In this Blackcatcard review, we will be examining whether or not Blackcatcard is a good fintech banking option.
Background and History
Facilitating convenience and connectivity, this financial offering has garnered attention under the aegis of Papaya Ltd., a duly licensed entity overseen by the Malta Financial Services Authority (MFSA) in its capacity as an Electronic Money Institution (EMI). Notably recognized through its registration number C55146, Papaya Ltd. undertakes the issuance of the Blackcatcard, reinforcing its legitimacy within the regulatory framework.
The fundamental proposition of Blackcatcard hinges upon its provision of an expeditiously deployable EU bank account, seamlessly dovetailed with the ubiquity of a Mastercard that transcends geographical boundaries. Such convergence addresses the modern need for immediate financial engagement coupled with international spending efficacy. Papaya Ltd., entrusted with the mantle of Blackcatcard's issuance, stands as a testament to responsible financial administration under the vigilant gaze of the Malta Financial Services Authority.
Central to Blackcatcard's credibility is the institutional imprimatur it receives through its association with Papaya Ltd., a duly licensed Electronic Money Institution. The Malta Financial Services Authority's oversight substantiates the bona fides of this arrangement, assuring stakeholders of the adherence to regulatory mandates and the preservation of financial integrity.
There are two different Blackcatcard Accounts:
Navigating the fee structure of Blackcatcard presents a nuanced understanding of the financial implications associated with its services. In the realm of SEPA payments, the initial five transactions each month stand exempt from charges, extending a favorable opening for users. Subsequent to this, a modest fee of EUR 0.20 is levied per SEPA payment, stepping in as a nominal cost for expanded usage.
Account maintenance fees are tiered to accommodate various user needs. The baseline offering, featuring one IBAN account and one card, comes devoid of any monthly charges. This configuration encompasses five complimentary Interbank SEPA payments, accentuating the simplicity and accessibility of the basic account setup. For those seeking enhanced functionality with additional cards, a monthly fee of EUR 2.00 is incurred, securing the same foundation of five complimentary Interbank SEPA payments.
Expanding into card transactions, Blackcatcard's approach to cash withdrawal incurs varying degrees of cost. Within the EU, residents can avail themselves of ATM withdrawals up to EUR 200 per month without any charge. Beyond this threshold, a 1% fee relative to the withdrawal amount is implemented. Non-residents, however, face a 2% fee under similar circumstances. Outside the EU, residents and non-residents contend with a 1% and 2% fee respectively, accompanied by a minimum of EUR 1.50. The delineated daily and monthly withdrawal limits of EUR 5,000 and EUR 10,000 respectively, offer a perspective on transactional flexibility.
In line with industry standards, a 3.5% charge is applied to card top-ups, a cost to be factored into the overall financial strategy. Dormancy, denoting a lack of transactions for over six months, triggers a fee of EUR 15, thereby ensuring the cost remains proportional to usage patterns. Closure of an account within two months of its opening incurs a EUR 2.00 fee, while the standard account closure amounts to EUR 7.00. An extra fee of EUR 5.00 is stipulated for cases where the name on an additional card deviates from the main card, offering transparency on this particular aspect.
Blackcatcard's client-centric approach is further highlighted by the option for expedited card delivery, the pricing of which corresponds to the client's address and is displayed within the app prior to order confirmation. Similarly, the request for a paper-format account statement incurs a fee of EUR 5.00, indicative of the institution's digital focus. Demonstrating flexibility and transparency, Blackcatcard's fee structure positions itself within the framework of contemporary financial offerings.
Accrual of bonuses for operation on the account and card operations
- 2.2% per annum under the following conditions:
(The minimum average monthly balance for bonus accrual is 300 EUR, the minimum card turnover per month is 200 EUR. The limit on the accrual of bonuses - on the amount of the average monthly balance over 100,000 EUR bonuses are not accrued. Bonuses are accrued monthly, based on the average monthly balance).
Cashback for card purchases (excluding ATM withdrawals and transfers)
- 0.1% (min payout 0,05 EUR per month)
Blackcatcard Pros & Cons
- No signup fees
- 2.2% per annum interest or 0.1% cashback on card purchases
- 24/7 fast and effective customer support
- In-app crypto trading
- In-app crypto wallet
- €45 Bonus for new customers
- Unable to hold other currencies apart from Euros and crypto
- High fee for card top-up
- Some customers report delays with incoming transfers
- Users have reported issues when using their crypto services
- Many negative online reviews
Blackcatcard Review: Verdict
The Blackcatcard is a very good fintech banking option, it has very helpful and responsive customer support.
It has some outstanding advantages over its competitors, it has no sign up fees, you can choose to either earn a 2.2% annual interest or a 0.1% cashback on your card purchases, on top of that, you can also trade and hold cryptocurrencies in your app, it would be great if the Blackcatcard allowed its users to hold more currencies such as US Dollars.
The sign up process has some AI issues, if you encounter these problems while trying to sign up, just be patient and keep trying, eventually, it will work.
When topping up your card, we suggest you do it by bank transfer, by doing so, you will save on the 3.5% card top-up fee.
If you ever encounter issues or delays with incoming transfers, make sure to get in touch with the Blackcatcard 24/7 customer support, they are extremely responsive and very helpful!
If you'd like to get a Blackcatcard account with a free card, free delivery, and earn €45 sign up bonus, simply follow the link below!