Coinbase Card is a property of Coinbase. Coinbase, an online trading platform for buying and selling cryptocurrencies, has been a pillar of the ever-changing cryptocurrency landscape.
In 2019, Coinbase launched the Coinbase Card, a Visa debit card, in the UK and the European Union. The card is currently only available to a selection of US customers. If you want to apply for the card, you can sign up for the card waiting list in all states of the United States except Hawaii.
What is Coinbase?
Coinbase, founded in 2012, is an online marketplace designed to buy, sell and manage cryptocurrencies. Coinbase does not support all cryptocurrencies, but it does support popular cryptocurrencies such as Bitcoin, Ethereum, BNB, and Dogecoin. Users can connect their debit cards or bank accounts and purchase their preferred form of cryptocurrency through the website.
While the Coinbase Visa debit card initiative is exciting, debit cards in cryptocurrencies are not a new idea. The Coinbase Shift card, withdrawn in April 2019, was available in 43 US states.
What is a Coinbase debit card?
The debit card is a Visa card that lets you earn up to 4% of your rewards every time you purchase. The Coinbase card is like any other conventional debit card, but it lets you make purchases using cryptocurrencies instead of cash.
It is essentially a Visa debit card linked to your Coinbase crypto account balance that you can use wherever Visa cards are accepted. You don’t have to liquidate your assets first every time you go to a store – Coinbase does it for you. The card automatically converts your digital assets into US dollars for every transaction.
When you sign up for a Coinbase debit card, you’ll have the option to choose your favorite rewards. You can choose between 1% cashback in Bitcoin or 4% cashback in Stellar Lumens. However, you can switch between reward structures whenever you find one more attractive than the other. Once you’ve set up your preferred reward offer, Coinbase can credit your rewards to your account after each transaction.
How does the Coinbase card work?
The Coinbase card is connected to the cardholder’s online Coinbase account. In the account, cardholders can store wallets with various forms of cryptocurrencies. Cardholders can spend their preferred cryptocurrency online or at physical stores that accept their preferred payment method.
When cardholders make a purchase with the card, it automatically converts your cryptocurrency into the country’s fiat currency. This also allows cardholders to withdraw cash at ATMs.
Commissions and rewards
Issued by MetaBank®, the Coinbase card has no annual fees and has a cryptocurrency program, allowing you to earn 4% in cryptocurrencies every time you purchase. Please note that reward offers may vary. You can view current bids in your Coinbase account. ATM withdrawals are also not eligible for rewards.
There is no charge for the card subscription. Other fees may apply, but Coinbase will communicate this to you upon request. There are no transaction fees when shopping with USD Coin, but all other ATM purchases or withdrawals include a fixed transaction fee of 2.49%.
You can see your day-to-day expenses and ATM limits in your Coinbase account. Cardholders can currently withdraw up to $ 1,000 a day from an ATM.
Where can the Coinbase card be used?
The Coinbase card can be used wherever Visa is accepted, except for prohibited units (such as casinos) and prohibited transactions, such as payment orders, bank transfers, and online gambling.
Advantages of the Coinbase Card
- Almost no fees: the Coinbase card has no annuity fees, no registration fees, and no card issuance fees.
- Contactless payments: You can make payments with a contactless payment method at your favorite stores and even withdraw cash from any ATM.
- Ample rewards: The card offers up to 4% cryptocurrency rewards, including 4% in Stellar Lumens and 1% in Bitcoin.
- Robust security: With your Coinbase debit card, you can be sure your digital assets are safe. 2-step verification, instant card lock, and other security features will protect your card and digital assets.
Disadvantages of Coinbase Card
• 2.49% Cryptocurrency Liquidation Fee: A major downside of the Coinbase Card is the high cryptocurrency liquidation fee. Coinbase will charge you a transaction fee of 2.49% for all purchases.
Is the Coinbase Card Safe?
Coinbase is one of the most secure debit cards on the market today. Your coins and card are safe with 2-step verification, instant card lock, and other security features.
How to Apply for Your Coinbase Card
Eligible customers can apply for the Coinbase Card through the Coinbase app or website. To qualify for the card, you must live in the United States, complete all identity verification steps, and read the legal Coinbase Card Agreement. Once Coinbase approves your card order, you can instantly redeem your Coinbase Card through your account. You will receive a physical Coinbase Card within 7-10 business days.
If you want to use your Coinbase card through Apply Pay or Google Pay, you must create a PIN. You can do this in the app or by calling Coinbase support.
Coinbase Card Application
In addition to its new Visa debit card initiative, the company also has the Coinbase Card app. Cardholders can manage their cryptocurrency balance with a virtual card, exchange cryptocurrencies, make purchases, view receipts, withdraw cash from ATMs, and more through the app.
It should be noted that Coinbase Card user ratings are even less than stellar. The app has numerous one-star reviews on the Google Play Store, with several users citing server issues and permission issues.
The Coinbase Card can be convenient for Coinbase users who want to easily purchase cryptocurrencies, NFTs, or withdraw from ATMs. Do take note that you may not be able to apply for your Coinbase card immediately, and most transactions have strict fees and time limits.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining gblogo.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.