Ledger CL Card
The Ledger CL Card is a prepaid Mastercard that connects directly to Ledger hardware wallets, allowing users to spend cryptocurrency at over 90 million merchants worldwide. It automatically converts crypto to fiat at the point of purchase, enabling hodlers to maintain investments while accessing spending power. The card is managed through the Ledger Live application, creating a seamless experience for existing Ledger users.
- Type: Mastercard prepaid card
- Key Feature: Unique credit features (Cryptodraft and Stableloan) that allow borrowing against crypto assets at rates starting from 0% interest
- Availability: Currently limited to UK and European Economic Area residents
- Standout Benefit: Tiered cashback rewards (1% in BTC/USDT, 2% in BXX) with generous monthly caps of 4,500 EUR
- Biggest Downside: User reports indicate actual conversion fees may be higher than the officially stated 2.25%
Card Tiers
Detailed Summary
Ledger CL Mastercard Prepaid: Crypto Card Connected to Hardware Wallets
Quick Summary
Key Features
- First crypto card integrated with Ledger hardware wallets for enhanced security
- Tiered cashback rewards (1-2%) based on chosen reward cryptocurrency
- Cryptodraft and Stableloan features allowing 0% interest credit lines against crypto collateral
- Automatic crypto-to-fiat conversion at point of purchase
- Managed through Ledger Live application for seamless ecosystem integration
Main Advantages
- No monthly or subscription fees
- High daily spending limit (15,000 EUR) and ATM withdrawal limit (2,000 EUR)
- Cashback rewards in multiple cryptocurrencies (BTC, USDT, or BXX)
- Access to credit without selling crypto assets
- Apple Pay integration for contactless payments
Notable Limitations
- Only available in UK and European Economic Area countries
- Crypto-to-fiat conversion fees (officially 2.25%, but user reports suggest 3-6.5%)
- Limited cryptocurrency support (only 7 cryptocurrencies)
- 1.5% foreign exchange fee for non-EUR transactions
- User reports of inconsistent fee transparency
Table of Contents
Basic Information
| Specification | Details |
|---|---|
| Card Name | Ledger CL Card (Crypto Life Card) |
| Card Network | Mastercard |
| Card Type | Prepaid Card |
| Card Issuer | Baanx |
| Launch Date | 2021 |
| Current Status | Available in UK and EEA markets |
Rewards and Benefits
Cashback Program
The CL Card offers a tiered cashback system based on the cryptocurrency chosen for rewards:
- 1% cashback when rewards are paid in BTC (Bitcoin)
- 1% cashback when rewards are paid in USDT (Tether)
- 2% cashback when rewards are paid in BXX (Baanx token)
Cashback rewards have a monthly cap of 4,500 EUR for all users, which is significantly higher than industry averages. All rewards are paid out at the end of each month directly to your account.
Credit Features
The CL Card offers two innovative credit options using cryptocurrency as collateral:
- Cryptodraft: Access a line of stablecoin credit while using crypto as collateral, providing extra funds without selling crypto assets
- Stableloan: Take out a line of stablecoin credit with a quick setup process, using crypto as collateral
Both credit features offer rates starting from 0% interest, though specific eligibility requirements and terms aren't fully detailed in the available information.
Fees and Limits
| Fee Type | Amount |
|---|---|
| Monthly Fee | 0.00 EUR |
| Annual Fee | 0.00 EUR |
| Inactivity Fee | 0.00 EUR |
| Foreign Exchange Fee | 1.5% |
| ATM Balance Check Fee | 0.35 EUR |
| Crypto to EUR Conversion Fee | 2% + approximately 0.25% Sell Spread (officially ~2.25% total) |
| Limit Type | Amount |
|---|---|
| Daily Spending Limit | 15,000 EUR |
| Daily ATM Withdrawal Limit | 2,000 EUR |
| Monthly Cashback Cap | 4,500 EUR |
User reports suggest that actual conversion fees may be higher than the officially stated rate, with some users experiencing fees between 3-6.5%.
Card Tiers and Options
Based on available information, the Ledger CL Card appears to offer a single tier with consistent features for all users. There is no indication of multiple card tiers or premium options with differentiated benefits, materials, or fee structures.
Top-Up Methods
The Ledger CL Card does not require traditional pre-loading; instead, it employs automatic crypto-to-fiat conversion at the point of purchase through the Ledger Live app. When making a transaction, supported cryptocurrencies (BTC, ETH, USDT, USDC, XRP, LTC, EURT) are moved from your Ledger hardware wallet and converted to EUR in real-time, with a 2.25% official conversion fee (but users have reported 3-6.5% actual fees) and an additional 1.5% foreign exchange fee for non-EUR purchases. There is no waiting period; funds are deducted instantly during each transaction, so you retain custody on your Ledger device until purchase. All spending and conversions are managed via the Ledger Live application, and there are no minimum top-up or mandatory pre-load requirements, but users should be cautious of the less transparent and potentially higher-than-advertised conversion fees.
Self-Custody Hybrid Custody
The Ledger CL Card follows a hybrid custody model, allowing users to maintain full control over their cryptocurrency in their own Ledger hardware wallet until they decide to fund the card or access credit. When a user wants to spend or borrow, selected crypto assets are transferred and converted to fiat, which is then held custodially by the card issuer for payments. This means that, while users benefit from holding their crypto in a secure hardware wallet up until funding, they lose autonomous access to their assets once the balance is moved to the card for spending. If Ledger or its partners ceased operations after funds have been loaded onto the card, access to these specific funds could be lost, even though assets not yet transferred remain safe in the user’s wallet. This arrangement joins strong self-custodial security with the practicality of using crypto for everyday purchases, but users should be aware of conversion fees and the risks associated with funds held by the platform for card use.
