Coinbase Instant Buy, 1% Fee

[kireinaha]

I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?

[bronco1769]

Bump. Has anyone tried/had success with this?

[KJO]

I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?

First, the credit card must be a visa. Coinbase will not accept a mastercard for ID verification.

Second, you are right, the credit card will only be used if your bank account funds are low and they need additional funds to satisfy payment.

I don't know anything about 1% rewards but it could theoretically work.

[xtrm]

I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back.

Credit card purchase may be coded as "cash advance" by the Bank and it wouldn't be counted for cash back either. In that case its not advisable to purchase with CC. YMMV

[blackhathasher]

This is probably a worthless post because it should go without saying... BUT

Coinbase REALLY needs to get a better handle on the Instant Buy deal... I mean... I am currently trying to obtain a friggen Visa card solely because I hate getting screwed over by Coinbase's 4 business day hold on purchases...

Gaw!

I am loath to use credit cards and this really doesn't sit well with me...

Coinbase... are you listening?

[tk808]

This is probably a worthless post because it should go without saying... BUT

Coinbase REALLY needs to get a better handle on the Instant Buy deal... I mean... I am currently trying to obtain a friggen Visa card solely because I hate getting screwed over by Coinbase's 4 business day hold on purchases...

Gaw!

I am loath to use credit cards and this really doesn't sit well with me...

Coinbase... are you listening?

Yes

[koshgel]

Not brave enough to try this out considering you might get smacked with oodles of charges from your cc.

[BitCoinPokerBro]

It was so much better when they didn't need a CC to verify. I mean seriously my SS number and bank info isn't enough?

[bit-fxtrader]

why do they need a cc? can't you just wire the funds?

[danieldaniel]

I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?

They mark it as cash advance.  You won't get any rewards.