Best Crypto Credit Card Canada 2023
Over the years, investors and traders worldwide have joined the crypto revolution, using them as investment vehicles. At the same time, cryptocurrency has also penetrated the global banking and payment space, working as viable payment channels. While some coins are more prominent than others, there’s no doubt that the future of payments is crypto.
Currently, different blockchain companies are exploring ways to allow crypto owners spend their digital coins via debit cards or crypto cards connected to a digital wallet. One of the best ways to do that is with some of the best crypto credit cards Canada provided several entities. A crypto card works like traditional credit cards, allowing you to spend your cryptocurrencies for everyday purchases easily. Most often, as is the case with the Binance visa card, a crypto card works just like a traditionally debit card but the funds you spend are backed by the cryptocurrencies you hold within your digital wallet rather than fiat currency.
If you’re in Canada and would like an easy way to spend your coins, we’ve got a list of the top crypto credit cards in Canada. This was curated this list by examining different cards based on parameters like supported coins, reach, fees, and possible cashback.
Whether you’re a Canadian or looking to move to Canada, several special credit cards allow you to spend crypto. Let’s take a look at them:
Best Crypto Credit Card Canada: Our Opinion
We compared the data and benefits of each credit card and made our pick – Crypto.com Visa Card. This is the best Canadian crypto credit card due to its cash back program, variety of card tier and its extanded number of cryptocurrencies supported.
Whether you’re a Canadian or looking to move to Canada, several special credit cards allow you to spend crypto. Let’s take a look at them:
Crypto.com VISA Card - Overall Best Crypto Credit Card
Crypto.com VISA Card is a crypto crest developed by Crypto.com, one of the most popular crypto exchanges in the world. The crypto card offers many benefits, allowing users to move their coins into fiat currency and spend them seamlessly. Users get access to cashback crypto rewards up to 8% for spending crypto through their cards.
The Crypto.com card is available to all exchange users and functions similarly to a prepaid card. To process transactions, you do not need to link the card to an active bank account. Instead, just like a prepaid card, you can top it up whenever you want.
Crypto.com Visa Card currently supports over 90 cryptocurrencies, providing optimal flexibility for making purchases.
Since the card runs on the VISA processing network, it is accepted by all retailers that take them as payment. This makes it a great option for those looking to process payments daily.
You should note that the Crypto.com VISA Card comes in different tiers. Each tier determines the benefits and features you are entitled to. and Crypto.com requires that you stake a certain amount of its native CRO token to get to a higher level. So, you would have to purchase CRO tokens and stack them in Crypto.com’s protocol to qualify. You would also need to maintain the level of staking in perpetuity – otherwise, you could lose the benefits of your card tier.
The lowest crypto card tier – Midnight Blue – doesn’t require you to stake any CRO. This makes it a great option for beginners. For Obsidian – the highest end of the spectrum – you would need to stake $400,000 worth of CRO.
The table below shows the card tiers and some of the benefits they offer:
|Obsidian||Frosted Rose Gold & Icy White||Royal Indigo & Jade Green||Ruby Steel||Midnight Blue|
Regarding fees, the Crypto.com VISA Card is free to obtain – as long as you’ve staked the right CRO amount. There are also no ongoing usage costs, and you don’t have to pay any transaction fees.
However, note that top-ups using the cards will attract a 2.99% fee. You also pay a 2.1% fee if you top your card up with PayPal. Reissuance fees if you lose your card attract a $7 fee for the Midnight Blue cards and $50 for other tiers. There is also a $50 fee to get your new card if you move from one tier to another.
Lastly, Crypto.com charges an inactivity fee of $4.95 after a year of inactivity.
BlockFi Rewards VISA Signature Card - Top Credit Card For Cashbacks
BlockFi needs no introduction to avid cryptocurrency enthusiasts. The company offers a suite of products that allows crypto investors to earn with their cryptocurrencies easily. From a trading account to crypto-backed loans and personalised yields, BlockFi allows investors to enjoy massive benefits from their coins.
