diff --git a/src/components/Card/PhysicalCardScreen.tsx b/src/components/Card/PhysicalCardScreen.tsx
index 8154976a6b..72a033da0c 100644
--- a/src/components/Card/PhysicalCardScreen.tsx
+++ b/src/components/Card/PhysicalCardScreen.tsx
@@ -76,7 +76,9 @@ const PhysicalCardScreen: FC<Props> = ({ cardId, last4, onPrev }) => {
                     <Image src={PeanutWalking} unoptimized alt="" aria-hidden className="h-32 w-auto" />
                     <h1 className="text-xl font-extrabold">You are on the list!</h1>
                     <p className="text-sm text-grey-1">
-                        {`You are #${data.position} on the list. We'll let you know when cards are ready to be shipped.`}
+                        {data.position === null
+                            ? `You are on the list. We'll let you know when cards are ready to be shipped.`
+                            : `You are #${data.position.toLocaleString()} on the list. We'll let you know when cards are ready to be shipped.`}
                     </p>
                 </div>
             ) : (
diff --git a/src/components/Card/__tests__/PhysicalCardScreen.test.tsx b/src/components/Card/__tests__/PhysicalCardScreen.test.tsx
new file mode 100644
index 0000000000..c787501ce0
--- /dev/null
+++ b/src/components/Card/__tests__/PhysicalCardScreen.test.tsx
@@ -0,0 +1,63 @@
+/**
+ * PhysicalCardScreen — waitlist "on the list" copy contract.
+ *
+ * The joined branch is gated on joinedAt, but the API types position as
+ * nullable, so a joined user can have no queue position. Interpolating it
+ * blindly renders "You are #null on the list."
+ */
+import React from 'react'
+import { render, screen } from '@testing-library/react'
+import { QueryClient, QueryClientProvider } from '@tanstack/react-query'
+import PhysicalCardScreen from '@/components/Card/PhysicalCardScreen'
+import { rainApi } from '@/services/rain'
+
+jest.mock('@/context/authContext', () => ({
+    useAuth: () => ({ user: { accounts: [] }, fetchUser: jest.fn() }),
+}))
+jest.mock('next/image', () => ({
+    __esModule: true,
+    // eslint-disable-next-line @next/next/no-img-element -- test stub, not real markup
+    default: (props: Record<string, unknown>) => <img alt={String(props.alt ?? '')} />,
+}))
+jest.mock('posthog-js', () => ({ __esModule: true, default: { capture: jest.fn() } }))
+jest.mock('@/services/rain', () => ({
+    rainApi: { getPhysicalWaitlist: jest.fn(), joinPhysicalWaitlist: jest.fn() },
+}))
+
+const mockGet = rainApi.getPhysicalWaitlist as jest.Mock
+
+const renderScreen = () => {
+    const queryClient = new QueryClient({ defaultOptions: { queries: { retry: false } } })
+    return render(
+        <QueryClientProvider client={queryClient}>
+            <PhysicalCardScreen cardId="card-1" last4="4242" />
+        </QueryClientProvider>
+    )
+}
+
+describe('PhysicalCardScreen — joined waitlist copy', () => {
+    beforeEach(() => jest.clearAllMocks())
+
+    it('shows the queue position when the API returns one', async () => {
+        mockGet.mockResolvedValue({ joinedAt: '2026-01-01T00:00:00Z', position: 42 })
+        renderScreen()
+        expect(await screen.findByText(/You are #42 on the list\./)).toBeInTheDocument()
+    })
+
+    it('omits the position rather than rendering "#null" when there is none', async () => {
+        mockGet.mockResolvedValue({ joinedAt: '2026-01-01T00:00:00Z', position: null })
+        renderScreen()
+        const body = await screen.findByText(/You are on the list\./)
+        expect(body).toBeInTheDocument()
+        expect(body.textContent).not.toMatch(/#/)
+    })
+
+    // Derived rather than hardcoded: the separator is locale-dependent, and the
+    // contract is that the copy delegates to toLocaleString, not that it says "1,234".
+    it('formats large positions with thousands separators', async () => {
+        mockGet.mockResolvedValue({ joinedAt: '2026-01-01T00:00:00Z', position: 1234 })
+        renderScreen()
+        const body = await screen.findByText(/on the list\./)
+        expect(body.textContent).toContain(`You are #${(1234).toLocaleString()} on the list.`)
+    })
+})