Simple.app Card

Simple Card Mastercard Debit Review: Fees, Rewards & Availability

Basic Information

The Simple Card is a crypto-backed Mastercard debit card designed to let users "spend crypto like cash" by automatically converting cryptocurrency to fiat currency at the point of purchase. Simple offers two distinct card variants to serve different user needs and regulatory environments.

The Custodial Simplecard creates a bridge between crypto holdings and everyday EUR spending through a straightforward platform that requires no staking or minimum deposits, with an integrated IBAN account for SEPA banking. The USDC Simplecard offers a self-custodial solution, allowing users to manage and spend their crypto securely and independently while retaining full control over their assets until the point of conversion.

Card Variants and Options

Simple offers two distinct card products with different custody models and geographic availability:

Custodial Simplecard (EUR)

The Custodial Simplecard is funded from Simple's custody wallet and provides an integrated EUR IBAN account with full SEPA capabilities. Funds are held as e-money by Unlimit in segregated accounts, though not covered by deposit insurance schemes.

USDC Simplecard (Self-Custodial)

The USDC Simplecard can be funded from either the Custody Wallet or Self-custody Wallet, with users selecting which crypto asset to convert during top-up. Funds can be withdrawn back from the Virtual USDC Simplecard to either Custody or Self-custody wallets, with withdrawals processed in cryptocurrency and on-chain details (transaction hash, fees) viewable in transaction history.

No premium tiers or staking requirements exist - both card variants are available to all verified Simple account holders in their respective supported regions with the same benefits and limits.

Rewards and Benefits

Simple Card offers several benefits to users across both card variants:

• Cashback rewards: According to Simple's press release, the card "gives cashback rewards" on purchases, but the specific rate is not publicly disclosed as of April 2025
• No staking requirements: No staking or deposits needed to qualify for either card variant
• Interest on deposits: 12% APR interest available on USDC stablecoins held in the account (not directly tied to card usage)
• Customer support: 24/7 human customer support
• Euro IBAN account: Personal Euro IBAN account included at no cost for SEPA transfers (Custodial Simplecard only)
• Self-custody control: Full control over crypto assets until conversion (USDC Simplecard only)
• Crypto withdrawals: Ability to withdraw funds back to custody or self-custody wallets in cryptocurrency (USDC Simplecard only)

Referral Program

Simple offers a referral program with two main components:

• New user bonus: New users receive a random 2-100 USDC credit after their first €1-€5 spend
• Referrer rewards: Referrers earn either the same random bonus or 30% of the invitee's trading commissions for one year

Fees and Limits

Simple Card fees are structured around a zero-fee model for domestic usage, with competitive rates for international transactions and ATM withdrawals. Both the Custodial Simplecard and USDC Simplecard share the same fee structure and transaction limits.

Domestic transactions are defined as purchases within EU member states, Iceland, Liechtenstein, and Norway. International transactions include all other countries and territories.

The Simple Card features a straightforward fee structure with no monthly fees and free domestic transactions within the EEA. The main fees are associated with international usage (2.5%) and ATM withdrawals after the first three free withdrawals each month.

Supported Currencies and Conversion

The Simple Card supports different fiat currencies depending on the variant, but both work with 24 different cryptocurrencies:

• Custodial Simplecard: Single fiat currency (Euro)
• USDC Simplecard: USDC stablecoin

Supported Cryptocurrencies (both variants):

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• Tether (USDT)
• USD Coin (USDC)
• Dogecoin (DOGE)
• Solana (SOL)
• Polkadot (DOT)
• Tron (TRX)
• Avalanche (AVAX)
• Shiba Inu (SHIB)
• Polygon (MATIC)
• Litecoin (LTC)
• Uniswap (UNI)
• Bitcoin Cash (BCH)
• Cosmos (ATOM)
• Chainlink (LINK)
• Decentraland (MANA)
• Sandbox (SAND)
• Aptos (APT)
• Arbitrum (ARB)
• Optimism (OP)
• Cardano (ADA)
• Toncoin (TON)

Cryptocurrency is automatically converted to the card's fiat currency at the time of transaction with no separate conversion fee beyond the international transaction fee (for non-EEA purchases).

Geographic Availability

Simple Card availability varies significantly between the two card variants, with the Custodial Simplecard limited to the European Economic Area and the USDC Simplecard offering global coverage.

