Crypto credit cards are prepaid cards that earn cryptocurrency rewards. You might assume that crypto credit cards draw funds directly from your crypto holdings, but in Canada, they typically work like regular prepaid cards, loaded with CAD. The main difference is that you can earn rewards in Bitcoin or other popular cryptocurrencies.
However, Oobit's crypto credit card is available globally and connects directly to your crypto wallet, letting you shop with popular currencies.
Cryptocurrency credit cards are still a relatively new concept, and they aren't as popular as traditional prepaid cards, so your options are more limited. We'll help you decide whether a crypto credit card is right for you – and which card best fits your needs.
Key Takeaways
- A crypto credit card isn’t usually loaded with cryptocurrency, but you typically earn crypto rewards.
- Crypto credit cards are available as physical or digital cards.
- You can also purchase regular prepaid cards using cryptocurrency.
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What are crypto credit cards?
When you hear "crypto credit card," you might imagine a typical credit card that lets you pay your statement in cryptocurrency. But that's not quite what the current crypto credit card market in Canada looks like.
Instead, most crypto credit cards are essentially prepaid cards loaded with Canadian dollars. The distinguishing feature of these cards is that you earn cryptocurrency rewards – instead of the standard points or cash back.
But if you're looking to spend cryptocurrency, you do have credit card options. You can get the globally available Oobit card, which spends crypto through the Visa network and earns rewards. Or you can use your crypto to purchase prepaid Visa gift cards through Coincards. We'll cover both of these options and compare them to prepaid credit cards that earn cryptocurrency.
Crypto credit cards in Canada
As you can see, there aren't too many crypto credit card options available in Canada right now, but that could change.
| Crypto Credit Card | Fees | Rewards | Special Features | Learn More |
|---|---|---|---|---|
| Crypto.com Prepaid Visa | Free base tier with upgrades available for monthly/annual fees or 12-month Cronos (CRO) staking* | Up to 5% back in CRO on everyday spending | * 5 card tiers * Higher tiers give members Netflix and Spotify subscription rebates * Higher tiers give airport lounge access | Learn more |
| Shakepay | None | Earn up to 1.5% cash back in Bitcoin | * Canadian company * 3 tiers for earning benefits | Learn more |
| Coincards Prepaid Visa | Up to $7.50 activation fee | None | * Purchase cards with cryptocurrency, then use them with a balance in dollars | Learn more |
| Oobit Crypto Card Canada | None | Up to 10% crypto cash back with Oobit's reward program | * Download the app and load the card to your digital wallet to pay using your converted crypto | Learn more |
*Cronos (CRO) is Crypto.com's own cryptocurrency. Crypto.com's fee structure is described in more detail below.
1. Crypto.com Prepaid Visa
This is the card you've probably seen advertised most – the Crypto.com Prepaid Visa. These cards are available in several countries worldwide, including Canada.
There are 5 levels to this card (2 of which offer colour choices). As usual, the more you pay for your card, the more perks and rewards you'll receive.
Typically, credit cards either come at no cost or charge a monthly or annual fee. Crypto.com offers an alternative: CRO staking.
What's CRO staking? CRO refers to Cronos, Crypto.com's native cryptocurrency. A staking (or lockup) is a holding that you "lock up" for a fixed time period. To get the Icy White or Rose Gold card, you need to purchase $65,000 CAD of CRO and not sell or spend it for 12 months.
Staking isn't unique to Crypto.com or even to crypto credit cards. Trading platforms like Coinbase allow you to securely lock your crypto holdings. Staking helps the blockchain's security, and in exchange you can earn rewards.
Here are the levels of Crypto.com cards available, along with breakdowns for each one:
| Card | Cost | Membership Tier | Rewards | Perks |
|---|---|---|---|---|
| Midnight Blue | None | Basic | 0% | None |
| Ruby | CA$6.99/month, CA$69.90 yearly, or CA$650 12-month CRO staking | Plus | 2%, capped at $25/month | * 3 months of Spotify and Truth+ |
| Jade / Indigo | CA$39.99/month, CA$399.90 yearly, or CA$6,500 12-month CRO staking | Pro | 3%, capped at $75/month | * 6 months of Spotify, Netflix, and Truth+ * Airport lounge access for annual subscribers (capped at 2 visits per year) * Priority support |
| Icy/Rose | CA$65,000 12-month CRO staking | Private | 4%, no limit | * Permanent Spotify, Netflix, and Truth+ rebates * Airport lounge access * Priority support, plus voice and messaging support * Exclusive experiences (F1, UFC, UEFA and others) |
| Obsidian | CA$650,000 12-month CRO staking | Private | 5%, no limit | * Permanent Spotify, Netflix, and Truth+ rebates * Airport lounge access * Priority support, plus voice and messaging support * Exclusive experiences (F1, UFC, UEFA and others) |
2. Shakepay
Shakepay is a Canadian company that offers a prepaid crypto card with no annual fee. It's available both as a digital and physical card.
