If you’re looking for a crypto card that allows you to earn cash back on your purchases, look no further than Shakepay.
The Shakepay card is one of the few cryptocurrency debit cards that allow users to earn cash back on their purchases.
Because it’s a prepaid Visa card, you can use it anywhere Visa cards are accepted to pay for your everyday purchases.
In this Shakepay card review, we’ll take a look at the features and benefits of the card, as well as any potential fees or drawbacks.
Read on to find out if the Shakepay card is right for you.
Table of Contents
Shakepay Overview
Shakepay is a technology company based in Montreal that helps people build wealth through its financial applications.
One of its key offerings is a cryptocurrency brokerage platform that allows users to buy and sell two of the most popular cryptocurrencies bitcoin and Ethereum.
Shakepay was founded in 2015 with the mission of democratizing access to financial products and services.
Today, the company is helping people take control of their finances and grow their wealth.
With Shakepay, you can easily buy and sell cryptocurrency directly from your web browser on your mobile device.
The platform is designed to be simple and user-friendly, so even if you’re new to crypto trading, you will be able to get started in just a few minutes.
And because Shakepay is built on the blockchain, all transactions are secure, transparent, and immutable.
The company has also built a reputation for being reliable and trustworthy, and its platform is used by many Canadians.
What is the Shakepay Card?
The Shakepay card is a prepaid Visa card that can be used to make purchases at any merchant that accepts Visa. You can use the card to pay for goods and services online and in-store.
The card is linked to your Shakepay account when you use the card, you’ll earn cash back on all your purchases, which can be used to offset future purchases or withdrawn from your account.
You can also use the card to make payments on your Shakepay account. The Shakepay card is a secure and convenient way to make cryptocurrency payments.
In addition, the Shakepay card is a great way to make purchases without having to carry around cash or physical cards.
The best part about the Shakepay card is that it doesn’t have any fees. There’s no monthly fee and no annual fee.
Overall, the Shakepay card is a convenient way to get started with cryptocurrency and make everyday purchases without having to worry about fees.
How Does the Shakepay Card Work?
Now that you know what the Shakepay card is you may probably be wondering how exactly does the card work?
The Shakepay card is a reloadable virtual card that can be used online and in-store. There are no monthly fees or annual fees associated with the card.
This crypto card is connected to your Shakepay account, and all purchases are debited from the account.
However, before you can get the card, you must be a Shakepay customer. Also, to use the card, you must first verify your identity with Shakepay.
Once you have verified your identity, you will be able to load money onto the card from your Shakepay account.
You can then use the Shakepay card anywhere that Visa is accepted, including online as well as in-store.
When making a purchase, the amount will be deducted from your balance on Shakepay.
The Shakepay Card is a convenient way to use your money from Shakepay without having to transfer it to a bank account.
You should note, however, that there are spending limits on the Shakepay card. The maximum amount you can spend on the card daily is $3,000.
Of course, you can only spend up to $3,000 if your linked Shakepay account has up to that amount.
This means that, although the daily spending limit on the Shakepay card is $3,000, you can only be able to spend up to that if you don’t have an insufficient balance on your Shakepay account.
You should also note that you can only open a Shakepay account or get a Shakepay card if you reside in Canada. If you are based outside Canada you won’t be able to get the card.
Pros and Cons of the Shakepay Card
Just like every other thing in life, the Shakepay card has its advantages and disadvantages.
Therefore, it is essential for you to know both the good and bad sides of the card before you can decide whether to get it or not.
To help you make this decision, here are the pros and cons of the Shakepay card:
Pros
No Annual Fees
Unlike other Visa cards that charge annual fees, the Shakepay card doesn’t have any annual fees.
This makes it a great option for people who are looking for a low-cost cash back crypto card.
Bitcoin Cash Back
As mentioned earlier, the Shakepay card is a crypto card that offers you cash back on your daily purchases.
For every dollar you spend on the Shakepay card, you will get a cash back of 1%. You will also get an extra 1% cash back when you spend your first $5,000 on the card.
No Credit Check
Before you can be eligible for some debit cards in Canada, a credit check must be conducted. However, the case is different with Shakepay.
A credit check is not one of the criteria for qualifying for the Shakepay card. As a result, no matter your credit score, you can still qualify for the Shakepay card.
Shop Anywhere
You can shop anywhere Visa is accepted with the Shakepay card. This is because the card is accepted by most merchants.
By adding your Shakepay card to Apple Pay, you can make payments in stores, within apps, and on websites that accept contactless payments.
Convenience
If you enjoy shopping online or want a convenient way to pay your bills online, you may want to consider a Shakepay card.
Using the Shakepay card, you can conveniently make purchases online and in-store anywhere Visa cards are accepted.
Safety and Security
The Shakepay card is a very secure and safe card to use. The card has a unique feature that allows you to instantly suspend all activities on the card if you misplace it.
In addition, you can ensure your account is more secure by adding two-factor authentication (2FA) to your account.
Cons
Does Not Support a Wide Variety of Cryptocurrencies
As you must have known by now, Shakepay only supports Bitcoin and Ethereum at the moment. This means the Shakepay card is only compatible with Bitcoin and Ether wallets.
As a result, if you are an investor seeking to diversify your cryptocurrency portfolio beyond Bitcoin and Ether, you may not find this card appealing.
Only Available in Canada
The Shakepay card is only available for Canadian residents. This means if you reside outside Canada, you won’t be able to get the card.
