Best Rewards Cards in Canada

Kolo Card's 5% first-month cashback is a strong opening offer, but the permanent drop to 1% afterward is a significant step down. The $100 monthly cap limits value for heavy spenders. Virtual-only format and custodial setup are real constraints worth weighing.

The Kolo Card is issued by Rain out of Puerto Rico and runs on the Visa network. It is a custodial debit card available only as a physical card. The card supports Apple Pay. Funding works through auto-conversion from any of 15 supported cryptocurrencies across 7 blockchains, including BTC, ETH, SOL, USDC, and others. Conversion costs 0.32% per transaction, and a 1% FX fee applies to non-USD purchases. The card is denominated in USD and covers 172 countries. KYC is required to sign up. No personal bank account or IBAN is provided. Opening a card requires a 10 USDC deposit, which is fully spendable. Daily spend limit is $50,000. ATM withdrawals are not available.

Kolo Card pays Bitcoin cashback on all purchases. During your first month, every transaction earns 5% back in BTC, with a $5 cap per purchase and a $100 monthly cap. After that first month, the rate falls permanently to 1%, with a $1 cap per purchase and the same $100 monthly ceiling. A typical user spending $500 a month after the introductory period earns $5 in BTC cashback. The Bitcoin reward may appreciate over time if BTC rises, but that carries market risk. There are no tiers, staking requirements, or paid plans to unlock higher rates.

Non-custodial Visa cards are rare, and Tria pairs that with uncapped 1.5% cashback, which beats most entry-level competitors. The real catch is that cashback is not paid immediately but held until the Token Generation Event, making the reward timeline uncertain. The $90 physical card fee also stings.

The Tria Card is issued by Rain out of Puerto Rico and runs on the Visa network. It is a non-custodial debit card denominated in USD. Both physical and virtual cards are available, priced at $90 and $20 respectively, and the card supports Apple Pay. Funding requires a manual preload rather than automatic conversion; a 0.4% conversion fee applies when moving crypto to cover spending. The card supports USDC and USDT across six blockchains. It is available in 223 countries with no foreign transaction fee. KYC is required and no linked bank account or IBAN is provided. Daily spend limit is $1,000,000 and daily ATM withdrawal is capped at $750, with ATM fees of $1 plus 1% per withdrawal.

On the default Virtual tier ($2 per month), cardholders earn 1.5% USD cashback on the first $100 spent each period, then 0.5% beyond that, with no monthly cap. Higher tiers unlock better rates: Signature ($9 per month) pays 4.5% on the first $1,000 then 1%, and Premium ($21 per month) pays 6% on the first $2,000 then 1%. A typical user on the free-entry tier realistically earns close to the 0.5% ongoing rate for most of their spending. One important caveat: cashback is not distributed immediately and is scheduled for release after the project's Token Generation Event, so the timing is not guaranteed.

Ether.fi stands out for self-custody and zero conversion, FX, and monthly fees. The 3% cashback sounds impressive but the $60 monthly cap on the Core tier makes it largely symbolic. Unlocking meaningful cashback requires serious spending or a large $ETHFI stake.

The Ether.fi Card runs on the Visa network and operates as a non-custodial debit card denominated in USD. Both a physical card and a free virtual card are available, with the physical card costing $40. Apple Pay is supported. The card auto-converts stablecoins including USDC, USDT, frxUSD, and liquidUSD at zero conversion cost with no FX fee. It is available across 226 countries. KYC is required. Cardholders receive a US bank account and can accept third-party deposits, though no IBAN is provided. Daily spend limits are unlimited, and the daily ATM withdrawal limit is $750.

The Core tier pays 3% cashback on the first $2,000 of monthly spend, then drops to between 0.5% and 1% for the remainder, with a $1,000 monthly cashback cap overall. However, the entry cashback cap is effectively $60 per month, which means most everyday spenders will hit the ceiling quickly. Upgrading to Luxe or Pinnacle tiers raises the 3% window to $10,000 or $50,000 respectively, but access requires either accumulated points from heavy card spending or staking substantial amounts of $ETHFI tokens. A welcome promotion offers up to 15% cashback on dining, though this is time-limited. Cashback is paid in crypto.

A 2% uncapped base cashback rate is genuinely competitive, and the non-custodial setup is rare at this price point. The catch is real: rewards pay out in XPL tokens, not cash, and squeezing the best rates requires staking thousands of dollars worth of a native token most users have never heard of.

Plasma One is issued by Rain out of Puerto Rico and runs on the Visa network. It is a non-custodial prepaid card denominated in USD. The card ships as a physical card only, with no virtual card option, and supports Apple Pay. Funding is via manual preload using USDC or USDT across eight supported blockchains, with no auto-conversion from other crypto assets. There is no conversion cost, but a 1% FX fee applies at the base tier. The card is available in 227 countries and KYC is required. Cardholders receive a US bank account, enabling third-party deposits, though no IBAN is provided. The daily spend limit is a generous $1,000,000 USD. ATM withdrawals are not supported.

