Shakepay Card Review 2023: Benefits, Pros and Cons
Shakepay Card Review: Our Opinion
The Shakepay card is a cryptocurrency prepaid card that offers users an alternative way to make payments via their Shakpay wallets. It can be used for everyday online payments for groceries and other essentials.
The Shakepay Visa Card is supported in millions of stores that accept Visa credit card payments and supports the Canadian Dollar (CAD). Since the card has no hidden charges and no monthly or annual fees, it is a good alternative for everyday payments.
However, we’ll highlight some downsides to the card in this Shakepay Card review. Keep reading.
An Overview of Shakepay Card
Shakepay is a Canadian crypto exchange and money service business that provides Canadians with an easier way to buy and sell crypto assets. The exchange was founded in 2015 by Roy Breidi and Jean Amiouny and is headquartered in Montreal, Canada.
On the Shakepay financial app, Canadians can buy and sell Bitcoin and Ethereum via peer-to-peer trading. Users can also send Canadian Dollars to their friends and receive payments with the app.
Overall, Shakepay is an innovative money service business with crypto-related solutions for both beginners and experienced crypto traders in Canada to trade digital currencies and make seamless payments.
Shakepay Card: What is it?
The Shakepay crypto exchange designed the Shakepay Visa Card as part of its mission to provide simplicity and ease to its customers. With the Shakepay card, the Canadian crypto exchange allows its customers to make online payments easily.
The Shakepay Visa Prepaid Card functions like a debit card that users can top up via Interac e-Transfer and use for Canadian Dollar (CAD) payments. Supported platforms include Google Pay, Apple, and other online platforms that support Visa crypto credit cards or debit cards worldwide.
Canadian cardholders also earn free Bitcoin rewards from cash back when they use the Shakepay Visa card for online payments at millions of supported stores.
However, it is important to note that the Shakepay Card is only available for virtual use.
How Does it Work?
Although the Shakepay Visa Prepaid card is a crypto card, direct crypto payments are not supported. To make payments, users need to sell crypto from their Shakepay wallets for CAD and deposit it in their Shakepay wallet via Interac e-Transfer.
As stated earlier, the Shakepay card can be used anywhere Apple Pay and Google are supported and in stores that accept prepaid Visa cards in Canada and beyond.
To request a Shakepay Card, users must have a verified Shakepay account. The card requires no credit check or score. So, bad credit doesn’t matter.
The Shakepay card is for personal use only and cannot be used for business purposes. The requirements to get a Shakepay Card include:
- Being fully verified on Shakepay
- Being a tax-paying resident of Canada only (and no other country)
- Being a Canadian resident
Users with an unverified account on Shakepay can also create a card. However, before the card can be processed, they will be required to provide additional information, identity documents, and a selfie video for verification.
Benefits and Perks
The reward program is a significant benefit of the Shakepay Card. Cardholders enjoy free rewards from Bitcoin cash back, including a 1% base reward when transacting with the card. The reward also rises to 2% for the first purchases worth C$5,000.
Another perk of the Shakepay card is that it requires no credit score or history for the card to be processed. Being a Canadian resident is the only prerequisite to registering on Shakepay. Other benefits for Canadians include:
- $0 card issuance cost
- No transaction fee
- No annual fee
The Shakepay exchange supports only Bitcoin or Ethereum assets, but the Shakepay card can only be used for CAD payments. The card doesn’t support crypto payments, and this is a significant limitation to its utility.
To make up for this, Shakepay rewards cardholders with Bitcoin cash back. Customers cannot receive their cash back rewards in other currencies like Ethereum or Canadian dollars that the exchange supports. All rewards are also automatically deposited to the cardholder’s Bitcoin balance in their Shakepay account.
Shakepay also gives users the freedom to cash out or sell the BTC rewards from cash back for CAD whenever they want.
Shakepay Card Fees Explained
During this Shakepay card review, we discovered that there are no charges on card issuance or transaction fees. Shakepay users who want the Shakepay Visa Prepaid Card simply need to request one via the app at no cost. The card also attracts no monthly or annual fees or hidden charges.
However, free transactions are limited to Canadian merchants and payments only. International transactions involving foreign currency on the card attract a 3% foreign currency transaction fee.
