Exa Card

Exa Card Visa Signature Review: Fees, Rewards & Availability

Basic Information

Exa Card represents a novel approach to crypto-enabled spending, positioning itself as a self-custodial, collateral-backed payment solution that allows users to spend without liquidating their crypto holdings. Unlike traditional crypto debit cards that require selling assets to fund purchases, Exa Card integrates onchain borrowing via non-custodial smart contracts from the Exactly Protocol.

The card combines a passkey-secured self-custodial wallet with flexible payment modes—users can choose to "Pay Now" (debit-style spending from balance) or split purchases into up to 9 fixed-rate installments (credit-style borrowing). The product emphasizes user experience improvements over typical DeFi friction points: passkey-based authentication eliminates seed phrases, gas fees are sponsored by the platform, and KYC is designed for rapid onboarding.

Rewards and Benefits

Cashback Structure

Exa Card does not offer a permanent base cashback rate but features promotional cashback programs:

• Promotional Rate: 1.5% cashback on eligible transactions
• Reward Currency: USDC
• Crediting: After promotional period ends
• Exclusions: Refunds, chargebacks, fees, cash withdrawals, and transactions not meeting promotion criteria

Referral Program

Visa Signature Benefits

Exa Card includes comprehensive Visa Signature benefits at no additional cost:

• Airport lounge access and travel perks
• Travel assistance services (limited coverage period)
• Purchase protection and car rental coverage
• Hotel benefits and concierge services
• Gas fee sponsorship for all in-app and card transactions
• eSIM discount offerings (surfaced in-app)

Fees and Limits

Exa Card fees are structured around a transparent model with no annual charges, focusing on transaction-based fees that support the platform's self-custodial and borrowing mechanics.

Transaction Fees

Spending and Withdrawal Limits

Fiat Deposit Fees

Fiat deposits are processed by third-party providers with example fees of $0.50 + 0.2% (actual fees vary by provider and are disclosed in-app). Supported currencies include ARS, USD, and BRL, subject to jurisdiction and provider availability.

Card Tiers and Options

Exa Card does not employ a traditional multi-tier structure based on card materials or token staking. Instead, it offers plan variants by use case and jurisdiction, with spending capacity dynamically determined by collateral levels.

All plans share core features including self-custodial wallet functionality, passkey authentication, and up to 9 fixed-rate installment options. Business plans operate under separate contractual structures with enhanced merchant category restrictions and compliance requirements.

Top-Up Methods

• No traditional pre-load required
• Deposit supported crypto (USDC, ETH, WBTC, wstETH, OP on OP Mainnet) as collateral in self-custodial wallet
• Add funds or collateral via Exa app (onchain deposit or fiat on-ramp)
• Card spending draws from connected collateral or triggers on-demand borrowing at purchase

Self-Custody Hybrid Custody

• Users control private keys via a self-custodial wallet (passkey-secured)
• Crypto remains in user custody until used as collateral for onchain borrowing at purchase
• At installment purchase, borrowed crypto is converted to fiat and held by issuer for settlement
• If provider disappears, uncollateralized crypto stays accessible; funds in installment process or fiat may be lost

Supported Currencies and Conversion

Supported Cryptocurrencies

Exa Card supports the following crypto assets on OP Mainnet (Optimism) for deposits and collateral:

USDC (USD Coin), ETH (Ethereum), WBTC (Wrapped Bitcoin), wstETH (Wrapped Staked ETH), OP (Optimism)

Important: USDC.e (bridged USDC) is explicitly not supported.

Fiat Currency Support

• Card Settlement: USD (all transactions denominate and settle in U.S. dollars)
• Fiat Deposit Rails: ARS (Argentine Peso), USD (U.S. Dollar), BRL (Brazilian Real)
• Foreign Currency Purchases: Supported via Visa network with automatic conversion to USD using Visa exchange rate plus 1.5% FX fee

Conversion Process

• "Pay Now" Mode: No conversion required; spending draws from USD balance
• Installment Mode: Crypto borrowed from Exactly Protocol markets, immediately converted to USD, sent to merchant
• Repayment Schedule: First installment typically due ~4 weeks after purchase
• Fixed Interest Rates: Interest rate locked at transaction time
• Settlement: Real-time authorization via Visa network with standard settlement timelines

Geographic Availability

Exa Card is available in over 160 countries, with eligibility determined by exclusion from the prohibited-country list rather than an exhaustive published "allowed" list. The card supports users across multiple continents with specific regional restrictions.

Americas

Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Cayman Islands, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Honduras, Mexico, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands, Uruguay

United States (Available States): Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, Wyoming

Asia-Pacific

Australia, Hong Kong, Japan, New Zealand, Pakistan, Philippines, Singapore

Africa

Ghana, Kenya, South Africa

Middle East

United Arab Emirates

Europe

Note: Most European countries are currently restricted. Available countries not explicitly listed in prohibited jurisdictions.

Restricted Countries

Afghanistan, Bangladesh, Belarus, Bulgaria, Central African Republic, China (Mainland), Croatia, Cuba, Democratic Republic of the Congo, Ethiopia, India, Iran, Iraq, Israel, Lebanon, Libya, Mali, Myanmar, Nepal, Nicaragua, Nigeria, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Turkey, Ukraine, Venezuela, Vietnam, Yemen, Zimbabwe

Important Note: Hong Kong is treated as a separate jurisdiction from Mainland China and is available for card issuance, subject to in-app verification and issuer approval.

Compliance and Security

Custody Model

Exa Card operates on a self-custodial (non-custodial) model where users own and control their private keys via passkey-secured device storage. Private keys are stored in the device secure enclave/Trusted Execution Environment (TEE), and the platform does not control user wallets.

