Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * OBrien Kevin Patrick	2. Date of Event Requiring Statement (MM/DD/YYYY) 4/1/2018	3. Issuer Name and Ticker or Trading Symbol CPI Card Group Inc. [PMTS]
(Last)        (First)        (Middle) C/O CPI CARD GROUP INC., 10026 W. SAN JUAN WAY, SUITE 200	4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                            _____ 10% Owner ___ X ___ Officer (give title below)          _____ Other (specify below) Chief Accounting Officer /
(Street) LITTLETON, CO 80127        (City)              (State)              (Zip)	5. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	3/22/2018   (1)	3/22/2027	Common Stock	1320	$21.75	D
Restricted Stock Units	(2)	(2)	Common Stock	203	(3)	D
Cash Performance Units	(4)	3/22/2020	Common Stock	8928	(4)	D
Stock Option (Right to Buy)	9/25/2018   (5)	9/25/2027	Common Stock	2475	$5.25	D

Explanation of Responses:
(1)	Date at which first vesting occurs is indicated. Approximately one-third (1/3) of the original options awarded will vest on each of the first, second, and third anniversaries of the March 22, 2017 award date.
(2)	On March 22, 2017, the reporting person was granted 203 restricted stock units, vesting on the third anniversary of the grant date.
(3)	Each restricted stock unit represents the right to receive one CPI Card Group Inc. common share upon vesting of such restricted stock unit.
(4)	On March 22, 2017, the reporting person was granted 13,406 cash performance units. The cash performance units are performance-based awards that will settle in cash, in an amount between 50% and 200% of the target award value, based on the performance of the Company's stock price during each of three performance sub-periods (from the grant date through each of the first, second and third anniversaries of the grant date). On March 22, 2018, 4,478 of the cash performance units vested.
(5)	Date at which first vesting occurs is indicated. Approximately one-third (1/3) of the original options awarded will vest on each of the first, second, and third anniversaries of the September 25, 2017 award date.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
OBrien Kevin Patrick C/O CPI CARD GROUP INC. 10026 W. SAN JUAN WAY, SUITE 200 LITTLETON, CO 80127			Chief Accounting Officer

Signatures
/s/ Sarah J. Kilgore, by Power of Attorney		4/3/2018
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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