SolCard

SolCard Visa & Mastercard Review: Fees, Rewards & Availability

Basic Information

SolCard is a crypto-funded prepaid card that enables Solana ecosystem participants to spend their digital assets at traditional merchants worldwide. The service operates through virtual cards issued in partnership with major payment networks.

Rewards and Benefits

Current Benefits

SolCard offers several active benefits to users:

• No KYC for Mastercard: Standard Mastercard usage up to $10,000/month without identity verification
• Full Access Tier: KYC-verified users gain 0% top-up fees on Visa deposits and increased limits up to $100,000/month (higher on request)
• Instant Issuance: Immediate card access after application
• Tiered Cashback Program: Active cashback structure for $SOLC token stakers:
  • Bronze: 1% cashback (no staking required)
  • Gold: 3% cashback (10,000 SOLC staked)
  • Platinum: 8% cashback (100,000 SOLC staked)
  • Note: Official token page lists cashback as "unreleased," but third-party testing confirms tier structure is operational
• Revenue Sharing: 50% of top-up fee revenue distributed to qualifying $SOLC token holders (minimum 0.1% of total supply)
• Referral Program: Tiered affiliate system with percentage of fee revenue from referred users

Upcoming Benefits

• Token Utility Expansion: Enhanced $SOLC integration for direct deposits and governance features
• Voucher System: Business payout capabilities for enterprise users

Fees and Limits

SolCard fees are structured around two primary tiers: the standard Mastercard tier with a 5% top-up fee and the Full Access Visa tier with 0% top-up fees for KYC-verified users.

Card Issuance Fees

Note: Application fees depend on card type and are subject to change. Historical pricing included $40 Visa ($24 with promo) and $10 Mastercard, but current official documentation does not specify exact amounts.

Transaction Fees

Note: SolCard's official FAQ states the service has "only two fees" (top-up and FX), though Terms of Use mention the $1 monthly maintenance fee. Earlier fee schedules included per-transaction fees ($0.30), Apple Pay fees (0.30%), small transaction fees, and decline fees, but these are not documented in current official materials.

Spending Limits

Card Tiers and Options

SolCard now operates two distinct tiers with different verification requirements and features:

Important Note on Visa Tier Changes: In mid-2025, SolCard discontinued no-KYC Visa card issuance. Many existing non-KYC Visa accounts were cancelled or frozen, with affected users given the option to withdraw remaining balances or upgrade to Full Access. New Visa cards (with Apple Pay and Google Pay support) are now issued exclusively to Full Access (KYC-verified) users. The Mastercard tier remains available without KYC requirements but does not support mobile wallet integration.

Top-Up Methods

• Pre-load required via deposit to SolCard wallet
• Supports SOL, USDT (Solana), USDC (Solana), and SOLC tokens
• Top-up through mobile-optimized web dashboard
• Crypto is converted to USD balance instantly upon deposit

Self-Custody Custodial

• Platform holds all user crypto after deposit; users do not control private keys
• Custody transfers to SolCard at top-up; crypto is converted to USD balance
• If provider disappears, users lose access to funds held on the platform

Supported Currencies and Conversion

Cryptocurrency Support

SolCard supports multiple cryptocurrencies on the Solana blockchain for funding:

Note: All supported stablecoins are Solana-based versions (SPL tokens). Ethereum or other chain versions are not accepted.

Fiat Currency Support

• USD as base settlement currency
• Purchases in non-USD currencies subject to 2% conversion fee

Conversion Process

1. User deposits SOL, USDT, USDC, or SOLC to SolCard wallet
2. SolCard converts cryptocurrency to USD balance at current market rates
3. Conversion happens immediately upon deposit (not at time of purchase)
4. User can spend USD balance anywhere Visa/Mastercard is accepted
5. Cashback rewards (for $SOLC stakers) can be received in either SOLC or SOL, user's choice

Geographic Availability

Global Coverage

SolCard is available worldwide with Apple Pay and Google Pay support where those services are available, subject to local regulations and card tier requirements. The service operates globally through Visa and Mastercard networks, providing access to 150M+ merchants internationally.

Supported Regions: SolCard operates in North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia (Japan, Hong Kong, Singapore, India), Oceania (Australia, New Zealand), Latin America (Brazil, Mexico), and select African countries.

Regional Considerations

• Apple Pay/Google Pay: Mobile wallet functionality depends on local wallet availability and requires the Full Access (KYC) Visa tier
• U.S. Residents: Full Access upgrade is temporarily unavailable to U.S. residents as of mid-2025
• Sanctions: Standard international sanctions restrictions apply
• Local Compliance: Users are responsible for compliance with local regulations regarding cryptocurrency usage and payment cards

Regulatory Structure and Licensing

SolCard operates under the following regulatory framework:

Banking Partner Requirements: The shift to KYC-required Visa cards in mid-2025 was driven by requirements from SolCard's banking partner, reflecting evolving regulatory expectations in the crypto-to-fiat payment space.