Supported Currencies and Conversion
Supported Cryptocurrencies
The CL Card supports seven cryptocurrencies:
- BTC (Bitcoin)
- ETH (Ethereum)
- EURT (Euro Tether)
- LTC (Litecoin)
- USDC (USD Coin)
- USDT (Tether)
- XRP
Conversion Method
The card utilizes automatic conversion from crypto to fiat at the time of purchase, meaning users don't need to manually convert their assets before spending. This allows holders to maintain their crypto investments until the moment of transaction.
| Conversion Detail | Information |
|---|---|
| Official Conversion Fee | ~2.25% (2% fee + 0.25% sell spread) |
| User-Reported Rates | Some users report 3-6.5% effective rates |
| Conversion Timing | Real-time at point of purchase |
| Rate Source | Not specifically detailed in available information |
Geographic Availability
Supported Countries
- United Kingdom
- European Economic Area (EEA) countries:
- 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
Restricted Countries
- United States (not currently available, though potential future expansion has been indicated)
- All countries outside the UK and EEA
Compliance and Security
KYC Requirements
The CL Card requires standard Know Your Customer (KYC) verification, which typically includes:
- Customer name
- Date of birth
- Residential address (proof of residency)
- Government-issued ID verification
Security Features
- Integration with Ledger hardware wallets, known for their strong security protocols
- Secure transfers between the CL Card and Ledger Live app
- Physical card security features associated with Mastercard standards
- Enhanced security through hardware wallet key protection
Technical Details
Card Format
- Available as a physical card
- Apple Pay integration supported, allowing contactless payments via mobile devices
- No explicit mention of Google Pay or other virtual wallet support
- No indication of virtual card issuance prior to physical card delivery
Integration with Ledger Ecosystem
- Seamless integration with Ledger Live app and Ledger hardware wallets
- Users can top up and manage their CL Card through these platforms
- Quick and secure transfers between the CL Card account and Ledger wallet
- Marketed as "the world's first card connected to a hardware wallet"
User Experience
User feedback on the CL Card is mixed, with some concerns about transparency and fees:
Positive feedback:
- Quick card delivery (typically within two weeks)
- Reliable cashback rewards paid as promised
- Seamless ability to transfer funds between Ledger address and CL account
- Integration with the Ledger ecosystem for existing users
Negative feedback:
- Reports of higher-than-advertised conversion fees (3-6.5% vs. official 2.25%)
- Several users documented specific transactions with elevated fees
- Some YouTube content warns about potential issues with the card, including opaque terms and customer service challenges
Transaction examples from user reports:
- One user reported paying 172 EUR with the card and being charged 192.98 USDC, claiming this represented a 3-4% fee
- Another user mentioned being charged 7.99 USDT for a 7.26 EUR purchase
Best Suited For
- Existing Ledger users who want to integrate spending capabilities with their hardware wallet security
- European crypto investors who want to utilize their digital assets for everyday purchases without selling
- Security-focused users who prioritize the added protection of hardware wallet integration
- Crypto borrowers who want to access credit lines using their crypto as collateral rather than selling assets
- Cashback enthusiasts who want rewards paid in cryptocurrency rather than traditional points or cash
Pros and Cons
Pros
- No monthly or annual subscription fees
- Integration with secure Ledger hardware wallets
- Competitive cashback rewards in multiple cryptocurrencies
- Innovative credit features allowing borrowing against crypto holdings
- High daily spending and ATM withdrawal limits
- Apple Pay integration for contactless payments
Cons
- Limited availability (UK and EEA only)
- Conversion fees appear higher than advertised according to user reports
- Limited cryptocurrency support (only 7 cryptocurrencies)
- 1.5% foreign exchange fee for non-EUR transactions
- Lack of transparency regarding exact conversion rates and spreads
Conclusion
The Ledger CL Card offers a compelling proposition for cryptocurrency users in European markets, particularly those already invested in the Ledger ecosystem. Its seamless integration with Ledger hardware wallets creates a unified experience for managing and spending digital assets with an added layer of security. The card's innovative credit features—Cryptodraft and Stableloan—provide flexible financial options that allow users to leverage their crypto holdings without selling them.
Despite these benefits, the CL Card faces notable limitations. The most significant drawback appears to be inconsistent conversion fees, with user reports suggesting rates considerably higher than the officially stated 2.25%. The card's geographic restriction to the UK and EEA countries excludes potential users in major markets like the United States.
For European Ledger users who prioritize security and want to spend crypto without liquidating their investments, the CL Card offers a valuable solution despite its limitations. The absence of monthly fees and presence of crypto cashback rewards may offset some of the conversion costs, depending on individual usage patterns. However, prospective users should carefully consider whether the benefits outweigh the potentially higher-than-advertised conversion fees for their specific needs.
Additional Information
Fee Transparency Issues
Multiple independent user reports suggest conversion costs significantly higher than officially stated rates. This discrepancy appears to be a consistent point of concern in user feedback. Prospective users should consider requesting the most current and detailed fee disclosure before applying for the card to make an informed decision.
Ledger Ecosystem Context
The CL Card is part of Ledger's broader ecosystem, which centers around hardware wallets for cryptocurrency security. This ecosystem approach provides added value for existing Ledger users but may be less appealing for those using different wallet solutions. The integration with Ledger Live allows for seamless management alongside other crypto assets and services offered through the platform.
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