5 Best Bitcoin Credit Cards in Canada (May 2022)

February 28, 2022
Blog

There are several options for Bitcoin credit cards in Canada. Whether you’re looking for a card with high cashback rates or a card that doesn’t charge any fees, you’ll find plenty of alternatives. We’ll go through some of the top Bitcoin credit card alternatives available to Canadians in this blog post.

Overall, the Crypto.com Visa Rewards Prepaid Card is our top pick for a Bitcoin credit card in Canada. It has a low yearly charge, no foreign transaction fees, and works with a variety of currencies, which is why we can’t recommend it enough.

What Are The Best Bitcoin Credit Cards In Canada?

1. Crypto.com Rewards Visa Rewards Card

The Crypto.com Rewards Visa Prepaid Card is a unique crypto card aimed at cryptocurrency owners who want to readily access and convert their crypto assets into spendable money.

Until crypto payment cards were introduced, customers had to wait weeks to access their money for spending. The Crypto.com Rewards Visa has solved this problem by allowing users to load their crypto funds onto the card and then convert them to the user’s preferred fiat currency.

This card also enables you to earn cashback of up to 8% on your purchases and supports a wide array of different cryptocurrencies to spend.

Features

  • Wide array of supported crypto (90+)
  • No monthly fees or issuance costs
  • Cashback deals on streaming services

Cost

  • Annual fees: No annual fee

Best For

Cryptocurrency holders looking for a crypto debit card that supports plenty of different cryptocurrencies.

2. Coinbase Card

The Coinbase Card is a crypto debit card that lets cardholders use their cryptocurrency anywhere Visa is accepted. This card’s popularity stems from its ability to handle numerous crypto tokens, its simple currency conversion, and its top-notch security.

It supports up to nine cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), and users must have a Coinbase account. On demand, the card converts the cryptocurrency of your choice into your Coinbase account for you, so you don’t have to keep a fiat currency balance in your account.

Features

  • Can be used anywhere Visa is accepted
  • Pay using multiple cryptocurrency wallets
  • Multiple security features

Cost

  • Cryptocurrency liquidation fee: 2.49%

Best For

Cryptocurrency holders looking for a crypto debit card that has an easy and quick currency conversion. 

3. BlockFi Bitcoin Rewards Credit Card

BlockFi was one of the first companies to provide a Visa credit card that gives cashback in Bitcoin on all purchases. The BlockFi card earns you rewards in the form of Bitcoin, which will be added to your BlockFi Interest Account and begin earning interest immediately.

The BlockFi card has a similar credit limit to other Visa cards and can be used to make purchases wherever Visa is accepted. The card also gives 1.5% cashback on every purchase, which is converted to Bitcoin and deposited in the cardholder’s BlockFi account. The first three months of card ownership earn a 3.5% bonus on cashback, up to a maximum of $100.

Features

  • 1.5% cashback
  • 3.5% cashback in the first three months

Cost

  • Annual fee: No annual fee
  • Foreign transaction fee: No foreign transaction fee

Best For

Cryptocurrency holders looking to earn cashback in Bitcoin purchases.

4. BlockCard Rewards Visa Card

The BlockCard Rewards Visa Card, created by financial technology firm Ternio, allows users to make purchases using their cryptocurrency of choice wherever Visa is accepted. It has a flat account management fee and no deposit, exchange, or withdrawal fees.

A $10 activation charge and a monthly administrative fee of $5 are charged by the company, both of which are waived if the cardholder spends more than $750 per month in non-cash transactions. BlockCArd has no deposit, exchange, or withdrawal fees and only charges $3 for domestic ATM cash withdrawals ($3.50 international).

Features

  • No transaction, exchange, or withdrawal fees
  • Flat monthly fee
  • Offers cashback rewards

Cost

  • Monthly fee: $5
  • ATM withdrawal fee: $3
  • Foreign transaction fee: $2

Best For

Cryptocurrency holders looking for a low-fee crypto debit card.

5. Binance Visa Card

In 2020, Binance partnered with Swipe to launch a Visa debit card that provides 8% cashback. The Binance Visa Card has no issuance or monthly costs and only charges a 0.9% transaction fee for transactions and ATM withdrawals, although ATM operators may charge an additional fee.