The base Lite tier pays 2% cashback on the first $500 of monthly spend, then drops to 0.1% with no cap beyond that threshold. Cashback is calculated in USD but paid weekly in XPL tokens, which must then be converted to access cash value. The Core tier at $10 per month raises the headline rate to 3% on the first $1,000 and adds AI-category cashback. The Platinum tier, gated behind roughly $9,000 in staked XPL, reaches 4% plus 10% on AI spend. A typical free-tier user realistically earns 2% on modest monthly spend, tapering sharply after $500. There are no fixed monthly earning caps beyond the tiered thresholds.

Wealthsimple Card punches above its weight on the cashback cap, offering 1,500 CAD monthly versus the typical 500 CAD at entry level. The 0% FX fee is a genuine perk, but the 3% conversion cost quietly erodes value for anyone spending outside CAD regularly.

The Wealthsimple Card is issued by KOHO Financial on the Mastercard network and is denominated in Canadian dollars. It is a custodial prepaid card available to Canadian residents only. The card supports Apple Pay. Funding is manual preload rather than automatic conversion; when crypto is converted to spend, a 3% conversion cost applies. There is no foreign exchange fee on international purchases. Cardholders get a Canadian personal bank account and can accept third-party deposits. KYC is required. The card is valid for five years. Daily spend limit is 5,000 CAD and daily ATM withdrawals are capped at 1,000 CAD with no ATM fee charged.

Every purchase earns 1% cashback with a monthly cap of 1,500 CAD in eligible spend, meaning up to 15 CAD back per month. Cashback can be received as traditional cash, stock, or crypto, with an option to auto-invest rewards into a chosen cryptocurrency from Wealthsimple's list of over 55 supported assets. There are no tiers or staking requirements to unlock this rate. A 25 CAD welcome bonus is available for new cardholders. The flat structure is straightforward, and the monthly cap is notably higher than most entry-level competitors.

Non-custodial custody on a Visa debit card is genuinely uncommon and worth noting. The catch is that useful cashback requires locking up roughly $941 to $9,400 in $BASED tokens, and even then the monthly caps are tight. The free tier earns nothing until the Orange tier launches.

Based Card is issued by Fazz (Xfers) in Singapore and runs on the Visa network. It is a non-custodial debit card denominated in USD. Both a virtual card (free) and a physical card ($50) are available, and the card supports Apple Pay. Supported assets are SOL, USDC, USDC.e, USDT, and XSGD across three blockchains. Spending triggers automatic conversion at a 1% conversion cost. A 1.5% FX fee applies at the Hype tier; Gold-tier stakers pay 0%. The card is valid for three years and available in 176 countries. KYC is required, and no personal bank account or IBAN is provided. Daily spend limit is $3,000 at Hype tier. ATM withdrawals are not enabled.

Cashback is paid in $BASED tokens at the start of each month and can be converted immediately to USDC or USDT. The entry live tier (Hype) requires staking 10,000 $BASED tokens (roughly $941) to earn 2% cashback, capped at $20 per month. That cap means maximum monthly cashback value is $20 regardless of spending. Gold tier requires staking 100,000 $BASED (roughly $9,412) for 4% cashback capped at $100 per month, plus Netflix credits, ChatGPT and Claude credits, and four airport lounge visits annually. The free Orange tier (coming soon) earns 0% cashback.

Shakepay keeps the structure simple: spend in CAD, earn Bitcoin, pay nothing monthly. The 1% rate is competitive at entry level, but the 500 CAD monthly cap limits real earning power. The 3% FX fee is a genuine penalty for anyone spending abroad.

The Shakepay Card is issued by Peoples Trust Company and runs on the Visa network. It is a prepaid card with custodial asset management, meaning Shakepay holds your crypto on your behalf. The card supports Apple Pay. Funding requires a manual preload rather than automatic conversion at the point of sale, with a conversion cost of 0.75%. The card is denominated in Canadian dollars and available exclusively to Canadian residents. KYC verification is required, and the card links to a Canadian bank account with third-party deposits supported. Daily spend is capped at 3,000 CAD and daily ATM withdrawals are capped at 1,000 CAD. The card has a four-year validity period.

The Shakepay Card pays 1% cashback on all purchases, with rewards delivered in Bitcoin directly to your Shakepay account. The earn rate applies from the first transaction with no staking or tier requirement. However, the monthly cashback cap sits at 500 CAD in spending, meaning maximum monthly Bitcoin earned tops out at 5 CAD worth. A signup bonus of 20 CAD is available for new cardholders. There are no additional reward tiers or staking multipliers. For moderate everyday spenders, the flat uncomplicated structure is straightforward, but high spenders will hit the cap quickly and earn nothing beyond it.