1inch Card

1inch Card Mastercard Prepaid Review: Fees, Rewards & Availability

Basic Information

The 1inch Card is a prepaid Mastercard powered by Crypto Life (CL), developed in partnership with Baanx and issued by Monavate Limited. It enables users to spend cryptocurrency directly from their wallets while maintaining self-custody until the moment of purchase.

Rewards and Benefits

Cashback Program

The 1inch Card offers competitive cashback rewards without requiring any staking for base participation:

• 2% cashback when rewards are taken in BXX (Baanx's token)
• 1% cashback when rewards are taken in Bitcoin (BTC), Tether (USDT), or 1inch token (1INCH)
• Monthly cashback cap of €4,800 (equivalent to €240,000 in monthly spending at 2% rate)
• No staking required for base cashback rewards
• Cashback paid out monthly to user's account in selected cryptocurrency

These cashback rates apply globally to the CL/1inch programme but may be paid in different currencies depending on region and card brand.

Credit Features

• CryptoDraft: Interest-free crypto-backed credit line (0% APR on first 10% of collateral value). Borrowing above that 10% LTV incurs interest (around 1% per month), up to a maximum LTV around 60% depending on programme terms.
• StableLoan: Fixed-term loans with predetermined interest rates
• Optional BXX Staking Benefits for CryptoDraft (interest-free spending):
  • Staking $100 in BXX: Interest-free borrowing up to 12% LTV
  • Staking $500 in BXX: Interest-free borrowing up to 20% LTV
  • Staking $1,000 in BXX: Interest-free borrowing up to 25% LTV
  • Staking $5,000 in BXX: Interest-free borrowing up to 35% LTV
  • Staking $10,000+ in BXX: Interest-free borrowing up to 50% LTV
• Optional BXX Staking Benefits for StableLoan (interest-free borrowing):
  • Staking $500 in BXX: Interest-free borrowing up to 25% LTV
  • Staking $1,000 in BXX: Interest-free borrowing up to 33% LTV
  • Staking $5,000 in BXX: Interest-free borrowing up to 50% LTV
  • Staking $10,000+ in BXX: Can use BXX as collateral to borrow stablecoins (max 10% LTV)
• BXX staking yields: Rates are subject to change; current CL materials still reference up to 25% APR/APY for 12-month BXX stakes (5% APY for 3-month stakes, 7% for 6-month, 10% for 9-month)

Fees and Limits

1inch Card fees include a 2% card spend fee and 1.75% crypto-to-fiat conversion fee, though there are no monthly or annual charges.

Card Tiers and Options

While there are no premium tiers, users may stake BXX tokens to unlock enhanced benefits such as higher interest-free credit limits (up to 50% LTV with $10,000+ staked). This functions as a loyalty program rather than a separate card tier.

Top-Up Methods

The 1inch Mastercard Prepaid Card does not require traditional pre-loading or top-ups; instead, it uses a self-custody model where users retain control of their crypto assets until the moment of purchase. When making a card payment, the specified cryptocurrency (BTC, ETH/WETH, LTC, XRP, 1INCH, BXX, USDT, USDC, or EURT) is converted to EUR or GBP at the point of sale via the mobile app, with a 1.75% crypto-to-fiat conversion fee plus a 2% card spend fee. Funds are instantly deducted from the user's connected wallet with no waiting period or minimum top-up amount, and assets only move from the user's self-custody wallet to the provider for immediate settlement. No pre-loading or custodial transfer is required until spending occurs, minimizing custody risk and enhancing user control.

Self-Custody True Self-Custody

The 1inch Card follows a self-custody model where your crypto remains under your direct control in your own wallet, and only leaves your possession at the moment you make a purchase. When you pay, the chosen cryptocurrency is converted to fiat in real time, allowing you to spend it anywhere Mastercard is accepted without needing to pre-load or transfer funds in advance. This means you control your private keys and can access your assets independently if you ever stop using the card or if the provider were to cease operations. However, once the crypto is converted and held as fiat (for example via pending refunds or features like the CryptoDraft credit line), those balances may be subject to custodial holding by the issuer. The main advantages are strong asset control and the ability to spend without sacrificing custody up front, but limitations include mandatory KYC, fees for conversion and spending, and the need to rely on provider infrastructure for fiat wallet features. This approach balances the security benefits of self-custody with the flexibility of instant crypto-to-fiat payments.

Supported Currencies and Conversion

Supported Cryptocurrencies

Officially listed examples include 1INCH, USDT, BTC, LTC, XRP and BXX. On the underlying Crypto Life platform, additional assets such as ETH (via Wrapped Ether/WETH), USDC and EURT are supported for card funding and withdrawals.