Custodial Simplecard (EUR)

The Custodial Simplecard is exclusively available to citizens of the European Economic Area (EEA) and residents of the EU with valid residency documentation in an EEA country.

Europe: 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, plus Norway, Iceland, and Liechtenstein.

The Custodial Simplecard is explicitly unavailable to residents of the United States, United Kingdom, Canada, Switzerland, and any jurisdiction outside the EEA where Simple services are not offered. There are no variations in service within the supported EEA countries.

USDC Simplecard (Self-Custodial)

The USDC Simplecard is available in a significantly broader range of countries across multiple continents, including markets previously excluded from the Custodial variant.

Europe: All EEA countries listed above, plus United Kingdom, Switzerland, Monaco, Gibraltar, and Montenegro.

Americas: United States of America, Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru.

Asia-Pacific: Australia, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand, Vietnam.

This expanded coverage makes the USDC Simplecard accessible to users in major markets including the US, UK, and Switzerland, as well as throughout APAC and LATAM regions.

Banking & Financial Services

Simple Card's banking and financial services vary by card variant, with the Custodial Simplecard offering comprehensive European banking integration.

Custodial Simplecard

The Custodial Simplecard includes a personal Euro IBAN account at no additional cost, providing full SEPA (Single Euro Payments Area) integration for European banking:

• IBAN Account: Personal EUR IBAN for receiving and sending euro transfers
• SEPA Transfers: Full support for SEPA credit transfers within the European Economic Area
• Account Type: E-money account issued by Unlimit Ltd.
• Segregated Funds: Customer funds held in segregated accounts separate from operational funds
• No Dormancy Fees: Zero fees for dormant IBAN accounts (≥4 months of inactivity)

USDC Simplecard

The USDC Simplecard does not include an integrated IBAN account. Instead, it focuses on cryptocurrency-based funding and withdrawals:

• Crypto Top-ups: Fund card from either Custody Wallet or Self-custody Wallet
• Crypto Withdrawals: Withdraw funds back to wallets in cryptocurrency
• On-chain Transparency: Transaction hash and fee details viewable in transaction history
• Multi-wallet Support: Compatible with both custodial and self-custodial wallet options

Neither card variant offers traditional banking services such as loans, overdrafts, or deposit insurance coverage.

Regulatory Structure and Licensing

Simple Card operates under a robust European regulatory framework with clear separation between card issuance and program operation.

Card Issuer: Unlimit Ltd.

• Institution Type: Electronic Money Institution (EMI)
• License Number: 115.1.3.7/2018
• Regulatory Authority: Central Bank of Cyprus
• Role: Issues the Simple Account and Mastercard as electronic money
• PCI DSS Compliance: Displays PCI DSS certification badge alongside "Safe data," "Authentication," and "Encrypted" security indicators

Program Operator: Simple Europe UAB

• Institution Type: Virtual Currency Exchange and Custodian Wallet Operator
• License Number: 305959834
• Regulatory Authority: Lithuania
• License Type: VASP (Virtual Asset Service Provider) / VCE (Virtual Currency Exchange)
• Role: Operates the Simple Card program and manages cryptocurrency custody (for Custodial variant)

This dual-entity structure separates e-money issuance (regulated by Cyprus) from cryptocurrency operations (regulated by Lithuania), ensuring compliance with both traditional financial services and virtual asset regulations across the European Union.

Compliance and Security

The Simple Card operates with different security models depending on the card variant, both backed by comprehensive security measures and regulatory compliance.

Custodial Simplecard

The Custodial Simplecard uses a fully custodial model where Simple (through its issuer Unlimit) holds the private keys for crypto balances used with the card. Funds are issued as e-money in EUR with the following protections:

• E-money Account: Not covered by deposit insurance schemes
• Segregated Accounts: Customer funds held separately from operational funds to protect users in case of insolvency
• Regulatory Oversight: Dual regulation by Central Bank of Cyprus (EMI license) and Lithuanian authorities (VASP license)

USDC Simplecard

The USDC Simplecard is explicitly branded as non-custodial/self-custodial, letting users spend directly from a self-custody wallet while retaining control of their assets until conversion:

• User Control: Users retain full control over private keys and assets
• Crypto-in/Crypto-out: Supports cryptocurrency withdrawals back to user wallets
• Conversion Point: Assets only converted at the point of top-up or transaction

Shared Security Features (Both Variants)

Both card variants benefit from comprehensive security infrastructure:

