Shakepay Card Review + $50 Bonus

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 is, along with Newton and Wealthsimple Crypto, one of the most expensive retail crypto exchanges in Canada). 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 totalling 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 over time.

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 regarding 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 are better.

Here are two 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. 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 Prepaid Card is a subpar card for crypto investors looking to earn cash back in Bitcoin. It offers a lower cash back rate than other cards in the industry, and the card is provided by Shakepay, an expensive crypto exchange I don't recommend to anyone. I recommend the Crypto.com Visa Rewards Prepaid Card, or the Coinbase Card as better alternatives.

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 21, 2024.