Crypto investors have a handful of crypto debit cards to choose from, allowing them to spend their coins like it's cash by exchanging them the moment a transaction is made. I constantly keep up with the latest crypto debit cards, and I'm confident that the Crypto.com Rewards Visa Prepaid Card is the best on the market right now.
However, if you're looking for a better way to buy and sell crypto, I recommend Zengo, an easy-to-use platform offering a $10 referral bonus (available until November 22, 2024). ZenGo is also the most secure crypto platform available today, so if you're looking for a safe, cost-effective way to buy and sell crypto, I can't recommend ZenGo highly enough.
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Sign up by November 22, 2024.What Are The Best Crypto Debit Cards?
There are several crypto exchanges that offer crypto debit cards you can use to pay at stores using your crypto. While these don't include the top crypto exchanges in Canada, like VirgoCX, CoinSmart or Bitbuy, they're still a practical solution that makes using cryptos in the normal economy feel seamless.
Without further ado, here are the best crypto debit cards in Canada.
1. Crypto.com Rewards Visa Prepaid Card
The Crypto.com Rewards Visa Prepaid Card is a unique crypto card aimed at cryptocurrency owners who want to readily access and convert their crypto assets into spendable money.
Until crypto payment cards were introduced, customers had to wait weeks to access their money for spending. The Crypto.com Rewards Visa has solved this problem by allowing users to load their crypto funds onto the card and then convert them to the user's preferred fiat currency.
This card also enables you to earn cashback of up to 8% on your purchases and supports a wide array of different cryptocurrencies to spend.
Features
- Wide array of supported crypto (90+)
- No monthly fees or issuance costs
- Cashback deals on streaming services
Cost
- Annual fees: No annual fee
Best For
Cryptocurrency holders looking for a crypto debit card that supports plenty of different cryptocurrencies.
2. Coinbase Card
The Coinbase Card is a crypto debit card that lets cardholders use their cryptocurrency anywhere Visa is accepted. This card's popularity stems from its ability to handle numerous crypto tokens, its simple currency conversion, and its top-notch security.
It supports up to nine cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), and users must have a Coinbase account. On demand, the card converts the cryptocurrency of your choice into your Coinbase account for you, so you don't have to keep a fiat currency balance in your account.
Features
- Can be used anywhere Visa is accepted
- Pay using multiple cryptocurrency wallets
- Multiple security features
Cost
- Cryptocurrency liquidation fee: 2.49%
Best For
Cryptocurrency holders looking for a crypto debit card that has an easy and quick currency conversion.
3. Binance Visa Card
In 2020, Binance partnered with Swipe to launch a Visa debit card that provides 8% cashback. The Binance Visa Card has no issuance or monthly costs and only charges a 0.9% transaction fee for transactions and ATM withdrawals, although ATM operators may charge an additional fee.
The card supports 30 different cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). It stores cryptocurrency in your wallet and only converts what you need at the time of purchase, similar to Coinbase. The card may be used to make purchases anywhere where Visa is accepted.
Features
- Offers 8% cashback
- No monthly fees or issuance costs
- Convert crypto on demand
Cost
- Transaction fee: Up to a 0.9% for transactions and ATM withdrawals
Best For
Cryptocurrency holders looking to earn cashback in Bitcoin purchases.
4. BitPay Debit Card
The BitPay Debit Card connects with your BitPay non-custodial wallet or Coinbase account to transfer funds when you make a transaction. It supports Bitcoin, Ethereum, Dogecoin, and ten other crypto assets (13 in total), making it a flexible option for spending your crypto at your own pace.
The BitPay Card works in-store, online and at millions of ATMs—anywhere Mastercard is accepted. You can also add funds, freeze your card, track transactions, and even manage other wallets like Trezor and Metamask direct from the BitPay app, making it an easy way to manage your money.
Features
- Use anywhere Mastercard is accepted (plus ATMs)
- Top coins supported, new coins added regularly
- $10,000 load/spending daily limit
- $25,000 total cash balance limit
- Load from BitPay Wallet or Coinbase account
- Apple Pay and Google Pay Integration
- Track purchases and control card from BitPay app
Cost
- Free: No initial or annual cost
- $2.50 ATM withdrawal fee
Best For
U.S. residents that want to spend and instantly cash out the most popular coins
5. BlockCard Rewards Visa Card
The BlockCard Rewards Visa Card, created by financial technology firm Ternio, allows users to make purchases using their cryptocurrency of choice wherever Visa is accepted. It has a flat account management fee and no deposit, exchange, or withdrawal fees.
A $10 activation charge and a monthly administrative fee of $5 are charged by the company, both of which are waived if the cardholder spends more than $750 per month in non-cash transactions. BlockCArd has no deposit, exchange, or withdrawal fees and only charges $3 for domestic ATM cash withdrawals ($3.50 international).
