Krak Debit Card Cashback Rewards
Our provision of the Krak Debit Card Cashback Rewards Programme is a promotional rewards programme that sits alongside the Krak Card Services, which continue to be provided and governed by the applicable Krak Debit Card Services Terms and Cardholder Agreement.
1. Krak Debit Card Cashback Rewards Programme
1.1 Overview
We may provide you with the opportunity to receive cashback rewards on eligible purchases made using your Krak Debit Card (the “Cashback Debit Card Rewards Programme”). The Cashback Debit Card Rewards Programme is subject to the Krak Debit Card Services Terms and Cardholder Agreement, these Cashback Debit Card Terms and your fulfilment of all applicable eligibility criteria.
Participation in the Debit Card Cashback Rewards Programme is automatic. We will review eligible Debit Card transactions and determine whether they qualify for Cashback (“Cashback”) without any separate application or enrolment.
The Debit Card Cashback Rewards Programme does not change your rights or obligations under the Krak Debit Card Services Terms and Cardholder Agreement, or any other terms governing your Krak Account or Krak Debit Card. Cashback is a discretionary promotional reward funded by us and not any third party. Cashback does not affect, replace or form part of any reward, discount or promotion that may separately be offered by a merchant.
It is your responsibility to determine and pay any taxes that may arise from receiving Cashback. You can learn more about taxes here.
2. Eligibility and Eligible Purchases
The Debit Card Cashback Rewards Programme is available only to eligible clients in the countries where the Krak Debit Card is offered, as described in the Krak app or on our Site. We may change the list of eligible countries at any time to comply with applicable legal or regulatory obligations or our internal policies.
To participate in the Debit Card Cashback Rewards Programme, you must:
have an active Krak Account and an active Krak Debit Card;
have completed any identity verification that we require;
satisfy the eligibility requirements described in these Cashback Terms; and
not have your Account or Card suspended, restricted or under investigation at the relevant time.
We may periodically review your eligibility and may restore or remove your eligibility for the Cashback Rewards Programme in our discretion.
Cashback is only available on eligible purchases made using your Krak Debit Card. A Card transaction will only qualify for Cashback once it has settled and only if it satisfies the eligibility requirements described in these Cashback Terms and the Krak app or on our Site.
The following transactions are not eligible for Cashback:
ATM withdrawals;
Card transactions below $0.49;
Transactions classified under the following Merchant Category Codes (MCCs):
Cash and money equivalents: cash withdrawals (ATM and manual), wire transfers, money orders, and quasi-cash transactions.
Gift cards and prepaid products: purchases at gift card shops or any transaction identified as a gift card or prepaid product proxy.
Financial products: securities, insurance premiums, insurance sales, and money transfer services (including Mastercard Moneysend, domestic and international).
Gambling: betting, casinos, lotteries, slot machines, and video gaming establishments.
Government payments: tax payments, fines, and other government services.
Transactions that are reversed, refunded, or otherwise cancelled;
Any transaction otherwise designated as ineligible in the Promotion Details;
Refunded, reversed or charged-back Card transactions;
Transactions that we reasonably consider to be suspicious, fraudulent, abusive or intended to misuse or game the Cashback Rewards Programme;
Transactions made while your Account or Card is suspended, restricted or under investigation; and
Any other transaction type that we specify from time to time in the Krak app or on our Site as being ineligible for Cashback.
To continue to qualify for Cashback, you must continue to satisfy the eligibility requirements above and must not engage in activity that we reasonably consider to be fraudulent, abusive or intended to artificially generate Cashback. If you fail to meet these conditions, we may suspend or remove your eligibility for the Cashback Rewards Programme until those conditions are met again.
3. Debit Card Cashback Rewards
3.1 Debit Card Cashback Eligibility
Where you make an eligible purchase using your Krak Debit Card, you may earn Cashback.
The amount of Cashback awarded for an eligible purchase is calculated by applying the applicable Cashback rate to the value of the eligible purchase.
The Debit Card Cashback rate that applies to you depends on the cashback tier for which you qualify when the merchant finalizes the transaction (settlement), not at authorization. For example, if you authorize a transaction on Monday and the merchant finalizes it on Tuesday, we use the cashback rate you have on Tuesday.
