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Netcoins Visa Card Review 2023: Perks, Benefits and Fees
Luis Clark
- URL: https://netcoins.ca/pay/
- Physical Card Cost: Unknown
- Cash back: 1% in Bitcoin reward
- Annual Fee: None
- Platform App: Desktop, Android and iOS devices
- Staking Rewards: None
- No. of Cryptocurrencies Supported: 32
- Type of Card: Prepaid Debit Card
Netcoins Visa Card Review: Our Opinion
Our candid opinion on the Netcoins Visa prepaid card is that it is a viable option for crypto investors to own their first Bitcoin. However, its lack of additional benefits may be a huge turn-off for more sophisticated crypto denizens who want more value for their money.
An Overview of Netcoins Visa Card
Netcoins is one of the top Canadian crypto exchanges owned by publicly traded company, BIGG Digital Assets. The cryptocurrency exchange originally started as a Bitcoin ATM provider in 2014 before navigating towards exchange in the last few years.
Now, Netcoins creates an easy way for Canadian investors to buy and sell over 32 cryptocurrencies, including popular names like Bitcoin, Ethereum, Bitcoin Cash, and Algorand with as little as $10. Users can easily fund their account using crypto deposits, Interac e-transfer, and bank wire transfer.
The exchange has focused its services on retail investors who are just making the transition into the crypto. Given this, the Bitcoin trading platform offers an academy for breaking down crypto concept for novices.
The Netcoins platform is easily accessible on both web and smartphone devices like Android and iOS. More so, Netcoins offers low platform fees, including zero deposit and withdrawal charges. It however, charges 0.5% in trading fees for its spot trading options.
Aside from regular trading , Netcoin offers its Netcoins Visa prepaid card through its Netcoins Pay platform. With this, users get rewards for everyday purchases paid in Bitcoins. Netcoins is regulated by the Financial Transactions Report and Analysis Centre (FINTRAC) as a money service business (MSB). It is also supervised by the Canadian Securities Exchange and British Columbia Securities Commission. This addresses the issue around Netcoin legit as a crypto exchange.
In the area of security, it offers two-factor authentications (2FA) in securing client’s funds.
Pros
- Does not need credit score check
- Earn up to 1% Bitcoin while shopping
- Supported by Visa, ApplePay, Google Pay, and Samsung Pay
- Zero annual fee on the Netcoins Visa Card
- Offers both virtual and physical cards
- Physical card is free
Cons
- Does not support Quebec residents
- Rewards are paid only in BTC
- Rewards are first converted to Canadian Dollars and then to BTC at the end of the month
- Card has to be funded first before it can be used
Netcoins Visa Card: What is it?
Netcoins Visa prepaid card is a value-added service from the Netcoins exchange that allows users to earn cryptocurrencies from their everyday financial transactions. The Visa Card can be used in all Visa supported merchants as well as Apple Pay, Google Pay, and Samsung Pay. These multiple payout options give users an unlimited way of earning crypto while they shop.
Users can earn a maximum of 1% in Bitcoin rewards from their every purchase, allowing crypto owners to pay for groceries, online shopping, and coffees.
The Netcoin Card comes in both virtual and physical card for a more traditional tactile experience. There are no annual fees to worry about and users don’t have to be concerned about a credit check. This is because the Netcoins Visa Card is a prepaid debit card and users have to top it up in order to pay for goods and services as well as earn from it.
Netcoins Visa Card: How does it work?
Like some other crypto debit cards, Netcoins Visa prepaid card puts a spin on payment solutions for everyday users. It is a prepaid card which doubles as a debit card, the difference is that users need to fund their cards directly with Canadian Dollars to facilitates payment and earning rewards.
Once this is done, users can pay for their groceries and make other purchases on all point of sale (POS) supported by the Visa network, and retail stores or businesses that accept Apple Pay, Google Pay, and Samsung Pay.
It’s amazing that Netcoins Visa Card applicants needn’t worry about their credit scores when applying. The only qualification is to apply for it after completing the Netcoin’s verification process.
Aside from this, users can also retain full control of their card by locking it through the mobile app, and directly downloading their monthly statements.
Benefits & Perks
Similar crypto rewarding debit cards offer additional perks and benefits for users of their Bitcoin cards. However in our Netcoins Visa Card review, we could not clarify any additional benefits aside from the 1% Bitcoin reward paid to users. This is a major drawback for the Netcoins card when compared with its pairs.
Cryptocurrencies Supported
The Netcoins Visa Card supports all crypto assets offered by its exchange service. By this, users can easily tap into multiple crypto projects like Bitcoin, Ethereum, Algorand, XRP, Binance Coin, and the 32 crypto library.
