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Crypto Cards in Canada
Want to earn Bitcoin or crypto cash back instead of fiat or loyalty points? We found 9 Bitcoin and crypto reward cards that are available for Canadians. This page compares all 9 cards across 20 variables and 180 data points. We update this page regularly but this info is subject to change.
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- Crypto.com new cash back rates are effective on June 01, 2022. Here is their official announcement
Best Crypto Cards in Canada 2023
Crypto Cards Not Available in Canada
There are many crypto reward cards internationally like the Coinbase Card and Binance Card, but the industry is relatively new and most of them are not available in Canada yet.
Fold Visa Debit
Binance Crypto Card
Coinbase Card
Video Review
Published on April 20, 2022. Refer to the rest of this page for the most updated info.
How Do Crypto Cards Work?
Right now, every crypto "credit card" in Canada is a prepaid card that lets you spend CAD in order to earn crypto as rewards. Prepaid cards work just like a debit card but still give you rewards like a credit card. Since no borrowing is involved, there is no credit check and no minimum requirements to get a card. You also don't have to worry about harming your credit score or paying interest.
There are no cards in Canada that we've found that let you actually spend cryptocurrency. However, there are cards internationally, like the Binance Card, that let you do it so it's going to come eventually.
How To Pick A Good Crypto Rewards Card
The tables at the top of this page provide all the features you need to consider when finding the best crypto or Bitcoin reward card. The most important things to consider are what you'll use the card for, the rewards and incentives, the payout frequency, and the fees.
- Fees: What are the costs associated with the card? This includes annual fees, inactivity fees, ATM withdrawal fees, foreign transaction fees, and other.
- Rewards and Incentives: What benefits does the card offer you? Examples include a sign up bonus, the total cash back rate, insurance coverage, and travel perks. You should also check if there are any spending limitations or exclusions in the fine print.
- Payout Frequency: How fast do your rewards get delivered? Some cards deposit your rewards within 24 hours while others do so every 30 days.
- User Interface: Is the platform easy to use, do you like the mobile app, are spending insights or any useful features available?
How To Apply For A Crypto Card
Most crypto cards are issued by cryptocurrency exchanges, which require KYC (know your customer) to sign up. In simple terms, it means you need to verify your identity to sign up for the platform. Once you've signed up for the exchange, you can usually get the card right away since there is no credit check or minimum income requirements.
Signing up for a Canadian crypto exchange typically takes 5-10 minutes and requires info like this:
- Your full name
- Email address
- Phone number
- Date of birth
- Address
- Copy of government-issued ID
- Selfie check
Many platforms will verify you instantly but it can take a few days as well. Once your account is open, you can immediately get your physical or virtual card.
FAQ
Crypto credit cards in Canada are prepaid cards, so they do not impact your credit score. As you are not given a credit limit, there is no credit check when applying and there is no risk of going into debt with a prepaid card.
With a credit card, you are borrowing money and need to pay it back. With a prepaid card, you are spending your own money that you have deposited beforehand. Prepaid cards don't have interest rates, don't allow you to go into debt, and don't impact your credit score because you are not borrowing funds.
Both are very similar. Most debit cards are linked to your bank account, do not offer rewards, and sometimes allow you to go into overdraft protection. With prepaid cards, money is loaded into your account, usually from a bank account, and there are no credit limits or overdrafts when you hit $0.
You can spend your crypto credit card anywhere Visa or Mastercard is accepted.
Yes. Since the cards are partnered with Visa or Mastercard, they have similar security features as regular credit cards. It often includes zero-liability insurance against fraud or theft, transaction monitoring, and more.
However, digital assets must be treated with additional care. For example, use 2 factor authentication, store your crypto in cold storage, and hide your seed phrase.
No, the Coinbase Visa Card is not available in Canada and there is no official date as to when it will be. The card is available in more than 20 countries, including the USA, UK, France, Sweden, Germany, Spain, Iceland, and others.
Crypto cards are worth it if you want to earn free Bitcoin or cryptocurrency cash back instead of fiat or traditional rewards points. However, there are more traditional credit cards to choose from where you might stand to get higher rewards.
Right now, this is every crypto card that is eligible in Canada that we found. Crypto cards are relatively new in the overall credit card industry but we'll update the list as more cards are released.
Yes, all info is collected from the official websites and verified accounts that have passed KYC with Canadian citizenship. We won't be perfect 100% of the time but our goal is to go the extra mile to create reviews and comparisons that you can trust.
We make updates every month and have a small team that fact checks information. We do our best but sometimes there will be info that is incorrect. RankFi is 100% free and you can support us by signing up with our referral links which helps keep the site updated.
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