Ledger CL Card

Ledger CL Card Visa Debit Review: Fees, Rewards & Availability

Basic Information

The Ledger CL Card is a Visa debit card that bridges the gap between cryptocurrency holdings and everyday spending, allowing users to maintain control of their digital assets until they top up the card for spending.

The card integrates directly with Ledger's hardware wallet ecosystem through Ledger Live, as well as with MetaMask and 1inch. Users can also deposit their paychecks directly to the card account, providing a comprehensive banking alternative for crypto enthusiasts. Notably, a Ledger hardware wallet is not required to obtain or use the card, though it is recommended for enhanced security when moving assets to the card.

Rewards and Benefits

Cashback Program

The Ledger CL Card offers a straightforward cashback structure with regional variations:

United States:

• 1% cashback in Bitcoin (BTC) or USD Coin (USDC) on all purchases
• 2% cashback if rewards are taken in Baanx's native token (BXX)

Other Countries (EEA, UK, Canada, Switzerland, Colombia, Mexico, Brazil):

• 1% cashback in Bitcoin (BTC) or Tether (USDT) on all purchases
• 2% cashback if rewards are taken in Baanx's native token (BXX)

Reward Payout:
According to Ledger's official documentation, rewards are calculated monthly and paid at month-end. However, Crypto Life's FAQ states that users can claim rewards "at any time," indicating some flexibility in the payout schedule. There are no staking requirements to earn the base 1% cashback rates, though holding BXX tokens provides enhanced 2% benefits.

Lending Features

The Ledger CL Card provides unique financial services beyond typical spending capabilities:

• Cryptodraft: Crypto-backed credit lines allowing users to access fiat without selling their crypto, with rates starting from 0% APR for qualified users based on staking tier
• Stableloans: Stablecoin-based loans available with rates that vary depending on staking tier
• Both lending services use cryptocurrency as collateral, providing liquidity without forcing users to exit their positions
• Staking tiers directly impact the APR offered on both Cryptodraft and Stableloan products

No specific referral program was mentioned in the source material.

Direct Paycheck Deposits

The Ledger CL Card offers banking-like functionality with its direct deposit feature, particularly marketed for the US launch:

• Users can deposit their paychecks directly into their CL Card account via bank transfer
• Option to automatically convert deposits to cryptocurrency of choice
• Flexibility to hold deposits in fiat currency or convert to crypto
• Provides a comprehensive banking alternative for crypto enthusiasts
• Seamlessly integrates income with crypto spending capabilities

This feature is available across all supported regions, including the US market launched June 30, 2025.

Fees and Limits

The Ledger CL Card has a competitive fee structure with transparent pricing across conversion, transaction, and service fees.

Important Note on Fees: The effective cost of spending crypto includes both the 1.75% crypto-to-fiat conversion fee and the 2% card spend fee, totaling 3.75% before any additional charges. This significantly erodes the 1-2% cashback benefit, resulting in a net cost for most transactions. All fees are deducted in fiat after the crypto-to-fiat conversion, meaning that conversion fees compound with any fixed charges.

Users should note that limits can be raised once enhanced-due-diligence is completed, with users reporting upgrades to €20,000+ after supplying additional documentation like bank statements.

Card Tiers and Options

The Ledger CL Card offers a single-tier system with no premium options. All cardholders receive the same features with the same fee structure. The card functions as a debit card that requires funds to be loaded before use. Staking tiers affect lending rates but do not change the base card features or cashback structure.

Top-Up Methods

Users must pre-load the Ledger CL Card by transferring supported cryptocurrencies (BTC, ETH, USDT, USDC, BXX, XRP, LTC, EURT) from their self-custody wallets (Ledger Live, MetaMask, or 1inch) through the dedicated CL app or Ledger Live. During top-up, funds move from the user's external wallet into a dedicated card balance under the provider's custodial control, requiring the user to approve the transaction with their Ledger device—assets are no longer in self-custody once transferred. The selected crypto is instantly converted to fiat (GBP, EUR, or USD) at market rates, with a ~2.25% conversion fee applied to each top-up. Top-ups are subject to limits: default daily POS spending maximum is €15,000, with larger single transactions (≥€10,000) triggering enhanced KYC review; a €1,000 cap exists until extra proof-of-funds is supplied. Funds become available as soon as the crypto-to-fiat conversion is complete, usually within minutes, but there is no on-demand spending from self-custody—pre-loading is always required.

Self-Custody True Self-Custody

This card lets users keep their crypto in their personal Ledger hardware wallet or another supported self-custodial wallet until the moment they choose to spend. When making a purchase, the required amount of crypto is converted to fiat currency in real time, following explicit authorization on the user's Ledger device. At no point prior to spending does the platform take control of users' funds or private keys; full self-custody is preserved until transactions are approved. Even if the card provider went out of business, users would still have access to their crypto through their wallets. This approach maximizes user control and security, though it requires users to approve each transaction, which can be less convenient than fully custodial cards. The main tradeoff is potentially higher fees at the point of conversion and limited features such as a lack of recurring payment support.

