Crypto cards are a great way to get access to your cryptocurrency holdings to fund your regular everyday purchases. Fortunately, there are several crypto cards to choose from in Canada.
The Netcoins Visa Prepaid Card is among the best crypto cards out there offered by Netcoins, one of the leading Canadian-based crypto exchanges in Canada.
With competitive rewards, no annual fee, free deposits and withdrawals, the Netcoins Visa Prepaid Card could be your perfect crypto card in Canada.
To help you make an informed decision, this Netcoins Visa Prepaid Card review explores the pros and cons of the card.
Overview of Netcoins Visa Prepaid Card
Below is an overview of the key features of the Netcoins Visa Prepaid Card:
|Reward||1% on every purchase|
|Promotions||3% cash back in Bitcoin for the first three months of membership|
|Monthly ATM transaction limit||$10,000|
|Daily transaction limit on ATM & POS||$10,000|
|Foreign currency transactions fees||1.5%|
What is Netcoins Visa Prepaid Card?
Officially known as Netcoins Pay, Netcoins Visa Prepaid Card is a crypto-based prepaid card. The card functions like regular prepaid cards but supports pays out its rewards in cryptocurrency.
The Netcoins Visa Prepaid Card is available as a physical and virtual card. This means you can use it to make in-store and online purchases anywhere a Visa card is accepted.
Unlike other crypto cards in Canada, the Netcoins Visa Prepaid Card doesn’t charge deposits and withdrawal fees.
In addition, it rewards you with 3% promotional cash back in Bitcoin for your first three months of membership. Every purchase with the card after the promo period will earn you 1% cash back in Bitcoin.
How Does the Netcoins Visa Prepaid Card Work?
The Netcoins Visa Prepaid Card works like every other prepaid card out there. That is, you can use it to make in-store or online purchases at every store that supports Visa.
However, the Netcoins Card differs slightly from a regular prepaid card in that it allows you to make transactions with your crypto coins by converting them to CAD.
Besides crypto coins, you can also make transactions with the card using Canadian dollars. All you need is to fund your Netcoins account through Interac e-Transfers or bank transfers.
When you make every purchase with the card, you will get 1% cash back in Canadian dollars which will be automatically converted to Bitcoin and disbursed to your Netcoins account monthly.
The interesting part is that you can transfer your reward to an external wallet or leave it in your Netcoins account.
Netcoins Visa Prepaid Card Limits
The following are the limits of the Netcoins Visa Prepaid Card on daily, monthly, ATM and POS transactions:
|ATM maximum daily amount||$2,000|
|Single ATM maximum transaction amount||$2,000|
|Maximum number of daily ATM transactions||5|
|Maximum monthly ATM transaction limit||$10,000|
|Single POS maximum transaction amount||$8,000|
|Maximum number of daily POS transactions||15|
|POS maximum daily amount||POS maximum daily amount|
|Maximum POS monthly transaction limit||$30,000|
|Maximum daily transaction limit on ATM & POS||$10,000|
Netcoins Visa Prepaid Card Fees
The Netcoins Visa Prepaid Card doesn’t charge monthly fees, annual fees, funding fees, and cash withdrawal fees.
The only fees associated with this card are an inactivity fee of $1 and a foreign exchange transaction fee of 1.5%.
With this fee structure, you can save more on your card usage compared to using a standard prepaid card.
Netcoins Visa Prepaid Card Funding
The Netcoins Visa Prepaid Card allows you to fund your account in any of the following options:
- Crypto coins
- Bank wire transfers
- Interac e-Transfers
The interesting part is that you can fund your account through any of the above options without fees.
Pros and Cons of Netcoins Visa Prepaid Card
The following are the major pros and cons of the Netcoins Visa Prepaid Card you need to consider when making a final decision.
- Promotions: The card offers competitive promotional cash back of 3% which can save you up to $100 on your purchases.
- Reward on purchase: Earning 1% in Bitcoin on your everyday purchases with the card will help you boost your crypto investment with less.
- In-app card lock: If you download the Netcoins app, you can lock your card anytime you suspect unusual or unauthorized activity.
- High fx fee: The Netcoins Card foreign transaction fee is one of the highest among other crypto cards out there.
- Reward conversion: Your earned cash back has to be converted to Bitcoin every month. So if you’re looking for a crypto card with an automatic Bitcoin reward, you have to consider other options.
