Shakepay Card (May 2022): Why We Don’t Like It

February 28, 2022
Blog

The Shakepay Visa Prepaid Card is a decent alternative for individuals seeking a Bitcoin cashback card, but it does have some limitations to consider. The card’s main selling feature is its cash back rewards program, which is less than what other top crypto debit cards provide.

Instead, we recommend the Crypto.com Visa Rewards Prepaid Card, our top pick for a Bitcoin credit card in Canada since it comes with low costs and no foreign transaction fees. It works with a variety of currencies and has no yearly charge, so we can’t suggest it highly enough.

What Is The Shakepay Visa Card?

The Shakepay Visa Prepaid Card is a cryptocurrency debit card linked to the Canadian Shakepay crypto exchange, alongside the Shakepay app. Shakepay customers may use this cryptocurrency debit card to purchase items online anywhere Visa is accepted, and you can add funds to it through a variety of payment methods, such as through an Interac e-transfer.

The card supports Apple Pay and Google Pay, but be aware that a physical version of the card is not yet available. You may apply for a crypto debit card in minutes once you have a Shakepay account, and Bitcoin-denominated rewards may be earned on all purchases when using this card, whether you spend your Canadian dollar balance or your Bitcoin funds.

Pros Of The Shakepay Visa Card

Cashback rewards that give you free Bitcoin on purchases are the primary advantage of the Shakepay Visa card. While the initial reward rate is only 1%, it rises to 2% for purchases totaling less than $5,000. Furthermore, Shakepay has periodically offered generous bonuses to its customers.

Users may also earn up to 4% cashback rewards if they refer their friends to the crypto debit card program. For those who can refer a few of their friends, 4% is one of the most competitive rates on the market, and it shouldn’t be difficult to accomplish as the prepaid card is issued since late 2021.

The other major advantage of the Shakepay Visa card is that it will have the same high level of performance and customer service as the original Shakepay platform has grown to be known for overtime.

Cons Of The Shakepay Card

When it comes to the Shakepay Visa card, there are a few possible dealbreakers to consider.

To begin with, the card’s major selling point, which is its cash back rewards program, is lower than what’s available with numerous other prominent crypto debit cards on the market. While there are opportunities for bonuses, these incentives do not exceed the base cashback rate provided by other cards.

The biggest dealbreaker with the Shakepay Visa crypto card, however, or at least as it exists today, is that it does not have any physical card option. As of now, the card is completely digital, which means that you’ll only be able to use this card for online shopping.

Another thing to consider when it comes to the Shakepay platform, in general, is that it does not support a wide variety of cryptocurrencies. The crypto exchange platform only supports Bitcoin and Ether, and the crypto debit card’s cashback rewards will only be added to your Bitcoin balance.

Should I Get A Shakepay Visa Card?

While there are a number of drawbacks with this crypto card, the truth is that it will be the correct choice for someone who requires a high degree of simplicity and excellent customer service.

It’s also worth noting that the cashback benefits earned by this card do not have to be used with an alternative, proprietary token, which is frequently a requirement for cards with greater rewards.

Alternatives To The Shakepay Card

While the Shakepay Visa card is not a bad option as far as crypto credit cards are concerned, there are a number of other crypto credit cards on the market that might better suit your needs.

Here are a few examples of other crypto credit cards to consider:

1. Crypto.com Visa Rewards Prepaid 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. 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.

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. 

In Summary

The Shakepay Visa Card is a decent option for those who are looking for a crypto debit card, but it does have some potential drawbacks worth considering. The main selling point of the card is the cash back rewards program, which is lower than what’s available with some of the other major crypto debit cards on the market.

Instead, we recommend that you use the Crypto.com Prepaid Visa Rewards Card, considering it 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.

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