Supported Currencies and Conversion

Cryptocurrencies

• Bitcoin (BTC)
• Ethereum (ETH)
• EURT (Tether EUR)
• XRP (Ripple)
• Litecoin (LTC)
• Tether USD (USDT)
• USD Coin (USDC)
• Baanx token (BXX)

Fiat Currencies

• British Pound (GBP)
• Euro (EUR)
• US Dollar (USD)

Crypto-to-fiat conversions occur when you top up the card. The conversion process includes a 1.75% crypto-to-fiat conversion fee, plus a 2% card spend fee applied at each transaction. All three supported fiat currencies (GBP, EUR, USD) are available in the user's account.

Geographic Availability

The Ledger CL Card is available across multiple continents, serving customers in Europe, the Americas, and beyond. The card can be used at 90 million merchants globally wherever Visa is accepted.

Europe

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

United Kingdom: Available to UK residents

Switzerland: Available to Swiss residents

Americas

United States: Available nationwide from June 30, 2025, excluding New York and Vermont due to state regulatory restrictions

Canada: Available to Canadian residents

Latin America: Colombia, Mexico, Brazil

Restricted Regions

The Ledger CL Card is currently not available in:

• New York and Vermont (US states with restrictive crypto regulations)
• Australia, most of Asia, Africa, and other countries worldwide not listed above

The US launch was officially announced on May 28, 2025, at the Bitcoin 2025 conference in Las Vegas, with the same core features as the EU/UK version, issued in partnership with Cross River Bank (Member FDIC).

Banking & Financial Services

The Ledger CL Card provides banking-like services through its partnership with regulated financial institutions across different jurisdictions.

Account Structure

• EU/EEA users: Card accounts issued and held at UAB Monavate (Lithuania), an authorized e-money institution
• UK users: Accounts held at Monavate Ltd (UK, FCA #901097)
• US users: Visa debit card issued in partnership with Cross River Bank (Member FDIC)

Payment Rails and Deposits

• Direct paycheck deposit capability via bank transfer
• EUR and GBP card-load deposit fees apply (see Platform Fees documentation)
• Bank transfer deposit and withdrawal fees for EUR and GBP transactions
• Automatic conversion option for incoming deposits to cryptocurrency

Account Features

• Multi-currency fiat account support (EUR, GBP, USD)
• Segregated safeguarded accounts for customer funds
• No pooling of customer balances with corporate assets
• Funds held under e-money institution safeguarding schemes (not covered by UK FSCS or EU investor protection schemes)

The platform operates as an e-money institution in Europe and partners with a FDIC-insured bank in the United States, providing regulatory oversight and customer fund protection within each jurisdiction's framework.

Compliance and Security

Custody Model

The Ledger CL Card offers a unique custody approach that prioritizes user control:

• Users maintain self-custody of their crypto until they top up the card
• To spend, users must first fund the card by transferring crypto from their own wallets
• Once loaded onto the card, assets are held in safeguarded accounts (segregated under Monavate's scheme in EU/UK)
• At checkout, you do not need a Ledger device – the card works like any standard Visa debit card
• Ledger hardware wallet integration is recommended for enhanced security when moving assets to the card, but is not required for card usage
• Transactions initiated through Ledger Live may require approval with a Ledger device for added security

Regulatory Framework

• EU/EEA users: Card accounts issued and held at UAB Monavate (Lithuania)
• UK users: Accounts held at Monavate Ltd (UK, FCA #901097)
• US users: Visa debit card issued in partnership with Cross River Bank (Member FDIC)
• Baanx Group holds UK/EU EMI licenses and a UK credit-broking license
• The company is preparing for upcoming EU crypto-asset (CASP) license under MiCA

Identity Verification

• Users must be 18+ and complete identity verification (ID, proof of address)
• Proof of funds may be required for large deposits
• All new customers undergo AML/KYC checks

Security Features

• Hardware-based authorization via Ledger's secure BOLOS OS available for enhanced security
• Sensitive data is encrypted
• No crypto keys or fiat balances are pooled with general corporate assets
• Funds in e-money accounts are "safeguarded" per regulatory requirements

There is no third-party insurance for crypto balances. Funds in e-money accounts are safeguarded per regulatory requirements but not covered by UK FSCS or EU investor protection schemes. US customers benefit from FDIC insurance through Cross River Bank partnership.

Technical Details

The Ledger CL Card integrates directly with multiple wallet systems:

• Native integration with Ledger hardware wallets via Ledger Live (desktop and mobile)
• Compatible with MetaMask wallet
• Compatible with 1inch decentralized exchange aggregator
• Supports Google Pay and Apple Pay for contactless mobile payments

The card's technical architecture maintains crypto in self-custody until the user tops up the card. When funds are loaded, the crypto is converted to fiat and held in the card account, allowing for real-time spending at any of the 90 million merchants globally that accept Visa.

