In brief
- Coinbase's debit card is coming to the US.
- There's a cashback program.
- Otherwise, it's similar to the card that's already in the UK and Europe.
Cryptocurrency exchange Coinbase today announced the expansion of its debit card to the US. The card converts crypto held in Coinbase accounts to US dollars whenever it’s used to buy something.
Starting today, US customers of the Silicon Valley-based exchanges can join a waitlist for its Visa debit card. No word yet on when the thing will actually launch.
Coinbase Card is open to all US customers, apart from those who live in Hawaii. Coinbase Card launched in the UK last April, and expanded to Europe last June.
There are no fees for converting Coinbase’s US dollar-pegged stablecoin, USDC, which it runs along with Circle, to US dollars. However, for all other cryptocurrencies, the card charges a 2.49% transaction fee on every purchase. Cryptocurrency conversion fees may apply, too. No word on those either.
Plus, other fees may also be tacked on. In the UK and Europe, there’s a transaction fee on international purchases of 3%, as well as a couple of other minor fees. But hey, the bitcoin debit card itself is free for US customers.
Along with the launch, Coinbase has a cash-back reward program. This lets customers earn 4% on each purchase with Stellar Lumens (XLM)—meaning that Stellar holders would earn 1.51% for using the card—or 1% back in Bitcoin (BTC). Only the US customers are eligible for these rewards.
Coinbase Card is issued by MetaBank, an FDIC (i.e. insured) regulated bank. It’s powered by Marqeta.
Coinbase Card must contend with a whole host of other crypto debit cards. BitPay’s crypto card is live in the US, as is Crypto.com’s. Wirex plans to launch its crypto Visa card in the US in December. Binance also has a visa debit card, which comes with no fees and up to 8% cashback, but it’s not yet in the US.