• SSL Encryption: All traffic and sensitive data encrypted
• DDoS Protection: Cloudflare-based protection against distributed denial of service attacks
• Password Security: Password hashing for account credentials
• Two-Factor Authentication: Mandatory 2FA for logins and withdrawals
• Cold Storage: Cryptocurrency assets held in cold storage with multi-signature wallets (for custodial holdings)
• Device Encryption: Device data encryption
• Cryptographic Signing: Commands cryptographically signed
• Regular Audits: Security audits and updates performed regularly
• PCI DSS Compliance: Payment Card Industry Data Security Standard certification displayed

Technical Details

The Simple Card offers a straightforward technical implementation with differences between the two card variants:

Custodial Simplecard

• Conversion process: Automatic conversion from crypto to EUR at point of transaction
• Settlement timing: Real-time conversion at point of sale
• Card format: EMV chip and contactless-enabled (physical card, when available)
• Banking integration: Full SEPA integration through the connected IBAN account
• Funding source: Custodial wallet managed by Simple/Unlimit

USDC Simplecard

• Conversion process: Automatic conversion from crypto to USDC at point of transaction
• Settlement timing: Real-time conversion at point of sale
• Card format: EMV chip and contactless-enabled (physical card, when available)
• Funding source: Self-custody wallet or custody wallet (user choice)
• Withdrawal capability: On-chain cryptocurrency withdrawals with visible transaction hashes and fees

Shared Technical Features (Both Variants)

• Merchant acceptance: Standard Mastercard acceptance worldwide with no category restrictions mentioned
• Wallet connectivity: Full integration with Apple Pay and Google Pay for contactless payments
• Mobile app: Dedicated iOS and Android applications for card management
• Supported cryptocurrencies: 24 different cryptocurrencies across both variants

User Experience

The Simple Card is managed through a dedicated mobile application available for both iOS and Android platforms:

• iOS app rated 4.8/5 stars
• Android app rated 4.3/5 stars with 7,000+ reviews
• Clean, intuitive interface designed for simplicity
• Built-in exchange and banking features
• Order virtual card directly in-app with instant issuance
• Add card to Apple Wallet or Google Pay
• Exchange crypto to EUR or USDC within the app
• Send/receive euro transfers via the IBAN (Custodial Simplecard only)
• View on-chain transaction details for crypto withdrawals (USDC Simplecard)
• Select funding source (custody or self-custody wallet) for top-ups (USDC Simplecard)

Support is provided through in-app chat, social channels, and 24/7 "real human" support. User feedback indicates positive reception of the clean UI and instant virtual card availability, with some reports of freezes during KYC selfie verification, slow SEPA payouts, and issues with the prominence of fee disclosures.

Best Suited For

Custodial Simplecard (EUR)

The Custodial Simplecard is best suited for:

• European crypto holders who want a seamless way to spend digital assets in everyday life with integrated EUR banking
• Regular travelers within Europe who benefit from free domestic transactions across the EEA
• Users seeking SEPA integration who need a personal EUR IBAN account for European banking
• USDC holders who can earn 12% APR interest on their stablecoin balance
• Mobile payment enthusiasts who prefer Apple Pay or Google Pay for contactless transactions

USDC Simplecard (Self-Custodial)

The USDC Simplecard is best suited for:

• Self-custody advocates who want to retain full control over their crypto assets until the point of spending
• Global crypto users in supported APAC, LATAM, US, UK, and Swiss markets who need a crypto spending solution
• Privacy-conscious users who prefer non-custodial solutions
• Users seeking crypto-in/crypto-out capability who want to withdraw funds back to their wallets in cryptocurrency
• International travelers who need a globally-accepted card funded by cryptocurrency

Pros and Cons

Custodial Simplecard Pros

• Zero monthly and issuance fees for all users
• No staking requirements to access the card
• High transaction limits (€15,000 daily)
• Integrated IBAN account with full SEPA capabilities
• Support for 24 different cryptocurrencies
• 12% APR interest on USDC deposits

Custodial Simplecard Cons

• Limited to European Economic Area residents only
• 2.5% fee on international (non-EEA) transactions
• Physical card not yet available (only virtual currently)
• E-money account not protected by deposit guarantee schemes
• Limited to euro as the only fiat currency
• Fully custodial model (Simple/Unlimit holds private keys)

USDC Simplecard Pros

• Non-custodial/self-custodial - users retain full control over assets
• Global availability including US, UK, Switzerland, APAC, and LATAM
• Zero monthly and issuance fees
• Crypto-in/crypto-out capability with on-chain transparency
• Support for 24 different cryptocurrencies
• Can be funded from either custody or self-custody wallets

USDC Simplecard Cons

• 2.5% fee on international (non-EEA) transactions
• Physical card not yet available (only virtual currently)
• No integrated IBAN account or SEPA banking
• No deposit insurance or guarantee schemes

Conclusion

Simple Card stands out by offering two distinct products that serve different user needs: the Custodial Simplecard for European users seeking integrated banking, and the USDC Simplecard for global users prioritizing self-custody.

