Coinbase Card Assessment 2021: Options, Charges, Execs and Cons – GOBankingRates

GOBankingRates-Score

Quick recording: The Coinbase card is a crypto debit card that allows users to get back up to 4% in rewards for every purchase they make. The card has no annual fee or registration fee, which makes it the most attractive option for many crypto traders. In addition, cardholders can use the card wherever Visa debit cards are accepted.

  • features

  • Fees

  • safety

  • Customer service

How did we calculate that?

benefits

  • Supports multiple cryptocurrencies
  • Generous crypto rewards
  • Intuitive mobile app
  • Contactless payment
  • Robust security
  • Ability to convert a crypto account into a bank account to be issued

disadvantage

  • 2.49% liquidation fee for cryptocurrencies

The cryptocurrency industry has grown in prominence in recent years, with cryptocurrency exchanges providing better ways for consumers to get the most out of their favorite coins.

Coinbase is one of the largest cryptocurrency exchanges in the US and offers a wide range of digital assets. It currently offers a debit card that users can use to earn rewards and other perks whenever they spend money.

Find out more about what the card offers in this Coinbase Card Review.

What is a Coinbase Debit Card?

The Coinbase debit card is a Visa card that allows you to get up to 4% in rewards back with every purchase. This card is like any other traditional debit card, but it allows you to make purchases using cryptocurrency instead of cash.

It’s essentially a Visa debit card linked to your Coinbase crypto account that you can use anywhere Visa cards are accepted. You don’t have to liquidate your digital assets every time you visit a store – Coinbase will do it for you. The card automatically converts digital assets to US dollars with every transaction.

When you sign up for a Coinbase debit card, you have the option to choose your preferred rewards. You can choose between 1% back in Bitcoin or 4% back in Stellar Lumens. However, you can switch between the two reward structures if you find one more appealing than the other. Once you have set up your preferred rewards offer, Coinbase can credit your rewards to your account after each transaction.

Features of the Coinbase card

Check out some of the features that the Coinbase card has.

$ 0 annual fee

The Coinbase debit card has no annual fee, making it one of the most popular crypto debit cards. You can shop and earn rewards at your favorite stores without paying an annual fee.

Supports multiple cryptocurrencies

The Coinbase Wallet supports a wide range of cryptocurrencies, including:

  • Bitcoin
  • ether
  • Stellar lumens
  • Bitcoin cash
  • Ripple
  • Litecoin
  • Dogecoin

Even if the Coinbase wallet supports multiple coins, remember that you can only earn rewards for Bitcoin (BTC) and Stellar Lumens (XLM).

Robust security

With the Coinbase debit card, you don’t have to worry about losing your digital assets, because Coinbase has comprehensive security to protect your coins. Plus, it has two-step verification and you can instantly freeze your account if you suspect it has been compromised.

Generous rewards

As mentioned earlier, the Coinbase card allows you to earn rewards every time you make a purchase at your favorite stores. You can earn up to 4% crypto-related rewards, including 1% in Bitcoin and 4% in XLM.

Coinbase will pay out your rewards as soon as a transaction is completed. It usually takes between one and five days for the rewards to reach your account, but the exact times will depend on the merchant.

Additionally, Coinbase gives you the flexibility to choose your preferred reward structure, with the ability to switch between the two whenever you see fit.

Contactless payment

You can use the Coinbase card to make contactless payments in your favorite shops, provided that the shop is terminally activated via near-field communication, also known as NFC.

Fees

When it comes to fees, the Coinbase card stands out. From the card issuance fee to the annual fee, you’ll likely make the most of it without incurring annual fees. However, there are still some fees that will apply depending on how you use the card.

Coinbase charges you a 2.49% transaction fee for every purchase, including ATM withdrawals. For example, if you spend $ 200 bitcoin on your Coinbase card, there will be a fee of 2.49%, which is $ 4.98.

App

Coinbase has an intuitive mobile app that makes it easy to manage your expenses on the go. You can track your spending habits, withdraw your balance, switch rewards and change card settings right from your phone.

Another interesting feature of the Coinbase cards app is the ability to choose the cryptocurrency that you want to spend. You can also turn on app notifications so you don’t miss any important information.

Advantages of the Coinbase Card

  • Almost no fees: The Coinbase card has no annual fee, registration fee, or card issuance fee.
  • Robust security: With the Coinbase debit card, you can be sure that your digital assets are safe. Two-step verification, instant card freeze, and other security features keep your card and digital assets safe.
  • Generous Rewards: The card offers up to 4% of the crypto-related rewards, including 4% back in Stellar Lumens and 1% back in Bitcoin.
  • Contactless Payments: You can pay with a contactless payment method in your favorite stores and you can even withdraw money from any ATM.

Disadvantages of the Coinbase Card

  • 2.49% liquidation fee for cryptocurrencies: One of the main disadvantages of the Coinbase card is the high liquidation fee for cryptocurrencies. There is a 2.49% transaction fee for all purchases.

Is it safe?

Coinbase is one of the most secure debit cards on the market today. With two-step verification, instant card freezing, and other security features, both your coins and your card are safe.

Customer service

You can contact Coinbase customer service by phone, email and through the mobile app. If you suspect your account has been compromised, you can call Coinbase using automated phone support to deactivate your account.

For everything else – including restoring your account after deactivation – you’ll need to send an email request. In addition, Coinbase has a help center where you can get answers to most of your questions.

While Coinbase doesn’t offer live chat support, the customer service options available will likely get you the help you need.

Who is it best for?

If you are an active crypto trader, the Coinbase Card may be the crypto debit card you have been looking for. The card is also ideal for anyone who wants to earn rewards for everyday purchases.

Last shot

The Coinbase card is hands down one of the most popular crypto debit cards out there. The card is almost royalty free, supports multiple cryptocurrencies, and offers generous rewards for daily expenses, making it the first choice for many traders and investors.

Frequently asked questions about Coinbase cards

Here are the answers to some of the most frequently asked questions about the Coinbase card.

  • Is the Coinbase card free?
    • The Coinbase card does not charge any fees as long as you spend USDC. A liquidation fee of 2.49% is charged for other transactions or for purchases such as ATM withdrawals if another form of crypto is used.
  • How does a Coinbase card work?
    • With the Coinbase card, you can withdraw funds from cryptocurrencies on your Coinbase account in order to make purchases. With every transaction, the exchange automatically converts crypto into US dollars.
  • Can I use my Coinbase card anywhere?
    • The Coinbase card is a Visa card and you can use it anywhere Visa is accepted.

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About the author

Lydia Kibet has been writing professionally since 2017. Her passion for helping brands in all aspects of content marketing flows into the expert industry coverage she provides – personal finance, investments, and healthcare. Her work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When she’s not writing, she reads, plays the guitar or meets nature. Follow her on Twitter.


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