Coinbase has announced details about improvements to their crypto debit card.
On 28 October 2020, Coinbase published a blog post that introduced the Coinbase Card. On this date, customers in the U.S. could can join the waitlist for Coinbase Card, a Visa debit card that allowed “crypto to be used for payments and purchases online and in-store as well as for ATM cash withdrawals.”
Coinbase said back then that Coinbase Card offered the following benefits:
- ability to “Spend crypto everywhere Visa debit cards are accepted, worldwide”
- ability to “Earn up to 4% back in crypto rewards” (initially, customers could “opt to earn 4% back in Stellar Lumens (XLM) or 1% back in Bitcoin (BTC)”)
- “Seamless card management” via the Coinbase app
Although Coinbase Card was available at launch to “customers in nearly 30 countries,” the rewards program was in the beginning only available to customers in the U.S.
In a blog post published on Wednesday (April 6), Muneeb Imtiaz, Senior Product Manager at Coinbase, explained how it was improving the Coinbase Card experience:
“Through Coinbase Card’s upcoming rotating rewards structure, customers will be able to earn a wider variety of crypto rewards to diversify their crypto portfolio. We’re also removing the transaction fee for all crypto spending and allowing customers to get paid into Coinbase with no fees on deposits so they can easily fund their card in any currency. With millions of transactions to date, we plan to remove the waitlist later this spring to allow all US customers to sign up for Coinbase Card.“
Coinbase said that “soon, customers will have the opportunity to easily earn new assets from a rotating list of crypto rewards just by swiping their card. “
No More Transaction Fees
Since customers were telling them that “the crypto spending fees on non-USDC assets are a barrier to using crypto for everyday purchases,” they’re “removing the transaction fee for crypto spending on the Coinbase Card.”
Coinbase is now “giving customers more options to easily load up their card, so they can get some or all of their paycheck deposited into Coinbase with no fees on direct deposits.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.