- Limited coverage: The card is not available for the residents of Québec at the moment.
How to Apply for the Netcoins Visa Prepaid Card
Before you apply for the Netcoins Visa Prepaid Card, you need to meet the following requirements:
- Live in any province or territory in Canada (except Québec)
- Reach your province/territory age of majority
- Have a Netcoins account
If you already have a Netcoins account, all you need is to log in to your account and apply for the card.
But if you’re not an existing Netcoins client, follow the steps below to sign-up to get the card:
- Visit the Netcoins Card page
- Click the “Get the card” button
- Click the “Sign-up” tag
- Enter your email address
- Create your password (using at least one number, capital letter and a lower case)
- Verify your email and login into your Netcoins account to complete the application
Netcoins Visa Prepaid Card Alternatives
The Netcoins Visa Prepaid Card is just one out of several crypto cards in Canada. This makes it essential to compare different options before making your final decision.
Below are some of the best Netcoins Visa Prepaid Card alternatives to consider.
Netcoins Visa Prepaid Card vs Shakepay Card
The Shakepay Card is also a prepaid card that operates on the Visa network. The card also has no monthly and annual fee and rewards you upon making purchases.
But unlike the Netcoins Visa Prepaid Card, the Shakepay Card rewards you with Bitcoin automatically after making purchases.
However, the Shakepay Card has a relatively low reward structure compared to the Netcoins card. While the Netcoins card offers a 3% promotional bonus, the Shakepay Card offers a 1% bonus on your initial $5,000 purchase.
Nevertheless, both the Shakepay Card and Netcoins card reward you with a 1% bonus on every purchase.
While you can apply for the Netcoins card either on a web portal or mobile app, you can only apply for the Shakepay Card card through the Shakepay app available on Google Playstore and App Store.
To make an informed decision, you should also read this Shakepay Card review.
Netcoins Visa Prepaid Card vs Crypto.com Visa Card
The Crypto.com Visa Card is also one of the best crypto cards out there that’s available in four tiers with variable rewards.
Like the Netcoins card, the Crypto.com Visa Card doesn’t also offer automatic Bitcoin rewards. Instead, it rewards you with the Ethereum token, Crypto.com Chain (CRO) which can be converted to Bitcoin.
The interesting thing is that the Crypto.com Visa Card has more competitive rewards than the Netcoins Visa Prepaid Card.
You can earn up to 8% cash back in CRO with the Crypto.com Visa Card. This is in addition to exclusive access, such as:
- Free ATM withdrawals
- Unlimited free LoungeKey Airport Lounge Access
- Free interbank exchange rates
Unlike the Netcoins card, you can only apply for the Crypto.com card through a mobile app. That’s the Crypto.com app available on the App Store and Google Playstore.
Besides that, you must also stake your tokens for 180 days to be approved for the Crypto.com Visa Card.
Netcoins Visa Prepaid Card vs Nexo Card
Finally, the Nexo Card could be your best Netcoins Card alternative if you’re looking for a Mastercard crypto card.
While the Nexo Card is also a prepaid card, it automatically rewards you with Bitcoin or NEXO tokens upon making purchases.
The Nexo card has four reward loyalty tiers with varying Bitcoin and NEXO Token rates as shown below:
|Tier||Bitcoin Rewards||NEXO Token Rewards|
Depending on your loyalty tier, you will earn the above rewards in Bitcoin or NEXO Tokens upon purchases.
Besides charging no monthly fees and inactivity fees, the Nexo Card doesn’t also charge foreign transaction fees.
Like the Netcoins card, you can apply for the Nexo Card online or through the Nexo mobile app available on Google Playstore and App Store.
RELATED: Best Crypto Credit Cards in Canada
Verdict on Netcoins Visa Prepaid Card Review
The Netcoins Visa Prepaid Card is one of the best cash back crypto cards in Canada that’s worth checking out.
With the above comprehensive review and side-by-side comparison of the Netcoins card and similar cards, you should now be able to determine where to go from here.
Overall, my Netcoins Visa Prepaid Card review is positive as you can’t make the wrong choice with the card so far it suits your needs.
I look forward to hearing about your stance in the comment section.
All the best!
Netcoins Visa Prepaid Card Review
The Netcoins Visa Prepaid Card is a crypto card that lets you make purchases in Canadian dollars but earn rewards in crypto