Copy of Review 1 - Blank

Netcoins Pay Review

Last Updated: Apr 14, 2024  |  Published: Apr 23, 2022


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The Netcoins Visa Card was released in 2022 and pays you 1% cash back in Bitcoin on every purchase you make.

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. 

Netcoins Pay Visa Card

Netcoins Pay Overview

Cash Back Rate

1% paid in Bitcoin

Annual Fee

Free

Payout Frequency

Once a month

Card Type

Prepaid Visa

Foreign Transaction Fee

1.50%

Interest Rate

None

Credit Check

None

Sign Up Promotion

1) 3% cash back for first 90 days ($100 max)

2) $60 free when you trade $100

Other Notes

N/A

Pros & Cons

Where It Shines:

  • Ease of Use - Netcoins is very beginner friendly, easy to sign up, has fast e-transfer deposits, and has a simple user interface
  • Stack Bitcoin - Rather than earning traditional reward points, you can start earning Bitcoin which is an asset that has the potential to appreciate in value over the long term 
  • Good Welcome Bonuses - Get 3% cash back for 90 days and $60 free if you trade $100

Where It Falls Short:

  • Payouts Once A Month - Other cards like Shakepay and Crypto.com payout within 24-48 hours
  • Higher Rewards Available - You can find cards with more perks and rewards. For example, some Crypto.com Visa's offer 1.5% cash back or higher
  • Doesn't Build or Impact Your Credit Score (not a con for everyone)
  • Inactivity Fee of $1/month after 90 days
  • Card Features Are Not Accessible In The App

About Netcoins

Netcoins is a Canadian cryptocurrency exchange for beginners with fast setup, 20+ coins and free deposits. The platform is built for beginners and has been serving Canadians since 2014.

They are also owned by a publicly traded company called BIGG Digital Assets which adds a layer of safety and reputation. 

What Is The Netcoins Card?

Netcoins Pay lets you earn 1% Bitcoin cash back every time to you spend money. It is one of the first rewards cards that lets Canadians start earning Bitcoin on everyday purchases.

The card is a prepaid visa so it works like a debit card but rewards you like a credit card.

How Does It Work?

How Netcoins Pay Works
  1. Sign up for Netcoins
  2. Deposit Canadian dollars into your account
  3. Spend your card in-person or online
  4. Rewards will be deposited into your account once a month

Application Process

Signing up for Netcoins requires KYC (proving your identity). This is required by law so make sure to have your ID with you. However, the process is quick and takes about 5 minutes. Most accounts will be automatically verified.

Who Is Eligible?

  • Canadian residents except for the province of Quebec
  • *No credit check or minimum income is required

Sign Up Requirements

  • Phone number
  • Government Issued Photo ID
  • Proof of residency
  • Selfie upload

Features

1% Unlimited Cash Back

Get 1% cash back with no limits to how much you can earn. During your first 90 days, you will earn 3% cash back with a cap of $100 earned.

Virtual & Physical Card

Your virtual card will be available instantly and can be used with Apple Pay, Google Pay or Samsung Pay. Your physical card will be delivered within 5-7 business days.

Visa Zero Liability Policy

The Netcoins Card comes with Visa Zero Liability protection which says you're protected against loss, theft, or unauthorized use of the card.

Other Netcoins Features

  • Trade 20+ cryptocurrencies
  • Referral program
  • USD and CAD support
  • See our full Netcoins Review

Deposit & Withdrawals

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $10 - Max $10K

Wire Transfer

Free

0-3 business days

Min $500

🇺🇸 USD Wire

Free

0-3 business days

Min $500

Credit/Debit Card

(Via simplex a 3rd-party)

3%-205 (min $10 USD)

Instant

Min $62 - Max $24,986

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-3 hours

Min $10 - Max $10K

Wire Transfer

Free

0-3 business days

Min $1K

🇺🇸 USD Wire

Free

0-3 business days

Min $1K

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.00025 BTC

0.0005 BTC

Ethereum

0.005 ETH

0.001 ETH

Fees & Limits

Cell

Annual Fee

Free

CAD Deposit Fees

Free

Foreign Transaction Fees

1.50%

Inactivity Fee

$1/month after 90 days (starting 13 months after activation)

Daily Spend Limit

$8,000

ATM Withdrawal Fee

?

Max ATM Withdrawal

$2,000

ATM Daily Limit

$2,000

Bitcoin Withdrawal Fee

0.00025 BTC

Other

N/A

Security

Is Netcoins Trustworthy?

Yes, Netcoins is a safe company. They offer 2FA, are owned by a publicly traded company, and have never had any hacks or incidents (founded in 2014). View all security features in our Netcoins review.

Is The Netcoins Card Insured?

According to the Cardholder Agreement, the Netcoins Card has a Visa Zero Liability Policy which protects against loss, theft, or unauthorized use. The website says, "you will not be liable for any unauthorized use of the card." However, the funds in your Netcoins account are not CDIC insured

Netcoins Pay Alternatives

Shakepay Card

This is the closest alternative to the Netcoins Card.

  • 1%-2% unlimited Bitcoin cash back
  • Virtual card only right now
  • Faster payouts within 24 to 48 hours

Crypto.com Visa

If you want the highest cash back and don't mind earning CRO, Crypto.com Visas are the best crypto credit cards for Canadians.

  • Up to 5% rewards (but you need to stake CRO to get higher rewards)
  • Other perks like free Spotify, Netflix, Airbnb rebates and more
  • Fast payouts

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

Currently, there are only 3 cards in Canada that let you earn Bitcoin and 5 that let you earn crypto. There are not many alternatives but the Netcoins Card offers unlimited 1% cash back with no annual fees. 

Reasons to get the Netcoins Card:

  • Great sign up bonuses
  • Owned by a publicly traded company which adds a layer of safety
  • Unlimited 1% cash back paid out in Bitcoin
  • No annual fees or deposit/withdrawal fees

Reasons to get something else:

  • Payouts are once a month. The Shakepay and Crypto.com Visas have payouts in 24-48 hours
  • Better cash back rewards and perks are available. Eg: Crypto.com Cards offers 1%-5% cash back
  • If you want to build your credit score, find a regular rewards credit card
Netcoins Pay Visa Card

Netcoins Pay

  • 3% cash back for first 90 days
  • $60 free if you trade $100
  • Owned by a publicly traded company
Netcoins Pay Visa Card

Netcoins Pay

Get 3% Cash Back On Your First 90 Days