Best Crypto Credit Cards in Canada: How They Work, Benefits and Drawbacks

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Cryptocurrency is becoming more and more popular, and many people are looking for ways to use it to pay for their everyday expenses. One option is to use a crypto credit card. These cards work just like regular credit cards, but they allow you to pay for your purchases with cryptocurrency. 

In this blog post, we will discuss the best crypto credit cards in Canada and how they work. We will also cover the benefits and drawbacks of using these cards, and things to consider before applying

What are Crypto Credit Cards?

Crypto credit cards are essentially the same as regular credit cards, except that they allow you to use cryptocurrency as your method of payment to make everyday purchases or earn rewards in the form of cryptocurrency.

Unfortunately, Canadians have few options when it comes to crypto credit cards. Many of the available crypto cards are reloadable prepaid cards that you need to fund using Canadian dollars or crypto before you can use them for purchases.

There are a few different crypto credit cards available to Canadians, each with its own set of benefits and drawbacks. We’ll cover the best crypto cards to help you decide on the right one for you.

How Do Crypto Credit Cards Work?

Crypto credit cards work by connecting your cryptocurrency wallet to the card so that it can be used as a payment method. When you make a purchase using your crypto card, your crypto is converted to fiat currency in real-time and transferred to the merchant.

Where the merchant accepts cryptocurrencies for payment, your crypto is transferred from your wallet to the merchant in real-time.

With crypto prepaid cards, you need to load the card with fiat currency or convert your crypto into fiat currency before you can use it. The available balance is then used to settle your purchases with the card.

Best Crypto Credit Cards in Canada

Now that you have a better understanding of crypto credit cards and how they work, let’s look at the top crypto credit cards available in Canada. We’ll go over their key features and benefits, as well as any drawbacks you should be aware of.

1. Shakepay Card

One of the best crypto credit cards available in Canada is the Shakepay Card. This card allows you to spend anywhere that Visa is accepted and earn bitcoin as cash back.

Shakepay Card allows to you earn Bitcoin rewards

As a reloadable prepaid card, you can use the Shakepay Card online or in-store using your crypto coins.

  • Card Type: Prepaid card
  • Fees: No annual fee. 3% foreign transaction fee.
  • Eligibility: To qualify for the Shakepay Card, you must be a Canadian resident and have a Shakepay account.
  • Rewards/benefits: 1% bonus in Bitcoin for every purchase with the card. 1% additional bonus for your initial $5,000 purchase.
  • How to apply: Download the Shakepay app on Google Playstore or App Store to apply for the card.

Learn more about the crypto card in this detailed Shakepay card review.

2. Netcoins Card

The Netcoins Card is a reloadable prepaid card that’s acceptable anywhere Visa card is. It is available as a physical and virtual card for in-store and online purchases. 

Netcoins card

What I like about this card is that it offers a competitive promotional cashback of 3% for up to three months. 

  • Card Type: Prepaid card
  • Fees: $1 inactivity and 1.5% foreign currency conversion fee.
  • Eligibility: You must be a Canadian resident (except Québec), have a Netcoins account and reach your province/territory age of majority to qualify for the Netcoins Card.  
  • Rewards/benefits: 1% back in Bitcoin on all purchases
  • How to apply: Sign-up for a new Netcoins account, visit the Netcoins card page and click “Get the card” to apply.

Read this detailed Netcoins Card review to learn more about the prepaid crypto card.

3. Visa Card

The Visa Card is another prepaid card that works like a regular card and can be funded with cryptocurrency, debit/credit cards or bank transfer.

The card consists of five different metal Visa cards with variable cashback rates. You can earn up to 8% cashback (CRO rewards) with the card in addition to other exclusive benefits. 

  • Card Type: Prepaid card
  • Fees: Free monthly ATM withdrawal and 0.5% currency exchange transactions fee
  • Eligibility: You must have a account and stake tokens for up to 180 days to qualify for the card.
  • Rewards/Benefits: Up to 5% cashback
  • How to apply: Download the app on Google Playstore or App Store to apply for the card. 

Best Foreign Crypto credit Cards For Canadians

Most of the largest foreign crypto platforms also offer some form of crypto credit or prepaid cards. Unfortunately, the cards are not available to Canada residents yet. But you can still take advantage of their other services.

If you’re a Canadian living in the US or other foreign country, you may be eligible for the following best crypto credit cards.

4.  Nexo Card

The Nexo Card is a prepaid card that operates on the Mastercard network. The card works like a regular credit card based on your crypto coins or the funds you deposited in your crypto wallet. 

Besides enjoying a lot of freebies, you will earn a $100 welcome bonus in Bitcoin when you make your initial $1,500 top-up. 

