Coinbase Visa Card Review

Coinbase is one of the most well-respected and trusted brands in the entire crypto economy. It makes sense for their Coinbase Visa card offering to be one of the most useful crypto debit cards on the market.

The Coinbase Visa is mainly focused on allowing users to simply spend their cryptocurrency holdings at any merchant around the world or turn their Bitcoin and other crypto assets into cold, hard cash at any ATM. It also offers some generous cryptoback benefits.

While there aren’t as many additional perks as some of the competing crypto credit cards, the reality is that Coinbase Visa is a solid option for someone who just wants to be able to have a debit card to access the cryptocurrencies in their Coinbase account.The Coinbase Card* takes out the complexity of buying crypto and makes accumulating the popular currency simple and less risky overall. In fact, you never even have to purchase any crypto and just accumulate the rewards. Those looking to dip their toe into the crypto waters but are not quite ready to commit to outright buying the volatile coins will find the Coinbase Card* an easy entry point. While the cash-back offerings aren’t the best on the market, if you have been waiting to get into cryptocurrencies, this card could be your answer.

 
What is the Coinbase Visa Card?

The Coinbase Visa Card is a debit card that allows users to spend their cryptocurrency anywhere Visa is accepted. It is issued by Coinbase, a popular cryptocurrency exchange platform. The card is linked to the user’s Coinbase account, which allows them to easily convert their cryptocurrency balances into fiat currency, such as USD or EUR, and spend it using the card. This makes it easier for users to access and use their cryptocurrency for day-to-day transactions, such as buying groceries or paying bills. The Coinbase Visa Card is available in select countries and can be used anywhere Visa is accepted. However, it should be noted that only nine crypto assets are supported with the Coinbase Visa card.

 

Pros & Cons

Pros of Coinbase Visa Card:
  1. Easy to use: The Coinbase Visa Card makes it easy to use cryptocurrency for day-to-day transactions, just like a regular debit card.
  2. Widely accepted: The card is accepted anywhere Visa is accepted, making it easier to spend cryptocurrency in a wider range of places.
  3. Instant conversion: The card automatically converts the user’s cryptocurrency balances into fiat currency at the point of sale, making it easy to spend cryptocurrency without worrying about market volatility.
  4. Rewards: Some Coinbase Visa Cards offer rewards, such as cashback on purchases or cryptocurrency rewards, which can add up over time.
  5. Security: The card provides enhanced security features, such as two-factor authentication and the ability to freeze or block the card in case of loss or theft.
Cons of Coinbase Visa Card:
  1. Limited availability: The Coinbase Visa Card is only available in select countries, which may limit its accessibility for some users.
  2. Fees: The card may come with fees for transactions, ATM withdrawals, or account maintenance, which can add up over time.
  3. Market volatility: The automatic conversion of cryptocurrency balances into fiat currency at the point of sale means users may miss out on potential gains if the market value of their cryptocurrency increases after the transaction.
  4. Currency exchange rates: Users may be subject to exchange rate fees when converting cryptocurrency to fiat currency, which can impact the overall cost of using the card.
  5. Requires a Coinbase account: Users must have a Coinbase account to use the Coinbase Visa Card, which may be an additional step for some users.

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Highlights

  • Earn crypto rewards with every purchase
  • No transaction fees
  • $0 annual fee
Introduction

When cryptocurrencies were first introduced the world was intrigued but the barriers to entry made it more complicated than many were willing to deal with. However, as these currencies have evolved digital coins are more user-friendly than ever before. In fact, earning crypto today is as easy as simply using your debit card.

The Coinbase Card* is a debit card issued by Metabank and runs on the Coinbase platform. It allows you to spend any cryptocurrencies or U.S. dollars you own anywhere Visa cards are accepted. To spend your cryptocurrency, Coinbase will automatically convert all your cryptocurrency to U.S. dollars when making a purchase.

The card touts fee-free transactions for crypto spending, no annual fee and a simple rewards-earning structure. Spending limits on the card vary from user to user. You can check your monthly spending allotment by logging into the Coinbase App and viewing your account.

Since the Coinbase Card* is a debit card, it can be used at ATMs worldwide, even for cashing out your cryptocurrencies. Similar to using the card for everyday purchases, Coinbase will convert your cryptocurrency to U.S. dollars for ATM withdrawals. ATM withdrawals are limited to $1,000 per day.

 

At a Glance
  • Earn rewards with every purchase in select cryptocurrencies
  • Conveniently spend crypto or U.S. dollars anywhere Visa cards are accepted
  • Cardholders can earn new assets and diversify their holdings with a rotating rewards structure
  • Easy funding through the Coinbase platform
  • Store your crypto rewards to your wallet, trade for other cryptocurrencies and more

 Coinbase Rewards

The most appealing benefit of the Coinbase debit card is its cash-back rewards. Cardholders earn crypto rewards on all purchases.

While there isn’t a cap on how much you can earn in rewards, you will be limited by your monthly spending allotment.

 

Earning Rewards

Cash-back rewards come in the form of cryptocurrency. As soon as you use your Coinbase Card*, your rewards will register and should be available within 24 hours, although sometimes it can take longer.

Coinbase currently lets cardholders select from five cryptocurrencies, each of which earns a specific percentage back. Here are some examples of rates we have seen offered:

  • U.S.D. Coin: 1% back
  • Dai: 1%
  • Ethereum: 1%
  • Bitcoin: 1.5%

The Coinbase Card*’s rewards and earning rates are on a rotating schedule. Each month there will be new options, while the other options will expire. You will receive a notice prior to your current selection expiring and given the chance to choose a new reward to earn. If you don’t choose a reward by the time your current reward selection expires, Coinbase will choose one for you, however, you can change your reward from the Coinbase App at any time. Check your Coinbase app for the latest rewards available.

 

Redeeming Rewards

When you earn crypto rewards through the Coinbase Card*, you’ll have several options on how to redeem them.

  • Transfer to your crypto wallet: When you collect cryptocurrency, you’ll need a safe and secure place to store it. A crypto wallet is the best place for storing your cyber coins. Coinbase itself can hold your crypto rewards you earn from the Coinbase Card* in its free wallet service. You also can opt to place your coins in a third-party wallet.
  • Trade for other cryptocurrencies: Coinbase has an extensive list of cryptocurrencies available to convert to on its platform. When you earn crypto rewards via its cashback card option, you can trade your coin for any of Coinbase’s options. Note that trading your crypto from one coin to another may incur fees.
  • Stake your rewards: A unique feature of cryptocurrency is the ability to “stake” it. Coinbase Card* members can stake their coins (like Ethereum) with Coinbase and earn staking rewards.
Rewards Potential

In order to determine the rewards potential of the Coinbase Card*, we calculated what the average American household might spend and, therefore, what a cardholder could earn. Forbes Advisor uses data from multiple government agencies to determine both the baseline income and the spending averages across various categories. The 70th percentile of wage earners take home $107,908 each year—we estimate spending from that number.

Forbes Advisor estimates that the example household has $32,072 in expenses that can be reasonably charged to a credit or debit card. The Coinbase card’s cash-back rates vary depending on which reward you choose—rates can be as low as 1% and up to 4%. We will go with a 2% rate for the purpose of this breakdown.

At 2% cash back for each purchase, the Coinbase Card* would earn around $641 back per year. However, depending on the type of crypto rewards you choose as your earning, this number will fluctuate drastically.

 

Other Coinbase Card Benefits
  • Contactless Payment: Use your card to pay with mobile payment options like Apple Pay or Google Pay. Coinbase Card* currently does not support Apple Cash.
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