This page contains an affiliate link — I earn a commission if you sign up for a Krak debit card through it, at no extra cost to you. Scrimpr is independent and not part of Krak or Kraken. For transparency: I've been a Krak debit card holder myself since January 2026.
Krak (Kraken) Offer Summary
Scrimpr Pro Tip
Maximise your first 30 days. New customers get Max tier (2% cashback) free for the first 30 days regardless of balance — front-load any big purchases, annual bills, or planned spend in that window while your rate is highest. A £2,000 car insurance renewal at 2% is £40 back for no extra effort. Stack with gift card cashback. Buy discounted gift cards from cashback sites like TopCashback or Quidco, then pay with your Krak card for layered savings — you earn cashback on the gift card purchase and cashback on the Krak card when you spend it.
How To Get This Deal
Step 1 — Download the app
Get Krak free from the App Store or Google Play
Step 2 — Sign up
Create your Krak account and complete identity verification
Step 3 — Claim your welcome tier
New customers get Max tier (2% cashback) free for 30 days from account creation or verification
Step 4 — Apply for the card
Tap the card section in the app to apply for your Krak Card
Step 5 — Get your virtual card
Receive your virtual card instantly and add to Apple Pay or Google Pay
Step 6 — Order physical card
Optionally order a physical card — coral, black, or stainless steel Metal Card (£50k+ balance required for Metal)
Step 7 — Top up and spend
Deposit GBP and earn cashback automatically on all eligible purchases
About Krak (Kraken)
Krak offers a free Mastercard debit card with tiered cashback on all eligible purchases — no monthly fee, no FX fees, no cap. New customers get Max tier (2% cashback) free for their first 30 days regardless of balance. After that, your rate is based on your 30-day average account balance: 0.5% from £200, 1% from £1,000, 1.5% from £10,000, and 2% from £50,000. UK users receive cashback in GBP. Balances over £50,000 also unlock the premium stainless steel Krak Metal Card.
Cashback Details
Stacking with Other Offers
Can stack with gift card cashback — buy discounted gift cards from cashback sites, then pay with your Krak card for layered savings.
Qualifying Retailers
- All eligible card purchases (excludes ATM withdrawals, refunds, transactions under £0.49, and non-purchase transactions such as money transfers or wire transfers)
Important Information
- This offer is for new customers only.
- You must be at least 18 years old and a UK resident.
- New customers get Max tier benefits (2% cashback) free for 30 days from account creation or verification, regardless of balance.
- After 30 days, the your rate is based on your 30-day average account balance: 0.5% from £200, 1% from £1,000, 1.5% from £10,000, 2% from £50,000.
- Cashback excludes ATM withdrawals, refunds, transactions under £0.49, and non-purchase transactions.
- Metal Card requires £50,000+ average balance.
- Card issued by Monavate (FCA FRN 901097).
- Funds are held in safeguarded e-money accounts, not FSCS protected.
The Bottom Line
One of the best free cashback debit cards available — no monthly fee, no FX fees, no cashback cap. New customers get 2% cashback free for 30 days, which is hard to beat as a welcome offer. After that, even the lower 0.5% beats most free debit cards. Pair with gift card cashback for bigger savings.
Frequently Asked Questions
Krak pays cashback automatically on eligible debit card purchases, with the rate set by your 30-day average balance across Krak, Kraken, and Kraken Pro. New customers get 2% cashback for their first 30 days regardless of balance. After that, rates are 0.5% from £200, 1% from £1,000, 1.5% from £10,000, and 2% from £50,000. There's no monthly cap and cashback is paid in GBP for UK users.
Yes. The Krak Mastercard debit card has no monthly fee, no FX fees, and no transaction fees. The virtual card is free, and a physical card (coral or black) can be ordered at no cost. The premium stainless steel Krak Metal Card is only available to customers with a £50,000+ average balance.
You can fund your Krak account by depositing GBP directly from your bank account via bank transfer or card payment. Once funded, you can spend from your GBP balance like a normal debit card — there's no requirement to hold anything other than GBP to use the card or earn cashback.
After your first 30 days, your tier is based on a 30-day trailing average balance, recalculated daily. This means a new deposit takes time to lift your tier — it only starts counting from the day it arrives. To hit a higher tier quickly, you may need to deposit more than the gap between your current balance and the threshold to pull the 30-day average up fast enough. Full tier details and the calculation rules are explained on Kraken's support page.
Krak funds are not FSCS protected because Krak is not a bank. The card is issued by Monavate, an FCA-authorised electronic money institution (FRN 901097), and customer GBP is held in safeguarded accounts that are ring-fenced from Monavate's own funds. This provides some protection but is generally considered weaker than FSCS cover. Krak is best used as a spending account rather than for holding large balances.
No. Krak is a standalone app — you can download it, sign up, and use the debit card without needing a Kraken account. If you already have a Kraken account, balances held there may count towards your Krak cashback tier.
Cashback is not paid on ATM withdrawals, refunds, transactions under £0.49, or non-purchase transactions such as money transfers and wire transfers. All other eligible card purchases qualify, including online and in-store spending with UK and international merchants.
Terms and conditions apply. Not all applicants will qualify.
This page is for information purposes only and does not constitute financial advice. Offers are subject to availability and may be withdrawn at any time. Always verify current terms directly with Krak (Kraken).