Full list:

• Bitcoin (BTC)
• Ethereum (ETH) via Wrapped Ether (WETH)
• Litecoin (LTC)
• XRP (Ripple)
• 1INCH (1inch Network Token)
• BXX (Baanx Token)
• Stablecoins: USDT (Tether), USDC (USD Coin), EURT (Euro Tether)

Supported Fiat Currencies

• Euro (EUR) – default for European users
• British Pound (GBP) – default for UK users
• Other fiat currencies supported for transactions via Mastercard's FX conversion

Conversion Process

• Crypto converted to fiat automatically at the moment of transaction
• 1.75% conversion fee from crypto to fiat
• Users can specify preferred crypto source for conversions
• Real-time conversion and settlement
• Transactions displayed in account's base currency (EUR/GBP)

Geographic Availability

The 1inch Card is available to residents of the United Kingdom and the European Economic Area (EEA). It is not currently offered in the United States or other markets outside the UK and EEA.

Europe

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom

A related CL/'Ledger' card using the same platform is available in additional countries including the US, Canada, Switzerland, Colombia, Mexico and Brazil, but it is not branded as the 1inch Card.

The card is only available to residents of supported regions who can complete the required KYC verification. Standard sanctions lists (e.g., OFAC-sanctioned countries) also apply per compliance requirements.

Related Products

Ledger CL Card (US and Additional Markets)

While the 1inch Card itself is limited to UK and EEA markets, a separate but related product called the Ledger CL Card operates on the same Crypto Life/Baanx platform infrastructure. This is a distinct Visa card (not Mastercard) and is not branded as "1inch Card."

Key Details:

• Card Network: Visa
• Launch Date: June 30, 2025 (US market)
• Geographic Availability: United States (excluding New York and Vermont), Canada, Switzerland, Colombia, Mexico, and Brazil
• Primary Wallet Integration: Ledger (as opposed to 1inch Wallet)
• Cashback: 1% cashback in Bitcoin (BTC) or USDC
• Additional Features:
  • Direct paycheck deposit functionality via bank transfer
  • Option to automatically convert paycheck deposits to cryptocurrency
  • Same underlying CryptoDraft and StableLoan features
  • Same BXX staking benefits structure

This product demonstrates the expansion of the CL/Baanx platform beyond the 1inch-branded offering, bringing similar self-custody crypto spending capabilities to markets where the 1inch Card is not available.

Compliance and Security

Regulatory Framework

• Card issued by Monavate Limited, an FCA-authorised Electronic Money Institution and principal Mastercard member (FRN 901097)
• Monavate and Baanx have combined to form W3C Corp, a new global payments infrastructure group, but the issuer arrangement (Monavate as FCA-regulated EMI) remains
• Baanx.com Ltd is registered with the FCA for certain cryptoasset activities
• Important Note: The Crypto Life brand itself is not authorised or registered by the FCA and appears on the FCA warning list (as of August 2024) as an unauthorised firm providing or promoting financial services without permission. However, the underlying regulated entities (Monavate as issuer and Baanx for crypto activities) maintain proper FCA authorization
• Complies with EU/UK financial laws (anti-money-laundering, GDPR data protection)
• Complies with EEA electronic money directives

Custody Model

Operationally, the card uses a self-custody-style flow where funds stay in your own wallet or CL account until conversion, but on the backend the programme is run by regulated partners (Monavate/Baanx), and fiat balances are fully custodial.

• Self-custody "until the moment of purchase"
• Users control crypto private keys in their wallet
• Funds only move for conversion when spending
• Fiat balances (in the CL e-wallet) are held in segregated accounts by the issuer (custodial)

Identity Verification

• Mandatory KYC for all users
• Government-issued ID (passport, driver's license)
• Proof of address (utility bill or bank statement)
• Selfie or liveness check
• Additional documentation required for transactions over €10,000

Security Features

• Two-Factor Authentication (2FA) for account login and sensitive actions
• Ability to freeze card instantly if needed
• Encrypted communications (HTTPS and app-layer encryption)
• Biometric authentication through wallet app

Technical Details

Integration with 1inch Ecosystem

• Works with 1inch Wallet app
• Leverages 1inch's DeFi infrastructure for certain features
• Partnership with Crypto Life (CL) and Baanx for card services

Mobile App Features

• View transaction history in real-time
• Lock/unlock card instantly
• Switch spending currency or crypto source
• Manage reward preferences
• View balances (crypto and fiat)
• Access loan features (CryptoDraft, StableLoan)

