Blackcatcard Free IBAN and Mastercard Online Service Review

What is Blackcat Card , how much it costs, and how does it function

The Blackcatcard, also known as the Black Cat Card, is the outcome of a system that consists of an electronic account that facilitates money transfers, a physical card, and a virtual card. These goods and services are overseen by Papaya Ltd., a Maltese business that has been granted authority by the Malta Financial Services Authority to operate as an Electronic Money Institution (authorization number. C55146).

• Cost

The standard fee is free, meaning it covers the most basic services. It contains:

• included are up to five interbank SEPA transfers every month; beyond that, starting with the sixth, you must pay a 20-cent charge on each transaction;
• one card and one IBAN account;
• online banking; withdrawals up to 200 euros per month, but only for residents; internal transfers (from one card to another or account to account). A 2% charge is always levied to the amount withdrawn if you are a non-resident; locals are subject to the same commission.
• 1% commission above 200 euros per month; closing the account (but only if 2 months have passed since opening, else you will pay a 2 euro commission).

• There are fees associated with additional services, which include:

2 euros a month if you ask for more than one card. The cost of each extra card is 7 euros initially, plus an additional 5 euros if the name on the card is different from the account holder; also, there is a 5 euros paper bank statement fee and a 7 euros card issuing fee (for replacing the primary card). It has nothing to do with the automatic renewal upon expiration.

(Source: August 7, 2020 – Blackcatcard official website)

However, the regulations around withdrawals vary based on the status of the applicant—resident or non-resident. Withdrawals up to a monthly total of 200 euros are free for residents. Overages are subject to a 1% charge on the amount withdrawn after this threshold is crossed. On the other hand, non-residents are not eligible for any advantages and must pay a 2% fee on their initial withdrawal.

If you have been with the account for at least two months, there is no fee to shut it. The cost is two euros if you close early.

NB: You will always be required to pay the 7 euros that issuing the Blackcatcard's replacement costs, even if you ask for one before it expires (for instance, in the case of loss or damage). Since renewals occur automatically rather than upon request, this does not apply in those cases.

(Source: October 13, 2020 - Official Black Cat Card website)

• Function

You may use the online banking service and manage your electronic account, physical card, and virtual card by using the credentials you generated during registration. The Mastercard circuit powers the cards. Regarding the physical version, a CVV code is attached to provide increased online security.

Signing up

In order to register, you need to meet the following basic requirements:

• the applicant's age of majority (although minors may also apply for a card); the applicant must be able to present a valid passport as proof of identity; the applicant must own a compatible mobile device (iOS or Android devices starting with version 11) or Android devices starting with version 6.0; and the applicant must not already have a Blackcatcard account.
• The necessary app must first be downloaded on the mobile device used for the process. After installation is finished, just open it and register by providing your contact information, address, and personal information.
• After the data entering process is finished, the system will immediately trigger the identity verification process, which uses a smartphone camera to snap a picture and scan a passport. You may begin working right away by logging in with the credentials you established as soon as you get confirmation that everything went smoothly. To transfer the required amounts or receive a bank transfer, you must first find the IBAN. The route to locate the Iban is as follows: menu -> money -> account top-up -> account top-up.

Notes While the real card takes 10 to 15 working days to arrive, the virtual card is instantly linked to the account and is available right away. We would like to remind you that obtaining the printed copy requires completing the relevant form.

Additionally, Blackcatcard offers a business edition, for which a PC registration is also feasible.

• Additional terms and restrictions

A maximum of 5,000 euros per day and 10,000 euros per month are set aside for withdrawals, although these may be customized via the app.

There is a straightforward incentive and cashback system in place to thank your clients. 2.2% of the monthly total that exceeds 200 euros is applied as a bonus, provided that a minimum monthly balance of 300 euros is maintained. The computation is done annually, but only for sums up to 100,000 euros.

However, only purchases made with the card qualify for cashback, with a 0.1% percentage applied to sums that are at least 0.05 euros every month. There are no further requirements needed for the computation to take place. The account is instantly rewarded with the accrued bonus and cashback.

(Source: October 13, 2020 - Official Black Cat Card website)

From a commission standpoint, the Maltese business has produced a standardized product that is somewhat adjustable based on the kind of application required.

You have no set opening or administration charges if you are happy with the standard service. Included in this free gift is:

One card linked to a single Iban account; online banking; maximum of five SEPA payments per month included. You must pay a fee of 0.20 euros every bank transfer, account transfer (from one card to another and from one account to another), and online account statement starting on the sixth day of the month.

However, Black Cat Card was designed to get over the restrictions that prepaid cards frequently have, therefore using the following paid services is an option:

a request for more paper. In this instance, the monthly payment is 2 euros, in addition to the 7 euros one-time fee for issuing the card with a name other than the account holder. The cost of the one-time issue increases to 12 euros (7 euros + an additional 5 euros);

ask for a statement on paper. There is a five euro payment required.