To that end, BlockFi has introduced the BlockFi Rewards VISA Signature Card – a credit card that allows its users to spend some supported coins with convenience.
We selected this card among the major credit cards in Canada because of its impressive cashback offering. The BlockFi card allows you to earn 1.5% cashback on every transaction. Beginners will get up to 3.5% in cashback monthly for their first 900 days of the card’s use, after which the crypto rewards will revert to 1.5%. The cashback extends to 2% on every dollar spent over $50,000 annually. Your rewards are converted into cryptocurrency monthly and deposited into your BlockFi account.
While the cashback was initially paid in Bitcoin, the introduction of Cashback Flex allowed BlockFi crypto prepaid card users to get their cashback in over a dozen accepted coins. These include Ether (ETH), Litecoin (LTC), Chainlink (LTC), PAX Gold (PAXG), Basic Attention Token (BAT), and Uniswap (UNI)
The BlockFi Rewards VISA Signature Card is accepted at all locations that support the VISA network. Another impressive benefit of the crypto debit card is that it offers bonuses based on trades. Cardholders who trade crypto on the BlockFi platform will get 0.25% of their trading volumes, up to $500 monthly. This allows you to make even more money on your crypto holdings.
As for fees, you should note that the crypto debit card comes with no annual fee or foreign transaction fees. However, there’s a late payment fee of up to $25 that you should keep in mind.
Shakepay VISA Card - Top Crypto Card For Bitcoin Expenses
The final option on our list of the best crypto credit cards opinions in Canada is the Shakepay VISA Card. Shakepay is a crypto exchange platform based in Canada, and the company offers its crypto cards as a way for its customers to spend crypto on an everyday basis easily.
The Shakepay crypto cards are a great entry-level card that supports only Bitcoin. So unlike the other two options that offer flexibility in coin support, this card is focused on Bitcoin alone.
Despite its limited support, this card comes with several impressive benefits. For one, the Shakepay crypto debit card allows you to earn 1% cashback on every purchase made with it. The cashback is automatically settled via your Shakepay account, and you can choose what to do with it – spend immediately, trade, or even send it to an external wallet that you control.
The Shakepay crypto cards are accepted at all locations that accept VISA cards. Besides physical locations, you can also use the card to make payments using Google Pay and Apple Pay.
The requirements for the Shakepay crypto debit card are as low as they come. You just need to have a Shakepay account and proof of Canadian residency. There are no credit checks, so you can get the crypto debit card regardless of whether you have good or bad credit.
There are also no fees involved with the Shakepay prepaid card. Shakepay doesn’t charge fees when depositing fiat or crypto in your account. However, when you buy or sell BTC, a 1% to 3% fee is included in the price.
The 3 Best Credit Cards Compared
|Cashback||Up to 8%||1.5%||1%|
What is a Crypto Credit Card?
A crypto credit card is exactly what it sounds like – a card that allows you to spend your cryptocurrencies with ease. They also offer rewards and other benefits designed to entice you and help you get the most out of your coins.
Crypto assets have become a viable payment method – especially the large-cap coins like Bitcoin and Ether. As a result, crypto credit cards are a great way for investors to spend their coins on everyday expenses. They offer convenience. Their access to top payment networks like VISA and MasterCard also means that they are relatively ubiquitous.
Crypto credit cards work similarly to traditional rewards cards. When you swipe a card, your payment is processed in crypto, and you earn rewards on your purchase. For some cards, payments are settled in crypto and converted to fiat via a payment gateway. For other cards, the conversion is done by a third party and the fiat equivalent of your crypto is sent to the merchant.
So, you need to pick the right type of crypto payment card based on your preferences and spending habits. For instance, if you’re the type of person who loves to travel, you can try to find a travel rewards card and put the rewards you get towards things like hotel reservations and travel miles. If you’re a crypto enthusiast, you would most likely prefer to get a Bitcoin rewards card.
How to Choose the Right Credit Card?
Just as with traditional credit cards, you need to consider several top factors when choosing a crypto credit card. However, given the different standings of cryptocurrencies and fiat, the considerations differ slightly.
