Cryptocurrencies have revolutionized the digital financial system, and they are here to stay. The cryptocurrency trading volume and transactions happening worldwide are increasing by the day, and more customers are becoming aware of the benefits of using cryptos for daily shopping.
One such cryptocurrency exchange that advances with the generation’s needs is Coinbase. Coinbase was established in 2012 and stood top of the list of the largest cryptocurrency exchanges in the world.
With an aim to provide better features to its users, Coinbase introduced the Coinbase debit card in 2019. Much to the expectation of Coinbase, the use of its Visa debit card rose in great numbers. In fact, according to the latest numbers, Americans purchased $31.2 billion worth of retail products in the year 2020, out of which 54% of the spending was by Coinbase users!
Coinbase debit card has proved to be a boon for many users due to its exciting offers and rewards it offers. However, there have been instances where the card may not have been as good as it looks. Read this Coinbase guide on the Visa debit card to know more or the full Coinbase review to learn more about some of the other great Coinbase features.
What Is A Coinbase Card?
A Coinbase Visa debit card is a debit card issued by Coinbase that allows you to make retail purchases in any Visa accepting merchant stores. The card is linked to your Coinbase account, and all purchases are made using the cryptocurrencies in your account.
However, the transaction is not made in crypto but in the country’s fiat currency. Coinbase automatically liquidates your crypto assets to the desired fiat currency to make the payment. Therefore, a Coinbase Visa debit card is just like your traditional debit card, which you can use to buy anything you like.
How To Get A Coinbase Card
Follow the steps below to get a Coinbase card for free.
- Log in to your Coinbase account and click on “Pay” on the left-hand menu bar.
- You will see the Coinbase card option on the right-hand side of the page. Click on “Join the waitlist.”
- Coinbase will now add you to the waitlist and review your application process. It may take a couple of days to verify your account for eligibility and for the card to reach you.
What Are The Features Of A Coinbase Card?
Some of the interesting features that the Coinbase card offers are:
Coinbase offers generous rewards to all its customers every time they make a purchase. It allows users to earn up to 4% crypto-related rewards, such as 1% back in Bitcoin or 4% in Stellar Lumens (XLM).
Once a transaction is complete, Coinbase will transfer the rewards to your account automatically. It may take four to five days to show the rewards in your account. However, these rewards change over time, so it is best to go to your Coinbase account and check for the rewards currently available for your account.
Also, the rewards are not applicable for ATM withdrawals.
Zero annual fees
You don’t have to pay any annual fees for your Coinbase debit card. There is no fee to apply for the card or during the sign-up process, thus giving you a smooth shopping experience.
However, there are fees involved when you make ATM withdrawals. All ATM withdrawals will include a flat 2.49% transaction fee.
Supports multiple cryptocurrencies
The Coinbase debit card supports multiple cryptocurrencies, just like the Coinbase platform. You can purchase using any of the cryptocurrencies in your account, such as Bitcoin, Ethereum, Dogecoin, Stellar Lumens, Litecoin, and more.
However, though the card supports multiple cryptos, you can earn rewards only through Bitcoin and Stellar Lumens.
World-class security standard
Coinbase features a robust security system to keep all your digital assets safe. You don’t have to worry about losing them when making transactions because users get the option to instantly free their debit cards if they detect any suspicious activity.
There is also a two-step verification process to approve all transactions, thus adding to the advanced security measures of the card.
Contactless payments worldwide
With Coinbase crypto debit card, users can make contactless payments in multiple locations all over the world. The card can be used internationally in millions of cities located globally with the help of only an ATM pin.
Select your crypto wallet
The best part about using a Coinbase card is getting to choose the crypto you wish to transact through the app. You can simply log in to the app and choose which currency to pay with. Such a feature allows you to gain the most out of every transaction by choosing crypto that’s currently highly-priced and trending in the market.