  • Card Type: Prepaid card
  • Fees: No monthly fee. No annual fee. No FX fee. No inactivity fee.
  • Eligibility: Have a Nexo account
  • Rewards/benefits: Up to 2% back in NEXO or 0.5% in Bitcoin. No minimum monthly repayments
  • How to apply: Visit the Nexo Card page and click on “Get the Nexus Card”. You will be required to log in to your Nexo account to apply. 

5. Gemini Credit Card

The Gemini Credit Card is a metal credit card available for all residents of the US. The card operates on the Mastercard network and is available in silver, rose gold and black colours. 

As a real credit card, the Gemini Credit Card comes with the flexibility and benefits of Mastercards, such as: Mastercard ID theft protection, Mastercard Zero Liability policy, real-time alerts and instant in-app card lock feature.

  • Card Type: Credit card
  • Fees: No annual fee. No exchange and foreign transaction fees.
  • Eligibility: You must be a resident of any of the  U.S 50 states to qualify.
  • Rewards/benefits: You will get up to 3% back on dining purchases. Grocery purchases will earn you 2% back and 1% back on every other purchase.
  • How to apply: Accessing the card is based on an invitation at the moment. But you can visit the Gemini Credit Card page to join the waitlist using your email.

6. BlockFi Rewards Visa Signature Credit Card

If you live in the US, you can also consider the BlockFi Rewards Visa Signature Card which is a real credit card with a recurring line of credit.

Based on your credit score, you will pay 14.99% to 24.99% interest on purchase annually. However, you will earn up to 3.5% back in crypto with the card. 

  • Card Type: Credit Card
  • Fees: No annual fee. No foreign transaction fees. Up to $25 late payment fee and up to $37 return payment fee.
  • Eligibility: You must reside in the US, be at least 18 years of age, have a BlockFi account and good-excellent credit score to qualify for the card. 
  • Rewards/benefits: Up to 10% back on purchases at partner brands. 2% back on every $30,000 spent each year. 1.5% back on every purchase. 0.25% on every eligible crypto trade and purchase.
  • How to apply: Access to the card is based on an invitation at the moment. Check if you will be preapproved here.

7. Coinbase Card

The Coinbase Card is a prepaid card that operates on the Visa network. It’s currently available to all the residents of the US except Hawaii.

You can use the Coinbase Card to make everyday purchases just like with a credit card using your crypto coins or US dollars. The interesting part is that you will earn up to 4% back in crypto on your purchases.

  • Card Type: Prepaid Card
  • Fees: No annual fee
  • Eligibility: You must be a resident of any US (except Hawaii), have a Coinbase account and be at least 18 years of age to qualify for the Coinbase Card. 
  • Rewards/benefits: 1-2% average back in crypto purchase
  • How to apply: The card is currently only available by invitation. Join the waitlist here.

8. Binance Visa Card

The Binance Visa Card could be your best crypto card if you reside in any of the following eligible countries: 

Binance card eligible countries

This card is a reloadable prepaid Visa card you can use to make purchases using your crypto coins. 

  • Card Type: Prepaid card
  • Fees: No annual fee. No inactivity fees. Up to 0.9% transaction fees.
  • Eligibility: You must reside in an eligible country and have a Binance account to qualify for the card. 
  • Rewards/benefits: Up to 8% cashback on eligible purchases.
  • How to apply: Visit the Binance Visa page and click the “Get Started” button to apply.

9. BitPay Crypto Debit Card

The BitPay Crypto Debit Card is a prepaid Mastercard available only for US residents at the moment. 

You can use the card to make online and in-store purchases anywhere Mastercard is accepted by converting your crypto coins to US dollars.

  • Card Type: Prepaid card
  • Fees: No monthly fees, $2.50 ATM fees. 3% international currency conversion fee. $5 inactivity fee.
  • Eligibility: You must have a Bitpay account, reside in the US and be at least 18 years of age to qualify for the Bitpay Crypto Debit Card.
  • Rewards/benefits: $10 bonus when you refer someone to Binance and the person deposits a minimum of $100 in their account. 
  • How to apply: Download the BitPay on Google Playstore or App store and order the card.

10. Venmo Credit Card

Venmo Credit Card is the last but not the least foreign crypto credit card on this compilation.

Available only for US residents, the Venmo Credit Card offers up to 3% cash back on eligible purchases and allows you to split your purchases with your friends on Venmo.

  • Card Type: Prepaid
  • Fees: No annual fee. No FX fees. Up to $40 late payment fee. Up to $29 returned payment fee.
  • Eligibility: You must have a Venmo account, reside in the US or its territories and be at least 18 years of age to qualify for the Venmo Credit Card.
  • Rewards/benefits: Up 3% cash back on eligible purchases. 
  • How to apply: Download the Venmo app on Google Playstore or App Store to apply for the card.

