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Cashback rewards with the Shakepay Card
Cashback rewards with the Shakepay Card

Everything you need to know about the cashback reward

Updated over a week ago

What rewards will I earn with the Shakepay Card?

You will earn up to 2% in bitcoin cashback with your Shakepay Visa* Prepaid Card on your first $5,000, settled directly to the bitcoin balance of your Shakepay account.

Once you have spent $5,000 on your card, you will receive 1% cashback on all your card purchases.

You will only receive a cashback reward on purchases made with your Shakepay Card. You will not receive a cashback reward for any ATM withdrawals, topping up your account, bill payments, or when you shakepay a friend.

Stay tuned for announcements on new brand partners with some exciting rewards you won’t find anywhere else!

What bitcoin price will my reward be paid at?

You will see your bitcoin cashback reward pending in your transaction details once you've made a purchase.

However, the final cashback reward will be determined by both the transaction amount settled with the merchant and the BTC/CAD rate at the time the reward is paid out.

Can I receive my cash back reward in a different currency?

No, customers don’t have the option to receive their cashback rewards in other currencies such as Ethereum or Canadian dollars. However, all bitcoin rewards are automatically deposited to the bitcoin balance of your Shakepay account which you can choose to cashout or sell for Canadian dollars anytime.

How do I review my bitcoin cashback rewards?

To see how many sats you’ve earned on a given purchase, please review your recent transactions.

To review your recent transactions, click the Bitcoin icon in the app. You will see your bitcoin cashback rewards in your recent Bitcoin transactions.

You can also review the rewards received for a specific transaction in your Canadian dollar wallet.

When will I receive my reward after making a purchase?

Your bitcoin cashback reward will remain pending until your transaction has been fully settled. Once your transaction is settled, your cashback in bitcoin will be credited to your account.

Transactions typically take between 1-14 days to settle. Shakepay is not responsible for merchant settlement timelines, and cannot guarantee when you will receive your reward after your transaction has been settled.

How do I redeem my bitcoin rewards?

All cashback rewards are automatically deposited to the bitcoin balance of your Shakepay account after purchases are settled. Transaction settlements may take up to 14 days, depending on the merchant.

Once the bitcoin cashback reward is deposited to your Shakepay bitcoin wallet, it is yours to save, spend, or withdraw whenever you like.

What are “sats”?

Sats refer to satoshis, the smallest unit of a Bitcoin (think of it like cents to a dollar). Just like how there are 100 cents in a dollar, there are 100 million satoshis in 1 Bitcoin. Fun fact: they were named after the anonymous creator of Bitcoin, Satoshi Nakamoto.

Features of the Shakepay Card

We are excited to roll out new features for the Card in the coming months. Any new features will be announced on our blog and updated here.

Note: Shakepay does not offer cashback rewards for all card transactions. Transactions that don’t qualify for cashback rewards include:

  1. ATM withdrawals

  2. Financial Institutions – Merchandise (like buying cheques), Services, and Debt Repayment

  3. Non-Financial Institutions – Foreign Currency, Non-Fiat Currency (for example: Cryptocurrency), Money Orders (Not Money Transfer), Account Funding (not Stored Value Load), Travellers Cheques, and Debt Repayment

  4. Transactions related to purchase of securities via licensed brokers/dealers

​Do I only get cashback reward on card purchases?

Yes, cashback rewards only apply to card purchases. We currently don't offer cashback rewards on bill payments, direct deposits or e-Transfers.

*Trademark of Visa International Service Association and used under license by Peoples Trust Company. Shakepay Visa Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int.

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