How crypto card cashback works: tiers, payouts and limits
Crypto debit and credit cards often advertise a cashback percentage. The rate you actually earn depends on a tier, a monthly spending band or a balance you keep, and the reward may arrive in a token rather than cash. This guide explains the mechanics using the official rules for the Krak Card from Kraken, the ether.fi Cash card and the Plasma One card.
Plasma OneInvite code
Up to 4% base cashback
Plasma One invite code: Z3SL2R. Sign up with this code to get up to 4% base cashback.
Affiliate link. We may earn a commission, at no extra cost to you.
What sets your rate
Cards use three common models. Balance tiers: the Krak Card sets cashback by your 30-day average balance across Krak, Kraken and Kraken Pro, from 0% on the Starter tier to 0.5% from £/€200, 1% from £/€1,000, 1.5% from £/€10,000 and 2% from £/€50,000. Deposits are spread across 30 days in that average, so a new deposit raises your tier gradually. (Krak Card cashback)
Spending bands: ether.fi Cash applies rates progressively to your total card spend each calendar month. On the Core membership, the first $2,000 earns 3% and spend from $2,001 to $3,000 earns 1%, with lower rates above that; EUR purchases have lower thresholds, and the counter resets at the start of each month. (ether.fi: how cashback works)
Paid tiers: Plasma One offers a free Lite tier, a Core tier unlocked by an annual USD subscription or by locking XPL for 12 months, and a Platinum tier unlocked only by locking XPL. Its rewards addendum describes laddered rates that step down across bands of monthly spend, with monthly caps on some tiers; the current rates are in the in-app Help Center. (Plasma One rewards addendum)
When and how cashback is paid
Cashback usually waits for the merchant to settle the payment. Krak locks in your rate when the merchant finalizes the transaction, which typically happens within 24 hours but can take longer, and lets you take the reward in GBP, EUR or BTC; BTC is converted at the settlement price.
ether.fi calculates cashback in dollars while the purchase is pending, converts it to ETHFI at the current price once the purchase clears, and locks it for 7 days before you can claim it on the Cashback page. Plasma accrues cashback in US dollars and pays it either in XPL or as Spending Credit, which can only be used for eligible card spending and has no cash value.
Rewards paid in a token can change value
A reward paid in BTC, ETHFI or XPL is a crypto asset whose price moves. Plasma’s addendum states that rewards delivered in XPL may decline in value, including to zero, and that locked XPL cannot be released early. ether.fi notes that ETHFI’s market value can move. Compare the asset you receive, not only the percentage.
What does not earn cashback
Every program lists exclusions. Krak excludes ATM withdrawals, refunds, reversals, chargebacks, transactions under £/€0.49 and transfers. Plasma excludes ATM withdrawals, person-to-person transfers, currency exchange, tax payments, gift cards and cash equivalents, gambling, crypto purchases and sales, and wire and balance transfers, among others. ether.fi excludes certain transaction types, merchant categories and merchants, and reverses cashback when a purchase is refunded.
Exclusions change. ether.fi says, for example, that from 30 October 2026 tax payments and rent paid under merchant category 6513 earn cashback at the normal rate.
How to compare cards
Work out what you would actually earn: your typical monthly spend against the bands or tiers, the balance or lock you would need to keep, any subscription fee, and the asset the reward is paid in. Then check the exclusions against how you spend. We report card launches and promotions from official sources, for example the Plasma One Singles Day cashback and the OKX Card US launch.
Questions and answers
Is crypto card cashback paid in cash?
Not always. Krak lets you choose GBP, EUR or BTC, ether.fi pays cashback in ETHFI, and Plasma pays in XPL or as Spending Credit for future card spending.
Why did I earn a lower rate than advertised?
Rates usually depend on a tier, balance or monthly spending band. ether.fi lowers the rate once your monthly spend passes each band, and Krak sets the rate by your tier at the moment the merchant settles the payment.
When does cashback arrive?
After the merchant settles. Krak says this typically happens within 24 hours, though it can take longer. ether.fi then locks the reward for 7 days before it can be claimed.
Do ATM withdrawals earn cashback?
No. Krak and Plasma both exclude ATM withdrawals.
What happens to cashback if I return a purchase?
It is reversed. Krak excludes refunds, ether.fi reverses the cashback on refunded transactions, and Plasma calculates rewards net of returns and refunds.
Related reading
Plasma One offers 11% Singles Day cashback at AliExpress, Shopee and other marketplaces, up to $30OKX Card is now live in the US, with up to 10% cashback paid in USDGKrak launches a metal card with a balance-based qualificationKrak: news and partner offerEther.fi Cash: news and partner offerPlasma One: news and partner offerSources
Plasma OneInvite code
Up to 4% base cashback
Plasma One invite code: Z3SL2R. Sign up with this code to get up to 4% base cashback.
Affiliate link. We may earn a commission, at no extra cost to you.
Conditions
Cashback depends on membership and spending bands; rates decline at thresholds. No code-specific discount or signup bonus is confirmed. Check eligibility and the offer in your app. Country eligibility and regional membership terms apply.
The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.