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Author Topic: Coinbase now has its own debit card  (Read 275 times)
kenzawak
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April 11, 2019, 06:18:44 PM
Last edit: April 12, 2019, 05:43:19 AM by kenzawak
Merited by DdmrDdmr (2)
 #1

Coinbase And Visa Are Making Bitcoin, Ethereum, Ripple's XRP And Litecoin Payments A Reality

https://www.forbes.com/sites/billybambrough/2019/04/10/coinbase-and-visa-are-making-bitcoin-ethereum-ripples-xrp-and-litecoin-payments-a-reality/#74eda9a15943

"Coinbase has teamed up with global payments processor Visa to try to change that, launching the Coinbase Card which allows users to "spend crypto as effortlessly as the money in their bank.
...
The Visa debit card, which has a £4.95 ($6.50) card issuance fee, can be used to spend Coinbase bitcoin, ethereum, Ripple's XRP, and litecoin balances "in millions of locations around the world," by converting the cryptocurrency to fiat when the card is used—the merchant or store gets paid in traditional fiat currency.

Coinbase users can choose which cryptocurrency is used on the card through a new app which supports all crypto assets available to buy and sell on the Coinbase platform. The app also offers instant receipts, transaction summaries, and spending categories, to help people keep track of their spending."
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April 11, 2019, 07:27:13 PM
Last edit: April 11, 2019, 07:40:05 PM by LeGaulois
 #2

Currently only available to the U.K citizens, unfortunately, but I hope it will expand soon enough. I wonder how many new customers this card will bring to the company, Coinbase becomes really big. At least, I expect this solution will last a little longer than advcash and others. The card is issued by Paysafe.

No BTC logo on the card  Embarrassed I can do that with my bank, irony...

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April 11, 2019, 08:20:00 PM
 #3

>Only avail in UK
>will roll out in other European countries in the oncoming months.

kinda expected  Wink. most of what I see is only available in European countries. I hope they won't be stuck in only providing it there for years.

And I think you meant debit card. As the name says, credit cards are for credits where the funds that'll be used are borrowed which shall then be repaid later.

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April 11, 2019, 08:30:26 PM
 #4

OP, please correct title of your thread - Coinbase launched debit card, not credit card, it's a big diference.
Interesting news. Currently there is lack of crypto debit cards in the market, so Coinbase now see big opportunities. So far they haven't published main information about their card - monthly fees, ATM withdrawal fees, limits and etc. If fees will be low and limits big enough, probably I'm going to order this card. But I predicted that this card will be not available in my country very soon. Despite that I live in EU, Coinbase started to allow to buy/sell crypto on their platform in my country only in the end of last year. Probably same thing will happen with debit cards.




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April 11, 2019, 11:19:17 PM
 #5

Coinbase And Visa Are Making Bitcoin, Ethereum, Ripple's XRP And Litecoin Payments A Reality

"Coinbase has teamed up with global payments processor Visa to try to change that, launching the Coinbase Card which allows users to "spend crypto as effortlessly as the money in their bank.

Have they actually teamed up with VISA or just one of those card issuers like Wavecrest in the past?

The product itself that they are offering in my opinion is fundamentally no different than what Wirex offered, or a bunch of other crypto debit card services. They are all based off the same idea, automating the crypto-fiat transaction, etc.

But if they were able to establish some sort of direct relationship with visa themselves, it could prove to be a lot more stable than what other services had in the past, which was constant issues with regulation and card issuers turning on them. That could prove successful given how a bunch of businesses had to completely restructure their model given the problems Wavecrest had in the past. But the fact that this is only offered to a restricted bunch of countries, and is not anonymous, will probably lower its potential.

 
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April 11, 2019, 11:52:48 PM
 #6

Have they actually teamed up with VISA or just one of those card issuers like Wavecrest in the past?
I found this at the bottom of their Card's page:

Quote
This card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorised
by the Financial Conduct Authority under the Electronic Money Regulations 2011 FRN: 900015 for the issuing of the electronic money and payment instruments.
https://www.coinbase.com/card

I guess they would only be able to issue one directly from VISA if they got a banking license. Otherwise, they need some kind of middleman.

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April 11, 2019, 11:55:58 PM
 #7

Another good development in crypto. I wonder how they can establish the limit per person. What are the factors involved to get higher limits? Would it depend on the holdings  and history of a particular person in that exchange?

Edit: The OP should change it to debit card not credit card. Debit and credit cards are different. The reason why I asked for the limits. I thought they are issuing credit card.

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April 12, 2019, 05:43:04 AM
 #8

>Only avail in UK
>will roll out in other European countries in the oncoming months.

kinda expected  Wink. most of what I see is only available in European countries. I hope they won't be stuck in only providing it there for years.

And I think you meant debit card. As the name says, credit cards are for credits where the funds that'll be used are borrowed which shall then be repaid later.

You're right. My bad.
I edited the title.
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April 12, 2019, 05:50:13 AM
Merited by o_e_l_e_o (1)
 #9

It is a good step to raise crypto awareness and adoption but once people find out that they don't need a plastic card to spend crypto, they'll dump them.

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming  from this combination can't be good for us.

Avoid.




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April 12, 2019, 11:58:50 AM
 #10

@timerland
Without a banking licence, Coinbase can't issue its own Visa/Mastercard. Like all other similar services offering a card, they need to use a 3rd party. But I won't be surprised if Coinbase gets a license within 5 years, it has been developing in this direction for several months.

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming  from this combination can't be good for us.