Critical Custody Warning: Loss of both device and cloud passkey access can result in irreversible account loss with no recovery option.

Regulatory Framework

Security Features

• Authentication: Passkey-based login using WebAuthn (biometrics/device security)
• Key Management: No passwords or seed phrases required
• Smart Contract Audit: Webauthn Owner Plugin audited by Quantstamp
• Gas Fee Sponsorship: Platform covers all transaction gas fees
• Customer Support: In-app Helpdesk chat only (platform warns against responding to DMs)

Insurance and Risk Factors

• Deposit Insurance: No official deposit insurance comparable to bank FDIC/FSCS coverage
• Smart Contract Risk: Underlying Exactly Protocol experienced a publicly documented exploit on August 18, 2023
• Cardholder Benefits: Visa Signature benefits include purchase protection and travel assistance
• Protocol Risk: Card functionality depends on Exactly Protocol availability and security

Technical Details

Architecture

• Smart Account Framework: Modular design using Alchemy Account Kit
• Blockchain Network: OP Mainnet (Optimism) for supported crypto assets
• Lending Protocol: Exactly Protocol (fixed-rate lending markets)
• Passkey Implementation: WebAuthn/passkey approach with Webauthn Owner Plugin

Integration Capabilities

The platform offers integration pathways for third-party platforms including fintechs, banks, and exchanges via API or embedded mini-app, with optional white-label card design for partners.

Conversion Mechanics

• Installment Purchases: Crypto borrowed from Exactly Protocol markets, immediately converted to USD, sent to merchant
• Repayment Schedule: First installment typically due ~4 weeks after purchase
• Fixed Interest Rates: Interest rate locked at transaction time
• Settlement: Real-time authorization via Visa network with standard settlement timelines

User Experience

Mobile App Features

Available on iOS and Android with core features including:

• Self-custodial wallet with passkey authentication
• Virtual card provisioning to Apple Pay/Google Pay
• Flexible payment mode selection per transaction
• Real-time transaction history and spending tracking
• In-app card PIN storage for ATM withdrawals
• Crypto deposit and fiat on-ramp integration

Support and Language Options

• Primary Support: In-app Helpdesk chat only
• Languages: English primary, Spanish-language help articles available
• Self-Service: Comprehensive help center covering card usage, fees, and security

Common User Feedback

Positive: Users praise rapid setup, convenience versus traditional debit card limits, clear installment mechanics, and successful real-world merchant acceptance.

Limitations: Mobile wallet provisioning variability, ATM withdrawal constraints (requires contactless/NFC ATMs), refund complexity with installment purchases, and virtual-only format limitations.

Best Suited For

• Crypto-native users who want to preserve holdings while accessing spending power via collateral-backed borrowing
• Self-custody advocates who prioritize control over assets and are comfortable with DeFi protocol risks
• USD-focused spenders who primarily transact in dollars or can absorb 1.5% FX fees for international purchases
• Tech-savvy individuals who understand passkey management and smart contract dependencies

Pros and Cons

Pros

• Self-custodial model preserves user control over crypto assets
• Up to 9 fixed-rate installments without liquidating holdings
• Rapid onboarding with instant virtual card issuance
• Comprehensive Visa Signature benefits at no annual fee
• Gas fee sponsorship eliminates transaction friction

Cons

• Smart contract risk from Exactly Protocol dependency
• Virtual-only format limits merchant acceptance scenarios
• Complex refund mechanics with installment purchases
• 1.5% FX fee reduces international appeal
• Irreversible account loss if passkeys are mismanaged

Conclusion

Exa Card stands out by offering a self-custodial, collateral-backed spending solution that fundamentally differs from traditional crypto debit cards. While most crypto cards require asset liquidation to fund purchases, Exa Card enables users to maintain crypto exposure through onchain borrowing via the Exactly Protocol. The combination of passkey-secured self-custody, flexible payment modes with up to 9 installments, and comprehensive Visa Signature benefits creates a compelling value proposition for crypto-native users who prioritize asset control and spending flexibility.

However, the product carries significant tradeoffs compared to simpler crypto card offerings. The smart contract dependency introduces risks evidenced by the 2023 Exactly Protocol exploit, while the self-custodial model creates irreversible loss scenarios if passkeys are mismanaged. The 1.5% FX fee on non-USD purchases and complex refund mechanics with installment purchases limit the card's appeal for international users or those requiring predictable transaction outcomes. The virtual-only format, while enabling rapid issuance, restricts usage scenarios compared to physical alternatives.

Exa Card is best suited for sophisticated crypto users who understand DeFi risks, primarily spend in USD, and value the ability to access credit against crypto collateral without triggering taxable events. The product represents an innovative approach to crypto spending but requires careful consideration of its unique risk profile and operational limitations compared to traditional crypto debit cards.

Additional Information

Historical Context

The underlying Exactly Protocol experienced a publicly documented exploit on August 18, 2023, which affected the lending protocol that powers Exa Card's installment functionality. The protocol team issued an incident response and compensation proposal for affected users. While this predates Exa Card's public marketing push, it demonstrates the smart contract risk inherent to the model.

Fiat Deposit Service Structure

Fiat deposits operate under a distinct structure where third-party providers handle processing and users form direct contractual relationships with providers. Exa Labs explicitly operates as a technology/referral channel only and is "not a financial entity" for fiat processing purposes.

Business Integration Opportunities

The platform offers integration pathways for fintechs, banks, exchanges, and other platforms via API or embedded mini-app, including optional white-label card design for partners seeking to offer Exa Card functionality under their own branding.

ATM Withdrawal Requirements

ATM withdrawals require contactless/NFC ATMs and mobile wallet setup (Apple Pay/Google Pay) plus the card PIN stored in-app. Not all ATMs support contactless functionality, which can limit cash access options for users.