The card also offers technical capabilities for crypto-backed lending through its Cryptodraft and Stableloans features, which utilize smart contract functionality to secure assets while providing liquidity. Staking tiers affect the APR offered on these lending products.

User Experience

The Ledger CL Card is managed through either:

• The dedicated Crypto Life (CL) app
• Directly in Ledger Live (available on both mobile and desktop)

The interface guides users through KYC verification, card ordering, and top-up processes. Support is available through:

• Email: [email protected]
• In-app chat in the Crypto Life app
• Online documentation and FAQs

User feedback has been mixed:

• Positive: Smooth setup and delivery (physical cards arriving in ~1-2 weeks), appreciated cashback rates, and tight Ledger integration
• Negative: High fees/spreads (effective ~3.75% mark-up from conversion and card spend fees), card showing as generic "prepaid card" in wallets like Curve, and slow or absent customer support

Common limitations in the user experience include:

• Card must be pre-funded before spending (debit card model)
• Recurring payment authorizations are supported according to Crypto Life FAQ
• Standing orders are not supported
• Some pre-authorization transactions may be unsupported
• The card declines authorizations if funds are not preloaded

Best Suited For

• Existing Ledger hardware wallet users who want to spend crypto with seamless ecosystem integration
• Self-custody advocates who prefer keeping control of their assets until card top-up
• Occasional crypto spenders who value integration and convenience over absolute fee efficiency
• International crypto holders in supported regions (EEA, UK, US, Canada, Switzerland, Colombia, Mexico, Brazil) looking for a regulated spending solution with cashback
• Long-term hodlers who want access to fiat liquidity without selling their crypto positions through lending features
• Users seeking banking alternatives who want to deposit paychecks directly into crypto ecosystems

Pros and Cons

Pros

• Self-custody until card top-up, providing enhanced security
• Seamless integration with Ledger's hardware wallet ecosystem
• Competitive 1-2% cashback rates without staking requirements
• No monthly fees with simple single-tier system
• Free virtual card available instantly
• Unique crypto-backed lending features with rates from 0% APR based on staking tier
• Direct paycheck deposit capability with auto-conversion options
• Expanding geographic availability across multiple continents
• Accepted at 90 million merchants globally
• Ledger device not required for card usage (optional for enhanced security)

Cons

• High combined fees (1.75% conversion + 2% card spend = 3.75% total) significantly erode cashback benefits
• Limited to EEA, UK, US (excluding NY and VT), Canada, Switzerland, Colombia, Mexico, and Brazil
• Must pre-fund card before spending (debit card model)
• Some pre-authorization transactions may be unsupported; standing orders not supported
• Relatively limited cryptocurrency selection compared to some competitors
• User reports indicate customer service issues and account freezes
• No third-party insurance for crypto balances (EU/UK); US benefits from FDIC insurance through Cross River Bank

Conclusion

The Ledger CL Card offers a compelling solution for users seeking to spend their cryptocurrency while maintaining self-custody until the moment they choose to load funds onto the card. Its primary strengths lie in its seamless integration with the Ledger ecosystem, providing a bridge between self-custody and real-world spending at 90 million merchants globally. The card's 1-2% cashback program, unique crypto-backed lending options with rates starting from 0% APR, and direct paycheck deposit capabilities add further value for users committed to the platform.

However, potential users should carefully consider the card's fee structure. The combined conversion and card spend fees (1.75% + 2% = 3.75% total) significantly erode the cashback benefits, resulting in a net cost of approximately 1.75-2.75% per transaction even after rewards. Geographic restrictions, while expanding to include Canada, Switzerland, and several Latin American countries, still exclude many global crypto enthusiasts.

The Ledger CL Card is best suited for users in eligible regions who prioritize security, ecosystem integration, and the convenience of crypto-backed lending over absolute cost-efficiency. Those who value maintaining self-custody until they choose to top up the card will appreciate this feature, while users frequently converting large amounts should carefully evaluate whether the conversion costs align with their spending patterns. The free virtual card option makes it easy to test the service before committing to regular use.

Additional Information

Security Incidents

No known serious hacks have affected the CL Card or Ledger's integration. A 2023 user claim of leaked support emails was investigated, with Baanx's partner confirming no data breach occurred. However, as with any crypto service, phishing scams pretending to be CL support have been reported.

Reliability Reports

Aside from complaints about fees and customer service, there have been no widespread reports of the card failing to work at merchants or ATMs. It generally functions like any Visa debit card once funded and is accepted at 90 million merchants globally.

Merchant Category Restrictions

The card acts like a debit card and declines authorizations if funds are not preloaded. According to Crypto Life's FAQ, recurring payment authorizations are supported, but standing orders are not. Some pre-authorization transactions may be unsupported, making it potentially unsuitable for certain merchant categories that rely heavily on pre-authorization holds.