Technical Limitations

• As a prepaid card, may face issues with hotel deposits, car rentals, or other merchant holds
• Cannot be used where physical imprint or swipe is required (for virtual card)
• Standard Mastercard merchant category restrictions apply

User Experience

App and Card Usage

• Primary interface through mobile app
• Real-time transaction notifications
• Language support currently primarily in English
• Seamless integration with Apple Pay and Google Pay

Support Channels

• Email support: [email protected]
• Help center on 1inch site and CryptoLife FAQ pages

User Feedback

• Positive: Seamless spending experience, Apple/Google Pay convenience, no monthly fees
• Negative: BXX conversion can be cumbersome, reward payout delays, limited physical card availability initially

Common Workarounds

• For hotels or car rentals requiring security deposits, use a traditional credit card alongside the 1inch Card
• Some users recommend immediately swapping BXX rewards to another asset if not interested in holding BXX long-term
• Until physical card arrives, users can utilize mobile wallets for in-store payments

Best Suited For

• Crypto Holders who want to spend digital assets without manually converting to fiat first
• DeFi Enthusiasts who appreciate the self-custody model and prefer controlling their assets
• European and UK Residents who want crypto payment options
• Regular Spenders who can benefit from the cashback program on everyday purchases
• Long-term Holders who want to leverage their crypto holdings via the card's loan features while "HODLing" their assets

Pros and Cons

Pros

• Self-custody model preserves asset control until point of purchase
• No monthly or annual fees, transparent fee structure
• 1-2% cashback with no staking requirements for base rewards
• Instant virtual card issuance after KYC approval
• Innovative credit features like interest-free CryptoDraft
• Multiple BXX staking tiers offering enhanced benefits

Cons

• 2% card spend fee plus 1.75% crypto-to-fiat conversion fee
• Limited geographic availability (UK and EEA only)
• Higher 2% cashback requires accepting rewards in BXX token
• Standard prepaid card limitations for hotel and car rental deposits
• BXX token has limited liquidity compared to major cryptocurrencies
• Crypto Life brand appears on FCA warning list (though underlying issuers are regulated)

Conclusion

The 1inch Card represents a significant advancement in bridging decentralized finance with everyday spending for users in the UK and European Economic Area. Its standout features include the self-custody model that maintains user control until the moment of transaction, the absence of monthly fees, and generous cashback rewards without staking requirements. The integration with the 1inch Wallet provides a seamless experience for users already in the ecosystem, while features like CryptoDraft and StableLoan offer financial flexibility beyond simple spending.

However, the card does have notable limitations. Geographic availability is currently restricted to the UK and EEA, excluding major markets including the United States (though a related Ledger CL Card serves those markets). The fee structure includes various charges such as a 2% card spend fee and 1.75% crypto-to-fiat conversion fee, though these may be offset by cashback for some users. Additionally, those choosing BXX for the higher 2% cashback rate should be aware of potential challenges in converting this token due to lower liquidity.

Users should also note that while the card is issued by FCA-regulated entities (Monavate and Baanx), the Crypto Life brand itself appears on the FCA warning list. This doesn't affect the regulatory status of the underlying infrastructure but is important context for potential users.

The 1inch Card is ideally suited for crypto-savvy individuals in Europe and the UK who want to utilize their digital assets for everyday expenses without selling them or withdrawing through exchanges. As cryptocurrency adoption continues to grow, it is well-positioned to serve as a practical bridge between the crypto economy and daily financial needs within its supported markets.

Additional Information

Tax Considerations

Users should be aware that spending crypto via the card constitutes a taxable event in many jurisdictions, as it involves converting cryptocurrency to fiat. This may trigger capital gains tax obligations depending on the user's location and applicable tax laws. The card does not provide automated tax reporting, though transaction records are available for users' reference.

BXX Token Considerations

The BXX token, used for the highest cashback rate and staking benefits, carries its own market risks. Its value can fluctuate, affecting the real value of rewards earned. Some users have reported challenges with BXX liquidity and conversion costs. This underscores the importance of understanding the token's role in the ecosystem before optimizing for BXX rewards.

Funding Methods

While the primary method for using the card involves converting existing crypto holdings, users can also fund their card via the loan features (CryptoDraft and StableLoan) using their crypto as collateral. This provides flexibility for users who prefer not to sell their assets but still need spending power.

Performance Metrics

The 1inch ecosystem has demonstrated significant growth, with Q2 2025 showing average daily volumes of $848.2 million through the Aggregation Protocol. This represents a 172.8% quarterly increase, primarily driven by BNB Chain activity during the Binance Alpha campaign. These metrics indicate strong platform adoption and usage, supporting the ongoing expansion of the card program and related products into new markets.