Related: Venmo alternatives in Canada

How to Choose the Best Crypto Credit Card For Your Needs

You may get confused about which of the above crypto cards is perfect for you. This is possible because the cards are all attractive in different ways.

However, you can easily narrow your selection of the best crypto credit card by considering the following factors: 

  • Card type: Most of the above best crypto cards are debit cards while few of them are credit cards. It’s also essential to consider your favourite operating network as the cards are split between Visa vs Mastercard. 
  • Fess: From annual fees, inactivity fees, to FX fees, you can see how the above crypto cards differ in fees. Like any other type of card, you can make the most of your money by choosing a card with less fees. 
  • Rewards: Some of the above crypto cards offer more rewards than others. Choosing the one with competitive rewards will earn you more in the long run. 
  • Eligibility: The above best crypto cards also differ in terms of eligibility. However, one clear thing is that each of them is accessible in a particular country. Choose the one that supports the country you currently reside in.

Benefits and Drawbacks of Crypto Credit Cards

Crypto Credit Cards Benefits

There are a few benefits to using a crypto credit card: 

  • You can use a cryptocurrency that you already own to make everyday purchases without having to convert it to cash first.
  • Some crypto cards offer rewards in the form of cryptocurrency, which you can then hold or sell as you see fit.
  • Crypto credit cards can help you spend less money because there are no foreign transaction fees.

Crypto Credit Cards Drawbacks

There are also a few drawbacks to using a crypto credit card: 

  • If the value of your cryptocurrency goes down, you could end up losing money on your purchase.
  • Crypto credit cards are not widely accepted yet, so you may have trouble finding places to use them.
  • There are few crypto credit cards available in Canada, so your options may be limited.
  • It is still unclear how CRA will treat these transactions

Crypto Credit Cards vs Regular Credit Cards

One of the main benefits of using a crypto credit card is that you can use your cryptocurrency holdings to make everyday purchases. This can be helpful if you’re looking to offload some of your crypto holdings, or if you want to earn rewards in the form of cryptocurrency.

Another benefit of using a crypto credit card is that they often have lower fees than regular credit cards. This is because crypto credit cards are still a relatively new product and issuers are trying to attract customers with lower fees.

However, there are also some drawbacks to using a crypto credit card and we covered them in the previous section. 

One of the biggest drawbacks is that you’ll need to have a good understanding of how cryptocurrency works before you can use one. This is because you’ll need to be able to convert your cryptocurrency into fiat currency to make purchases.

Also, it’s important to note that crypto credit cards are subject to the same volatility as the cryptocurrency market. This means that the value of your rewards can fluctuate wildly, and you could end up losing money if the price of cryptocurrency falls.

Finally, when the crypto cards convert your cryptocurrency to fiat currencies to make purchases, you’re technically selling an investment with a tax impact (capital gains or loss). Keeping track of these transactions can be a hassle, so make sure you understand the tax implications before using a crypto credit card.

FAQs on the Best Crypto Credit Cards in Canada

Which crypto card is best in Canada?

The Visa Card is currently the overall best crypto card in Canada based on its competitive cashback, freebies and exclusive benefits like unlimited free LoungeKey Airport Lounge Access.

Is crypto credit available in Canada?

Yes, crypto credit cards are available in Canada. Some of the best ones include Shakepay Card, Netcoins Card, Nexo Card and Card.

Is there a crypto debit card in Canada?

Yes, there are crypto debit cards in Canada just as there are crypto credit cards. Some of the best crypto debit cards include Shakepay Card, Nexo Card and card.

Is crypto card safe?

Yes. A crypto card has similar security features to a regular credit card such as identity theft protection, real-time alerts on transactions, Two-factor authentication and instant in-app card lock.
However, the optimal safety of your crypto card lies in the card you use and the extra steps you take in protecting the card.

Is the crypto credit card worth it?

A Crypto credit card is worth it if you’re looking to unlock the full potential of your crypto coins. With the best crypto card, you can participate in the crypto market while earning rewards on your everyday purchases with crypto coins. 

Final Thoughts

The cryptocurrency market is highly volatile and it’s only smart to find ways of reducing risk and boosting returns. 

A crypto credit card could be the major arsenal you need to tighten up your crypto trading strategy and maximize your rewards.

With the above collection of the best crypto credit cards in Canada, you only need to choose the one that suits your needs and hit the ball rolling. 

If you enjoy this review, kindly check out the following articles for more information on how to make the best of your crypto investment.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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