When it comes to Bitcoin credit cards in Canada, you can choose a card that offers high cashback, low overall fees, or one that supports a variety of crypto assets. Our top pick is the Crypto.com Visa Rewards Prepaid Card, since it has a low annual fee, no foreign transaction fees, and supports a wide range of cryptocurrencies.
Alternatively, if you’re looking for the best way to invest in crypto in Canada, I recommend Kraken, my #1-ranked cryptocurrency exchange. Kraken has over 10 million satisfied users, offers the lowest trading fees in Canada by a mile, and is offering a $10 signup bonus (no referral code required) from now until May 12, 2024.
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.
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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. 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.
4. 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
When it comes to Bitcoin credit cards in Canada, you can choose a card that offers high cashback, low overall fees, or one that supports a variety of crypto assets. Our top pick is the Crypto.com Visa Rewards Prepaid Card, since it has a low annual fee, no foreign transaction fees, and supports a wide range of cryptocurrencies.
Alternatively, if you’re looking for the best way to invest in crypto in Canada, I recommend Kraken, my #1-ranked cryptocurrency exchange. Kraken has over 10 million satisfied users, offers the lowest trading fees in Canada by a mile, and is offering a $10 signup bonus (no referral code required) from now until May 12, 2024.
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 cards offer rewards in the form of cash back or points that will increase your earnings. Consider whether these rewards are valuable to you and compare different programs against each other. Other examples of crypto rewards programs include ShakingSats from Shakepay.
- 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 (also known as crypto credit cards) are physical or virtual cards that are linked to your crypto wallet and can be used to make purchases or withdrawals from exchanges like CoinSmart or Bitbuy, ATMs, and online retailers.
Crypto credit cards work similarly to traditional credit cards; however, they use Bitcoin or another cryptocurrency as the underlying asset instead of fiat currency. When you make a purchase with a crypto credit card, the card issuer will convert the cryptocurrency into the equivalent amount of fiat currency, which is then used to pay the merchant.
When you use a crypto credit card to make an ATM withdrawal, the card issuer will again convert the cryptocurrency into cash, which is then dispensed from the machine.
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.