Compliance and Security

Verification Requirements

SolCard now operates two verification tiers:

• Standard (Mastercard): No KYC required for usage up to $10,000/month top-up limit
• Full Access (Visa): Identity verification required, unlocking:
  • 0% top-up fees on Visa deposits
  • Up to $100,000/month deposit limits (higher on request)
  • Apple Pay and Google Pay support
  • Note: Full Access upgrade temporarily unavailable to U.S. residents

Security Features

• Card details provided in secure dashboard
• Tokenization via Apple/Google Pay for in-person transactions (Full Access Visa only)
• Ability to freeze/cancel card via dashboard
• Automatic security freezes for suspicious activity
• Weekly snapshots for revenue distribution to token holders

Compliance Measures

• Operates under Hong Kong regulations
• Partnership with Alchemy Pay for compliance infrastructure
• Fully custodial model – SolCard holds deposited funds until spent
• KYC tier available for users requiring higher limits or enhanced features

Usage Restrictions

SolCard and its issuing partners may block certain merchant categories or high-risk usage patterns at their discretion. Official documentation does not publish a comprehensive list of prohibited merchants, but the Terms of Use indicate that:

• Merchant restrictions may be applied by SolCard or its service providers
• Extra fees may apply if the card generates a high number of declines or chargebacks
• Cards may be frozen or cancelled for policy violations

Users and reviewers have reported stricter enforcement rules and occasional card freezes in practice. If a merchant doesn't work with SolCard, the company recommends trying another payment method or requesting a refund.

Important Risk Note: No-KYC cards are particularly exposed to sudden policy and regulatory changes. SolCard's Visa cancellations in mid-2025 demonstrate this risk – users should avoid loading funds they cannot afford to have temporarily inaccessible and maintain backup payment methods.

Technical Details

Platform Access

• No dedicated mobile app
• Mobile-optimized web dashboard
• Card management through web interface
• SolCard News Center (Intercom) for official updates and announcements

Support Channels

• In-site chat support
• Email support: [email protected]
• Telegram community

Settlement Details

• Timing: Instant – top-ups typically reflect within minutes
• Balance Display: All balances shown in USD
• Foreign Purchases: Automatically converted from USD with 2% fee
• Redemption: Minimum $10 withdrawal, one redemption per 48 hours

User Experience

User Experience Highlights:

• Full Access Visa cards can be immediately added to Apple Pay or Google Pay for contactless payments
• Web dashboard provides access to card details and transaction history
• No mobile app means all management happens through web interface
• Automatic security measures may lead to unexpected card freezes
• Merchant compatibility may vary; some categories restricted at issuer discretion

Community Trust & Reputation:

• Trustpilot rating approximately 3/5 with limited review volume
• Aggregate card ratings on review platforms range from 2-3/5
• Common feedback cites: strong anonymity (Mastercard tier), high fees (non-KYC), operational and support challenges
• Regulatory pressure has caused significant service changes (Visa cancellations, KYC requirements)

Best Suited For

SolCard is best suited for:

• Solana Ecosystem Participants who already hold SOL, USDT, USDC, or SOLC and seek immediate spending capabilities
• KYC-Comfortable Users willing to verify identity for 0% top-up fees and higher limits via Full Access tier
• Privacy-Focused Users (Mastercard tier) who value financial privacy and prefer minimal KYC requirements for moderate spending
• International Travelers who need global merchant acceptance without traditional banking restrictions
• $SOLC Token Holders seeking cashback rewards through token staking (up to 8%)
• Crypto Enthusiasts comfortable with the crypto-to-fiat bridge concept and virtual card format

Not Ideal For:

• U.S. residents seeking Full Access features (temporarily unavailable)
• Users requiring physical cards
• Those needing guaranteed merchant acceptance without restrictions
• Users uncomfortable with sudden policy changes or account freezes

Pros and Cons

Pros

• Immediate access without lengthy approval processes or credit checks
• 0% top-up fee for Full Access (KYC) Visa users with limits up to $100,000/month
• No KYC requirements for Mastercard tier (up to $10,000/month)
• Direct spending of crypto assets without exchange withdrawal delays
• Mobile wallet integration (Apple Pay and Google Pay) for Full Access tier
• Global reach with worldwide acceptance at 150M+ merchants
• Tiered cashback program for $SOLC token stakers (up to 8%)
• Revenue sharing for qualifying token holders
• Support for multiple Solana-based cryptocurrencies (SOL, USDT, USDC, SOLC)