No Physical Card Option
Another downside of the Shakepay card is that it is a virtual card. This means it is not a physical card.
If you are someone that prefers to carry your debit card, then the card may not be a great option for you because you can’t see or hold it.
Shakepay Card Fees
Now you may be wondering, what are the fees associated with using this great crypto card?
As mentioned earlier, the Shakepay card doesn’t have any annual or monthly fees. This makes it one of the low-cost crypto cards in Canada.
If you get this unique card, you won’t have to bother yourself about paying fees. And the best part is that you can fund the card whenever you want at no cost.
Although the Shakepay card doesn’t have any fees, if you make purchases with the card using any foreign currency, you have to pay a transaction fee of 3% of the total amount.
Shakepay Card Funding
So how do you fund your Shakepay card? Well, the process of funding your Shakepay card is very straightforward.
As of the time of writing this article, you can only fund your Shakepay card using Canadian dollars.
You can fund your Shakepay card with Canadian dollars using the following methods:
- Interac e-Transfer
- Wire transfer
- Bitcoin
- Ethereum
- Shakepay a friend
Shakepay Card Limits
You can use your Shakepay card to make purchases online and in-store, however, there are some limitations.
The Shakepay card has limits on the maximum amount you spend per day, per transaction and month.
Here are the transaction limits associated with the Shakepay card:
- You are only allowed to spend up to the maximum of $3,000 per transaction
- Your daily spending limit is $3,000
- $50,000 is the maximum monthly amount
How Do I Get a Shakepay Card?
Now that you know almost everything you need to know about the Shakepay card it is time to know how to get the card right?
Well, before you can qualify for the Shakepay card, there are certain requirements you must meet. The following are the eligibility requirements for the Shakepay card:
- Reside in Canada
- Have an active Shakepay account
- Verify your identity with Shakepay
- Be a Canadian tax resident
Once you meet the above requirements, you can go ahead and apply for your Shakepay card. You can do this in two ways.
You can download the Shakepay app from Google Play Store or App Store and create an account. Alternatively, you can go to the Shakepay website and create a free account.
After creating a Shakepay account using any of the above ways, you will have to verify your identity with Shakepay if you are yet to.
Once you are done verifying your identity, you can either place an order for the Shakepay card through the company’s website or mobile app.
After placing your order, you will have to wait for a few days for Shakepay to deliver your card to you.
Is Shakepay Safe?
When it comes to choosing a cryptocurrency exchange, security is often top of mind. After all, you’re trusting the platform with your hard-earned money. So, is Shakepay safe?
The short answer is yes. When it comes to online security, Shakepay is one of the leaders in the space.
Shakepay takes security seriously, employing a number of measures to keep your account and funds safe.
First, the majority of digital currencies are stored offline in cold storage. This reduces the risk of them being hacked or stolen.
In addition, Shakepay uses 2-Factor Authentication to protect your account. This means that even if someone knows your password, they won’t be able to access your account without also having your phone or another device that can receive the second factor of authentication.
Email confirmations and account notifications are also used to help secure your account. Finally, rate limiting is employed for login attempts and other activities to help prevent brute force attacks.
All of these security measures make Shakepay a safe and reliable choice for buying and selling digital currencies.
Is the Shakepay Visa Card Right for Me?
The Shakepay card is a great option for people looking for a cash back crypto card that does not charge monthly or annual fees.
It is also a good choice for people who want a convenient way to make payments without carrying cash or a physical card.
The Shakepay card offers you 1% cash back on all of your purchases, and it is accepted at any merchant that accepts Visa cards.
The only downside is that it is not available in all countries. But if you are looking for a crypto card that offers you cash back on your purchases without charging monthly or annual fees then the Shakepay card may be right for you.
LEARN MORE: Best Shakepay Alternatives
Take Away on Shakepay Card Review
Overall, the Shakepay card is one of the best crypto cards in Canada and is a great way to spend your digital currency.
The card has no monthly or annual fees which makes it a great option for people who want to use their crypto without having to worry about fees eating into their profits.
Also, the Shakepay card offers you a 1% on all purchases you make with the card. If you are looking for a new crypto card that offers you cash back, you should give Shakepay a try.
Hopefully, this Shakepay card review has given you all the information you need to decide if the Shakepay card is right for you.
If you found this article helpful, please share it with your friends so they can also learn about this great crypto card.
FAQs on Shakepay Card Review
Does Shakepay card have fees?
No. As mentioned earlier, the Shakepay card doesn’t charge monthly or annual fees. The only associated with the card are foreign transaction fees.
If you make any transaction in a currency other than Canadian dollars you will be charged 3% of the total amount.
Is Shakepay card debit or credit?
The Shakepay card is a debit card. The card is connected to your Shakepay account and any transactions you make with the card will be deducted from your funds in the account.
How do I add money to my Shakepay card?
The process of adding money to your Shakepay card is very straightforward. You can easily do that by logging in to your Shakepay app.
Once you log in, you will see an option “Add funds”. Click on the option and you will be taken to another page. When you get to the page, choose the “Interac e-Transfer” option and you can easily add funds to your Shakepay card.
How long does Shakepay take to cash out?
You should not have to wait more than an hour to receive an Interac e-Transfer. Please feel free to reach out to Shakepay support if your Interac e-Transfer is taking longer than an hour to be processed.
