The Best Crypto Cards in Canada for 2024
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Cryptocurrency has been gaining popularity as a new investment and payment option worldwide, and Canada is no exception. With the cryptocurrency market rapidly expanding in the country, the use of crypto cards is becoming more accessible to the general public. These innovative crypto cards allow users to spend their digital assets at traditional merchants, offering a convenient and secure payment option.
According to a report published by the Bank of Canada in 2021, the number of Canadian internet users holding Bitcoin doubled from 2.3% in 2019 to 4.6% in 2020. Moreover, a survey conducted by the Ontario Securities Commission in 2020 revealed that 19% of Ontario adults owned cryptocurrency, indicating a growing interest in this new form of currency.
When choosing a crypto card, it is important to consider what factors affect you and which crypto card service serves you best.
Key takeaways:
- Crypto cards in Canada enable spending crypto like fiat currency.
- Crypto credit and crypto debit cards offer rewards programs, that can include cash back, loyalty points, or even additional cryptocurrency
- Using crypto cards in Canada adds an extra layer of security since transactions are decentralized. You don’t have to worry about personal and financial information being compromised in the event of a data breach.
Which is the right crypto card for you?
Canada has fewer crypto credit cards than some countries, but there are still some good options! Let’s take a look at the three popular crypto credit cards in Canada.
Crypto.com Visa card
A global cryptocurrency platform, founded in 2016, Crypto.com is best known for buying, selling and spending cryptocurrencies. It also offers a cryptocurrency credit card that allows users to spend their cryptocurrencies at merchants that accept Visa. The card is linked to your Crypto.com account and can be funded with a range of cryptocurrencies, including Bitcoin, Ethereum and others.
The Crypto.com credit card has different options available, with varying benefits and rewards depending on which tier you choose. While the basic card doesn't have an annual fee, some of the premium card options do have an annual fee, so it's important to consider whether the benefits are worth the cost.
You might also want to note that some users have experienced long wait times for their cards to be delivered, so if you're planning on getting a Crypto.com credit card, be prepared for a wait of a few weeks before you receive your card.
On top of the credit card, Crypto.com also offers a cryptocurrency wallet, which lets you store and manage your cryptocurrencies in a secure way. The wallet supports a wide range of cryptocurrencies and is available on both mobile and desktop devices.
You might also be interested to know that their Crypto Earn program lets you earn interest on your cryptocurrencies, including popular options like Bitcoin and Ethereum. Depending on the cryptocurrency you choose to earn interest on, you can earn up to 5% interest per year, which is a great way to make your crypto work for you.
Here are some of the pros and cons advantages and disadvantages of a Crypto.com Visa card:
Pros:
- Multiple card options with varying benefits
- Extensive rewards program for frequent users
- Wide range of supported cryptocurrencies
- Low foreign transaction fees
Cons:
- Annual fees for premium card options
- Long wait times for card delivery
- Limited availability in certain regions like Quebec and New Brunswick
Netcoins Prepaid Mastercard
A Vancouver-based cryptocurrency exchange, Netcoins offers a range of services to its users. Along with allowing users to buy and sell cryptocurrencies, it offers a cryptocurrency debit card that lets you spend your cryptocurrencies at merchants that accept Visa. You can also buy and sell a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and others.
The platform is user-friendly and offers a cashback program that rewards users with 1.5% cashback on all purchases made with the Netcoins card. In fact, it also has a mobile app that allows users to manage their crypto assets on the go. The app is available for both iOS and Android devices.
Here are some of the pros and cons advantages and disadvantages of a Netcoins Prepaid Mastercard:
Pros:
- No annual fee
- Instantly convert crypto to Canadian Dollars
- Wide range of cryptocurrencies supported
- 1.5% cashback on all purchases
Cons:
- Limited availability in certain regions like Quebec
- High foreign transaction fees
- Doesn’t help with improving credit scores
Shakepay Visa Prepaid Card
Shakepay is an exchange and credit card provider that allows you to buy, sell and spend cryptocurrencies. Founded in 2015, it has become a popular platform for Canadians to enter the world of crypto trading. Their primary focus is on simplifying the buying and selling process of cryptocurrencies and their mobile app makes it easy for users to manage their crypto assets on the go. It is a user-friendly platform that aims to make crypto trading and spending accessible to Canadians.
Here are some of the pros and cons advantages and disadvantages of a Shakepay Visa Prepaid Card:
Pros
- No annual fee
- Low foreign transaction fees
- Instantly convert crypto to Canadian Dollars
- 1% cashback on all purchases
Cons
- Only available in Canada
- Limited number of cryptocurrencies supported
- Doesn’t help with improving credit scores
What is a crypto card?