Cons

• 5% top-up fee for non-KYC Mastercard tier makes it expensive for frequent or large transactions
• Virtual cards only with no physical option
• Visa (Apple/Google Pay) now requires KYC verification
• Full Access upgrade temporarily unavailable to U.S. residents
• Mixed community trust ratings (2-3/5 on review platforms)
• History of sudden policy changes (mid-2025 Visa cancellations affected many users)
• Merchant restrictions may apply at issuer discretion
• Risk of account freezes for high decline rates or policy violations
• Limited transparency about exact merchant restriction lists
• $1 monthly maintenance fee
• No dedicated mobile app (web dashboard only)

Conclusion

SolCard bridges the gap between Solana blockchain assets and traditional payment networks through a two-tier system that balances privacy and cost-efficiency. The service now offers distinct paths: a no-KYC Mastercard tier for privacy-focused users willing to pay 5% top-up fees, and a Full Access Visa tier for KYC-verified users seeking 0% top-up fees, higher limits, and mobile wallet integration.

The Full Access tier represents a significant value proposition for users comfortable with identity verification, offering 0% top-up fees and deposit limits up to $100,000/month (or higher on request). Combined with the tiered cashback program for $SOLC stakers (up to 8%), this tier can provide meaningful cost savings for regular users.

However, the service carries notable risks. The mid-2025 Visa cancellations demonstrate that no-KYC crypto cards remain vulnerable to sudden regulatory and policy changes. Users should maintain backup payment methods and avoid loading funds they cannot afford to have temporarily inaccessible. The temporary unavailability of Full Access to U.S. residents further highlights ongoing regulatory challenges.

Community trust remains mixed, with 2-3/5 ratings across review platforms citing operational issues, support challenges, and the impact of sudden policy changes. The virtual-only format and merchant restrictions at issuer discretion may also limit utility for some users.

SolCard is best suited for Solana ecosystem participants who prioritize either privacy (Mastercard tier) or cost-efficiency (Full Access Visa tier), understand the risks of regulatory changes in the crypto payment space, and can navigate the service's operational limitations. The tiered cashback program adds particular appeal for $SOLC token holders willing to stake for enhanced rewards.

Additional Information

Company Information

• Legal Entity: SC PAYMENTS LIMITED (also legally known as SC Payments)
• Registration: Hong Kong (Sheung Wan, Hong Kong)
• Compliance Partner: Alchemy Pay (provides B2B services for operational support and compliance)
• Team: Not publicly identified
• Launch Metrics: Over 3,000 cards issued and $1.2M loaded in first 40 days of operation
• Official Updates: SolCard News Center (Intercom-based) provides structured announcements

$SOLC Token Economics

• Revenue Sharing: 50% of top-up fees (2.5% of total deposits from non-Full Access users) distributed to qualifying token holders
• Qualification: Holders must own at least 0.1% of total supply
• Distribution: Weekly snapshots and distributions
• Cashback Tiers:
  • Bronze: 1% (no staking required)
  • Gold: 3% (10,000 SOLC staked)
  • Platinum: 8% (100,000 SOLC staked)
• Cashback Funding: Rewards funded via SOLC/SOL; users can choose payout currency
• Future Utility: Potential governance features and enhanced integration

Usage Tips & Workarounds

Tier Selection Strategy

• Choose Full Access (Visa) if you:
  • Can complete KYC verification
  • Are not a U.S. resident (temporarily restricted)
  • Need higher monthly limits ($100,000+)
  • Want 0% top-up fees
  • Require Apple Pay/Google Pay integration
• Choose Standard (Mastercard) if you:
  • Prioritize privacy and no-KYC usage
  • Need only up to $10,000/month
  • Are comfortable with 5% top-up fees
  • Don't require mobile wallet integration

Fee Minimization Strategies

• Upgrade to Full Access for 0% top-up fees if you can complete KYC
• For Mastercard tier: Top up larger amounts less frequently to reduce impact of the 5% fee
• Use Solana-based stablecoins (USDT/USDC) to avoid SOL price volatility during conversion
• Stake $SOLC tokens to earn cashback (up to 8% for Platinum tier)

Risk Management

• Maintain backup payment methods given history of sudden policy changes
• Don't load more funds than you can afford to have temporarily inaccessible
• Monitor SolCard News Center for official policy updates
• Keep sufficient balance to avoid declines that may trigger restrictions
• Be aware that merchant restrictions may apply without comprehensive public lists

Cryptocurrency Funding

• Use Jupiter DEX to swap other Solana assets to SOL, USDT, or USDC before topping up
• Ensure you're using Solana-based versions of stablecoins (SPL tokens)
• Consider using USDT or USDC to avoid SOL price volatility

Upcoming Features

• Enhanced $SOLC token integration for direct deposits
• Voucher system for business payouts
• Potential expansion of supported cryptocurrencies beyond Solana ecosystem
• Possible governance features for $SOLC token holders
• Return of no-KYC Visa option (timeline unspecified; currently paused)