Why Coinbase Card is the only debit card you need
If you are a US-based cryptocurrency enthusiast, Coinbase Card is right up your alley! Coinbase Card is a Visa debit card enabling you to earn cryptocurrency as cashback on everyday purchases.
Anywhere that Visa debit cards are welcome, the card can be used at more than 40M merchants globally.
The debit card comes with no hidden fees, unlimited crypto rewards on purchases you make (spend limits apply), robust security features, flexible crypto reward selections, and an easy setup process.
How to get a Coinbase Card
To get a Coinbase Visa debit crypto card, you must create a Coinbase account. To begin, click on the Sign up to get started button. To create a Coinbase account, enter your full name and email address.
Create a strong password consisting of a minimum of eight characters. A combination of lowercase and uppercase letters, metacharacters, and numbers is recommended.
Tick the box certifying you are an adult and click the Create free account button. A pop-up will appear requesting you to verify your email address.
Check the mailbox of your registered email address, open the email in question, and click on the Verify Email Address button. You will then be asked whether you want personalised email updates about special offers, services, and products. Select Yes or No to proceed.
At this stage, for additional account security, you will be requested to set up two-step verification.
- After selecting the correct country code, enter your mobile phone number. Click the Send code button and enter the seven-digit verification number sent to your registered mobile number.
Finally, you will be asked to verify your identity.
Enter your date of birth, full address, and Social Security Number (SSN). You will also be required to state why you want to use Coinbase, your source of funds, and your employment status.
Click on the Continue button to proceed. Coinbase will take a few moments to verify your details.
Once you have successfully set up an account, you can apply for a Coinbase Card. At the time of writing, the Visa debit card is ONLY available in the US. Unfortunately, residents of Hawaii cannot avail themselves of the card. The debit card is issued by Pathward and powered by Marqeta.
Coinbase Card features
Here are the key Coinbase Card features:
You can use your Coinbase Card anywhere a Visa debit card is accepted. If you opt for cryptocurrency (purchased or received as cashback) to purchase an item or for an ATM withdrawal, Coinbase will convert these crypto assets into US dollars (USD) automatically.
There are no hidden fees:
Take advantage of no transaction fees or annual fees.
The cryptocurrency exchange platform does charge a marginal spread in the price to purchase or sell crypto assets.
Your ATM operator may charge a convenience fee.
For additional details, carefully read through your Coinbase Cardholder Agreement.
Earn crypto as cashback
On every purchase you make, you can earn unlimited crypto. Of course, there are certain spending limits in place. You can submit a request to Coinbase to increase your spending limits.
Robust security features
As the sign-up section outlines, Coinbase offers industry-leading security features for peace of mind. These include two-step authentication (aka two-factor authentication), pin change, card freezing, etc.
Diverse crypto rewards
You are not limited to one crypto cashback option. A list of cryptocurrency cashback options is available to choose from, and you can switch from one option to another at will.
Some of these options include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Dai (DAI), Stellar (XLM), Algorand (ALGO), Amp (AMP), and Rally (RLY). The amount of cashback rewards received varies from cryptocurrency to cryptocurrency.
For example, you will receive a 1% BTC cashback upon selecting Bitcoin as your preferred choice and a 4% ALGO cashback upon choosing Algorand as your crypto reward selection.
Of course, your cashback reward pool has the potential to further increase in value, depending on the rise in the price of select cryptocurrencies within your existing reward pool.
As outlined earlier, the registration process is fairly easy. Once you have registered at Coinbase, setting up a Coinbase Card is simple. Link your bank account to fund your card without a credit check. Coinbase offers around-the-clock support via phone and email to address any queries you may have.
If you spend in USD or USD Coin (USDC), there are no tax implications. However, if you spend any other cryptocurrency, it will be considered a taxable transaction. It is, therefore, necessary to report all such gains and losses. Contact a tax advisor for clarity.
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!