Issued by Papaya Ltd. — Electronic Money Institution licensed by Malta Financial Services Authority (MFSA), License number: C55146
Black Cat CardReview
Custodial Mastercard prepaid debit card with a free Euro IBAN and switchable rewards programs.
The verdict
Best for: EEA residents wanting a no-fee prepaid card with crypto conversion and an IBAN.
Skip if: You need reliable SEPA transfers or Apple Pay/Google Pay support.
- Get up to 7% cashback without staking any tokens.
- No monthly fee, but a €15/month inactivity fee after 6 months.
How it works
Funding: Crypto (BTC, ETH, USDT, USDC) · SEPA bank transfer
Rewards calculator
- $0–∞ @ 0.50% → $10 on $2,000
Fees
| forex | 3% for non-EUR transactions, with exceptions for SEK, CZK, PLN, and RON which have a 0% fee. |
| top up | 3% for card top-up/transfer fees. Crypto conversion has a spread applied. |
| other fees | SEPA transfers are free for the first 5 per month, then €0.20 each. Internal transfers are free. |
| monthly fee | €0 for the standard personal account. €2/month for each additional card. |
| card issuance | First physical card is free. Additional standard cards are €7. Cards with a custom nickname are €12. |
| atm withdrawal | First €200 per month free within the EU, then 1% (min €1.50). Outside the EU, 1% (min €1.50). |
| inactivity fee | €15 per month after 6 months of inactivity. |
| Banking | SEPA: true · IBAN: true · Free personal Euro IBAN account. 5 free SEPA transfers per month, then €0.20 per transfer. SEPA connectivity via Tompok/TomPay after CENTROlink terminated relationship. |
Custody & risk
- If the issuer disappearsIf the provider disappears or becomes insolvent, users may lose access to their crypto funds.
- Regulatory riskMaltese Financial Intelligence Analysis Unit (FIAU) fined Papaya €279,000 for AML compliance failures
- Regulatory riskMaltese authorities investigated Papaya for alleged links to money laundering
- Market riskService disruptions including suspension of SEPA transfers for months
Cryptocurrency is held in a custodial wallet managed by the crypto service provider, Manerio UAB. Users do not control their private keys and must convert crypto to EUR within the app before spending.
Protections
- Secure login (6-digit PIN or biometric login)
- 3D Secure for online purchases
- Instant push notifications for all transactions
- Instant block or freeze cards
- EMV chip and contactless technology
- GDPR compliance for data protection
Insurance & coverage: Client funds held in segregated accounts as required by law, though not covered by deposit guarantee schemes
Custody partners: Manerio UAB
Limits
The good
- No monthly fees or token staking required.
- Up to 4% interest or 7% cashback.
- Free Euro IBAN with 5 free SEPA transfers.
- Convert BTC, ETH, USDT, USDC to spendable EUR.
- Free virtual and physical Mastercard-network card.
The catches
- Supports only BTC, ETH, USDT, and USDC.
- 3% foreign exchange fee on non-EUR spend.
- €15/month inactivity fee after 6 months.
- No Apple Pay or Google Pay support.
- Virtual card is for online purchases only.
Limitations
- majorPhysical card requires EEA address proof for issuance eligibility
- majorHistory of regulatory issues and service disruptions
- moderate3% foreign exchange fee for non-EUR transactions (except SEK, CZK, PLN, RON)
- moderateLimited cryptocurrency support (BTC, ETH, USDT, USDC only)
- moderate€15/month inactivity fee after 6 months of non-use
- moderateMobile wallet support (Apple Pay, Google Pay, Samsung Pay) currently not available
- minorVirtual card limited to online purchases only
- minorRewards and interest cannot be claimed simultaneously
What users say
User experiences notably divided - positive aspects include intuitive interface, generous rewards, good for travelers; negative aspects include account freezes, slow support, delayed transfers, app bugs
Rating breakdown
See our methodology for how we score each axis.