When it comes to crypto credit cards in Canada, you can opt for a card with a high cashback rate, one that supports many different currencies, or one with minimal fees. Our top pick is the Crypto.com Visa Rewards Card, since it has a low annual fee, no withdrawal fees, and supports a variety of different currencies, making it a solid all-around card.
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 April 20, 2024.
Before getting started with a crypto credit card, it's important that you're working with a reputable, trustworthy exchange. Here are my top three picks for the best crypto exchanges in Canada:
Best In Canada
|
Total Fees: ~0.16% |
★★★★★ Rated 4.9/5 |
Very Secure
|
Total Fees: ~3% |
★★★★ Rated 4.4/5 |
Strong Security
|
Trading fees: 2% (High) |
★★★★ Rated 4.2/5 |
Now let's get into the credit cards themselves.
What Are The Best Crypto 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.
Trade crypto with the lowest fees
Claim your account by April 20, 2024 to get exclusive access to this special deal.
2. 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.
3. 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.
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.
In Summary
When it comes to crypto credit cards in Canada, you can opt for a card with a high cashback rate, one that supports many different currencies, or one with minimal fees. Our top pick is the Crypto.com Visa Rewards Card, since it has a low annual fee, no withdrawal fees, and supports a variety of different currencies, making it a solid all-around card.
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 April 20, 2024.
Best Crypto Credit Cards Canada FAQs
What Should I Look For In A Crypto Credit Card?
When comparing Bitcoin credit cards, there are a few factors to consider. These include:
- Fees: Look for a card with low or no annual fees and minimal foreign transaction and currency conversion fees. The same applies to the underlying crypto exchange the card uses for its conversions to and from fiat currency.
- 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.
- Supported cryptocurrencies: Not all cards support the same digital assets. Make sure that the card you choose supports the ones you want to use.
- Availability: Some cards are only available in certain countries. Make sure to check that the card is available in your country before applying.
- Credit limit: The credit limit on your card will vary depending on your credit score and history. Make sure to consider what the maximum limit is before applying.
- Other perks: Some Bitcoin credit cards come with additional perks, such as free Spotify memberships and complimentary 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 given by cryptocurrency exchanges, and individuals must create an account and/or digital wallet before applying. Some also want applicants to submit identification documents as part of the Know Your Customer (KYC) verification process.
In order to utilize some of these cards, you must first purchase them. However, the prices for these purchases vary. Other cards charge a fee in their native token currency to get greater perks, with prices ranging from $400 to $4,000 or more.
How Do I Apply For A Bitcoin Credit Card?
The best way to find a Bitcoin credit card that meets your needs is to compare different cards and their features. Once you've found a few options, you can apply for the card by completing an online application form.
When applying, you'll likely need to provide some personal information, including:
- Your full name
- Date of birth
- Residence address
- Country of residence
- Phone number
- Email address
Certain credit cards might also demand that customers utilize the card's native currency or invest in it. You can exchange Bitcoin for fiat money at an exchange or a Bitcoin ATM if you have access to a crypto credit card.
Where Can Bitcoin Credit Cards Be Used?
Users of Bitcoin credit cards can use them to make purchases at any merchant that accepts major credit cards, as long as the issuer has strategic partnerships with the credit card firm (for example, crypto Visa cards). Cash withdrawals may also be made using ATMs that support the credit service.
Bitcoin credit cards are only available in certain countries, such as the US, UK, Canada, and some parts of Europe. Some cards are not accessible to residents of specific states or regions.
Are Bitcoin Credit Cards Safe To Use?
Yes, Bitcoin credit cards are safe to use. They work similarly to regular credit cards, but with the added security of cryptocurrency. Crypto credit cards also offer fraud and chargeback protection, as well as options like PIN numbers and two-factor authentication.
