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Crypto.com Visa Card Review

Last Updated: Apr 14, 2024  |  Published: Apr 24, 2022


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Crypto.com offers 5 visa cards for Canadians that offer 1%-8% cash back rewards and other benefits like free Spotify, Netflix, and more.

This review goes in-depth on how it works, the fees, if it's worth it and how it compares to the other crypto credit cards eligible in Canada. 

Effective June 1, 2022, Crypto.com is slashing rewards on all of their Visa Cards. Here is the official announcement.

Crypto.com Ruby Steel Card

Crypto.com Visa Overview

Cash Back Rate

1% to 5% paid in CRO

Annual Fee

Free (but you must stake CRO for certain cards)

Payout Frequency

About 36 hours

Card Type

Prepaid Visa

Foreign Transaction Fee

0.50%

Interest Rate

None

Credit Check

None

Sign Up Promotion

Get $25 free when you stake for a Ruby Card or higher

Other Notes

N/A

Pros & Cons

Where It Shines:

  • Best Rewards & Perks - Earn 0.5%-5% cash back plus tons of other benefits depending which card you get (free Spotify, Netflix, Airbnb rebates, etc)
  • Fast Payouts Within ~36 Hours
  • No Annual Fees & Low Fees - 0.50% foreign transaction fees, free ATM withdrawals of $250/month to $1300/month, free deposits, no inactivity fees

Where It Falls Short:

  • Need to Stake a Lot - The amount you need to stake is $500, $5k, $50k or $500k to get the best cards. This is out of many peoples budgets and you need to be bullish on the CRO token long term because your funds will be locked up for at least 6 months
  • Doesn't Build or Impact Your Credit Score (not a con for everyone)
  • Mobile App - The user-interface can be confusing, especially compared to the other crypto rewards cards which are very beginner-friendly 

How Does It Work?

Crypto.com Card Tiers

Crypto.com offers 5 different card tiers. The Midnight Blue is the only free card. The other 4 cards require you to stake CRO (their native token) for 6 months to get the higher cash back rewards. After 6 months, you get your CRO back however, you have to keep it staked to continue earning the same cash back rate.

Obviously, the price of CRO can increase or decrease at any time. So if you'll be staking for the higher rewards, you should do your research and only do so if you believe in the CRO token long term.

How to Use The Card

  1. Sign up for Crypto.com
  2. Choose your card
  3. Deposit Canadian dollars into your account (e-Transfer is the easiest)
  4. Spend your card in-person or online
  5. Rewards will be deposited into your account within 36 hours

Opening An Account

To open an account, Crypto.com requires KYC (proving your identity). This is required by law so make sure to have your ID with you when signing up. In general, the process is quick and takes under 10 minutes. Most accounts will be automatically verified.

Who Is Eligible?

  • Canadian residents
  • *No credit check or minimum income is required

Sign Up Requirements

  • Name, address, date of birth
  • Phone number
  • Government Issued Photo ID
  • Selfie upload
  • Proof of address

Card Tiers

The new rewards that are effective on June 1 can be found here: Compare all Crypto.com cards

Crypto.com Card Tiers

Other Benefits & Rewards:

Crypto.com Other Card Benefits

See our Crypto.com App review to see the cryptocurrency trading and other features.

Deposit & Withdrawals

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-2 Days

Min $20 - Max $10K

Credit/Debit Card

3.50%

Instant

Min $2 - Max $30K weekly

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-2 Days

Min $100 - Max $25k

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.0006 BTC

0.0012 BTC

Ethereum

0.005 ETH

0.001 ETH

Fees & Limits

Cell

Annual Fee

Free (however, you must stake for certain cards)

CAD Deposit Fees

Free via e-Transfer

Foreign Transaction Fees

0.50%

Inactivity Fee

None

Daily Spend Limit

$15k-$35k

ATM Withdrawal Fee

$250-$1300/mo free then $5 fee

Max ATM Withdrawal

$700-$2500

ATM Daily Limit

$700-$2500

CRO Withdrawal Fee

0.20 CRO

Other

Replacement card is $10-$70

Security

Is Crypto.com Trustworthy?

Overall, Crypto.com is considered a safe company. They offer 2FA, have a $750 million cold storage insurance policy, and have many other security features. They're trusted by 10+ million users worldwide and have built a good reputation in the crypto industry.

Is The Crypto.com Visa Insured?

According to the Cardholder Agreement, the funds in your Crypto.com account are not CDIC insured. However, there is some protection if you report that there is unauthorized use of your card.

Crypto.com Visa Alternatives

Shakepay Card

  • 1% unlimited Bitcoin cash back (2% with promo)
  • Virtual card only right now
  • Fast payouts within 24 to 48 hours

Netcoins Pay

  • 1% unlimited Bitcoin cash back (3% with promo)
  • $60 free if you trade $100
  • Payouts only once a month

We found 8 crypto reward cards eligible in Canada that we are tracking. You can compare all of them below:

Name

Cash Back Rate

Cash Back Form

Annual Fee

Payout Frequency

Website

Netcoins Pay Visa Card

Netcoins Pay(#1 overall)

1%

BTC

Free

Once a month

5%

CRO

Stake $500k for 6mos

36 hours

3%

CRO

Stake $50k for 6mos

36 hours

2%

CRO

Stake $5k for 6mos

36 hours

1%

CRO

Stake $500 for 6mos

36 hours

0%

CRO

Free

36 hours

1%

BTC

Free

24-48hrs

1%

Crypto, stocks or cash

Free

7-9 days

The Bottom Line

If you are bullish on the CRO token and have money to stake, the Crypto.com Royal Indigo & Jade Green Card and upper tiers offer the best cash back rates in Canada (2%-5%). However, if you're looking for the best Bitcoin rewards card in Canada or the best free crypto credit cards, look into the Shakepay Card or Netcoins Visa

Reasons to get a Crypto.com Visa:

  • Highest rewards in Canada if you stake for a Royal Indigo/Jade Green card or higher
  • Fast payouts within ~36 hours
  • Other potential benefits like free Spotify, Netflix, etc

Reasons to get something else:

  • If you don't want to stake CRO for 6 months or don't believe in the CRO token long term
  • If you'd rather earn Bitcoin rewards, get the Shakepay Card or Netcoins Visa
  • If you want to build your credit score, find a regular rewards credit card
Crypto.com Royal Indigo and Jade Green Card

Crypto.com Visa

  • 1% to 5% cash back
  • $25 free if you stake for a Ruby Card or higher
  • Fast payouts within 36 hours
Crypto.com Ruby Steel Card

Crypto.com Visas

Get $25 free when you stake for a Ruby Card or higher