The card supports 30 different cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). It stores cryptocurrency in your wallet and only converts what you need at the time of purchase, similar to Coinbase. The card may be used to make purchases anywhere where Visa is accepted.

Features

  • Offers 8% cashback
  • No monthly fees or issuance costs
  • Convert crypto on demand

Cost

  • Transaction fee: Up to a 0.9% for transactions and ATM withdrawals

Best For

Cryptocurrency holders looking to earn cashback in Bitcoin purchases.

In Summary

There are several Bitcoin credit and debit cards accessible to Canadians, each with its own set of advantages and drawbacks. There are a number of different cards to choose from, whether you’re looking for a card with high cashback rates, accepts numerous currencies, or has minimal fees.

The Crypto.com Visa Rewards Prepaid Card is our top pick for a Bitcoin credit card. It has a low yearly cost and no withdrawal costs, making it tough to resist. We propose you apply for this Bitcoin credit card today.

Best Bitcoin Credit Cards Canada FAQs

What Should I Look For In A Bitcoin Credit Card?

There are a few things to think about when comparing Bitcoin credit cards. These are some of the factors to consider:

Fees: Look for a Bitcoin card with low or no annual fees, foreign transaction fees, and ATM withdrawal fees.

Crypto rewards: Some Bitcoin credit cards provide cash back or reward points that can be used to increase your earnings. Consider whether these bonuses are worth it and compare different companies against one another.

Availability: Some cards are only available in specific countries. Before applying, double-check that the card is accessible to you.

Credit limit: Depending on your credit score and record, the credit limit on your card will differ. Before applying, make sure to determine what is the maximum limit available.

Other perks: Some Bitcoin credit cards come with additional benefits, such as free Spotify memberships and free ATM fees.

How Do Bitcoin Credit Cards Work?

Bitcoin credit cards (sometimes known as crypto credit cards) are physical or virtual cards that are linked to your cryptocurrency wallet and may be used to make purchases at ATMs and online merchants.

Bitcoin credit cards work in a similar way to traditional credit cards, but instead of using fiat money, they use Bitcoin as the underlying asset. When you make a purchase with a Bitcoin credit card, the card issuer converts Bitcoin into real currency and sends it to the merchant.

When you withdraw cash from an ATM machine using a Bitcoin credit card, the card issuer converts your Bitcoins into cash and feeds it out of the ATM.

How Do I Get A Bitcoin Credit Card?

Bitcoin credit cards are most often provided via cryptocurrency exchanges, and applicants must first create an account and/or digital wallet. Some also want applicants to provide identification papers as part of the Know Your Customer (KYC) verification procedure.

Some of these cards must be purchased before you can use them, and the cost of these Bitcoin cards can vary. Other cards charge a fee in their native token currency to access extra privileges, with fees ranging from $400 to $4,000 or more.

How Do I Apply For A Bitcoin Credit Card?

The ideal approach to finding a Bitcoin credit card that suits your needs is to compare several cards and their characteristics. After you’ve identified a few possibilities, you may apply for the card by filling out an online application form.

Personal information is required when submitting an application, and you’ll probably need to provide the following:

  • Full name
  • Date of birth
  • Residence address
  • Country of residence
  • Phone number
  • Email address

Customers on certain credit cards may also be required to use the card’s native currency or invest in it. If you have access to a Bitcoin credit card, you can trade Bitcoin for fiat currency at an exchange or a Bitcoin ATM.

Where Can Bitcoin Credit Cards Be Used?

Users of Bitcoin credit cards can spend money at any merchant that accepts major credit cards, as long as the issuer has strategic partnerships with the credit card company (for example, Visa). Cash withdrawals may also be made using ATMs that support the credit service.

There are certain countries where Bitcoin credit cards are available, such as the United States, the United Kingdom, Canada, and parts of Europe. Residents of certain states or regions may not be able to use some cards.

Are Bitcoin Credit Cards Safe To Use?

Yes, Bitcoin credit cards are secure to use. They operate similarly to traditional credit cards, but with the additional security of Bitcoin. Crypto credit cards also include fraud and chargeback protection as well as PINs and two-factor authentication.

The Best Crypto Exchanges In Canada

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