With cryptocurrency becoming more and more mainstream, it’s no wonder that crypto Visa cards are the hottest thing right now. People want to use cryptocurrency as their main method of payment, but many don’t want to give up the benefits of fiat credit cards such as cashback, rewards points, airport lounge access, and other perks. Now, they don’t have to. Crypto credit cards are becoming more popular and offer just as many perks as traditional credit cards. All you have to do is load up your crypto card, spend your money in stores or online, and receive rewards in return.
How Crypto Credit Cards Work for Canadians?
Crypto Visa cards aren’t exactly the same as your existing Visa because you won’t receive a line of credit. Instead, they are actually prepaid cards. However, you’ll get similar benefits and rewards to traditional credit cards. You can use them wherever Visa is accepted, but your spending won’t affect your credit score and you don’t need certain income requirements in order to get one.
In a nutshell, when you use your crypto credit card in Canada to make a purchase, you’ll be spending your Canadian dollars. Generally, you can load your crypto credit card with dollars, or other fiat, via a bank transfer, Interac e-Transfer, other credit or debit cards, or by converting cryptocurrency.
Some crypto credit cards have cashback and rebates as rewards. Usually, you’ll receive these in the form of crypto, deposited into your crypto wallet. You’ll be able to load and manage your card within the crypto card company’s app.
Some crypto credit card companies require you to stake crypto in order to receive rewards. Usually, the more crypto you stake, the higher your rewards.
Crypto Credit Card Options for Canadians
If you’re looking to dip your hand into the world of Canadian crypto credit cards, then there are a few options to choose from.
Shakepay Visa Card
Shakepay’s long-awaited crypto visa card for Canadians was announced in October 2021. Shakepay users can spend their dollars anywhere that accepts Visa and receive 2% cashback in bitcoin. In order to apply for it, you need to sign up for Shakepay’s account and verify it.
- Earn Bitcoin cashback (2%)
- Spend wherever Visa is accepted
- Available in all Canadian provinces
- No annual fees
- No physical card (but you can use it online or via Apple/Google Pay)
I have been personally using Shakepay’s Visa card for the past 6 months and could not be happier. On top of the basic 2% cashback, they also provide 100% cashback for some purchases:
The card was never rejected, so I can personally recommend it. If you use our link to sign up, you will get free $30 when you top up your card with more than $100 CAD in volume.
Crypto.com Visa Card
Crypto.com card is probably the most popular option for Canadians and offers five levels of crypto credit cards in Canada and you can receive between 1% to 8% cashback on purchases paid in Crypto.com’s token CRO.
- Full or partial rebates on Spotify, Netflix, Prime, Expedia, and Airbnb
- Airport lounge access
- 1% to 8% cashback paid in CRO
- Easily apply and manage your card within the Crypto.com app
- Load card via crypto, credit/debit cards, or Interac e-Transfer
- No sign-up or monthly fee
- No spending limits
- No staking requirement for Midnight Blue card
- Additional rewards for higher tiers
- Top tier card requires a large CRO stake ($500,000)
- $250 to $1,300 ATM withdrawal limit per month
- Cashback only paid in CRO (many do not like this cryptocurrency)
In order to get this card, you need to sign up for an exchange account first, and then apply for a card via mobile app.
Netcoins Visa Card
Another popular Canadian crypto exchange has recently announced plans to release a Bitcoin cashback card. Netcoins users will be able to spend their dollars anywhere that accepts Visa and receive cashback in bitcoin soon. Similar to Shakepay, Netcoins.ca introduced its own crypto visa card for Canadians. The Shakepay card is “invite-only” now, while you can easily join the waitlist with Netcoins. To apply for it, you must have a verified account with Netcoins. Use our link to sign up to get free $10 when you trade $100 CAD worth of crypto.
- Earn cashback with Bitcoin
- No annual fee
- You can use their card anywhere that accepts Visa
- Apple & Google Pay supported
- Not released yet
- Won’t be available for Quebec residents
Crypto Visa Card That Are Currently Not Available For Canadians (but might soon)
Many Canadians are curious if Bitpay card is available in Canada. Unfortunately, not yet. However, we reached out to them to see if they have plans to release Bitpay card in Canada. The good news, they are working hard on it and they are hoping to release it in early 2022! Canadians are eligible to join the waitlist.
Nexo’s card works a little bit differently than other Canadian crypto credit cards. With Nexo, you can borrow against the value of your crypto holdings to receive an instant loan, which you can spend using the Nexo card. Currently, NEXO card is not available for Canadians.
- Receive 2% cashback in NEXO or Bitcoin
- No monthly fees
- Manage everything within Nexo’s app
- Receive an instant loan between $500 to $2M
- Repay loans in crypto or fiat
- Minimum repayment amounts decrease as your assets increase in value
- No rebates on popular services
- Processed by Mastercard not Visa
- Only available for early access
- Your crypto must be held on Nexo’s platform
Which Canadian Crypto Credit Card is Best?
Choosing the best Canadian crypto credit card depends on what rewards you value most. I would pick between Crypto.com card if you want cashback in CROs or Shakepay card if you want cashback in bitcoin. If you value more of an “all-rounder” then you won’t find much better than Crypto.com. The good news is that the more mainstream crypto becomes, the more crypto credit card options for Canadians there will be – and with more competition comes more rewards. In the meantime, the most popular way to get crypto is Canadian cryptocurrency exchanges.
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