Coinbase, an online exchange platform for buying and selling cryptocurrencies, has become a major pillar in the ever-changing cryptocurrency landscape.
In 2019, Coinbase launched coinbase card, a Visa debit card, in the United Kingdom and the European Union. Currently, the card is only available to some customers in the United States. If you want to apply for a card, you can join the card’s waiting list in all U.S. states except Hawaii.
What is Coinbase?
Founded in 2012, Coinbase is an online marketplace developed to buy, sell, and manage cryptocurrencies. Coinbase doesn’t support all cryptocurrencies, but popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are all accepted. Users can link their bank or debit card accounts and then buy their preferred form of cryptocurrency through the website.
While Coinbase’s Visa debit card initiative is exciting, debit cards for cryptocurrencies are not a new idea. The Coinbase Shift card, which stopped working in April 2019, is already available in 43 states across the United States.
How does coinbase cards work?
Coinbase cards are connected to the cardholder’s online Coinbase account. In the account, cardholders can store wallets with various forms of cryptocurrency. Cardholders can spend the cryptocurrency of their choice online or at physical stores that support their preferred form of payment.
When the cardholder makes a purchase by card, the cryptocurrency is converted into the country’s fiat currency. This also allows cardholders to withdraw cryptocurrencies in the form of cash at ATMs.
Fees and rewards
Issued by MetaBank®, coinbase tokens have no annual fees and a cryptocurrency rewards program, which allows you to earn back 4% of cryptocurrency rewards whenever you make a purchase. It should be noted that the rewards offered may vary. You can see the current offers in your Coinbase account. In addition, ATM withdrawals are not eligible for bonuses.
There is no card registration fee. Other charges may apply, but this will be notified during the registration process. There are no transaction fees when you shop in USD Coin, but all other purchases or ATM withdrawals include a 2.49% fixed transaction fee.
You can view daily spending and ATM limits in your Coinbase account. Currently, cardholders can withdraw up to $1,000 per day from atms.
Where can Coinbase cards be used?
In general, Coinbase Cards can be used wherever Visa is accepted, except for prohibited stores (such as casinos) and for prohibited transactions such as money transfer orders, wire transfers, and online gambling, among others.
How to sign up for a Coinbase card
Eligible customers can apply for a Coinbase Card through the Coinbase app or website. To be eligible for the card, you must live in the U.S., complete all identification steps, and read the coinbase card legal agreement. After your card application is approved, you can use the Coinbase Card immediately through your account. You’ll receive the real Coinbase Card by mail within seven to 10 business days.
If you want to use a Coinbase Card through Payment Application or Google Pay, you’ll need to create a PIN. You can do this in the app or by calling Coinbase Support.
Coinbase card app
In addition to the new Visa debit card initiative, the company also has the Coinbase Card app. Through the app, cardholders can manage their cryptocurrency balances through virtual cards, cryptocurrency exchange, purchases, receipt viewing, ATM withdrawals, and more.
It should be noted that user reviews for the Coinbase Card app are still less than stellar. The app has multiple one-star reviews in the Google Play Store, with some users citing server issues and proxy issues.
The bottom line
Coinbase cards can be convenient for Coinbase users who want to easily shop with cryptocurrencies or withdraw money at ATMs. Just be aware that you may not be immediately eligible to sign up for a Coinbase Card, and most transactions have fees and strict terms.