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Coinbase 2022 Debit Card Review • Earn Crypto • Benzinga

Coinbase, the largest US-based cryptocurrency exchange, now offers a debit card that allows users to spend crypto and earn rewards on their purchases. Among the first of its kind, this unique debit card allows you to spend your coins like cash without the hassle that usually comes with it.

Learn more about what the card offers in this Coinbase Debit Card Review.

US customers will soon be able to take advantage of a debit card that makes your crypto account as usable as your bank account. This is a Visa debit card linked to your Coinbase balance, so you can use the cryptocurrency from that account anywhere a Visa card is accepted. The card automatically converts the crypto to US dollars for every transaction, whether it’s paying for dinner or withdrawing money from an ATM.

In addition to being able to spend your crypto balance like a traditional currency, the new Coinbase debit card offers:

  • A mobile application to track your balance and your expenses
  • Best-in-class security via 2-step verification, instant card freeze, and other features that protect your crypto balance
  • Earn up to 4% cashback on every purchase
  • Support for 9 different cryptocurrencies including Ethereum, Bitcoin, and Litecoin
  • Contactless payments

For rewards, you will be asked to choose your preferred reward option when opening your account. US cardholders have the choice of either a 4% XLM refund or a 1% BTC refund on every purchase made with the card. However, you will be able to switch between the 2 offers in the app so that you can accumulate rewards in both XLM and BTC as you see fit.

Once you’ve set your preferred reward offer, it will be applied to every purchase you make, regardless of which crypto wallet you use, and the reward will arrive in your account as soon as the transaction is processed. It may take 1-5 days.

For US-based cardholders, there is no issuance fee upon receipt of the card and no annual fee thereafter. However, you will still have to face fees depending on how you use the card:

  • 1% fee on withdrawals that exceed your daily limit. The limit is $ 2,500 in transactions and $ 1,000 in ATM withdrawals.
  • 2% charge when using the card outside of the United States.
  • 2.49% cryptocurrency liquidation fee on each transaction for most currencies. USDC is free, but all other supported cryptocurrencies are chargeable.

Fees have been a sticking point in the past, as the UK and European debit cards offered by Coinbase incur additional fees and support fewer cryptocurrencies. For anyone based in the United States, however, the card’s fee structure is much more competitive, though still not the cheapest.

While this isn’t the only crypto debit card on the market, it’s one of the few that allows you to spend your crypto without keeping a fiat currency balance in your account. A fiat currency is a government issued currency, like the US dollar, and many crypto cards require its users to maintain a cash balance of an accepted fiat currency. Coinbase does not have such a requirement.

The mobile app gives you the convenience and on-the-go control of your account that the best banking apps offer. From the Coinbase app, you not only have the ability to monitor your spending and check your balance.

You can also instantly switch between crypto wallets so that your transactions are funded by the coin of your choice. The user-friendly app can also send you instant notifications, generate smart receipts, and connect you with the Coinbase support team.

Most importantly, cardholders can manage their card settings right from their phone. Whether you need to temporarily lock your card, immediately freeze your card, or order a replacement for a lost or stolen card, you can do it all directly through the app.

Pros and Cons of Coinbase Debit Card

Coinbase has a significant advantage over its competition in that it offers the most convenient spending option and tight security while complementing these features with a decent range of crypto and manageable fees supported.

Some of its main advantages include:

  • No transaction fees on USDC means you have the ability to bypass cryptocurrency liquidation fees.
  • Generous reward offers with no minimum account requirement. (Many competitors only offer cash back rewards to accounts that maintain a certain minimum balance.)
  • No ATM fees. This is a unique advantage, as many competitors charge an ATM fee on top of any fees the ATM itself might charge.
  • Fully functional mobile app that lets you choose your crypto wallet, edit your rewards, view transaction history, and manage your security features, all from your phone.

The main areas where Coinbase’s card is a little less competitive are in the range of cryptos supported and the fees charged.

While 9 supported cryptocurrencies make it more versatile than many of its competition, it is far from the widest range available. A few of Coinbase’s competitors offer more than that.

Customers who prefer to maintain a diverse portfolio of dozens of different coins might find Coinbase lacking. However, for customers who only trade major coins like Bitcoin and Ethereum, the 9 available cryptocurrencies will likely be more than enough for your needs.

It’s also worth mentioning that Coinbase’s fees, while far from excessive, are not the lowest in the market. For fee-averse customers, these crypto liquidation fees may seem too high, but you should note that competitors who offer lower fees also tend to place stricter restrictions and requirements on their cards.

Some low-cost options, for example, are only low fees at first, but once you exceed a certain monthly spending or withdrawal limit, the transaction fee will take effect. Others have more stringent account minimums and fiat currency balance requirements. So, weigh the extra charges against the additional restrictions and loopholes before making your final decision.

Is Coinbase Safe?

Coinbase is an extremely secure platform for buying and selling cryptocurrencies. Not only does it use the highest security standards, it is publicly traded on the NASDAQ, so they publicly disclose information in SEC files. Additionally, Coinbase holds the vast majority of users’ funds in a hardware cryptocurrency wallet, making it impossible to seize those funds over the internet.

Users can also benefit from Coinbase’s 2-factor authentication and dedicated cryptocurrency wallet app.

You can contact Coinbase customer service by phone or email as well as directly through the mobile app. For fastest support, you should use email or message center inside the app.

The company currently has no live customer service representative who operates its phone line. Automated phone support offers some basic services like deactivating or reactivating your account, but anything more important than that will need to be done via email.

While this might seem like a downside to some, the company is generally good at responding to email requests for support quickly.

The Coinbase debit card takes the edge over its competitors in terms of ease of use and security. It’s one of the few that lets you switch between crypto wallets as needed and provides some of the most powerful security features, all right from its mobile app.

Cardholders also benefit from reduced fees and the ability to use their debit card anywhere in the world. While it doesn’t support the widest range of coins, the 9 cryptocurrencies it supports put it ahead of many of the more limited offerings of its competition.


Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.


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