The Custodial Simplecard excels as a no-fee Mastercard debit card designed specifically for crypto holders in the European Economic Area. Its primary strengths include zero issuance and monthly fees, free domestic (EEA) transactions, exceptionally high spending limits, and an included euro IBAN account for SEPA banking integration. These features are backed by solid security measures including cold storage for crypto assets and two-factor authentication, all under EU regulation. However, it is exclusively available to EEA residents and uses a fully custodial model where Simple/Unlimit holds the private keys.

The USDC Simplecard addresses a different market segment with its non-custodial approach and global availability. Users in the US, UK, Switzerland, and across APAC and LATAM regions can now access a crypto spending card while maintaining full control over their assets until conversion. The ability to withdraw funds back to wallets in cryptocurrency and view on-chain transaction details provides transparency and control that appeals to self-custody advocates. However, it lacks the integrated IBAN banking features of the custodial variant.

Both variants share the same competitive fee structure (zero monthly fees, free EEA transactions, 2.5% international fee) and high spending limits. Non-EU transactions incur a 2.5% fee for both cards, which can make overseas use relatively expensive. Additionally, as e-money products, balances are not covered by deposit guarantee funds, though custodial funds are held in segregated accounts.

The Custodial Simplecard is ideally suited for European crypto enthusiasts who want a straightforward way to use their digital assets for everyday spending with integrated EUR banking. The USDC Simplecard serves users in supported global markets who prioritize self-custody and want a crypto spending solution without giving up control of their assets.

Additional Information

Top-Up Methods

Users spend crypto with the Simple Card by allowing automatic, real-time conversion of any of 24 supported cryptocurrencies (including BTC, ETH, USDT, USDC) directly to EUR at the point of purchase, using the card provider's mobile app. There is no pre-loading or manual top-up required—funds move from the user’s custodial crypto wallet within the platform to the card provider’s euro balance instantly when a transaction occurs. All spending is limited to EUR as the sole fiat currency, and there are no separate conversion fees for EEA transactions, though a 2.5% fee applies to purchases outside the EEA. There are high transaction limits (€15,000 daily, €30,000 monthly), but only EEA residents are eligible, and users must accept that their crypto is held in the platform's custodial wallet, not self-custody. Top-ups and currency conversions are managed entirely within the provider’s app, with Apple Pay/Google Pay integration for spending.

Self-Custody Custodial

Simple Card uses a custodial model, meaning all crypto funds must be transferred to the platform, where Simple (or its issuer Unlimit) holds the private keys on users' behalf. Users interact with their funds through the Simple app, enabling convenient crypto-to-euro conversion and Mastercard spending, but they do not have independent access to their private keys at any point. If the platform were to cease operations, users would not be able to recover their assets independently, since full control resides with the card provider. Advantages of this setup include streamlined spending, integrated SEPA banking, and strong security measures such as cold storage and two-factor authentication. However, users must trust the platform to safeguard their assets, accept that their e-money balances are not covered by deposit guarantees, and recognize that ultimate control is out of their hands. This approach is well-suited to those prioritizing simplicity and ease of use over self-sovereignty and independent fund control.

Information Gaps

Several aspects of the Simple Card remain unclear in the available documentation:

• Exact cashback percentage and cap: While a cashback program has been announced, the specific rate and any limitations have not been publicly disclosed as of April 2025.
• Physical card shipping date and process: Physical cards for both variants are listed as "coming soon" with no definitive launch date or shipping process details.
• Detailed conversion rate calculation: The exact method for determining the crypto-to-fiat conversion rate (including any spreads or markups) is not clearly explained for either card variant.
• Customer support response times: While 24/7 human support is advertised, typical response times are not specified.
• USDC Simplecard fee structure variations: While both cards appear to share the same fee table, any potential differences in fees between custodial and self-custodial variants are not explicitly documented.