Bakkt® Visa® Debit Card FAQ

General Usage Questions About the Bakkt® Card

What is a Bakkt Card? 

Bakkt® Visa® Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Bakkt Card is funded with cash and digital assets in your Bakkt wallet.

Where can I use the Bakkt Card?

Bakkt Card can be used anywhere Visa® is accepted, except where prohibited by Bakkt’s Acceptable Use Policy.

How do I use Bakkt Card?

The Bakkt card can be added to Apple Wallet® and Google PayTM for tap-to-pay convenience when shopping in stores. To access your card number for e-commerce transactions, tap on your card in the Bakkt app and choose Show card details to see your card number, CVV, and expiration date. Your card billing address is the same address listed under Profile of your Bakkt account. 

Does Bakkt Card require a credit check?

No, Bakkt Card does not require a credit check; however, to be independently verified by the card issuer, it is required that you provide the following personal details: 

  • name
  • billing address
  • date of birth 
  • social security number 

Should you have problems activating Bakkt Card, please contact customer care for assistance. We may ask for additional identity verification details, such as a driver's license photo, as part of this process.

What are the advantages of Bakkt Card vs other “crypto” debit cards?

Bakkt Card takes the worry out of paying with crypto. We don’t require you to sell your crypto in advance to top-up a cash balance on your card. We also don’t sell your crypto when payments are authorized, instead, selling at the time of payment capture, guaranteeing that we sell just enough crypto at competitive, no-fee* market pricing to fund each payment.

Are there any fees to paying with crypto on Bakkt Card?

Bakkt does not charge fees* for selling crypto, even when used to pay with Bakkt Card.

How does Bakkt maintain the security of my Bakkt Card?

Bakkt employs three levels of security to protect your card details: First and foremost, Bakkt systems and the Bakkt app do not store your card number. Second, the Bakkt app allows you to remote-wipe Apple Wallet® and Google PayTM if you lose control of your devices. Finally, we make it easy to cancel and get a new card within the Bakkt app. Bear in mind that you will be responsible for legitimate and still-pending charges on the card you’re canceling.

I am paying in-store and the payment terminal is asking for my PIN. What do I do?

Press the cancel button on the payment terminal or look for the use credit instead option. Any payment terminal that processes Visa® credit transactions should be able to process payments using Bakkt Card.

Why is the Available to Spend amount lower for bitcoin vs cash?

Unlike cash, which has a fixed value, bitcoin can fluctuate in value between the time when a payment is authorized by Bakkt and captured by the merchant. Bakkt accommodates for this by holding ten percent more bitcoin relative to its current cash value at the time of payment authorization. For payments where your balance of bitcoin is insufficient, Bakkt will tap into your cash balance as an additional funding source. This can, in some instances, allow you to make payments with Bakkt Card that are larger than the Available to Spend amount shown in the Bakkt app.

We do everything in our power to ensure your payment is authorized and fully funded.

When does Bakkt sell my bitcoin?

For bitcoin-funded payments, Bakkt only sells your bitcoin at the time of payment capture and only sells as much as necessary, at a market competitive, no-fee* selling price.

What if the value of bitcoin rises or falls by the time the payment is captured?

If the price of bitcoin rises, we will sell less than the amount held at payment authorization. If the price rises we will sell more, up to your entire bitcoin balance if necessary. Should bitcoin be insufficient, we will debit your cash balance.

What happens if my cash balance goes negative?

Bakkt Card will decline new payments while your cash balance is less than zero. You can restore functionality to your Bakkt Card by depositing some cash, receiving cash from another Bakkt member, or loading cash value from a Bakkt Cash e-gift card.

If I select cash as my funding source for Bakkt Card, will Bakkt sell my bitcoin?

When you select cash as your funding source, it will be used exclusively. Bitcoin is strictly off-limits for new payment authorizations when your funding source is set to cash.

*Does Bakkt charge a per-transaction fee? 

Bakkt does not charge a per-transaction fee like most other platforms do; however, we buy/sell bitcoin to our customers at a slightly lower/higher price than our computed market price (this difference is sometimes called a margin or spread). Our spread for bitcoin transactions will be no more than 1.5% throughout 2021.

Any more questions?

Bakkt customer care is here to help 24/7 via live chat.







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