Your cashback tier is based on the average value of assets you hold across the Krak platform. The more you hold, the higher your cashback rate up to 2%. Your tier is assessed hourly. Keeping assets on the platform can increase your rate over time.
| Tier | 30-Day Average Assets Held in USD | Cashback Rate |
|---|---|---|
| Max | ≥ 50,000 | 2% |
| Elite | ≥ 10,000 | 1.5% |
| Pro | ≥ 1,000 | 1% |
| Lite | ≥ 200 | 0.5% |
| Starter | < 200 | 0% |
We may change the Cashback tiers, Cashback rates, eligibility requirements, balance thresholds and methodology from time to time.
3.2 Debit Card Cashback Currency
Unless we specify otherwise in the Krak app or on our Site, you may choose to receive Cashback in either:
USD; or
Bitcoin.
If you do not make a selection, we will apply USD as the default reward currency described in the Krak app. You may change your reward currency selection for future Cashback at any time, but any change will not affect Cashback already calculated for settled Card transactions.
Where Cashback is paid in Bitcoin, we will convert the value of your Cashback into Bitcoin using a rate reasonably determined by us at the time Cashback is credited.
3.3 Debit Card Cashback Payout
Cashback will ordinarily be calculated and credited to your Krak Account Everyday balance shortly after settlement of the relevant eligible Card transaction. If, due to operational, technical or other reasons outside our reasonable control, we are unable to calculate or credit Cashback at that time, we will do so as soon as reasonably practicable thereafter.
3.4 Debit Card Cashback Adjustments and Reversal
If an eligible Card transaction is subsequently refunded, reversed or charged back, it will immediately cease to qualify for Cashback. We may adjust or reverse any Cashback previously credited in respect of that transaction.
We may also adjust or reverse Cashback where:
we later determine that the relevant Card transaction did not satisfy the requirements for Cashback;
Cashback was credited in error;
we reasonably suspect fraud, abuse or misuse of the Cashback Rewards Programme; or
you breach these Cashback Terms or the Krak Debit Card Services Terms.
Where an adjustment or reversal is required, we may recover the relevant Cashback from your Krak Account using any method available to us under the Krak Debit Card Services Terms, Cardholder Agreement, and applicable law.
If you believe Cashback has not been correctly awarded for an eligible Card transaction, you must notify us through the Krak app within 60 days of the relevant Card transaction. Following our review, if we determine that Cashback should have been awarded, we will credit the appropriate Cashback to your Account.
3.5 Debit Card Cashback Limits
There are currently no daily or monthly cashback caps or earning limits. However, the maximum cashback you can earn may be indirectly limited by your dynamic verification limits, which determine your maximum daily and monthly spending limits, as well as the maximum number of daily card transactions. You can see your current limits in the app.
4. Changes, Suspension and Termination
If we reasonably suspect fraud, misuse or abuse relating to the Debit Card Cashback Rewards Programme, or if you breach these Cashback Terms or the Krak Debit Card Services Terms and Cardholder Agreement, we may suspend or disqualify you from earning Cashback, withhold pending Cashback or adjust or reverse previously credited Cashback in accordance with these Cashback Terms.
We may make changes to the commercial features of the Debit Card Cashback Rewards Programme, including Cashback tiers, Cashback rates, eligibility criteria, reward currencies, minimum transaction amounts, qualifying purchases and excluded transactions, or suspend or withdraw the Cashback Rewards Programme at any time. You can check the Krak app or our Site at any time for the latest Cashback Rewards Programme terms and features available to you.
Your participation in the Debit Card Cashback Rewards Programme will automatically end if your Krak Debit Card is cancelled or closed, or if you cease to be eligible to use the Krak Debit Card. Ending the Krak Debit Cashback Rewards Programme does not affect your rights or obligations under the Krak Debit Card Terms.
5. Governing Terms
Krak debit card is issued by Lead Bank pursuant to a license from Visa U.S.A. Inc. Krak is a financial technology company, not a bank. Account balances are not FDIC- or SIPC-insured. Digital assets converted to USD at purchase; values may fluctuate. Available to eligible U.S. residents only; not available in all states.