Shakepay Card review

Who it's for

Overview

The Shakepay Card is a prepaid Visa card available to Canadian residents across all 13 provinces and territories. Issued by Shakepay, a company focused on making cryptocurrency accessible, this card offers a unique feature: earning bitcoin rewards on everyday purchases. Unlike traditional credit or debit cards, the Shakepay Card operates on a prepaid model, meaning users must load funds onto the card before making transactions. This approach can appeal to those who prefer not to use credit or want more control over their spending. The card supports both Apple Pay and Google Pay, providing flexibility for contactless payments where these services are available.

How It Works

To use the Shakepay Card, users need to complete a full Know Your Customer (KYC) verification process, which is standard for financial products dealing with cryptocurrencies. Once verified, users can load Canadian dollars onto the card and start spending. The card operates on the Visa network, ensuring broad acceptance at merchants that accept Visa. One of the standout features is the cashback rewards program, which offers up to 1.5% cashback on eligible purchases. Unlike traditional cashback programs that deposit rewards in cash, the Shakepay Card pays rewards in bitcoin, which is automatically settled to the user’s Shakepay balance.

Users can choose to keep their bitcoin rewards within the Shakepay ecosystem or transfer them to a self-custody wallet at any time. This flexibility is a significant advantage for those who want to manage their cryptocurrency independently. It’s important to note that the card does not require a credit check, making it accessible to a wider range of users who may not qualify for traditional credit cards.

Fees and Value

While the Shakepay Card offers several attractive features, it’s crucial to consider the potential costs. The card page does not specify fees for foreign exchange (FX), ATM withdrawals, or top-ups. This lack of transparency may be a concern for users who want to understand the full cost of using the card. In the crypto-card space, such fees can significantly impact the overall value proposition, especially for frequent travelers or those who rely on ATMs for cash withdrawals.

Additionally, users should be aware that the card operates with custodial custody, meaning Shakepay holds the cryptocurrency on their behalf. While this simplifies the user experience, it also means users do not have direct control over their private keys, which is a risk factor for those concerned about the security of their digital assets.

Who It’s For

The Shakepay Card is ideal for Canadian residents who are interested in earning bitcoin rewards on their everyday spending. Its support for Apple Pay and Google Pay makes it a convenient option for those who prefer contactless payments. The card’s lack of credit checks and prepaid nature can benefit users who want to avoid debt or have difficulty qualifying for traditional credit cards. However, it’s important for potential users to weigh the benefits against the risks, such as the lack of CDIC insurance for funds and the custodial nature of the card.

Users who are new to cryptocurrencies or those who want to dip their toes into the world of digital assets without the complexity of managing a self-custody wallet may find the Shakepay Card particularly appealing. However, those who prioritize fee transparency and have specific needs for international use may need to consider other options.

Fees & costs

Pros & cons

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Our take

The Shakepay Card is a convenient prepaid Visa that lets Canadians earn bitcoin rewards, though its custodial nature and unclear fee structure are key considerations.

Frequently asked questions