<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-09-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001641614</issuerCik>
        <issuerName>CPI Card Group Inc.</issuerName>
        <issuerTradingSymbol>PMTS</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002100843</rptOwnerCik>
            <rptOwnerName>Tricor PMT25 Holdings Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>401 WEST GEORGIA ST,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1858</rptOwnerStreet2>
            <rptOwnerCity>VANCOUVER</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>A1</rptOwnerCountry>
            <rptOwnerZipCode>V6B5A1</rptOwnerZipCode>
            <rptOwnerStateDescription>BRITISH COLUMBIA, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002101417</rptOwnerCik>
            <rptOwnerName>Tricor Pacific Capital Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>401 WEST GEORGIA ST,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1858</rptOwnerStreet2>
            <rptOwnerCity>VANCOUVER</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>A1</rptOwnerCountry>
            <rptOwnerZipCode>V6B5A1</rptOwnerZipCode>
            <rptOwnerStateDescription>BRITISH COLUMBIA, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-09-14</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>525000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2701056</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">All 2,701,056 shares reported on this line (&quot;Shares&quot;) are owned directly by Tricor PMT25 Holdings Inc. and owned indirectly by its 100% parent Tricor Pacific Capital Inc. (&quot;Tricor&quot;). Tricor is a Family Office that holds, directly and indirectly, a portfolio of investments (including without limitation Shares of the Issuer) on behalf of Roderick R. Senft and two trusts for the benefit of him and his family members. All voting and investment decisions relating to the Issuer Shares are made by or at the direction of Tricor's board of directors, which consists of Mr. Senft and five other members. Mr. Senft disclaims beneficial ownership of the Shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Tricor PMT25 Holdings Inc., By: /s/ Shawn Lewis</signatureName>
        <signatureDate>2026-09-14</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Tricor Pacific Capital Inc., By: /s/ Shawn Lewis</signatureName>
        <signatureDate>2026-09-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