Different Card Holder Tiers
The Shakepay Card and its features are available to all users in the same way. There are no tiers or levels, regardless of users’ transaction volumes. There are also equal spending limits for all Shakepay Card holders. Transaction limits include:
- C$3,000 per transaction
- C$ 3,000 per day
- C$50,000 per month
Opening an Account
The Shakepay card is integrated into the Shakepay app. To use the Shakepay Card, users must create and verify an account.
Follow the steps below to get started.
Step 1: Visit the Shakepay Website
Head to the website and click on “Get Started” at the top-right corner of the home screen.
Step 2: Enter Personal Credentials
Enter the personal information required on the next screen, including a valid email address, password, and account type. Check the terms and conditions box, and click on “Sign Up”.
Step 3: Verify Email and Phone Number
A verification link will be sent to the email address provided. Tap on “Verify” in the email content to complete the registration process. Proceed to enter a phone number in the box provided on the next screen and complete the verification.
Step 4: Verify ID
Full identity verification is a prerequisite for getting the Shakepay card. After creating an account, initiate the verification process by selecting the “Verify Account” option on the home screen of the Shakepay mobile app. Proceed to upload the required documents including:
- A valid government-issued photo ID
- A short selfie video
Accepted ID documents include a valid passport, Canadian driver’s license (with photo), ID cards from Canadian Provinces, Canadian residence permits, and foreign driver’s license. Upon submission, the Shakepay team will review the application and complete the verification within 24 hours to 4 days.
Step 5: Request Card
To register for a Shakepay card, download the Shakepay mobile app on Android or iOS, register and tap on the “Get the Shakepay Card” button. Enter the country of residence and agree to the company’s cardholder agreement to complete the process.
The card will be processed once the account is fully verified and all information is accurate.
Shakepay Card App
Shakepay’s card feature is integrated into the general Shakepay app. Because the app is intuitive and does not have advanced trading tools, users can navigate the Shakepay platform without any hassles.
According to user reviews on the Shakepay website, customers love the Shakepay Card because of the extra passive income it generates. Users particularly fancy how the card can be easily used for essentials like groceries and gas and how the BTC rewards stack up to handle regular purchases online for free.
The app is also built into the Shakepay crypto trading app, so users don’t need to download another app just for the card feature alone. The card also has no effect on users’ credit scores or charges fees for local purchases and transactions, which is a big deal to users.
Shakepay also has a 24/7 customer support team that cardholders can reach via email or phone number in the case of a lost or stolen card. The customer service team can also help users solve other challenges they may encounter while using the card or request a replacement card if one expires.
However, Shakepay’s card handles only fiat CAD payments and cannot be used for crypto payments. Rewards are also limited to Bitcoin only, which requires users to do the extra work of converting the coin to fiat currency before spending it. The card also doesn’t support direct bill payments.
Is Shakepay Card Right for You?
The Shakepay card is a great alternative to everyday basic payments like groceries, gas, dinner, and other essentials. The prepaid card also offers free Bitcoin from chargebacks at no cost for all Canadian transactions.
To help determine if the card is right for you and answer the question, “Is Shakepay Card legit?” we’ve highlighted its pros and cons in this Shakepay card review. The card is suitable for online users who need a seamless payment method. However, the card is only available to Canadians, so it’s not a viable payment option outside of the Great White North.
The Shakepay card is one of the crypto credit cards in Canada. It offers simplicity and quality customer service for a complete user experience. The card supports payments via Visa, a payment services giant, and allows users to make payments in millions of online merchant stores.
The card has some drawbacks highlighted in this Shakepay Card review, but it makes up for it with free cash-back rewards and no charges.
Most frequent questions and answers
Shakepay offers only a virtual card at the moment. The card is available on the Shakepay app and can be used for online CAD payments.
The Shakepay Card is a prepaid debit card connected to a cardholder’s Shakepay wallet. The equivalent CAD amount is debited from the account when used for payments.
There are few crypto credit cards in Canada, but in our opinion the Binance Card is the best. The card is a great alternative to Shakepay’s card. Users can make payments on Apple Pay, Google Pay, Samsung Pay, and online stores using the Binance Card.
Shakepay is a safe crypto exchange that offers wallet addresses to users to send and receive Bitcoin, Ethereum, and Canadian Dollars (CAD).
Bitcoin withdrawal on Shakepay is instant, while Interac e Transfer and wire transfer into a bank account take a few minutes and 1-2 working days, respectively.
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
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.