Moonwell Card
Moonwell · Visa
Moonwell Card is a Visa card for spending crypto built by the Moonwell DeFi lending protocol (on Base) in partnership with Cypher. The card is loaded with USDC from your on-chain wallet on Base and can leverage borrowing against assets supplied on Moonwell. It comes as an instant virtual card and a physical card, accepted at over 44 million Visa merchants. No annual fee, but a 1.5% markup on non-USD transactions, 0% direct cashback and a 3% ATM withdrawal fee. KYC is mandatory (handled by Cypher/Reap). Note: some sources describe the structure as custodial via banking partner Reap, but the product is positioned as self-custody with on-chain loading. The issuance fee is listed as free; any physical-card fees are not documented.
Data & conditions
§ Amounts in USD/GBP are shown in the service's native currency.
| Network | Visa |
|---|---|
| Fund custody | Self-custody (funds in your control) |
| Issuance fee | Free |
| Annual fee | Free |
| Free ATM limit | $2,000/day (max 3 withdrawals), $10,000/month |
| ATM withdrawal | 3% |
| FX markup | 1.5% |
| Cashback | Not disclosed |
| Chains | Base |
| On-chain settlement | Yes |
| Contactless | Yes |
| Virtual card | Yes |
| KYC | Full |
| Privacy | 4/10 |
| Supported countries | US, EEA, UK, APAC, LATAM · 180+ countries |
| Funding / solidity | Moonwell è un protocollo DeFi di lending open-source sulla rete Base, governato da una DAO (token WELL). La Moonwell Card è realizzata in collaborazione con Cypher, con il partner bancario Reap (Hong Kong) come emittente Visa. |
| Estimated net annual cost | €0/year |
| Regulator | Reap (partner bancario, membro principale Visa con sede a Hong Kong) |
| Segment | B2C |
| Funding / solidity | Moonwell is an open-source DeFi lending protocol on the Base network, governed by a DAO (WELL token). The Moonwell Card is built in partnership with Cypher, with banking partner Reap (Hong Kong) as the Visa issuer. |
| MiCA / License status | Card issued through banking partner Reap, a Hong Kong-based Visa principal member; mandatory KYC handled by Cypher. No documented EU/EEA license for the issuer. |
Strengths
- No annual fee and no documented issuance fee
- On-chain USDC loading from a Base wallet, with the option to borrow against assets supplied on Moonwell
- Instant virtual card + physical, Apple Pay and Google Pay, 44M+ Visa merchants
- Self-custody: funds stay in your wallet — the platform cannot touch them.
Weaknesses
- No direct cashback (0%)
- 1.5% markup on non-USD transactions and a 3% ATM withdrawal fee
- Mandatory KYC and banking infrastructure via Reap (Hong Kong): not fully self-custody control
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (Card issued through banking partner Reap, a Hong Kong-based Visa principal member; mandatory KYC handled by Cypher. No documented EU/EEA license for the issuer.): reporting to authorities and freezes on order.
Verdict
Limited protection: mandatory KYC and banking infrastructure via Reap (Hong Kong), outside the EU supervisory perimeter. No European deposit guarantee applies; loading is on-chain in USDC but spending routes through a Hong Kong-regulated partner.
Partial self-custody: funds stay on-chain in USDC in your Base wallet until you spend, but spending requires KYC and routes through banking partner Reap, lowering independence versus a pure non-custodial card.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Which blockchain does the Moonwell Card run on?
The card is loaded with USDC from your on-chain wallet on the Base network, the same ecosystem as the Moonwell lending protocol.
Does the Moonwell Card offer cashback?
No, there is no direct cashback (0%). You can however earn WELL and MORPHO rewards and interest by depositing USDC in Moonwell's vaults.
Sources
- docs.moonwell.fi Payment network · Custodial · FX markup · Cashback · +10 Data verified on Jul 10, 2026
- thedefiant.io Azienda · Descrizione · Partner cypher Data verified on Jun 22, 2026
- todey.xyz Card issuance fee · Annual card fee · Virtual card · Kyc · +2 Data verified on Jun 22, 2026