A crypto card is a type of credit card or a debit card that allows you to spend your cryptocurrency at traditional merchants, just like you would with a regular credit card. They're offered principally by cryptocurrency exchanges. When you make a purchase using a crypto credit card, the card converts your cryptocurrency into the local currency and sends the payment to the merchant. This means that you can use your cryptocurrency to buy everyday items like groceries, gas or clothes, without having to first convert it into cash.
In Canada, most of the available crypto cards will provide you with cryptocurrency bonuses. Earn cashback or loyalty points in the form of cryptocurrency whenever you make a purchase with your card. For instance, when you make a purchase using your crypto card, you can earn a percentage of that purchase back in cryptocurrency, such as Bitcoin or another cryptocurrency. This is different from other regions like Europe, where there are several companies that offer crypto cards that allow users to spend their cryptocurrency directly at traditional merchants. The incentives provided by Canadian crypto cards encourage users to use their cards for everyday spending, as they can accumulate more cryptocurrency with every purchase they make.
So are crypto credit cards and credit debit cards different than traditional ones? Let’s look at the table below to get an idea.
| Features | Crypto Cards | Traditional Credit cards |
|---|---|---|
| Payment options | Crypto, Fiat currency | Fiat currency |
| Merchant acceptance | Widely accepted | Widely accepted |
| Rewards programs | Crypto Rewards | Cashback, points, miles, etc. |
| Transaction fees | Variable | Variable |
| Currency exchange | Automatic | Requires conversion |
| Security | Additional security measures such as multi-factor authentication, biometric verification and private key management | Chip and PIN, contactless payments, online security features and fraud protection |
It's important to note that not all crypto credit cards are the same. The features and benefits of each card can vary depending on the issuer and the specific terms and conditions of the card.
But how do crypto credit cards compare to debit cards? The table below highlights some of the key differences between the two.
| Feature | Crypto cards | Debit cards |
|---|---|---|
| Payment Options | Crypto, Fiat currency | Fiat currency |
| Credit Limit | Prepaid cards do not offer a credit limit, whereas some crypto credit cards may offer a credit limit | No credit limit; based on available funds in the account |
| Merchant Acceptance | Widely accepted | Widely accepted |
| Rewards Programs | Rewards in the form of cryptocurrency | Rare |
| Transaction Fees | Lower fees or no fees at all | May charge fees for overdrafts, ATM withdrawals, or foreign transactions |
| Currency Exchange | Cryptocurrency is exchanged into fiat currency in real time for payment | No currency exchange required |
| Security | Additional security measures such as multi-factor authentication, biometric verification and private key management | Chip and PIN, contactless payments, online security features and fraud protection |
Is a crypto card right for me?
Whether or not a crypto card is right for you will depend on your individual financial situation and goals.
It's important to carefully consider the risks and benefits of any type of financial product before making a decision to use it. To better understand let’s look at the advantages and disadvantages of crypto cards:
Advantages:
- Ability to earn cryptocurrency rewards
- Low transaction fees
- Automatic currency exchange
- Decentralized security model
- Potential for added privacy and anonymity
Disadvantages:
- Limited merchant acceptance for crypto payments*
- Volatility and risk associated with crypto
- Potential for higher fees or interest rates
- Still a relatively new and untested technology
- Limited regulatory oversight
When paying with a crypto card the merchant is paid in fiat currency. Crypto cards work by converting the cryptocurrency used for payment into fiat currency in real-time, which allows the payment to be processed and settled in the same way as a traditional credit card payment. The conversion rate is usually determined by the exchange rate of the cryptocurrency at the time of the transaction.
Factors to consider when applying for a crypto card
Here are some things to consider:
- Your familiarity with cryptocurrencies: If you're already familiar with cryptocurrencies and comfortable using them, a crypto card may be a good option for you. However, if you're new to cryptocurrencies and still learning about them, you may want to start with a traditional credit or debit card before exploring the world of crypto cards.
- Your spending habits: If you frequently make purchases with cryptocurrencies or are interested in earning rewards in the form of crypto, a crypto card may be a good option. However, if you primarily make purchases with fiat currency or are not interested in earning crypto rewards, a traditional credit or debit card may offer an easier-to-understand product with better rewards.
- Fees and rewards: Be sure to carefully read the terms and conditions of any crypto card you're considering to understand the fees and rewards associated with the card. Some crypto cards may have higher fees or less attractive rewards compared to traditional credit or debit cards.