Track every transaction
Once you download the Coinbase card app on your phone, you can track every spending from your debit card. You will get instant notifications on the transactions and get summaries, transaction receipts, and more.
Easy integration with other wallets
You can easily connect your Coinbase debit card with third-party wallets such as Apple Pay and Google Pay. This way, you don’t have to carry your card everywhere and can make payments using your Google Pay pin or biometric authentication. Apple Pay is not supported in all countries eligible for Coinbase debit cards.
Is There A Coinbase Debit Card Limit?
Yes, there is. The Coinbase debit card limit will depend on the trading volume of your Coinbase account and is different for every account. If you want to know the daily spending and ATM limits of your Coinbase account, then follow these steps:
- Sign in to your Coinbase account
- Click on “Manage Card“
- Select “Support” and “View spending and ATM limits.”
Currently, the ATM withdrawal limit for Coinbase debit cards is $1000.
How To Activate The Coinbase Card
Users can immediately start using the Coinbase card online after approval. After you have received your physical card, you can activate it through the following steps:
- Sign in to your Coinbase account and click “Activate your card” on the right-hand side of the page.
- Enter the 16-digit card number and your 3-digit CVV number on your card. Click “Activate Card.”
- Next, you must set your 4-digit pin number.
- Your Coinbase debit card is ready for use!
How To Report A Coinbase Card Stolen
If your card gets lost or stolen, then you must report it to Coinbase immediately.
- Sign in to your Coinbase account and click on “Pay” on the left-hand menu bar.
- Select “Coinbase card” and click on “manage” in the top right corner.
- Click on “Support” and choose “Report your card lost or stolen.
Coinbase Card Pros & Cons
The Coinbase Card most definitely has its pros and cons. In this section, we will be going over them.
Pros of using the Coinbase Debit Card
- Shopping using cryptos enables you to take full advantage of the crypto price changes.
- There is no annual fee, sign-up fee, or card issuance fee when you use the Coinbase card.
- The generous rewards program of the card makes it an attractive product to possess.
- You can get all details of your card transaction on the Coinbase card app anytime you like.
- The two-step verification and instant card freeze features provide assured security measures.
- The card is compatible with third-part wallets such as Apple Pay and Google Pay for enhanced user experience.
- ATM withdrawals are possible in case of emergencies with a good limit of $1000.
Cons of using Coinbase debit card
- The cryptocurrency liquidation fee is high at 2.49% for every transaction.
- If you want a refund of the purchased item, then the amount is refunded to your Coinbase account. Hence, if you want that money to invest in cryptos, then it’ll incur another 2.49% as a transaction fee.
- Purchases using Coinbase cards are prohibited in merchant categories such as internet gambling, casinos, or any kind of online gambling.
- Crypto tax laws keep changing in many countries, and most of the current laws discourage the use of the crypto debit card for retail purchases. For more information about what to keep in mind when it comes to taxes when using Coinbase or its services, see the Coinbase tax reporting guide.
Coinbase Card FAQs
Coinbase debit card is currently available to customers in the United States, United Kingdom, and Select EU countries. However, Coinbase is looking to expand its outreach by including more countries very soon.
Once your application is approved, the physical card takes 2-10 business days to reach your address. However, you can use your digital Coinbase card immediately after approval.
The waitlist for Coinbase debit cards in countries like the US is short and may mostly take two days to get approval. The waitlist is currently available in all states in the US except Hawaii.
Getting a Coinbase debit card is a great option if you are a regular shopper. Since the card is directly linked to your Coinbase wallet, it enables you to control your crypto spending through your mobile card app.
The zero annual or sign-up fees for the card make it an attractive choice among Coinbase users. It is compatible even with other wallets such as Apple Pay, thus enhancing the versatility of the card.
Currently, the Coinbase debit card product is available only for customers in the US, EU, and the UK. But, the service will be made available in other countries soon which will be yet another unique selling point if you are participating in the Coinbase referral program or are actively promoting the Coinbase referral code.