Xapo Bank Card

What Xapo Bank is

Xapo Bank is a fully regulated bank based in Gibraltar, at One Grand Casemates Square, where the team has safeguarded Bitcoin since 2013. It serves as an actual bank rather than a card programme with a bank partner: deposits are held with the bank and protected by the Gibraltar Deposit Guarantee Scheme up to the USD equivalent of £120,000, while Bitcoin is held 1:1 and legally segregated under Gibraltar's DLT framework, never lent and never rehypothecated. The bank reports zero Bitcoin lost to a security incident across its operating history, and keys are split using MPC-CMP custody so the full private key never exists in one place.

The card

The Visa debit card is one part of the membership. It carries no FX fees in major currencies, pays up to 1% cashback in Bitcoin on purchases, and works for card payments and cash withdrawals against your USD balance. Because it sits inside a bank account rather than a prepaid or credit programme, spending is authorised against real deposits rather than collateral or a loaded balance.

Earning in Bitcoin

Xapo's differentiator is that returns are paid in BTC rather than cash. New members earn 4.6% variable APY on USD Savings for their first 90 days, paid daily in Bitcoin, then the base rate of 4.1% variable with no lock-ups. Bitcoin itself earns 0.25% APY, also paid daily, while remaining unleveraged - the bank's point is that your Bitcoin is not lent out to generate that yield. A separate BTC Credit Fund targets up to 4% APY for members willing to take lending risk to vetted counterparties, with the option to compound or take monthly payouts.

Borrowing without selling

Members can borrow against Bitcoin up to 40% loan-to-value with flexible terms and an instant cash deposit, which lets long-term holders access liquidity without disposing of their position. The suite also includes investing in US stocks, ETFs and altcoins, global sending in major currencies, designated beneficiaries to direct how Bitcoin is distributed, a dedicated relationship manager, and a 30-day risk-free trial in which the membership fee is refunded in full.

As a bank-issued card with an annual membership, Xapo sits apart from the exchange cards and closer to the Swissquote Debit Mastercard and the Uphold Debit Card, which likewise trade a fee for a more account-like product. Both are covered in our crypto cards directory.

The card

• Visa debit card with no FX fees on transactions in major currencies.
• Up to 1% cashback in Bitcoin on purchases.
• Spending and cash withdrawals authorised against your USD balance.
• Included automatically with Xapo Bank membership rather than ordered separately.

Earning and saving

• 4.6% variable APY on USD Savings for the first 90 days, paid daily in Bitcoin, then 4.1% variable - no lock-ups at either rate.
• 0.25% APY on Bitcoin Savings, paid daily, with Bitcoin never lent out.
• BTC Credit Fund targeting up to 4% APY through lending to established counterparties, with compounding or monthly payouts.
• Deposits by USDT, USDC, USD, GBP, EUR or BTC, with stablecoins and fiat converting automatically to USD.

Borrowing and investing

• Bitcoin-backed loans up to 40% LTV with flexible terms and instant cash deposits.
• Access to US stocks, ETFs and altcoins from the same app.

Membership

• $1,000 annual membership with a 30-day risk-free trial and full refund within that window.
• Dedicated relationship manager and 24/7 access to the bank.
• Designated beneficiaries to allocate how your Bitcoin is distributed.
• $500 referral reward for both parties after 33 days, paid in Bitcoin, with UK residents receiving USD instead.

Bitcoin first

Bitcoin is the centre of the product rather than an add-on. It is held 1:1 and legally segregated, never lent or rehypothecated outside the dedicated lending product, and secured with MPC-CMP custody so the full key never exists in one place. Bitcoin Savings pays 0.25% APY in BTC without putting your coins to work, and designated beneficiaries let you direct how your holdings are distributed.

Stablecoin deposits

USDT and USDC can be deposited, converting automatically into your USD balance, with USDC on Ethereum converting 1:1 at no additional fee. From there the balance backs the card and earns the USD Savings rate paid in Bitcoin. Fiat in GBP and EUR is also accepted and converted to USD.

Lending and liquidity

Two products use your Bitcoin differently. The Bitcoin-backed loan gives up to 40% LTV against your holdings so you can access cash without selling, while the BTC Credit Fund lends coins to established counterparties for up to 4% APY. The first keeps your coins in place as collateral; the second does put them to work, and carries the counterparty risk that implies. The distinction is worth reading carefully before choosing between them.

Membership

• $1,000 USD annual membership fee, which includes the Visa debit card
• No separate card issuance, monthly or annual card fee
• 30-day risk-free trial with a full refund if you decide Xapo is not right for you
• $500 referral reward paid in Bitcoin, or USD for UK residents

Card and transactions

• FX fees on card transactions: none in major currencies
• Cashback: up to 1% paid in Bitcoin
• ATM withdrawal fees: not published on the card pages

Yield and interest

• USD Savings: 4.6% variable APY for the first 90 days, then 4.1% variable, paid daily in BTC; the limited-time rate was scheduled to close on 23 October 2026
• Bitcoin Savings: 0.25% APY, paid daily in BTC, with no lending of your Bitcoin
• BTC Credit Fund: up to 4% APY, which does involve lending to counterparties and therefore carries risk
• All rates are variable rather than fixed, and the promotional rate is explicitly time-limited

How the cost compares

At $1,000 a year, this is by a wide margin the most expensive card in this directory to hold, and it makes no sense to compare it against free crypto cards on card features alone. The membership also buys a regulated bank account, deposit protection up to the £120,000 equivalent, Bitcoin lending products, investment access and a relationship manager. If you are holding significant Bitcoin or dollar balances, the interest paid in BTC can offset the fee; if you mainly want a card for everyday spending, it will not.