What documents are required to get a crypto credit card in Canada?

To get a crypto credit card in Canada, applicants need to provide the same basic information required for a regular credit card application. This may include their legal name, date of birth, address, contact details, employment information, income, and consent to a credit check. They may also need to verify their identity and, depending on how the card provides crypto rewards, complete additional account verification with the crypto platform.
 

All credit card issuers in Canada need information to assess an applicant’s identity, creditworthiness, and ability to manage credit. Users must enter into an agreement with the issuer that creates rights and responsibilities for both sides.

For a crypto rewards credit card, there may be an additional layer of verification because regulated crypto trading platforms in Canada have obligations related to identity verification, anti-money laundering controls, and account security, among others. FINTRAC says money services businesses must verify the identity of persons or entities for certain transactions and activities.

Most Canadian credit card applications ask for personal and financial information. This may include:

• Full legal name
• Date of birth
• Home address
• Phone number and email address
• Employment status
• Employer information
• Gross annual income
• Housing status or monthly housing cost
• Consent to a credit check
• Information about existing credit products
   

One of the more misunderstood parts of a crypto credit card relates to an applicant’s credit score and credit history. A crypto credit card is still a credit product, meaning the issuer likely reviews the applicant’s credit history before approving the application.

In Canada, credit reports are summaries of a person’s credit history, and the Financial Consumer Agency of Canada says credit reports are created when someone borrows money or applies for credit for the first time. Applicants can review their credit report before applying for a credit card with one or both of Canada’s two main credit bureaus, TransUnion and Equifax. The Financial Consumer Agency of Canada says users may access their credit report online for free with Equifax and TransUnion.

A credit check serves as an important piece of the process, but a good score alone does not guarantee approval. The issuer may still consider income, existing debt, repayment history, application details, and internal eligibility criteria.

A crypto rewards credit card may also require the applicant to have a verified crypto account, especially if rewards are delivered through a crypto trading platform.

This may consist of confirming the applicant’s identity, completing know-your-client or anti-money laundering checks, and agreeing to the platform’s terms. FINTRAC’s identity verification guidance includes methods such as government-issued photo identification, credit file, dual-process, affiliate or member, and reliance methods.

In some cases, the crypto account verification process may ask for information such as legal name, date of birth, address, government-issued ID, source of funds details, or other required information.

This does not mean the credit card itself is funded by crypto. Rather, it means the crypto account may be needed to receive, hold, sell, or transfer the crypto rewards after they are earned.

The credit card part is generally similar to a regular credit card application. The issuer still needs to assess identity, credit eligibility, and repayment ability. The difference comes down to the reward structure.

Because rewards are paid in crypto instead of cashback or points, the applicant may also need a verified crypto account or complete additional crypto platform checks. In simple terms, there are two layers: 1) a regular credit card approval process for the card itself, and 2) a crypto account verification process for giving or managing crypto rewards.