Coinbase Debit Card Review: Pros, Cons, and What We Like

Written by Jordan BlansitUpdated: 29th Sep 2021
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The Coinbase Debit Card operates at the intersection of cryptocurrency and traditional card-based transactions.

As one of the newest Visa-backed debit cards to enter the market, the Coinbase Card is loaded with revolutionary benefits, robust security, and ingenuity.

Coinbase Debit Card

Keep reading our Coinbase Debit Card Review to see if this low-fee debit card deserves a spot in your coveted wallet.

Coinbase Debit Card Pros and Cons

Pros:

  • Easily Transform Your Crypto Account into a Modern-Day Bank Account.
  • Robust Security is baked into the Coinbase Debit Card, ensuring your valuable cryptocurrency is safeguard from hackers and external threats.
  • No Annual Fee
  • Intuitive Mobile App enabling you to easily monitor spending, track your balance and use your debit card with ease.
  • Generous Cryptocurrency Rewards for avid users. Cardholders can earn Bitcoin on each purchase. As Coinbase touts, cardholders can earn up to 4% back on all purchases.
  • Contactless Payments
  • Currently Supports up to 9 Different Cryptocurrencies, but it will be compatible with more in due time.

Cons:

  • 2.49% Cryptocurrency Liquidation Fee

What Is the Coinbase Debit Card?

The Coinbase Debit Card is nearly identical to a traditional debit card; however, it allows cardholders to use cryptocurrency vice traditional monetary means to purchase everyday items (groceries, gas, toiletries, etc.).

Put simply, it is a Visa Debit Card funded by your Coinbase Account.

>> More: Coinbase Review

How Does the Coinbase Debit Card Work?

The Coinbase Card is a debit card backed by Visa. This means you can use your Coinbase Debit Card with any Visa-compatible payment terminal, ATM, and online checkout solution.

That said, this is where the fun comes in. As you can imagine, Coinbase is a revolutionary crypto company that frequently challenges the status quo, breaks barriers, and is redefining the modern financial system as we know it.

The Coinbase Debit Card is linked to your standard Coinbase Account. This means the debit card withdraws money from your account and not a traditional bank account.

And since this takes place within the Coinbase Ecosystem, you will not need to liquidate any of your valuable digital assets to spend them in a store or to cover your purchase. Coinbase does this for you seamlessly and automatically, bringing you peace of mind and freedom.

Moreover, the Coinbase Debit Card earns rewards. That’s right, you cardholders can earn up to 4% back in certain digital assets.

However, you can only select one rewards structure at a time but can switch whenever a more appealing offer occurs.

Coinbase has already said they will regularly refresh rewards and push out timely updates so cardholders can plan accordingly.

Coinbase Debit Card Features and Benefits

Here are a few of our favorite features offered by the Coinbase Debit Card. These features are paramount for consumers to understand and consider.

Baked In Security

At the forefront of all Coinbase operations is security, and their debit card is no exception. Consumers can expect bank-level security, innovative blockchain technology, 256-bit encryption, tailored authentication protocols, and advanced fraud protection.

Additionally, you can switch between crypto wallets all from the mobile app.

Generous Crypto Rewards

Cardholders can earn up to 4% back on all purchases with the Coinbase Debit Card. It is important to note that rewards will refresh regularly and will vary. However, cardholders are in complete control.

You can select which rewards you want to earn and can stick with it or change the next day. It is completely up to you. Spend and earn rewards as you wish. Go wild!

No Annual Fee

The Coinbase Debit Card has no annual fee. This is yet another reason why we favor the Coinbase Card over other options.

You can earn rewards, shop at your favorite stores and online retailers with ease, without paying an annual fee.

This combination gives more power and flexibility to the consumer, which is one of the many underlying benefits of the decentralized ecosystem.

Intuitive Mobile App

If you already have a Coinbase Account and are located in the United States, then you can manage your debit card from the same mobile app. Those in the EU will have to download a different mobile app, unfortunately.

From here, you can monitor your spending habits, track your balance, adjust rewards, change card settings, and more.

The experience is straightforward, fun, and not archaic compared to our normal checking accounts and credit cards.