Shakepay uses Bitcoin as its currency of choice.
On all your purchases, you'll earn up to 1.5% back in Bitcoin depending on your membership tier. Everyone starts at Base, and you move up to Bright or Blue by exchanging a set dollar amount or receiving eligible direct deposits within a calendar month.
| Base | Bright | Blue | |
|---|---|---|---|
| Requirements | None | Exchange $100+ OR receive $200+ in eligible direct deposits | Exchange $1,000+ OR receive $2,000+ in eligible direct deposits |
| Card Cash Back | 1% | 1% | 1.5% |
| Card FX Fee | 3% | 1.5% | 0% |
| ShakingSats | 10 | Up to 100 | Up to 500 |
| Priority Support | No | No | Yes |
Your status is reassessed every month, so it can drop back down. In order to keep it up, you'll need to make deposits or buy/sell currencies.
3. Coincards Prepaid Visa
The Coincards Prepaid Visa is a little different than the others. It's not exactly a crypto credit card but an opportunity to convert crypto into a prepaid Visa. Unlike the previous options, you won't earn any rewards.
Coincards is a company that allows people to use their cryptocurrency to purchase gift cards, including a Visa Prepaid card that's loaded with Canadian currency, not crypto. No need to worry about fluctuating exchange rates.
You can buy virtual prepaid cards, loaded with $10 – $1,000 CAD. Or you can buy physical cards loaded with up to $500 CAD. Keep in mind that they're not reloadable, and you'll be charged an activation fee.
You can choose preset amounts of $25, $50, $100, $200, and $250 with activation fees ranging from $3.95 to $7.50. Or you can set the exact amount you want from $25 – $500 for a $7.50 activation fee.
You'll complete your purchase in cryptocurrency, then receive CAD to spend via your Visa card.
Coincards currently accepts:
- Bitcoin (on-chain and lightning)
- Monero
- Litecoin
- Dogecoin
- ARK
- CopperX (supported networks: Ethereum, Solana, Base, Polygon, BSC, Arbitrum, Optimism)
Because of the activation fees, we suggest taking a look through Coincards' gift card inventory before you purchase a Visa. If you know how you want to spend your money, you can skip the fee. And you have tons of options, from A&W to Zaluna, which can be used for Air Transat.
4. Oobit Visa
Oobit is a crypto platform and app that makes it easier to buy and sell crypto. The Oobit Visa isn't a physical credit card.
Instead, after you download the Oobit app, you connect your wallet (MetaMask, Binance, or Trust Wallet) and add your Oobit card to Apple Pay or Google Wallet. Then, you can pay with your chosen currency whenever you like.
Oobit also advertises up to 10% cashback through its rewards program, paid in its own OOB token rather than in the crypto you spent.
How to choose a crypto credit card
Since your list of crypto credit cards is pretty limited, it's fairly easy to choose a card. Ask yourself:
- Do I want a physical or digital crypto card? Crypto.com offers a range of stylish physical cards (and even lets you choose the colour for 2 of the tiers), while Oobit is solely a virtual card.
- Am I okay with a card's transaction limits? Each crypto card option has different daily transaction limits, so read each card's terms and conditions carefully, especially if you're selecting a tiered card.
- Is the card compatible with the crypto I own or trade? Again, take a minute to read the terms and conditions, so you're not unpleasantly surprised to learn your crypto isn't supported.
- What are the fees associated with the card? Check for fees associated with things like conversion, ATM withdrawals, inactivity, foreign transactions, and more.
Crypto card alternatives
Cryptocurrency is still a financial niche, mostly of interest to tech enthusiasts with the expertise to make it all work.
For many Canadians, cryptocurrency is still a bit bewildering – with its extreme volatility, most people are taking a "wait and see" stance on all of this.
