Crypto exchange Kraken launched the Krak Metal Card on Tuesday, a stainless-steel Mastercard debit card available to eligible personal customers in the UK and EEA who maintain a 30-day average balance of at least £50,000 or €50,000 across Krak, Kraken and Kraken Pro.
The card offers 2% cashback, no foreign exchange fees and no Kraken ATM fees. Kraken says the card supports spending across 600+ cryptocurrencies and fiat currencies, settling in GBP for UK users and EUR for EEA users.
Kraken already offered a standard Krak Card with broad availability and up to 2% cashback. What changed on Tuesday is that the top cashback tier now comes with a physical metal card and an explicit high-balance access requirement. Customers below the threshold still get cashback, but at lower rates, ranging from 1.5% at £10,000 down to 0% below £200.
The structure makes the metal card a segmentation tool rather than a mass-market product. Kraken is incentivising customers to concentrate larger balances on-platform in exchange for premium card economics.
How spending works
The card draws from a user’s Krak Everyday balance using a customisable ‘Spend Order.’ If the first asset in the order cannot cover a purchase, Kraken moves down the list and combines assets, converting them into the card’s primary currency at authorisation. While explicit transaction and FX fees are absent, Kraken includes a spread when converting crypto or non-primary-currency holdings to complete a purchase.
Kraken’s support materials identify Monavate Limited as the card issuer, authorised by the Financial Conduct Authority for electronic money activities. Payward Services Limited is also referenced as authorised under the Electronic Money Regulations 2011.
The metal card is free to eligible users, with a £60 or €60 replacement fee. Kraken is bundling trading balances, payments and tiered rewards into a single account relationship, with the Metal card at the top tier.