So before you choose crypto prepaid cards or any other type of crypto credit card Canada, consider these factors:
As explained earlier, one of the best things about crypto cards is that they offer rewards. These rewards are usually in crypto, meaning that their values could rise eventually. They are ideal for benefits like travel rewards and cashback, which decrease in value due to inflation.
However, the crypto rewards aren’t taxable. Cryptocurrencies themselves are considered assets and can be taxed if you choose to sell them, but rewards aren’t. So if you plan to spend cryptocurrencies using your cards, you might want to consult a tax professional for advice.
Flexibility & Support
Each of the best crypto credit card Canada comes with a different portfolio of crypto assets that you can spend and earn rewards with.
If you’re looking to use specific coins, you want to check the cards that support them. Otherwise, you might have to go through trading coins and converting them.
Besides cashback and rewards, some crypto credit cards also offer benefits like discounts on grocery shopping, travel miles, hotel reservations, and even subscriptions.
One of such is the Crypto.com Crypto Visa Card which allows for cashback for Spotify subscriptions and other add-on benefits. Spending on the benefits that matter to you, we recommend checking the available cards and the benefits you could enjoy with them.
Due to the different state laws concerning crypto, not every card is available to everyone, everywhere. So before you apply for a credit card, check the issuer’s terms and conditions to see if any laws might restrict you based on your location.
You also want to see where you can spend the card, so you don’t end up stranded if you travel or switch locations. Some countries have strict crypto regulations, and spending assets there might be considered a violation of financial laws. It’s important to do your research before spending your coins internationally.
Crypto credit card Canada issues tend to charge fees for their services. As with everything else, you want to ensure that you’re fine with the charges levied on you.
Some prominent fees with crypto cards include the monthly fee, annual fees, issuance fees, transaction fees, and international spending fees. You also want to look out for hidden charges like inactivity and maintenance fees.
Finally, note that some card manufacturers have requirements for you to use their cards. Most manufacturers require that you have an account with them. Others might require credit history and scores, as well as other background checks to ensure your financial viability.
The Pros and Cons Of Crypto Credit Cards
Earn rewards: From cashback to benefits like discounts on purchases, crypto credit cards offer an exceptional opportunity for you to earn money.
Convenient spending: Crypto credit cards are usually backed by top payment methods like VISA or MasterCard. Theoretically, you can use your cards for payments at any merchant stores that accept these cards.
Tax considerations: The Canadian Revenue Agency (CRA) considers digital currency transactions taxable. So when you exchange your coins for fiat, there might be tax implications.
Fluctuating rates: Crypto credit cards would have to convert your coins to fiat currency. This leaves you at the mercy of the current exchange rates, which can be volatile.
How to Get a Crypto Credit Card
Getting a crypto credit card varies among card manufacturers. You will need to sign up with the service issuing the card first, then complete any additional vetting processes.
Some issuers require reports on your credit scores, while others require submitting proof of residence. Find out the requirements for your chosen issuer and begin the registration process.
Cryptocurrencies have become a major payment channel, with digital assets becoming more popular among investors worldwide.
Crypto credit cards bring digital assets to the same pedestal as fiat currencies, offering convenience regarding payments. While crypto regulation continues to take shape worldwide, the proliferation of crypto credit cards shows that the future of payments is crypto.
Our extensive analysis of the Canadian Crypto Credit Cards doesn’t stop here. You can also read about our list of Crypto Credit Cards available in Canada.
Most frequent questions and answers
Yes, there are different crypto credit cards available in Canada. We recommend using the Crypto.com Card as the product supports a healthy number of coins and offers considerable crypto cash back rewards.
Yes, Canadians can get their hands on crypto VISA cards. We recommend using the Crypto.com VISA Card. Thanks to its flexible range of prepaid card tiers, it is ideal for beginner investors.
Most of our best crypto credit cards in Canada are free. However, you should know that they charge for processes like transactions, maintenance, and deposits. So, before you get a prepaid card, check out the fees in this article.