In the meantime, there are some prepaid cards and credit cards that will let you spend your money and earn rewards. Here are a few of the best available in Canada:
| Card Name | Annual Fee | Rewards | Special Features | Learn More |
|---|---|---|---|---|
| American Express Cobalt® Card | $191.88 | * 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month) * 3 points per $1 spent on eligible streaming services * 2 points per $1 spent on eligible gas, transit, and rideshare purchases * 1 point per $1 spent on foreign currency purchases * 1 point per $1 spent on all other purchases | * Earn flexible and valuable American Express Membership Rewards * Amex benefits, including Amex Offers and Front Of The Line entertainment access * 10 types of included insurance | Learn more |
| MBNA Rewards World Elite® Mastercard® | $120 | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases | * Annual birthday bonus * Huge welcome bonus of Up to 30,000 bonus points (terms) * Earns up to 5 points per $1 spent | Learn more |
| Rogers Red World Elite® Mastercard | $0 | * Earn 2% cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn up to 3% cash back on all eligible purchases made in U.S. dollars * Otherwise, earn 1.5% cash back on eligible non-U.S. dollar purchases | * Includes emergency medical travel insurance for users over age 65 * No annual fee * Redeem cash on demand once you have at least $10 in rewards | Learn more |
American Express Cobalt Card
×9 Award winner 
With flexible rewards, a high earn rate, and a variety of valuable benefits, the American Express Cobalt Card has been crowned the best credit card in Canada. You'll start with a welcome bonus of up to 15,000 points. Given that the average rate of return is 3.94%, this makes the welcome bonus alone worth $263.
Pros:
- Earns up to 5 points per $1 on popular spending categories
- Includes 10 types of insurance coverage
- No income requirements and annual fee is paid monthly
Cons:
- Slightly limited acceptance as an American Express card
MBNA Rewards World Elite Mastercard
For super flexible rewards, check out the MBNA Rewards World Elite Mastercard. You'll earn 5 points per $1 spent on restaurants, groceries, and select recurring bills, while all other purchases earn 1 point per $1. With your points, you can book travel, select gift cards, buy merchandise, request a statement credit, or select direct deposit.
Pros:
- 10% bonus points every year on your birthday
- Includes 13 types of insurance coverage
- High spending caps for earning accelerated rewards
Cons:
- High income requirements of $80,000 personal or $150,000 household
Rogers Red World Elite Mastercard
Our last pick is proof that you don't have to pay an annual fee to get a credit card with standout perks and rewards. The Rogers Red World Elite Mastercard allows you to earn 1.5% cash back on non-USD purchases, but if you have a Rogers, Fido, Shaw, or Comwave service, that bumps up to 2%. We also can't fail to mention that this card comes with a Mastercard Travel Pass membership – just be aware that you do have to pay entry fees whenever you want to use an airport lounge.
Pros:
- Includes insurance benefits at no extra cost
- Earn 3% cash back on all eligible purchases made in U.S. dollars
Cons:
- High income requirements of $80,000 personal or $150,000 household
Pros and cons of a crypto credit card
Some of these products can make for an interesting alternative to standard prepaid credit cards, but before you apply for one, consider all the benefits and drawbacks.
Pros
- Opportunity to earn rewards: Depending on the card (and tier you select), you could earn cash back rewards, which are simply a percentage of cash back that you receive as crypto.
- Convenience and flexibility: Crypto can be a little inaccessible. Using a service like Coincards to trade it in for prepaid cards or gift cards lets you spend your assets.
- Avoid credit card debt: Unlike unsecured credit cards, prepaid crypto cards don't run the risk of landing you in debt, since you're not actually borrowing and repaying funds.
Cons
- Potential loss of rewards value: One of the biggest risks of cryptocurrency is that its value can fluctuate wildly. If you earn cash back or points on your credit card, the value can still change over time, but it's more predictable than crypto.
- Transactions are taxable: The Canada Revenue Agency treats spending or exchanging cryptocurrency as a disposition, so converting crypto into a prepaid card can trigger a capital gain or loss you'll need to report.
- Security risks: Any online platforms are at risk of being hacked, and crypto sites are no exception. Consider the security of any trading platform before you purchase crypto.
- Limited credit card options: You don't have the same number of choices when it comes to picking a crypto credit card as you would when picking any other type of credit card.
Our tip: Be cautious with cryptocurrencies. You never know what might happen with them.
FAQ
What is a crypto credit card?
Crypto credit cards can refer to prepaid credit cards loaded with cryptocurrency, purchased with cryptocurrency, or that earn cryptocurrency rewards. Most Canadian crypto credit cards – like the popular Crypto.com credit cards – are loaded with CAD.
Which crypto card is the best?
The best crypto credit card in Canada really depends on what you're looking for. If you're new to crypto and want a simple way to access your funds, you might consider Shakepay. More advanced traders will probably want a Crypto.com Prepaid Visa that has extensive benefits.
Is it good to have a crypto card?
We recommend a regular credit card over the crypto credit card options covered in this article. You can build credit, earn easy-to-use rewards, and access robust insurance packages. But if you're interested and invested in crypto, a crypto card might be right for you. And crypto.com credit cards do come with some of the benefits offered by other premium cards, like airport lounge access.
Can I buy crypto with a credit card in Canada?
Although you can buy crypto from some cryptocurrency exchanges, the platforms (and your card issuer) might charge hefty fees that may make you think twice. You may be able to skip the fees by purchasing crypto with a debit card.
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