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Oleg Galeev

2 months ago

Are There Crypto Visa Cards Available in Canada?

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. 

Crypto.com

Using crypto.com card in Canada

Crypto.com card 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. 

Pros

  • 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

Cons

  • Top tier card requires a large CRO stake ($500,000)
  • $250 to $1,300 ATM withdrawal limit per month
  • Cashback only paid in CRO

Mogo

Mogo logo

Mogo offers unlimited 2% cashback in Bitcoin on all purchases. Not only that, but for every $1 you spend, Mogo will offset one pound of Carbon dioxide, so you can spend and help save the planet. 

UPDATE: Mogo Replaces 2% Bitcoin Cashback Reward with Tree Planting

Pros

  • Receive cashback paid in Bitcoin
  • Free identity fraud protection
  • Reduce your carbon footprint when you spend
  • No sign-up or monthly fees
  • Top-up with Interac e-Transfer or Visa Direct Transfer

Cons

  • $500 ATM withdrawal limit
  • $3,000 limit for any single purchase
  • $5,000 spend limit per 24 hours

Shakepay

Shakepay logo

Shakepay’s crypto credit card has not yet been released, but there is a waitlist you can join. The Shakepay card will allow you to earn cashback in Bitcoin, paid directly to your Bitcoin wallet in your Shakepay account.

Pros

  • Earn Bitcoin cashback
  • Spend wherever Visa is accepted

Cons

Nexo

Nexo card screenshot from the website

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. 

Pros

  • 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

Cons

  • No rebates on popular services
  • Processed by Mastercard not Visa
  • Only available for early access
  • Your crypto must be held on Nexo’s platform 

Spend.com

Spend.com offers three levels of crypto credit cards for Canadians. In order to receive enhanced rewards, you must stake their native Spend Coin (SPND). 

Pros

  • Get 0.2% to 6% in rewards back 
  • $2000 to $10,000 in referral rewards
  • No sign-up or monthly fees

Cons

  • Daily spending limits between $500 to $10,000
  • Daily ATM withdrawal limits between $150 to $2,500
  • No rebates on popular services

Which Canadian Crypto Credit Card is Best?

Choosing the best Canadian crypto credit card depends on what rewards you value most. If you’re a Bitcoin holder and want to continue to grow your investment then Mogo would be the best choice at the moment. 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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