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Coinbase Card US Review 2023: Fees, Benefits and Perks

Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
coinbase-card us review

Coinbase Card US Review: Our Opinion

The market is filled with numerous prepaid crypto card options. Undoubtedly, the Coinbase card is one of the top options. The Coinbase card allows US investors to use their cryptocurrencies to pay for goods and services.

The prepaid card can be used online and offline. What’s more? There are zero issuance or annual fees for using this Bitcoin card. However, in this Coinbase card review, we found some limitations with this card. First off, it has a daily spending limit.

coinbase-card us review
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Out of 5
4.3/5
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    Additionally, only verified Coinbase account holders can request the cards, and the cashback rewards are extremely low.

    An Overview of Coinbase Card US

    Coinbase was launched in 2012 by Brian Armstrong and Fred Ehrsam as a platform that simplifies cryptocurrency trading in the US. Since its launch, the cryptocurrency exchange has grown massively branching out of the US to service millions of crypto traders globally. Coinbase is arguably the biggest cryptocurrency exchange in the US and one of the top three platforms globally.

    Over 108 million verified users and 245,000 ecosystem partners in over 100 countries rely on Coinbase to securely and easily invest, spend, save, earn, and use cryptocurrency. 

    Coinbase is known for its simplified user interface and easy-to-use crypto account. In addition to its trading services, Coinbase offers a litany of products for both institutional and retail cryptocurrency investors. This includes a Coinbase mobile app, a Coinbase wallet, and an NFT marketplace.

    In 2020, Coinbase partnered with Visa to launch a cryptocurrency Visa debit card in the US. The card eliminates the intermediary as it allows users to spend your crypto instantly. The card is free for all registered Coinbase users and it offers cashback rewards of up to 4% per transaction.

    The Coinbase card offers US crypto traders many benefits, but it also has its limitations. This section outlines the benefits and downsides of the Coinbase Visa Card.

    Pros

    Cons

    Coinbase Visa Card: What Is It?

    Coinbase-Visa-Debit-Card-us

    The Coinbase Card is issued in partnership with MetaBank and is powered by the Coinbase platform.

    Using this unique Visa debit card, consumers can instantly spend crypto online and offline, just as they would with a traditional debit card. For instance, an investor can use their Bitcoin to buy croissants at a local coffee shop. 

    Once they present the card, Coinbase automatically converts customers’ crypto assets to US dollars to complete the purchase. The Coinbase card can be used everywhere Visa cards are accepted. The exchange doesn’t charge any form of issuance or maintenance fees to maintain the card.

    US cardholders have a daily spending limit of $2,500 and an ATM withdrawal limit of $1,000. By using the Coinbase app, investors can check their Coinbase account balance to see how much they have available to spend each month.

    Coinbase Debit Card: How Does It Work? 

    The Coinbase card is a value-added service provided by the exchange which is linked to users’ Coinbase wallets. 

    When the card is used for payments, the crypto in the customer’s account is automatically converted to the local fiat currency. Cardholders can also use their favorite cryptocurrency to make everyday purchases in online stores or physical locations that accept the asset. This means investors can spend crypto instantly at regular retailers. 

    As a debit card, the Coinbase Card can be used at traditional ATMs worldwide to withdraw fiat currencies. However, there’s a daily ATM withdrawal cap is $1,000, and conversion fees could apply for international withdrawals.

    Regarding cashback rewards, customers will be prompted to select their preferred reward option when they sign up on Coinbase. United States cardholders could earn rewards of 4% XLM or 1% BTC on each purchase they make with their card.

    The selected reward offer will apply to all customers’ purchases, regardless of which cryptocurrency wallet they use. This reward will be credited to their account after Coinbase processes the transaction.

    Benefits & Perks

    coinbase-benefits-card-usa

    US residents can enjoy numerous perks and benefits from the Coinbase Card US.

    Earn Crypto Rewards

    Coinbase offers cashback rewards paid in crypto. Customers’ rewards will be registered as soon as they use their Coinbase Card and become available within 24 hours, although occasionally, it may take longer. Coinbase allows cardholders to select from eight cryptocurrencies, including BTC, XLM, and ALGO, each of which earns a specific percentage back.

    Staking

    Investors seeking to grow the crypto rewards received from their Visa debit cards can do so through staking. Staking can also benefit investors who are risk-averse and seek a passive income stream.

    Coinbase customers can earn compound interest by receiving passive reward payments for staking. Coinbase cardholders can stake their coins, like Ethereum, and earn staking rewards of 4.19% APY.

    Contactless Payment

    Coinbase customers can use their cards with mobile payment options, like Apple Pay or Google Pay. However, the Coinbase Card does not support Apple Cash.

    Cryptocurrencies Supported 

    The Coinbase Visa card allows US residents to spend crypto assets anywhere Visa is accepted. However, the number of cryptocurrencies supported by the card is not stated. Here are some of the crypto assets users can access with the debit card:

    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Polygon
    • Dogecoin

    Fees Explained

    Coinbase does not charge a card issuance or an annual fee for card maintenance. There are also no transaction fees for Coinbase Cards. When investors use their Coinbase Card to make purchases on Coinbase in US dollars (USD), USDC, or any other supported cryptocurrency, they do not incur transaction fees. 

    However, the exchange charges a 1.5% ATM withdrawal fee, 1% conversion fee and 3% on international purchases.