Avoid.
Visa doesn't have much to do with it, it's a deal between Coinbase and Paysafe. BTW, Visa is not a bank .

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April 13, 2019, 04:39:12 PM
 #11

The only advantage of that card is the possibility of spending directly from cryptocurrencies, but unfortunately, I only see it as an attempt from that coinbase to be the crypto bank.

I hope that the effort will be developed to solve the solutions without resorting to Visa cards by supporting a card with a mini LN card that enables individuals to buy, sell and discount the balance of crypto balance.

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April 13, 2019, 06:21:45 PM
 #12

Its sad that this is currently available for UK but i do expect that it would roll out anytime soon and its good to see that Coinbase already have debit card but still....
It nothing different if i do just simply used up my own traditional Debit card.


No BTC logo on the card  Embarrassed I can do that with my bank, irony...
This is the thing why im discouraged.lol

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April 13, 2019, 08:39:38 PM
 #13

It is a good step to raise crypto awareness and adoption but once people find out that they don't need a plastic card to spend crypto, they'll dump them.

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming  from this combination can't be good for us.
Pretty much this.

I want to spend bitcoin by scanning a QR code and paying direct. I don't want to trust a third party to do it for me - if I wanted that, I wouldn't be here in the first place. Coinbase have already said they will be taking 2.5% in fees on every transaction, and knowing how scummy Coinbase are, I have no doubt that you will get the worst possible exchange rate imaginable.

Things that I can currently pay for with a card, I pay for with my credit card and make 2-3% cashback. Why would I use my card to buy on Coinbase and be charged their over the top fees, and then use their card to pay for things and be charged their over the top fees a second time?

This is good for Coinbase and no one else.

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April 13, 2019, 09:00:25 PM
 #14

I want to spend bitcoin by scanning a QR code and paying direct. I don't want to trust a third party to do it for me - if I wanted that, I wouldn't be here in the first place. Coinbase have already said they will be taking 2.5% in fees on every transaction, and knowing how scummy Coinbase are, I have no doubt that you will get the worst possible exchange rate imaginable.
Wtf? Is this legit? Can I get a source on that, because if it’s true then that’s pretty terrible. I thought everyone was overreacting with the “I can do that with my bank cc”, but if you need to pay 2,5% just to spend your coins, then I don’t see why anyone would use this. Thank god there are free options like this in my country, because I would never get back on using Coinbase with them pulling this kind of shit.

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April 13, 2019, 09:30:04 PM
 #15

Can I get a source on that, because if it’s true then that’s pretty terrible.
https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq

£4.95 to buy the card or a replacement card
1% fee on any cash withdrawal over £200 per month.
2% fee on any international cash withdrawal over £200 per month
2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction

It's seriously terrible, but exactly what is to be expected from Coinbase. I really don't know why anyone continues to use this exchange with all their scummy behavior like insider trading and breaking their own rules to list the shitcoin bags that they themselves are holding. Now they want us to pay even more ridiculous fees for the privilege of giving up control of our coins to them. Sorry, but what is the customer getting out of this?

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April 14, 2019, 03:30:27 AM
 #16

£4.95 to buy the card or a replacement card
1% fee on any cash withdrawal over £200 per month.
2% fee on any international cash withdrawal over £200 per month
2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction
F*ck the fees, are they being serious right now? The fees are ridiculous and only dumb people will jump into it.
Never used coinbase either since it didn't support my country but even it's supported I don't give a damn and using traditional debit cards are way more convenient and cost efficient.

This coinbase's card are hilarious to think, I mean it's still under the "bank" after all.

I use this provider to trade Cryptos : Bitcoin Revolution
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April 14, 2019, 03:37:17 AM
 #17

2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction
This is quite misleading, it looks like that there's 5%+ fee for every international or EEA Purchases (crypto liquidation fee included).
I've added "strikethrough" to fix it.
You also forgot to mention about the "chargeback".

So this concludes that Coinbase isn't much of an Exchange nor a Crypto-payment processor but a full pledged Bank.

Buy hey, it's a great way to spend your Bitcoins to non-crypto accepting Merchants and establishments. With this, Coinbase funds can even be used to pay Electric, Water and other Bills like the one we have in ASIA.

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April 14, 2019, 02:18:25 PM
 #18

This is quite misleading, it looks like that there's 5%+ fee for every international or EEA Purchases (crypto liquidation fee included).
This is certainly how I understand it. To use the card to settle in fiat anywhere, you have to liquidate your crypto, so there would be a 2.49% charged on any and every transaction. Any transaction outwith the UK but within the European Economic Area would incur an additional 0.2% on top of that (2.69% total), and any international transaction would incur an additional 3% (5.49% total). I also wonder, then, whether this also means a 2.49% liquidation fee on cash withdrawals. Given that this is Coinbase, I usually assume the worst possible scenario is the right answer.

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April 14, 2019, 02:40:41 PM
 #19


though its just for UK residents. not all of us like coinbase but its a good development still.

this will also be a good thing for crypto who promises such development for they can now also do the same like the Monaco debit card and Tenx project. With these two also have their cards distributed and get used by users will be a solid proof of adoption.
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April 14, 2019, 08:24:09 PM
 #20

High fees or not there are still a lot of people who will agree to pay. We currently don't have many options and when we have one it doesn't work for the long term. I would prefer to rely on a card from Coinbase than something like Monaco or Tenx even if I don't know about these projects, we've been hearing about them since last year, do they have a card that works?

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