Shakepay Card Review: Bitcoin Rewards On Every Purchase

How Does The Shakepay Card Work?

You open a Shakepay account, pass identity verification, and order the card from the app. You load Canadian dollars by Interac e-Transfer, and you spend that balance wherever Visa is accepted. Shakepay's card page also lists Apple Pay and Google Pay. Cashback is paid in bitcoin and lands in your Shakepay bitcoin balance automatically.

The amount depends on the settled purchase and the BTC/CAD rate at the moment the reward is paid out. That is a small detail with a real effect: the same $100 purchase can pay a slightly different number of sats on different days.

How Much Bitcoin Rewards Do You Really Get?

The headline number is 1.5%, and only Blue members get it. Blue status goes to anyone who exchanges $1,000 or more in a month or receives $2,000 or more in direct deposits. Status is checked every month, so you have to keep hitting the target.

The dollar values are arithmetic on Shakepay's published rates and statuses, before any change in the price of bitcoin.

Spending $1,000 a month on the base status earns the equivalent of $10 in bitcoin and gives up $30 on every $1,000 spent abroad. Blue flips that completely. If you travel or order from foreign shops, the foreign exchange line decides whether this card is worth carrying.

What Does The Shakepay Card Not Reward?

Shakepay's cashback page excludes ATM withdrawals, topping up your account, bill payments and sending money to a friend. It also lists foreign currency exchanges, cryptocurrency purchases, money orders, account funding, traveller's cheques and securities transactions. In plain terms, everyday shopping, groceries, restaurants and subscriptions count. Moving money around does not.

What Are The Shakepay Card Fees And Limits?

I could verify the annual fee (none) and the foreign exchange fees by status. I could not verify a full schedule of other card fees or spending limits on an official page, and Shakepay's cashback page does not state a reward cap. Open the card section of the app before you rely on it for a large purchase, and read the Shakepay Visa cardholder agreement on its legal page.

Is Shakepay Legal In Canada, And Can You Trust It?

Shakepay Inc. has been a CIRO Investment Dealer Member since January 8, 2025 and is on the CSA's authorized list, so the crypto side is regulated. The card sits on top of that: Shakepay Financial Inc., an affiliated company, is a FINTRAC-registered money services business, and the card itself is issued by Peoples Trust Company. USD funds on Shakepay are protected up to $1 million by CIPF, and crypto is not covered. Shakepay disclosed a data incident in December 2023 that did not involve wallets or credentials. See my Shakepay review for the platform side, or my Shakepay referral code page for the sign-up bonus.

How Do I Deposit And Withdraw Money From Shakepay?

Interac e-Transfer deposits are free, from $5 up to $10,000. Withdrawals by e-Transfer are free in the same range, and wires start at $10,000. That matters for the card because you fund it from the same Canadian dollar balance.

How Does The Shakepay Card Compare With Other Crypto Cards?

It is simple. There is no staking requirement to unlock a tier, no token to lock up and no credit product. Other crypto cards promise bigger percentages but often tie them to holding or staking a platform token, and several Canadian options have come and gone. My guide to crypto Visa cards in Canada compares what is actually available now, and I explain the Crypto.com card in its own answer.

My honest view: for a Canadian who already holds Bitcoin on Shakepay, a 1% to 1.5% rebate in sats is a fair way to stack a little each month. I would not change my banking for it, and I would not buy things I do not need to chase cashback.

How Is Shakepay Card Cashback Taxed?

The CRA has no card-specific page for crypto cashback. What it does say is that selling, trading or spending crypto is a disposition, so spending bitcoin you received as cashback can trigger a capital gain or loss, and that you should keep records of units, dates and Canadian dollar values for six years. Paying with your Canadian dollar balance is not a crypto sale. For anything beyond that, ask an accountant. My tax reporting guide shows the records to keep.

Is Chasing Blue Status Worth It For The Card Alone?

Here is the arithmetic most reviews skip. To hold Blue you must exchange $1,000 or more in the month or receive $2,000 or more in direct deposits. Shakepay targets a spread of 0.5% to 2.0% on exchanges, so a $1,000 exchange costs $5 to $20 in spread. Blue cashback on $1,000 of card spending is $15, against $10 on the base status. The extra 0.5% is worth $5 per $1,000 spent. If you were going to buy $1,000 of Bitcoin anyway, qualifying costs you nothing extra. If you would exchange only to hit the tier, you can spend more on spread than you earn back. The direct deposit route avoids the spread problem, if your pay can go to Shakepay, but then you are moving your banking for a few dollars a month.

Who Should Skip The Shakepay Card?

• Frequent travellers who stay on the base status. A 3% foreign exchange fee wipes out the 1% cashback many times over.
• Anyone who wants a credit card. This is prepaid, with no credit check and no credit line.
• People who need a spending cap clarity. I could not verify card limits on an official page.
• Holders who want cash back in Canadian dollars. Rewards are paid only in bitcoin, and its value moves.

Who it suits: a Canadian who already buys Bitcoin monthly on Shakepay, keeps a balance there and likes seeing sats arrive. For them it costs nothing and returns something. For a wider look at what else is out there, my crypto Visa cards in Canada page lists the alternatives.