- Security and regulation: Cryptocurrencies are still a relatively new and unregulated financial technology, so it's important to carefully consider the security and regulatory risks associated with using a crypto card. Be sure to do your own research and consult with a financial advisor before making any decisions.
How do you get a crypto card?
Crypto credit cards are becoming more popular as a way to spend cryptocurrency in everyday life. If you're interested in getting a crypto credit card, there are a few steps you'll need to take to apply and get approved. Let us walk you through the process of getting a crypto credit card, including how to choose a provider and how to apply.
- Choose a cryptocurrency credit card provider: The first step to getting a cryptocurrency credit card is to choose a provider that offers the card. In Canada, some popular options include Shakepay, Netcoins and Crypto.com. Research the available options and choose the one that best fits your needs in terms of fees, rewards and other features.
- Create an account: Once you've chosen a provider, you'll need to create an account. This typically involves providing some personal information, such as your name, email address and phone number. You may also be required to create a password and set up two-factor authentication for added security.
- Get verified: To use a cryptocurrency credit card, you'll need to verify your identity. This typically involves providing a copy of your government-issued ID, such as a passport or driver's license and sometimes a proof of address. The verification process can take anywhere from a few hours to a few days, depending on the provider.
- Set up your wallet: After you've been verified, some providers may require you to set up a cryptocurrency wallet to store your funds. Depending on the provider, you may be able to deposit a variety of cryptocurrencies, or only Bitcoin or Ethereum, into your account. Keep in mind that the process may vary depending on the provider.
- Order your card: Once your account is funded, you can order your cryptocurrency credit card. The card will be linked to your account and can be used to spend your cryptocurrency at merchants that accept Visa. Some providers offer different tiers of cards with different benefits and rewards, so choose the one that best fits your needs.
- Start using your card: Once you receive your cryptocurrency credit card, you can start using it to spend your cryptocurrency at merchants that accept Visa. Some providers also offer rewards or cashback programs for using their cards, so be sure to take advantage of these if they're available.
You can start comparing your options at the top of this page.
Are crypto credit cards safe?
Yes! Cryptocurrency credit cards can be a safe and secure way to use your cryptocurrency to make purchases. Here are three reasons why:
- Security: Many cryptocurrency credit card providers take security very seriously and use various measures to protect their users' accounts. For example, they may use two-factor authentication, encryption and other security measures to prevent unauthorized access to your account.
- Convenience: Cryptocurrency credit cards offer the convenience of being able to use your cryptocurrency to make purchases at any merchant that accepts Visa, without having to convert it to fiat currency first. This can save time and money compared to using a traditional exchange to convert your cryptocurrency into Canadian dollars.
- Rewards: Many cryptocurrency credit card providers offer rewards programs or cashback for using their cards. For example, some cards, like the Crypto.com Visa offer up to 5% cashback on purchases, which can be a significant incentive to use the card for everyday purchases. Additionally, some cards offer rewards in the form of cryptocurrency, which can be a great way to accumulate more crypto over time.
Expert advice
Finally, crypto cards in Canada all operate as Visas or Mastercards, making them as safe as any credit card.
How do I pay my crypto credit card bill?
The process for paying your crypto credit card bill depends on the provider you choose. However, most providers will offer multiple payment options to make the process as convenient as possible for their users.
One option for paying your crypto credit card bill is to use cryptocurrency. To do this, you would need to send the required amount of cryptocurrency to your credit card provider's wallet address. For example, if you have a Crypto.com Visa card and you could send the appropriate amount of Bitcoin to Crypto.com's Bitcoin wallet address.
Another option for paying your crypto card bill is to link your card to your bank account and make payments using Canadian dollars. Many providers will allow you to connect your card to a bank account and transfer funds to your card account. For example, if you have a Shakepay card, you can link your bank account and make payments using Interac e-Transfer or wire transfer.
Finally, some providers also offer the option to set up automatic payments, which can be a convenient way to ensure that your bill is always paid on time. This can be especially helpful if you have a lot of other bills to manage or if you're prone to forgetting payment due dates.
Crypto credit cards are an innovative and exciting development in the world of cryptocurrency, providing users with a way to spend their digital assets in the real world. In Canada, each of these providers — Shakepay, Netcoins and Crypto.com — offers unique features, rewards and benefits, making it essential to compare them and choose the one that best fits your needs.
Good to know
To understand which Crypto Card suits you best, check out our card comparison tool at the top of this article. You can pick the right crypto card for you and get started today.
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