CoinsOnCards

    Issued by Monavate UAB (under Immersve's license) — FCA FRN 901097 (UK Financial Conduct Authority), Bank of Lithuania authorization LB002139 (EU electronic money institution)

    Pera Card (Algorand)Review

    A non-custodial, virtual Mastercard for spending USDC from a user-controlled Algorand smart contract.

    · Updated: BETA launch on May 15, 2025
    Visit issuer
    Cashback
    Up to 200.0%
    Custody
    self_custodial
    KYC
    full
    Networks
    —
    Monthly fee
    Free
    Available in
    —

    The verdict

    Best for: Algorand users wanting non-custodial USDC spending with 2.00% cashback via Apple/Google Pay.

    Skip if: You need a physical card, ATM access, or want to spend assets besides USDCa.

    • Get 2.00% USDC cashback, but only on purchases over 5 USDC.
    • Gain self-custodial control via smart contracts, but only for USDC on Algorand.
    • Spend globally via Mastercard-network, but only with a virtual card (no ATM access).
    Get the Pera Card (Algorand)

    How it works

    Funding: Algorand USDC (USDCa) via Pera Wallet app using smart contract interface

    Rewards calculator

    Estimated cashback
    $40
    Effective rate 2.0%
    • $0–∞ @ 2.0% → $40 on $2,000

    Fees

    annual feeNone
    top up feeFree (only Algorand network fee of ~0.001 ALGO)
    monthly feeNone
    atm withdrawal feeNot supported
    virtual issuance feeFree
    physical issuance feeNot supported
    currency conversion feeStandard Mastercard network fees (1%)
    purchase transaction feeNo fee from Pera

    Custody & risk

    • If the issuer disappears
      Unlike traditional bank cards, funds are not covered by deposit insurance, but users maintain control via private keys.
    • Market risk
      BETA status with no official general release date announced
    • Counterparty risk
      No deposit insurance coverage

    Users retain full control of private keys via their own Algorand wallet. Funds are managed through user-controlled smart contracts, and spending occurs directly from these contracts.

    Protections

    • Non-custodial model - users control private keys
    • Card linked to user-controlled Algorand smart contract account
    • Biometric/PIN lock options
    • Tokenized storage for Apple Pay/Google Pay
    • Device encryption
    • Open-source wallet codebase

    Insurance & coverage: Standard Mastercard fraud protections apply to transactions. Funds are not covered by deposit insurance.

    Limits

    notes
    Daily Load Limit: $5,000. Annual Load Limit: $100,000. Annual Spend Limit: $100,000. Spending is limited to available USDCa balance in the smart contract. No specific transaction frequency limits have been disclosed.
    atm daily
    Not supported
    atm monthly
    Not supported
    daily spending
    $20,000

    The good

    • Self-custodial design via user-controlled smart contracts.
    • No monthly fees or purchase transaction fees.
    • 2.00% cashback in USDC on purchases >5 USDC.
    • Accepted at 70+ million Mastercard-network merchants.
    • Low-fee (~0.001 ALGO) smart contract settlement.

    The catches

    • Virtual card only; no physical card option.
    • Only supports USDC on the Algorand chain.
    • No cashback on purchases under 5 USDC.

    Limitations

    • moderateCurrently in BETA phase (launched May 15, 2025) - no official general release date announced
    • moderateVirtual card only - no physical card option available
    • moderateOnly supports Algorand USDC (USDCa); other assets must be converted first
    • moderateCannot be used for ATM cash withdrawals
    • minorGeographic limitations - availability determined by eligibility checker during rollout
    • minorMinimum cashback threshold - purchases must exceed 5 USDC to earn rewards
    • minorFunds are not covered by deposit insurance