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Coinbase Card — A card from Coinbase allowing you to spend crypto anywhere
Coinbase Card enables you to instantly spend and track your bitcoin, ethereum, litecoin and more. You can use it in millions of locations, all over the world using contactless, PIN and by withdrawing from any ATM.
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Replies
@rrhoover Ha funny you should say that. I started working on a concept YEARS ago which let you sell stocks in real time via a debit card.
@rrhoover I'd like to see a tech-centric nonprofit card operator that donates their revenue (sans operating costs) from card fees to your charity(s) of choice. a card to feel good about.
1-4 years ago I would have been stoked on a Coinbase card, now it's just the product line all fintech companies get into at some point.
@rrhoover Robinhood announced their card in December, but now news since that. Moreover, they've already changed the name from Checking + Savings to Cash Management. So I guess they still have to overcome some legal barriers.
@rrhoover But who's is going to own the mobile wallet! If a platform is created there is still a ton of space for improvement especially in the social POS space. its alot of features where a platform can be created and lets talk about the ability for the elimination of the interchange fee! Thoughts!
@seanbunton Coinbase has an FCA e-money license in the UK and a Financial-services provider license in the EU (the same licenses new-age banks like Revolut use to operate) so it makes sense they'd restrict service to there for now unfortunately.
I had the Swift card which just got shutdown everywhere today! Loved it. Worked with Coinbase. Now this comes out and I can't even get it!!! UK only. Come on Coinbase!
What country is this supposed to be available in? Texas here, says not available.
Goes in the right direction, but be honest who would actually spend his crypto?
Very interesting move from Coinbase! I was looking into something like this last year, most solutions didn't seem very practical in the long term. I am curious to dig into the details for this one. Is there an ETA for the US?
If you support crypto you should not support coinbase. Understand and remember that their support to BTC forks means they support the attack to the BTC network.
Few critical problems with this card.
1) The payment fees.
Domestic transactions are free, but to send transactions within the EU, the fee is 0.2%. Outside of EU, the fee is 3%. If the UK leaves the EU, I suspect fees within EU will also be 3%. 3% is quite the fee to make card payments online. Every other card issuer is 0%, 0% is kinda the standard.
2) The chargeback fee.
If you use your card, and it is stolen (either physically, or the details online) and you wish to make a chargeback, the fee *to you* is £20. I confirmed this with Coinbase over the phone. I suppose I get this since the transactions are irreversible with it being Bitcoin and all, but it's not very fraud friendly. So basically, if there's fraud on your card, there's no point charging back on transactions under £20. If the person makes a ton of £15 transactions, instead of one bigger transaction, it's more costly to chargeback than not. So if someone steals your wallet, they could just buy a bunch of Visa gift cards w/ contactless and you're pretty much defenceless.
I not sure if 3D Secure is supported on these cards, but if not then online fraud protection with the card is not great either.
3) "Crypto liquidation fee" - 2.49% of transaction
I suppose this is a fee added on top of any payment regardless of the location, but not entirely sure what this represents. If I'm correct, then you're paying 2.49% for domestic transactions, even, and almost 6% for international payments (online) using your card.
And you're not getting too much for your money imho. It's cheaper to just sell some of your Bitcoin using a method that doesn't result in too many fees, withdraw to bank, and use your bank card for spending. It's slightly more long winded and takes longer, but it saves you a fair percent on any purchases which makes it worth it.
That said, the clear pro: Bitcoin acceptance isn't great. But with this, you can spend your crypto anywhere where Visa cards are accepted, which is pretty cool, although it will be at a 2.5-5.5% fee.
If I wanted to waste money, I would rather donate to the ones in need. why would I use this card that comes with various fees instead of selling my coins against USD and receive them instantly on my debit card or bank account ? or even cash ? HELL NO !
Pros:lol none
Cons:High fees. tax implications on capital gain. card issuing fees ? lol what ? limited to few countries. By coinbase
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