While this is significantly limited for more sophisticated investors, this lineup is quite tangible for crypto novices making the transition into the decentralised economy.
Fees Explained
We discovered that Netcoins charges processing fees, but there are no fees associated with using the Netcoins card. The fee system works for both the exchange and Netcoins Pay platform. Bank transfers with 3,000 CAD and below attracts a 30 CAD processing fee, while funding fees above this threshold on any Netcoins account is free.
USD wire transfer deposits between $2,000 and below, attracts a $25 processing fee while above the stated threshold is free. For crypto withdrawal fees, users must pay 0.00025 BTC to transfer the asset to an external wallet. It’s important to know that , this is paid to the Bitcoin network and not to Netcoins. If the Bitcoin rewards are converted to Canadian Dollars for transfer, users would need to meet the 25,000 CAD threshold or pay 30 CAD in processing fee.
Different Card Holder Tiers
Netcoins card offer a single-tier card system, meaning everyone gets the same prepaid debit card. This is largely due to a lack of additional perks or benefits on the Netcoins card.
Opening an Account
Netcoin Visa Cards can only be obtained by registered users. To get started, follow these detailed steps to open a Netcoins account.
Register on Netcoins
The first step is to register on the official Netcoins website. To do this, tap on the ‘Login/Sign Up’ button on the top right-hand corner, insert a valid email address, and a password. Then tap on the Netcoins App icon to download the app at the top of the dashboard. Sign in using the newly verified email address and password to proceed to the next step.
Verify ID
All new users need to complete the compulsory know-your-customer (KYC) process. To do this, tap on the profile icon and click on ‘Verify.’ Upload the following details; full name; address and upload a copy of your driver’s license or government-issued ID card for the account verification for full access.
Deposit Funds
The platform allows users to fund their Netcoins account with as little as 10 CAD which means, anyone can use the service. To do this, tap on the Deposit icon and select a payment method. Follow the on-screen prompts to confirm the transaction. Meanwhile, Netcoins also support other fiat currencies like the US dollars for deposits.
Sign Up for Netcoins Pay
The next step would be to apply for the Netcoins Pay. Head to the Netcoins Pay platform and select between using a virtual or physical card. Netcoins grants users access to both virtual and physical cards so select either one or both on the platform. Once the signup process is complete, the virtual card is ready for immediate use pending the arrival of the physical one.
Topup Your Card
Next step is to fund the Netcoin Visa prepaid card platform with CAD. This can be done using crypto deposit, Interac e Transfer, and others. Just click on the ‘Deposit’ button and follow the on-screen prompts.
Spend
Now that the card is fully funded, users can pay for goods and services in any retail outlet or business that supports it.
Earn Bitcoin
When purchases are made, 1% of the equivalent value is given as a reward to the user. This is originally shown in CAD before it is converted to BTC at a fixed time in the month.
Netcoins Visa Card App
Netcoin Visa prepaid card does not have a standalone Netcoins app for its crypto earning service. Instead users can access all Bitcoin rewards on the Netcoins card directly on the regular Netcoin mobile application available on Android and iOS devices.
Customer Satisfaction
Is Netcoins Visa Card Right for You?
This is dependent on the users needs. However, the Netcoins Visa prepaid card is very convenient for those looking to earn something back from their frequent online purchases. This is super-convenient for social individuals who spend considerable time with friends. This way, they can easily use the Netcoins card to cut down on some of your expenses through the cashbacks.
Given that it also charges little to nothing in maintenance and annual fees, Netcoins Visa prepaid card is ideal for the regular user. Nonetheless, its reward figure is pretty low compared some other cashback services like the Binance Card.
Final Thoughts
The Netcoins Visa prepaid card provides a convenient way to shop and earn cryptocurrency back in return. We discovered that Netcoins Visa Card does not charge any fees and rewards users with Bitcoin rewards up to 1%. Also, it supports multiple e-wallet payment options.
While it may be ideal for retail crypto users, the Netcoins Visa prepaid card does not offer any additional value for more demanding users.
FAQ
Most frequent questions and answers
To apply, register on the Netcoin platform. Complete the verification process, request for a card and top it up via bank wire transfer, Interac, e-transfer, crypto or deposit.
Netcoins Visa Prepaid Card essentially rewards users with 1% in Bitcoin whenever they make purchases with it.
There are several crypto cards that offer more value than the Netcoins Visa prepaid card. An example is the Binance Card which pays users up to 8% in the Binance Coin (BNB). However, these other high-end crypto cards have major trading volume and a global audience that enables them generate multiple revenue. For an exchange catering to only a particular region, the Netcoins crypto cards still offer value for Canadian users.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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