    Opening an Account

    Customers require a verified Coinbase account to apply for the Coinbase card. Highlighted below are the steps to follow.

    Sign Up

    Sign-Up-coinbase-us

    To open an account, visit the Coinbase website or the mobile app. Click “Get Started” in the top right corner. Users must provide their full legal name, email address, password, and location. Once completed, click “Create Account.”

    Coinbase will send an email for account verification, which users must click to activate the account. Once logged in, the investor must activate their mobile numbers and complete their personal information. 

    Verify 

    KYC (know your customer) verification is mandatory on Coinbase. To complete the verification, customers must provide a valid government-issued ID like a passport or driver’s license. Then, they must complete a facial verification by taking a photo. 

    It is advisable to set up a 2-step verification app (TOTP) at this point to secure against unauthorized account access.

    Add Payment Method

    Go to ‘Settings’ and select a payment method by clicking the “Payment Method” tab. US residents have multiple options: wire transfer, debit card, bank account (ACH), PayPal, Apple Pay, and Google Pay

    Order Card

    Coinbase customers can order their cards via the desktop or the Coinbase app. Visit the “Pay” tab. There will be a section for the Coinbase card; select “Get started.” Review the presented information and tap “Continue.” After tapping, a pop-up for verifying email addresses will appear. Click on “Looks Good” and check the terms and agreement box. Then, click “Accept.”

    Customers typically receive their physical card within 7–10 business days of approval.

    Coinbase App 

    Coinbase offers a mobile app that is downloadable for iOS and Android devices. The Coinbase Card app is easy to use and has a well-designed interface. Crypto traders can easily check their Coinbase balance and keep track of their spending with the Coinbase app.

    Additionally, users can rapidly switch between their crypto wallets to fund their transactions. The easy-to-use software can also connect users with the Coinbase support staff and provide them with fast notifications and smart receipts.

    The ability to control card settings directly from a Coinbase mobile phone is a great feature for cardholders. Customers can order a new card for a lost or stolen one, lock their card temporarily, and instantly freeze their card, all on the app.

    Customer Satisfaction 

    Coinbase asserts that it provides 24/7 customer service via multiple channels for its US customers. This includes a help center, which also doubles as the FAQ section for self-help. Customers can also gather educational resources through the Coinbase blog and the “Learn” section. 

    Coinbase has a “Contact Us” section that provides different options, such as live chat, chatbots, and live phone support. However, the response time for these actions was not stated. 

    Despite this, Coinbase scored 1.3 out of 5 on the reputable third-party app Trustpilot. Some Coinbase customers left positive reviews, praising the platform’s ease of use.

    Meanwhile, the negative comments pointed to hidden charges and difficulties ordering the Visa card.

    Is Coinbase Visa Card Right for You?

    The Coinbase Visa card caters to users seeking to conveniently shop with cryptocurrencies or withdraw crypto as cash from ATMs. The card makes it possible to spend crypto instantly by automatically converting cryptocurrency to local fiat currencies. The Visa debit card also comes with zero annual and issuance fees. 

    Although crypto enthusiasts looking to earn rewards on their regular transactions will value the attached crypto rewards, they require a fully verified Coinbase account before obtaining the card.

    If you want to know more about on Coinbase Competitors and other Crypto Cards, you can check out our list of the Best Crypto Cards USA Reviews. You can also read about our Blockcard Review as an alternative to Uphold.

    Final Thoughts

    According to our Coinbase card review, most US residents will find the Coinbase card suitable for their needs. The card simplifies day-to-day transactions by automatically converting crypto to local fiat currencies for online or in-person shopping. Cardholders get to enjoy  Coinbase rewards like cashback, staking rewards, and fee-free transactions. The card is also secured with two-step verification, a PIN, and a mobile app that can be used to monitor card activities. 

    However, there are numerous reports of customer dissatisfaction, low cashback rewards, and cardholders are held to a daily ATM withdrawal limit of $1,000. 

    Despite these potential drawbacks, the card’s unique benefits have led to its expansion beyond American borders. Now, residents of the UK and Australia can also access the innovative features of the Coinbase card. In fact, our ‘Coinbase Card UK Review‘ and ‘Australian Coinbase Card Review‘ delve into the specifics of how the card operates within these regions. They cover the local benefits, fees, and user experiences unique to each location. As with the US version, the Coinbase card in the UK and Australia offers the convenience of crypto transactions in daily life, with security measures such as two-step verification, a PIN, and a mobile app for monitoring card activities. It’s crucial to note that the customer feedback and ATM withdrawal limits may vary from region to region.

    FAQ

    Most frequent questions and answers

    Coinbase customers can buy crypto with their debit cards. Users can purchase digital assets by selecting their debit card on the payment methods menu on the “Buy”’ page.

    For taxation reasons, the IRS considers cryptocurrencies to be “property.” This implies that users will be considered to have sold a property each time they use their card to buy and sell cryptocurrencies. When they use their Coinbase card to make a purchase, Coinbase converts their crypto into fiat money, which constitutes a disposition of their property and makes the purchases taxable.

    Coinbase has partnered with Signature Bank, based in New York. Coinbase aims to integrate its exchange with the bank’s Signet blockchain digital payments platform. With the collaboration, Coinbase users can now use Signet to deposit and settle their accounts instantly.

    Customers can use the Coinbase card to make ATM withdrawals. However, there is a daily withdrawal limit of $1,000. 

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    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.

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