Refreshed Coinbase Card

[Davidvictorson]

Coinbase just announced their refreshed card and the benefits attached when customers use the card.

Some  benefits of using the card include:

- Rotating rewards
I love the concept behind this reward structure. Customers who use their Coinbase Card will earn up to 4% back on every purchase with up-and-coming crypto assets from a rotating list of crypto rewards. The caveat here is that there is an expiration period. Coinbase will reward a customer with the highest crypto-back rate if the customer doesn't pick a crypto reward when a rotation is launched.

- No more fees
Coinbase listened to their customers' complaints on crypto spending fees and their negative correlation to crypto purchases while using their Coinbase Card. They, therefore, have removed the transaction fee for crypto spending. Although, other fees may be associated with the card.

- Easy funding
The goal is to make customers accustomed to the reality of the crypto economy. Anyone can easily get their paycheck or any other payment deposited directly into coinbase without any hassle or any hidden cost. Cool isn't it?

- Unlimited rewards
If you use your card anywhere Visa debit cards are accepted you are in for an unlimited crypto reward. They are rewarding you for using the card to make regular spending.


Note that presently, only customers resident in the US, excluding Hawaii are eligible to get the card.


Source: https://medium.com/the-coinbase-blog/meet-the-refreshed-coinbase-card-more-crypto-rewards-%C2%B9-no-more-transaction-fees%C2%B2-befc07046e50

[jackg]

It sounds like it's a good idea for them to remove the fee for spending and offer rewards. Although, since crypto.com are competing with them now, this could be a lot of the reason why they've done it.

The rewards will probably seem more useful to those who hold their new altcoins through bear markets too - where altcoins can do badly compared with bitcoin.

[seoincorporation]

...
Note that presently, only customers resident in the US, excluding Hawaii are eligible to get the card.
...

Too bad it's only available in US. I hope one day they make a card for everyone who uses their services. That's would be great for the users like me who really like their service but are in another country.

Maybe they are doing this only in US as the testing stage and if it works fine they will apply the same model in other countries. I will be patient and wait until they allow users from any country to get their card.

[Rikafip]

Too bad it's only available in US. I hope one day they make a card for everyone who uses their services. That's would be great for the users like me who really like their service but are in another country.

There already is a Coinbase card that is available outside of US for the last few years as couple of my IRL friends have and from what I heard they are satisfied with it, even though that card is not as good as the new one. I just don't know where else is available, other than EU and few other European countries.

Maybe they are doing this only in US as the testing stage and if it works fine they will apply the same model in other countries. I will be patient and wait until they allow users from any country to get their card.

Yeah that might be the case as first Coinbase card was initially available in US only and then spread to other countries.  FTX is also doing similar thing, releasing debit card for US market first so I guess that's the standard practice which kinda makes sense.

[cr1776]

It is a debit card which is one issue given the lesser fraud protections for debit vs credit cards.  That said, at 4%, that is a good reward particularly if there are no limits, it would be nice if there was a way to instantly, automatically exchange it into bitcoin or cash.  One would also have to keep a balance there to draw against.  I also think that it might complicate one's taxes doing this unless one could automatically sell whatever the 4% reward is instantly so that there was no capital gain or loss which could take the reward down.

It might be useful for very large payments though.  You'd deposit the $X into coinbase, make the payment, take the crypto and transfer it to cash or bitcoin.  The difference between the 4% and 2.62% would add up.

Edit:
Looking at it, it says that the max Point of Sale is $2500 for PIN and signature for a total of $5000 every 24 hours which isn't all that useful.  And there is a 2.49% conversion fee per transaction if you are drawing on something other than a USD coin.   With limits like that and fees like that if you aren't in USD, it isn't all that useful.  The low limits is the big issue though.