Kraken Card Cashback Overview

Eligible cardholders can earn up to 2% cashback on eligible purchases made with their physical or virtual card. As a welcome gift, new cardholders get 30 days of Max-tier rewards while they build their balance, which includes our top cashback rate of 2%. Your cashback rate is based on your Rewards tier at the time the merchant finalises the transaction, not when you make the purchase.

Your cashback tier is based on the value of assets you hold. The more you hold, the higher your cashback rate - up to 2%. Your tier is assessed every 30 days, so keeping assets on platform can increase your rate over time.

There are five tiers:

Your cashback rate is locked in at the time the merchant settles/finalizes the transaction, not when you made the purchase. If your tier changes between the time you spend and when the transaction settles, your cashback will reflect your tier at settlement.

New cardholders receive Max-tier rewards for their first 30 days after opening a Krak account. After that, your tier is recalculated from your 30-day rolling average balance.

Your 30-day average balance is the average balance of your account across Krak, Kraken and Kraken Pro over the last 30 days, calculated once daily. We use a 30-day average rather than your live balance to keep Rewards stable and predictable. You can find this balance in your Rewards hub.

How do deposits affect it?
When you deposit, the amount is spread evenly across 30 days, so your average rises gradually rather than instantly. For example, if your 30-day average is $1,000 and you deposit $300, your average rises by $10 today to $1,010, reaching $1,150 at day 15 and $1,300 at day 30 with no other changes.

Cashback is made available once the merchant finalizes the transaction, which typically happens within 24 hours but can sometimes take longer. Until then, it will show as pending in the app. Finalization is controlled by the merchant - Krak and Kraken has no influence over it.

All Krak Cardholders are automatically eligible to earn cashback; there’s no All Krak Card holders are automatically eligible to earn cashback and there’s no need to opt-in to cashback or Krak Rewards, however not all Reward tiers earn cashback. The Starter Reward tier is the only tier that earns 0% cashback.

Yes, cardholders receive Max-tier rewards for their first 30 days after opening a Krak account. After that, your tier is recalculated from your 30-day rolling average balance.

You’ll earn cashback on all eligible card purchases. The only exceptions are:

• ATM withdrawals,

• Refunds,

• Reversals/Cancelled transactions,

• Chargebacks,

• Transactions under £0.49 or €0.49,

• Non-purchase transactions, such as funding transactions, money transfers or wire transfers.

There are currently no monthly caps or earning limits.

Yes. Cashback can be paid in your card’s primary currency (GBP or EUR) or BTC. You can choose your rewards currency in the Settings section in the Rewards hub and in the Krak Card section of the app.

Please note: If you select BTC as your payout asset, your cashback is converted at the BTC price when the merchant settles/finalizes the transaction, not when you made the purchase. That means if the BTC price moves between the time you spend and the time it settles, the value you receive in BTC could go up or down.

You can track and manage your cashback in two places:

• Activity Feed: Every eligible transaction shows its cashback amount on the transaction details screen, marked as “pending” until it settles. Remember, the amount of cashback you receive is determined when the merchant finalizes the transaction, not when it is still pending.

• Rewards Hub: A full breakdown of lifetime earnings, recent rewards.

Tax treatment of rewards varies by region. Seek independent tax advice.Learn more here.