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. You can check a quick recap in our video, but we highly recommend going through the article since it’s the most updated information and covers all important questions about crypto cards in Canada.
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.
Pros
- Earn Bitcoin cashback (2%)
- Spend wherever Visa is accepted
- Available in all Canadian provinces
- No annual fees
Cons
- 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.
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 (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
Netcoins has recently introduced their crypto visa card and as a welcome bonus, they give you 3% back in bitcoin with every purchase for the first 3 months and 1% back after that point + $25 bonus if you sign up here. I have recently received their card and taking advantage of 3% cashback.
I’ve been using Netcoins Visa card for over six months and I never experience issues with payments whether it’s online or in-store until last month when they froze my card for no reason. If you think between Shakepay crypto visa card and Netcoins, my go to would be Shakepay one.
Pros:
- Earn cashback with Bitcoin
- No annual fee
- You can use their card anywhere that accepts Visa
- Apple & Google Pay supported
Cons:
- Not be available for Quebec residents
Crypto Visa Cards That Are Currently Not Available For Canadians (but might soon)
BlockFi Crypto Visa Card
BlockFi’s Visa card is not available for Canadians. It gives you 1.5% back on every purchase and up to 10% on select brands and businesses. You can earn rewards in bitcoin, Ethereum and more.
Pros
- 1.5% back on purchases
- Up to 10% back at thousands of brands
- 2% back after $30K of annual spend
- 0.25% on eligible crypto purchases and trades
- Receive rewards in multiple cryptocurrencies
- No annual fee
- No foreign transaction fees
Cons
- Not yet available in Canada
- Hard credit pull required which can impact your credit score
- Good or excellent credit score needed to be approved
Binance Crypto Visa Card
The Binance Visa card is most suitable for those who use Binance as their main crypto exchange but unfortunately it’s not available in Canada yet. Keep in mind, that Binance can’t operate in Ontario so it’s unlikely this crypto visa card will be ever released in Canada.
Pros
- Get up to 8% cash back in BNB
- No annual fees
- No credit score needed
- Supported by Google Pay and Samsung Pay
- No inactivity fee
Cons
- Only available to Europeans
- Cashback in BNB only
Coinbase Visa Card
The Coinbase card is a popular crypto Visa card because it gives you unlimited rewards. Unfortunately, it’s not available in Canada.
Pros
- Unlimited crypto rewards
- Get 1-2% cashback in rewards
- Choose rewards from a rotating list of different crypto
- Spend in crypto or USD
- No credit check required
- No annual fees
Cons
- Only available in USA
Gemini Crypto Mastercard
The Gemini card is a Mastercard that gives up to 3% cash back in rewards. It’s not available in Canada.
Pros
- Receive up to 3% cashback
- Receive rewards in bitcoin or 60+ cryptocurrencies
- Rewards deposited immediately to your account
- No annual fees
- No foreign transaction fees
- Choose from 3 different-coloured metal cards
Cons
- Only available in USA
Bitpay MasterCard
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 Mastercard
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.
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
Crypto Credit Cards Pros & Cons
Pros of Using a Crypto Credit Card
- Earn cashback on your purchases
- Top up your card easily with crypto or fiat
- Spend anywhere Visa or Mastercard is accepted
- No credit checks required
- Only spend money you have in your account
- Cards often come with additional benefits
- Quality metal cards
- Rewards received are not taxed as income
Cons of Using Crypto Credit Cards
- They may have reward or spending limits
- If you swap your crypto rewards for CAD, it counts as a taxable event
- They do not improve your credit score
- There may be certain restrictions or requirements to be eligible for all rewards
- Not all crypto cards are available to Canadians
Are Crypto Cards Safe to Use In Canada?
Crypto credit cards are safe so long as you apply for one through a reputable exchange or company. Crypto cards are partnered with Visa or Mastercard, so your funds are protected.
What Should I Consider when Applying for a Crypto Credit Card?
You should look for a crypto credit card that is free to use without monthly or annual fees. Crypto credit cards, with the exception of BlockFi, should not affect your credit score or require a credit check. They should also offer cashback of at least 1% on purchases, as that is the going rate for most of these cards.
How Do You Use Crypto Credit Cards?
Crypto credit cards work just like any other Visa or Mastercard and are accepted in stores and online.
Crypto credit cards are actually debit cards with similar benefits to credit cards. You can only spend what you have in your account. To use one, top up your account and spend.
On your purchases, you will receive your crypto rewards directly in your account, which you can use to trade, cash out, or top up your card.
How Can I Apply For A Crypto Credit Card?
To apply for a crypto credit card, simply sign up to which exchange is offering the card you wish to apply for. Follow their application steps online or in their app. Below are the links with bonus
- Sign up for Netcoins Visa Card and get a $25 bonus
- Sign up for Shakepay Visa Card and get a $30 bonus
- Sign up for Crypto.com Visa Card and get a $30 bonus
Where Can I Use My Crypto Card?
Crypto credit cards can be used anywhere Visa or Mastercard are accepted.
Will My Credit Score be Affected?
Most crypto credit cards do not affect your credit score because they are not real credit cards. They are similar to prepaid credit cards or debit cards.
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 Shakepay or Netcoins would be the best choice. I would use Netcoins at this point since they recently launched and provide the best cashback + $25 bonus if you use this link to sign up.
If you value more of an “all-rounder” then you won’t find much better than Crypto.com which offers free Netflix and Spotify, plus airport lounge access in addition to CRO rewards.
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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