Good
- Free card with no annual fee, 1% back in bitcoin on every purchase
- Blue status raises cashback to 1.5% and cuts the FX fee to 0%
- No Shakepay fee on ATM withdrawals in Canada
- Virtual card on day one, physical card, Apple Pay and Google Pay
Watch out
- Spends only your CAD balance, so crypto must be sold first
- 3% FX fee on foreign purchases on the Base status
- Blue needs C$1,000 exchanged or C$2,000 deposited every month
- Only for residents of Canada who are tax resident only in Canada
Shakepay Card is a free prepaid Visa for Canadians that spends your Shakepay dollar balance and pays 1% back in bitcoin on every purchase. There's no annual fee or card fee, and the rate rises to 1.5% on Shakepay's Blue status, which also removes the 3% fee on foreign purchases.
The card spends Canadian dollars only, so you top it up by Interac e-Transfer or by selling crypto in the app. Bitcoin is the reward, not the funding source, which makes the Shakepay Card closer to a rewards card for bitcoin savers than a way to spend crypto you already hold.
Shakepay Card cashback
Shakepay Card pays 1% back in bitcoin on the Base and Bright statuses and 1.5% on the Blue status, with no monthly cap.
At 1%, spending C$2,000 a month earns C$20 in bitcoin, or C$240 a year. On Blue the same spending earns C$30 a month. The bitcoin lands in your Shakepay bitcoin balance once each purchase settles, which can take up to 14 days, and you can keep it there or send it to your own wallet.
Status is set by your activity each calendar month, not by card spending. Bright needs C$100 of crypto exchanged or C$200 of direct deposits such as payroll, and Blue needs C$1,000 exchanged or C$2,000 in direct deposits. Once you qualify, the status lasts for the rest of that month and the whole of the next one.
Bright doesn't raise the cashback rate at all, only the FX fee and other perks such as interest on your cash balance. The simplest route to Blue for most people is moving a paycheque of C$2,000 or more into Shakepay by direct deposit.
ATM withdrawals, top-ups, bill payments and transfers to friends earn no cashback.
Shakepay Card fees
Shakepay Card has no annual fee, no card fee and no conversion fee at checkout, because it spends Canadian dollars you already hold.
The fee that matters is the FX fee on purchases in another currency. It's 3% on Base, 1.5% on Bright and 0% on Blue, according to Shakepay's fee page. On Base, a C$500 hotel bill in US dollars costs C$15 extra, which wipes out the 1% cashback three times over.
Crypto costs sit outside the card. Shakepay doesn't charge a commission on trades, but it builds a spread of 0.5% to 2% into the price when you buy or sell, so selling bitcoin to fund your spending costs more than the card itself.
Shakepay Card ATM withdrawal fees
Shakepay Card has no Shakepay fee for ATM withdrawals, though the ATM owner may charge its own fee.
Cash comes out only with the physical card at ATMs showing the PLUS logo, with a limit of C$500 per withdrawal and C$1,000 a day. Abroad, the FX fee for your status applies to the withdrawal as well, so a C$200 withdrawal outside Canada costs C$6 on Base before any operator charge, and withdrawals never earn bitcoin back.
Is Shakepay Card safe?
Shakepay Card is custodial: Shakepay holds your dollars and your crypto, and the prepaid Visa is issued by Peoples Trust Company.
Shakepay is a member of the Canadian Investment Regulatory Organization (CIRO), is registered as an investment dealer in every province and territory, and is licensed by FINTRAC as a money services business. Money held for the card is not insured by the Canada Deposit Insurance Corporation, so it doesn't have the protection of a bank deposit.
You can lock the card in the app and use two-factor authentication on the account. Bitcoin rewards can be withdrawn to a wallet you control at any time if you'd rather not leave them with Shakepay.
Who should get Shakepay Card
Shakepay Card suits Canadians who want to build a bitcoin balance from everyday spending without paying for a card. On 1% back with no fee, it costs nothing to carry for spending in Canada.
It's best for people who can reach Blue every month, either by depositing their pay or by exchanging C$1,000 of crypto. Blue brings 1.5% back and no FX fee, which makes the card usable abroad.
On Base, the 3% FX fee makes the card a poor choice for travel or US-dollar subscriptions. If you want to spend crypto you already hold, the comparison below shows cards that do that directly.
Where Shakepay Card is available
Shakepay Card is available only in Canada, to verified residents of all 13 provinces and territories who are tax resident only in Canada.
Business accounts can't get the card, and there's no version for other countries. The card itself works online and in stores worldwide wherever Visa prepaid cards are accepted.