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Shakepay Visa Card Review

Last Updated: Sep 20, 2022  |  Published: Apr 22, 2022


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The Shakepay 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. 


Shakepay Visa Card

Shakepay Card Overview

Updated: Apr 23, 2022

Cash Back Rate

1% back paid out in Bitcoin

Annual Fee

$0

Payout Frequency

24-48 hours

Card Type

Prepaid Visa

Foreign Transaction Fee

3.00%

Interest Rate

None

Credit Check

None

Sign Up Promotion

1) 2% cash back on first $5,000

2) $30 free when you trade $100

Other Notes

No physical card available yet (Apple Pay/Google Pay only)


Pros & Cons

Where It Shines:

  • Ease of Use - Shakepay is the most beginner friendly cryptocurrency exchange for Canadians. Easy to sign up, instant deposits with e-transfers, and simple user-interface
  • Payouts Within ~24 Hours - Your rewards are quickly deposited into your BTC balance. Some other cards like the Netcoins Visa and MogoCard only pay you once a month
  • 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 
  • No Annual Fees - The card is free, has no inactivity fees, CAD deposit and withdrawals are free, and lastly Shakepay offers free crypto withdrawals as well

Where It Falls Short:

  • No Physical Card Yet - You can only pay where Apple Pay or Google Pay is accepted. In person, that's not an issue since Tap is accepted at most stores. However, it's hard to make online purchases because you don't have a card number that you can manually enter
  • Only 1% Cash Back & Limited Rewards - The credit card industry is very competitive. Whether it's a crypto card or regular credit card, you can find something with more perks and rewards. For example, Crypto.com cards offers 0.5%-5% cash back
  • Doesn't Build or Impact Your Credit Score (not a con for everyone)

About Shakepay

Shakepay is a very popular Canadian cryptocurrency exchange with over 1 million registered users. Their website markets themselves as the easiest way for Canadians to buy and sell Bitcoin. 

The company was founded in 2015 and is headquartered in Montreal. Features you will find include Bitcoin and Ethereum trading, recurring purchases, the Shakepay Visa Card, free deposit and withdrawals and more.

What Is The Shakepay Card?

Shakepay Visa Card 1
Shakepay Card Dashboard

The Shakepay Card is a free Bitcoin rewards card for Canadians that came out in 2022. With it, you will get unlimited 1% cash back on all purchases you make. In 24-48 hours, the Bitcoin is credited into your Shakepay wallet which you can hold, trade, or withdraw whenever you like.

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


How Does It Work?

To use the Shakepay Card, you first need to deposit Canadian dollars into your account via e-transfer or wire transfer. Once your account is funded, you can start using your card anywhere Apple Pay or Google Pay is accepted. You will earn 1% cash back on all purchases and Bitcoin gets credited into your account about 24 hours later.

If you spend $2500/month, you will get $25 cash back in Bitcoin. That's $300/year back into your pocket just for using a free card.

Application Process

To get the Shakepay Card, you must have a fully verified Shakepay account. The application process takes about 5 minutes and requires proving your identity.

Who Is Eligible?

  • Canadians in all 13 provinces and territories
  • *No credit check or minimum income is required

Sign Up Requirements

  • Government Issued Photo ID
  • Selfie video
  • Accept the terms & conditions

Card Screenshots

Updated: Apr 23, 2022

  • Mobile App


Features

Updated: Apr 23, 2022

1% Unlimited Cash Back

Get 1% cash back with no limits to how much you can earn. On your first $5,000 spent you will earn an additional 1% back.

Virtual Card

Shop anywhere in-person or online where Apple Pay or Google Pay is accepted. Currently, there is no date announced for a physical card.

Visa Zero Liability Policy

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

Other Shakepay Features

  • Trade Bitcoin & Ethereum 
  • Recurring Purchases
  • Shaking Sats (free BTC for shaking your phone)
  • Shakepay A Friend
  • See our full Shakepay Review for a detailed breakdown

Deposit & Withdrawals

Updated: Apr 23, 2022

Shakepay offers free deposit and withdrawals via e-transfer or wire. It's easy to top up your account within minutes or cash out quickly as well. Crypto withdrawals are also free because Shakepay covers the network fees.

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $5 - Max $10K

Wire Transfer

Free

1-2 business days

Min $10K - No Max 

Shakepay a Friend

Free

Instant

No Min - Max $999

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $5 - Max $10K

Wire Transfer

Free

1-2 business days

Min $5K - No Max

Shakepay a Friend

Free

Instant

No Min - Max $999

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

Free

0.0001 BTC

Ethereum

Free

0.1 ETH


Fees & Limits

Updated: Apr 23, 2022

Cell

Annual Fee

Free

CAD Deposit Fees

Free

Foreign Transaction Fees

3.00%

Inactivity Fee

None

Daily Spend Limit

$3,000

ATM Withdrawal Fee

?

Max ATM Withdrawal

$500

ATM Daily Limit

$1,000

Bitcoin Withdrawal Fee

0 BTC (Free)

Other

N/A


Security

Updated: Apr 23, 2022

Is Shakepay Trustworthy?

Yes, Shakepay is considered a safe platform. They store crypto in cold storage, never had a hack, offer 2FA to secure your account and more. View the full security breakdown here

Is The Shakepay Card Insured?

According to the Cardholder Agreement, the Shakepay 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 Shakepay account are not CDIC insured


Shakepay Card Alternatives

Updated: Apr 23, 2022

Netcoins Pay

This is the most similar alternative to the Shakepay Card.

  • 1% unlimited Bitcoin cash back
  • Has a physical + virtual card
  • Only pays out once a month

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 9 crypto credit 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

1%

BTC

Free

24-48hrs

50 Sats

BTC

Free

Once a month

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%

Crypto, stocks or cash

Free

7-9 days


The Bottom Line

Updated: Apr 23, 2022

Currently, there are 3 cards in Canada that let you earn Bitcoin and 5 that let you earn crypto. The Shakepay Card is the best card in Canada for earning Bitcoin since it offers unlimited 1% cash back, payouts in 24 hour and no annual fees. 

Reasons to get the Shakepay Card:

  • Best card in Canada if you want to earn Bitcoin
  • Fast payouts in around 24 hours
  • No annual fees, inactivity fees or deposit/withdrawal fees

Reasons to get something else:

  • If you want a physical card, check out the Netcoins Visa or Crypto.com Card
  • Higher cash back rewards and perks available. Eg: Crypto.com Cards offers up to 5% cash back
  • If you want to build your credit score, find a regular rewards credit card
Shakepay Visa Card

Shakepay Card

  • 2% cash back on first $5,000
  • $30 free if you trade $100
  • Fast payouts
Shakepay Visa Card

Shakepay Card

Get 2% Cash Back On Your First $5,000 Spent