Features
- No transaction, exchange, or withdrawal fees
- Flat monthly fee
- Offers cashback rewards
Cost
- Monthly fee: $5
- ATM withdrawal fee: $3
- Foreign transaction fee: $2
Best For
Cryptocurrency holders looking for a low-fee crypto debit card.
In Summary
Crypto investors have a handful of crypto debit cards to choose from, allowing them to spend their coins like it's cash by exchanging them the moment a transaction is made. I constantly keep up with the latest crypto debit cards, and I'm confident that the Crypto.com Rewards Visa Prepaid Card is the best on the market right now.
While crypto debit cards are very practical, it's usually better and cheaper to use a reputable crypto exchange to buy and sell your cryptos instead. If you're looking for a better way to buy and sell crypto, I recommend Zengo, an easy-to-use platform offering a $10 referral bonus (available until November 22, 2024). ZenGo is also the most secure crypto platform available today, so if you're looking for a safe, cost-effective way to buy and sell crypto, I can't recommend ZenGo highly enough.
SECURE MY CRYPTO FOR FREE
Sign up by November 22, 2024.Best Crypto Debit Card FAQs
What Should I Look For In A Crypto Debit Card?
When comparing Bitcoin debit cards, there are a few characteristics to consider. These include:
Fees: There are costs associated with some Bitcoin debit cards, but not all of them. These might include monthly maintenance, foreign transaction, and ATM withdrawal fees. Look for a card that charges as few of these fees as possible, one that is at least cheaper than expensive exchanges like Shakepay, Newton and Weaalthsimple Crypto.
Rewards: Bitcoin debit cards sometimes provide perks such as cryptocurrency cashback. These incentives may significantly increase your earning potential, so seek cards with generous cashback if you want to make the most of them.
Supported currencies: Not all crypto debit cards support more than one or two crypto tokens. Make sure to pick a card that supports your preferred cryptocurrency type.
Availability: Some Bitcoin debit cards are only available in specific regions, such as the European Union or the United States. Look for a debit card that works in your area.
Other perks: Perks are a welcome addition to Bitcoin debit cards. These can range from basic benefits like free Spotify memberships to more advanced ones such as complimentary ATM fees.
How Do I Get a Bitcoin Debit Card?
Bitcoin debit cards are most often provided by cryptocurrency exchanges and need individuals to establish an account and/or digital wallet before applying for one. Some also demand that applicants submit identification documents as part of the Know Your Customer (KYC) verification procedure.
In order to utilize some of these cards, you must first purchase it; however, these expenses vary. Others charge a fee in their native token currency in order to get greater perks, with prices ranging from $400 to $4,000 or more.
How Do I Apply For A Bitcoin Debit Card?
After you've decided which Bitcoin debit card is ideal for you, you'll need to apply for one. There are a few actions that must be completed in order to utilize a Bitcoin debit card, including:
- Creating/buying a personal crypto wallet
- Buying Bitcoin from a great cryptocurrency exchange
- Connecting the card to your crypto wallet
- Depositing funds to the card
Some cards ask users to confirm their identity before being allowed to use them. Others demand that customers make a purchase using the card's native currency or invest in it. You may convert Bitcoin from your debit card to fiat money at an exchange or a Bitcoin ATM.
How Do Bitcoin Debit Cards Work?
Bitcoin debit cards (also known as crypto debit cards) are like prepaid debit cards that may be used to make online and in-store purchases from merchants who don't accept cryptocurrencies.
These cards transform Bitcoin or other cryptocurrencies held in a Bitcoin wallet into the fiat currency required to make a purchase. Bitcoin debit cards may also be used to withdraw cash from ATMs in any of the currencies supported by the card.
Where Can Bitcoin Debit Cards Be Used?
Users of Bitcoin debit cards can spend them online or in-store wherever major credit cards are accepted, as long as the issuer has relationships with the major credit card companies (usually Visa). Cash withdrawals may also be made at any ATM that is compatible with the credit service.
Bitcoin debit cards are only available in certain countries, such as Europe. The cards also enable cardholders to convert cryptocurrencies back into fiat currencies that are considered foreign and will charge them for doing so.
Are Bitcoin Debit Cards Safe To Use?
They are as secure as most major credit cards, considering they feature advanced security features such as two-factor authentication, biometric scanning, and mobile codes. Cardholders may also freeze or cancel their card with little to no effort by using a smartphone app.
Nonetheless, some people believe that Bitcoin debit cards are less safe than offline digital wallets. Transferring funds from a wallet to the debit card provider might raise the danger of cyber-attacks, as can keeping money on mobile wallets or online exchanges.
