐙Precise control of expenses. You can block specific assets from spending – bitcoin stays as savings and USDC goes for everyday purchases. You decide what is “expendable” and what is not.
🐙Push notifications about every transaction. Each time you use your card – even a €0.99 subscription – generates an instant notification. Nothing will surprise you.
🐙24/7 support in the app. Not via a hotline with music in the background and a waiting time of 47 minutes. In the app, instantly.
Krak Vaults – earn money on funds you haven’t spent yet
Krak is not just a card. If you’re sitting on a balance that isn’t working anyway, you can redirect it to Krak Vaults – the “Grow” section in the app that connects your funds to audited DeFi protocols.
Gains up to 10%+ APY on stablecoins and crypto, with access to funds at any time. Strategies are matched to the risk profile and protocols are verified by companies such as Chaos Labs and Sentora. This is not a bank (Kraken clearly states this) so there is no deposit guarantee like with the FDIC. The risk of smart contracts, market volatility and operational risk are real and described in the regulations. But for someone who holds crypto for the long term anyway, this may be a reasonable option instead of having the funds sit in an account without interest.
It is also available for accounts in Krakow (outside the EEA). 3.6% APY on eligible in-app balances – from day one, no minimum limits, no lockups.
Krak Card is available in two color variants: orange and black. The standard version is a plastic card, sent quickly, discreetly and free of charge. The Metal version is 16 grams of stainless steel – for those who care not only about function, but also about the impression when taking the card out of the case.
Access to the Metal Card is unlocked by maintaining the appropriate asset level in the Kraken ecosystem. If you’re serious about crypto, you get a card worth showing.
How to start? Literally a few minutes
- Download the Krak application (available on iOS and Android).
- Complete KYC verification – standard procedure, as in any regulated financial service.
- Create a virtual card – available immediately, you can add it to Apple Pay before the physical card arrives in the mail.
- Fund your account – by bank transfer, from the Kraken or Kraken Pro exchange, or directly by cryptocurrency.
- Set your spending priorities – which assets go first, which are an untouchable reserve.
- Pay and collect cashback – the app tracks everything automatically.
The physical card arrives within a few business days, free shipping.
Availability – where does Krak work?
Currently (early 2025/2026) Krak Card is available to users from Great Britain and the European Union. Kraken is MiCAR licensed by the Central Bank of Ireland, giving it regulated access to the entire European Economic Area.
Global expansion is ongoing – the first signals about new markets appear gradually. Kraken raised USD 800 million in 2025 at a valuation of USD 20 billion just to accelerate this rollout.
Krakow vs. competition – where does it stand compared to Revolut and Crypto.com?
To be honest: Revolut is still a well-developed product with a huge user base and a wide feature set. Crypto.com Card works on a similar principle of cryptocurrency cashback. But Krak has several advantages that are hard to ignore:
- No caps for cashback – Revolut and others often limit monthly cashback to a specific amount.
- Cashback in BTC or fiat – not in the platform’s proprietary tokens, the liquidity of which is sometimes questionable.
- 400+ assets to spend – no one on the market offers this width.
- Zero FX fees – Revolut charges a spread on weekend transactions; Krak no.
- Native DeFi integration via Vaults – this is something that traditional neobanks are still testing.
Of course, Krak is a new product and the maturity of the ecosystem is even lower than that of the leaders. But the pace of development is striking.
Important issue: taxes on crypto spending
One aspect that needs to be highlighted because many users don’t think about it: paying with cryptocurrency is a tax event in most jurisdictions. When Krak converts your BTC to EUR upon payment, you technically realize a capital gain or loss on that position.
Cashback, however, is generally not considered a tax event – but here it is worth consulting a tax advisor, because the regulations vary depending on the country. Krak doesn’t solve it for you himself – it’s your responsibility.
Is it worth getting the Krak card?
If you already hold crypto and are wondering how to make it more useful in your everyday life without selling your positions on the exchange and transferring money through three intermediaries – Krak Card is one of the best-designed products that have appeared on the European market in recent years.
Zero fees. Cashback in BTC or fiat. 400+ assets to spend. Real-time management from the application level. And the option to earn money via Vaults when you are not using the card.
Traditional banks have kept their money settlement rules unchanged for decades. Krak is not another fintech rebranding of the same principles. This is a different model and more and more users are drawing this conclusion, because the numbers of application downloads speak for themselves.
The card is free. Free shipping. Cashback from your first transaction. The only thing you need is a Kraken account and some time on the phone.
This article is for information purposes only and does not constitute financial or tax advice. Investing in cryptocurrencies involves risk. Feature availability may vary by jurisdiction.