Multiple Coins Supported

The Coinbase Debit Card supports multiply cryptocurrencies held in your Coinbase Wallet. Right now, cardholders can use:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Basic Attention Token (BAT)
  • Augur (REP)
  • 0x (ZRX)
  • Stellar (XLM)

Fortunately, those in the United States can spend any cryptocurrency held in your Coinbase Wallet.

>> More: How to Buy Bitcoin

Coinbase Debit Card Fees

Even though there is no annual fee, the Coinbase Debit Card does have a few fees worth pointing out. First, in Europe, customers will have to pay a small card issuance fee. This fee does not apply to U.S. residents.

Additionally, the company will also charge a 2.49% crypto liquidation fee. However, cardholders can avoid this fee by using a USDC balance.

How Does the Coinbase Debit Card Compare?

Like all crypto products, consumers have a handful of choices. Here are a few alternatives to the Coinbase Debit Card that are worth researching.

#1. Coinbase Debit Card vs. BitPay Card

Rivaling the Coinbase Debit Card is the BitPay Card. Bitpay is another U.S.-based crypto company revolutionizing the financial system.

The Bitpay card touts instant reloads, flexibility, robust security and can be sued worldwide. Moreover, consumers can pay contactless, pin, or withdraw cash from a compatible ATM.

This debit card is lightweight, versatile, and more than capable of augmenting your crypto experience.

#2. Coinbase Debit Card vs. BlockFi Card

While it is not a debit card, the BlockFi Credit Card is worth noting. This credit card will earn 1.5% back in the form of Bitcoin on every purchase, offers purchase protection, and will help you build credit along the way.

And the card will offer a generous $250 bonus after you spend $3,000 in the first three months. Currently, you can join the waitlist.

>> More: BlockFi Credit Card Review and BlockFi Review

#3. Crypto.com Prepaid Card vs. Coinbase Debit Card

As the first to enter the scene, the Crypto.com Prepaid Visa Card packs a serious punch. Their Visa Card has four different card tiers. These tiers are broken down into five categories based on your “CRO” Stake.

  • Obsidian: $400,000 (8% back in rewards)
  • Frosted Rose Gold & Icy White: $40,000 (5% back in rewards)
  • Royal Indigo & Jade Green: $4,000 (3% back in rewards)
  • Ruby Steel: $400 (2% back in rewards)
  • Midnight Blue: $0 (1% back in rewards)

Think of this as the total value of your Crpto.com App Wallet. The Crypto.com Prepaid Card also offers additional benefits for Spotify, Netflix, Amazon Prime, Expedia, and Airbnb customers (terms apply).

#4. Gemini Credit Card vs. Coinbase Debit Card

The Gemini Credit Card is another viable option for crypto investors and enthusiasts. Cardholders will earn up to 3% back in Bitcoin or any other crypto available on Gemini.

Moreover, the card will be available in all 50 U.S. States, has no annual fee, customizable, and compatible with Google Pay and Apple Pay.

>> More: Gemini Credit Card Review and Gemini Review

Coinbase Debit Card FAQs

Is there a Coinbase Debit Card?

Yes! In October 2020, Coinbasepartnered with Visa to power their debit card. Right now, the Coinbase Debit Card is available, accepted at all Visa compatible locations, and is an easy way to earn additional crypto rewards.

How Do I Get a Coinbase Debit Card?

You can get the Coinbase Debit Card here. On the website, you can easily begin the process and can get a virtual debit card immediately. Coinbase will ship out your physical debit card within two weeks after signing up.

Is the Coinbase Debit Card Safe?

Yes. The Coinbase Debit Card is arguably one of the most secure debit cards on the market. Coinbase employs multi-factor authentication, tailored protocols, and fraud protection to safeguard your account.

What Fees Does the Coinbase Debit Card Have?

The Coinbase Debit Card currently charges a 2.49% Crypto Liquidation fee. However, this fee is easily avoidable if you use your USDC balance.

Bottom Line: Coinbase Debit Card Review

All in all, the Coinbase Debit Cardis a great choice for those who already use Coinbase as their cryptocurrency exchange. Additionally, if you actively believe in the crypto ecosystem and the decentralized future, then this debit card is worth it.

You can begin earning crypto rewards in no time with the Coinbase Debit Card.

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Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.